NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 2/12/2025

The combined open interest and volume analysis for NIFTY futures across December to February shows a rise in fresh short positions, signaling growing caution among traders despite slight volume upticks.

In contrast, BANKNIFTY and FINNIFTY futures reflect long unwinding with decreased open interest and volume, hinting that bulls may be pausing or exiting.

Put-call ratios for the key expiries suggest a balanced to mildly bearish bias, with the maximum pain zone staying close to current index levels, which can act as a magnet for price action.

This combined view points to a market poised for potential consolidation or downside pressure in the near term in NIFTY.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26032.2 (-0.548%)

Combined = December + January + February

Combined Fut Open Interest Change: 3.98%

Combined Fut Volume Change: 4.27%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 8% Previous 7%

NIFTY DECEMBER Future closed at: 26213 (-0.462%)

December Fut Premium 180.8 (Increased by 21.85 points)

December Fut Open Interest Change: 3.49%

December Fut Volume Change: 4.12%

December Fut Open Interest Analysis: Fresh Short

NIFTY JANUARY Future closed at: 26388.7 (-0.432%)

January Fut Premium 356.5 (Increased by 29.15 points)

January Fut Open Interest Change: 7.63%

January Fut Volume Change: -2.67%

January Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (9/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.725 (Decreased from 0.913)

Put-Call Ratio (Volume): 0.796

Max Pain Level: 26100

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26100

Highest PUT Addition: 26000

NIFTY Monthly Expiry (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.159 (Decreased from 1.186)

Put-Call Ratio (Volume): 0.933

Max Pain Level: 26100

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26200

Highest PUT Addition: 26200

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59273.8 (-0.683%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.31%

Combined Fut Volume Change: -14.26%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 10% Previous 10%

BANKNIFTY DECEMBER Future closed at: 59665.4 (-0.415%)

December Fut Premium 391.6 (Increased by 158.95 points)

December Fut Open Interest Change: -1.6%

December Fut Volume Change: -13.0%

December Fut Open Interest Analysis: Long Covering

BANKNIFTY JANUARY Future closed at: 60047.6 (-0.408%)

January Fut Premium 773.8 (Increased by 161.55 points)

January Fut Open Interest Change: -0.57%

January Fut Volume Change: -28.87%

January Fut Open Interest Analysis: Long Covering

BANKNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.991 (Decreased from 1.092)

Put-Call Ratio (Volume): 1.049

Max Pain Level: 59200

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58500

Highest CALL Addition: 59500

Highest PUT Addition: 50000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27565.25 (-0.896%)

Combined = December + January + February

Combined Fut Open Interest Change: -7.7%

Combined Fut Volume Change: -30.1%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 1% Previous 1%

FINNIFTY DECEMBER Future closed at: 27763.2 (-0.633%)

December Fut Premium 197.95 (Increased by 72.35 points)

December Fut Open Interest Change: -7.95%

December Fut Volume Change: -31.37%

December Fut Open Interest Analysis: Long Covering

FINNIFTY JANUARY Future closed at: 27809.5 (-0.912%)

January Fut Premium 244.25 (Decreased by -6.65 points)

January Fut Open Interest Change: 25.00%

January Fut Volume Change: 500.00%

January Fut Open Interest Analysis: Fresh Short

FINNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.760 (Decreased from 0.821)

Put-Call Ratio (Volume): 1.031

Max Pain Level: 27800

Maximum CALL Open Interest: 28200

Maximum PUT Open Interest: 27500

Highest CALL Addition: 27800

Highest PUT Addition: 27500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13990.5 (-0.398%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.40%

Combined Fut Volume Change: 156.26%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 2% Previous 2%

MIDCPNIFTY DECEMBER Future closed at: 14032.75 (-0.561%)

December Fut Premium 42.25 (Decreased by -23.15 points)

December Fut Open Interest Change: -1.64%

December Fut Volume Change: 163.73%

December Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JANUARY Future closed at: 14103.85 (-0.536%)

January Fut Premium 113.35 (Decreased by -20 points)

