NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 11/12/2025

Markets finally caught a breather today with NIFTY bouncing 0.55% amid widespread short covering, and this Open Interest Volume Analysis across combined futures paints a classic relief rally picture—let’s break down what it really means for tomorrow.

Opening (Bullet Points)
NIFTY’s combined futures saw OI drop -2.53% on modest volume up 10.74%, pure short covering as price recovered sharply—bears blinking first after two days of aggressive buildup.

December led the unwind at -3.39% OI while January added fresh longs (+4.67%), showing near-term relief but longer-dated bulls dipping toes back in.

Options PCR jumped to 0.844 weekly/1.027 monthly with max pain steady at 25,900-26,000—put buying picking up, potentially capping this bounce.

BANKNIFTY combined OI plunged -4.97% on solid volume gain, aggressive short covering across the board though January longs hint at rotation.

FINNIFTY and MIDCPNIFTY both covering shorts (-2.9%/-1.67% combined OI), midcaps stealing the show with +1.43% spot pop—breadth improving.

SENSEX futures OI shed -6.48% on volume surge, aligning with index-wide unwind but premiums compressing signals caution.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25898.55 (0.546%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.53%

Combined Fut Volume Change: 10.74%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 10% Previous 9%

NIFTY DECEMBER Future closed at: 26009.5 (0.563%)

December Fut Premium 110.95 (Increased by 5.05 points)

December Fut Open Interest Change: -3.39%

December Fut Volume Change: 11.76%

December Fut Open Interest Analysis: Short Covering

NIFTY JANUARY Future closed at: 26170 (0.529%)

January Fut Premium 271.45 (Decreased by -2.95 points)

January Fut Open Interest Change: 4.67%

January Fut Volume Change: -3.35%

January Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (16/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.844 (Increased from 0.544)

Put-Call Ratio (Volume): 0.910

Max Pain Level: 25900

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26350

Highest PUT Addition: 25700

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

Put-Call Ratio (Open Interest): 1.027 (Increased from 0.997)

Put-Call Ratio (Volume): 0.917

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26400

Highest PUT Addition: 25600

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59209.85 (0.423%)

Combined = December + January + February

Combined Fut Open Interest Change: -4.97%

Combined Fut Volume Change: 19.85%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 12% Previous 11%

BANKNIFTY DECEMBER Future closed at: 59496.2 (0.422%)

December Fut Premium 286.35 (Increased by 0.35 points)

December Fut Open Interest Change: -6.4%

December Fut Volume Change: 20.3%

December Fut Open Interest Analysis: Short Covering

BANKNIFTY JANUARY Future closed at: 59821.6 (0.419%)

January Fut Premium 611.75 (Increased by 0.15 points)

January Fut Open Interest Change: 6.08