January Fut Open Interest Change: 11.73%

January Fut Volume Change: 12.74%

January Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.908 (Decreased from 0.964)

Put-Call Ratio (Volume): 1.005

Max Pain Level: 14000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14100

Highest PUT Addition: 14000

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 85,138.27 (-0.588%)

SENSEX Monthly Future closed at: 85,806.25 (-0.479%)

Premium: 667.98 (Increased by 91.03 points)

Open Interest Change: 9.39%

Volume Change: -0.97%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (4/12/2025) Option Analysis

Put-Call Ratio (OI): 0.637 (Decreased from 0.637)

Put-Call Ratio (Volume): 0.984

Max Pain Level: 85300

Maximum CALL OI: 86000

Maximum PUT OI: 83000

Highest CALL Addition: 86000

Highest PUT Addition: 83000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,642.30 Cr.
DIIs Net BUY: ₹ 4,645.94 Cr.

FII Derivatives Activity

FII Trading Stats	2.12.25	1.12.25	28.11.25
FII Cash (Provisional Data)	-3,642.30	-1,171.31	-3,795.72
Index Future Open Interest Long Ratio	15.91%	18.84%	18.70%
Index Future Volume Long Ratio	29.72%	50.90%	48.99%
Call Option Open Interest Long Ratio	48.26%	49.43%	49.78%
Call Option Volume Long Ratio	49.99%	49.95%	49.73%
Put Option Open Interest Long Ratio	65.89%	61.44%	61.21%
Put Option Volume Long Ratio	50.18%	50.08%	50.42%
Stock Future Open Interest Long Ratio	61.86%	61.38%	61.48%
Stock Future Volume Long Ratio	55.40%	49.11%	49.69%
Index Futures	Fresh Short	Short Covering	Fresh Short
Index Options	Short Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Long Covering
Nifty Options	Short Covering	Fresh Long	Fresh Long
BankNifty Futures	Long Covering	Short Covering	Fresh Long
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Long Covering	Long Covering	Long Covering
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Fresh Long	Long Covering	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Short Covering	Fresh Short	Fresh Short
Stock Options	Fresh Long	Fresh Short	Fresh Short

Fresh Long: Net Buy with Increase in Open Interest
Fresh Short: Net Sell with Increase in Open Interest
Short Covering: Net Buy with Decrease in Open Interest
Long Covering: Net Sell with Decrease in Open Interest

NSE & BSE Option market Trends : Options Insights

SENSEX Weekly Expiry (4/12/2025)

The SENSEX index closed at 85138.27. The SENSEX weekly expiry for DECEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.637 against previous 0.637. The 86000CE option holds the maximum open interest, followed by the 88000CE and 87000CE options. Market participants have shown increased interest with significant open interest additions in the 86000CE option, with open interest additions also seen in the 85500CE and 83000PE options. On the other hand, open interest reductions were prominent in the 89000CE, 85700PE, and 85600PE options. Trading volume was highest in the 85300PE option, followed by the 85000PE and 85500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	04-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85138.27	0.637	0.637	0.984
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,82,14,360	1,65,93,280	1,16,21,080
PUT:	1,79,62,020	1,05,71,220	73,90,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
86000	22,16,820	9,48,480	1,83,04,220
88000	18,45,880	7,83,480	81,47,560
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	22,16,820	9,48,480	1,83,04,220
85500	12,37,440	8,88,540	2,15,41,220
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
89000	7,88,600	-3,21,560	51,74,740
88200	2,04,180	-1,33,500	13,10,060
Top CALL Volume:
Strike	OI	OI Change	Volume
85500	12,37,440	8,88,540	2,15,41,220
86000	22,16,820	9,48,480	1,83,04,220
Top PUT Open Interest:
Strike	OI	OI Change	Volume
83000	13,75,540	7,92,280	53,39,900
84500	13,27,240	6,77,620	1,41,58,860
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
83000	13,75,540	7,92,280	53,39,900
84500	13,27,240	6,77,620	1,41,58,860
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85700	1,43,380	-2,04,180	52,49,660
85600	1,69,960	-1,98,440	72,95,820
Top PUT Volume:
Strike	OI	OI Change	Volume
85300	4,34,400	2,31,180	2,28,03,420
85000	10,24,200	4,06,860	2,21,08,580

NIFTY Weekly Expiry (9/12/2025)

The NIFTY index closed at 26032.2. The NIFTY weekly expiry for DECEMBER 9, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.725 against previous 0.913. The 27000CE option holds the maximum open interest, followed by the 26200CE and 25500PE options. Market participants have shown increased interest with significant open interest additions in the 26100CE option, with open interest additions also seen in the 26200CE and 27500CE options. On the other hand, open interest reductions were prominent in the 26300PE, 26600PE, and 26500PE options. Trading volume was highest in the 26000PE option, followed by the 26100PE and 26200CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	09-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,032.20	0.725	0.913	0.796
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,68,21,850	4,69,02,900	4,99,18,950
PUT:	7,01,90,175	4,28,28,525	2,73,61,650
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	66,36,450	28,46,475	2,32,645
26,200	64,90,950	35,59,425	4,30,219
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,100	47,16,000	37,82,475	4,25,453
26,200	64,90,950	35,59,425	4,30,219
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,100	150	–	1
–	–	–	–
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	64,90,950	35,59,425	4,30,219
26,100	47,16,000	37,82,475	4,25,453
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	63,72,375	17,99,250	2,20,000
26,000	54,72,525	28,30,425	5,53,087
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	54,72,525	28,30,425	5,53,087
25,000	54,52,425	24,70,200	1,45,781
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,300	11,98,650	-6,86,250	1,21,004
26,600	1,30,650	-66,075	4,719
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	54,72,525	28,30,425	5,53,087
26,100	34,04,475	17,79,600	4,54,984

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 26032.2. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.159 against previous 1.186. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26200PE option, with open interest additions also seen in the 26200CE and 26000CE options. On the other hand, open interest reductions were prominent in the 25900PE, 27000CE, and 24000PE options. Trading volume was highest in the 26000PE option, followed by the 27000CE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,032.20	1.159	1.186	0.933
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,29,88,450	5,07,73,625	22,14,825
PUT:	6,14,26,050	6,02,27,750	11,98,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	73,78,750	-2,63,450	87,920
26,000	62,08,150	4,03,175	48,195
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,200	25,56,450	5,19,825	43,032
26,000	62,08,150	4,03,175	48,195
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	73,78,750	-2,63,450	87,920
26,900	9,69,975	-1,54,875	20,594
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	73,78,750	-2,63,450	87,920
26,500	39,03,600	1,76,325	62,315
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	75,67,050	2,40,450	99,455
25,000	46,52,100	-60,075	25,046
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,200	32,24,475	5,33,925	47,666
25,500	45,64,425	2,65,800	38,401
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,900	9,54,600	-2,86,200	19,689
24,000	37,35,975	-1,71,875	18,115
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	75,67,050	2,40,450	99,455
26,200	32,24,475	5,33,925	47,666

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59273.8. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.991 against previous 1.092. The 58500PE option holds the maximum open interest, followed by the 60000CE and 58500CE options. Market participants have shown increased interest with significant open interest additions in the 59500CE option, with open interest additions also seen in the 59800CE and 60000CE options. On the other hand, open interest reductions were prominent in the 60000PE, 59500PE, and 59000PE options. Trading volume was highest in the 59500PE option, followed by the 60000CE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,273.80	0.991	1.092	1.049
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,33,62,535	1,23,78,930	9,83,605
PUT:	1,32,43,820	1,35,11,895	-2,68,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	13,48,270	87,185	1,11,219
58,500	12,90,940	2,170	3,277
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,500	5,66,860	1,31,110	93,227
59,800	3,32,850	1,09,795	42,642
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
63,000	6,82,710	-19,040	20,831
64,500	1,08,185	-15,715	5,319
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	13,48,270	87,185	1,11,219
59,500	5,66,860	1,31,110	93,227
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,500	21,03,675	-8,715	31,529
59,000	11,83,560	-49,070	74,138
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	2,35,830	63,420	6,362
57,300	90,860	40,425	4,302
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	6,89,325	-1,13,680	45,685
59,500	6,95,835	-59,990	1,52,735
Top PUT Volume:
Strike	OI	OI Change	Volume
59,500	6,95,835	-59,990	1,52,735
59,000	11,83,560	-49,070	74,138

FINNIFTY Monthly Expiry (30/12/2025)

The FINNIFTY index closed at 27565.25. The FINNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.760 against previous 0.821. The 28200CE option holds the maximum open interest, followed by the 27500PE and 27500PE options. Market participants have shown increased interest with significant open interest additions in the 27500PE option, with open interest additions also seen in the 27800CE and 28900CE options. On the other hand, open interest reductions were prominent in the 28300CE, 27900PE, and 27700PE options. Trading volume was highest in the 27500PE option, followed by the 27600PE and 28100CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,565.25	0.760	0.821	1.031
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,86,525	3,95,135	91,390
PUT:	3,69,525	3,24,480	45,045
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,200	81,965	8,385	1,495
28,000	60,580	5,785	1,249
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,800	39,520	27,625	1,397
28,900	21,905	19,565	442
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
28,300	8,775	-21,255	641
27,500	17,290	-3,510	494
Top CALL Volume:
Strike	OI	OI Change	Volume
28,100	24,440	3,055	2,269
28,200	81,965	8,385	1,495
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,500	60,580	30,745	5,001
28,000	37,960	-2,535	293
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,500	60,580	30,745	5,001
27,600	14,105	7,735	2,278
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,900	11,570	-11,700	295
27,700	17,875	-8,645	1,514
Top PUT Volume:
Strike	OI	OI Change	Volume
27,500	60,580	30,745	5,001
27,600	14,105	7,735	2,278

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13990.5. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.908 against previous 0.964. The 14000PE option holds the maximum open interest, followed by the 15000CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 14100CE option, with open interest additions also seen in the 14000PE and 14000CE options. On the other hand, open interest reductions were prominent in the 69900PE, 69100CE, and 68900PE options. Trading volume was highest in the 14000PE option, followed by the 14300CE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,990.50	0.908	0.964	1.005
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	53,64,100	41,09,140	12,54,960
PUT:	48,68,920	39,62,280	9,06,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,21,420	-33,600	4,549
14,000	7,17,080	2,83,920	11,897
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,100	5,68,400	3,36,420	10,921
14,000	7,17,080	2,83,920	11,897
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	7,21,420	-33,600	4,549
14,900	58,380	-18,620	1,102
Top CALL Volume:
Strike	OI	OI Change	Volume
14,300	4,28,680	1,14,940	14,291
14,000	7,17,080	2,83,920	11,897
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	7,71,540	2,93,440	24,821
13,500	6,25,100	1,14,800	8,235
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	7,71,540	2,93,440	24,821
14,100	3,74,920	1,94,180	10,635
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,250	7,280	-15,120	165
13,850	20,300	-6,300	481
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	7,71,540	2,93,440	24,821
14,100	3,74,920	1,94,180	10,635

Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us

Traders should weigh the fresh short interest in NIFTY combined futures as a sign to be cautious on long positions and consider hedging or short strategies if confirmation appears.

The long covering observed in BANKNIFTY and FINNIFTY segments suggests monitoring these indices for possible near-term consolidations or pullbacks before new bullish setups emerge.

Watch the put-call ratio shifts and max pain levels for both weekly and monthly expiries to gauge support/resistance zones and option market sentiment.

Volume changes aligned with open interest shifts provide clues on the strength of these moves; increased volume with fresh shorts in NIFTY warns of stronger bearish momentum.

Overall, the “Open Interest Volume Analysis” encourages a strategic, risk-managed approach with focus on short-term market signals and option expiry dynamics to navigate the current uncertain market phase effectively.

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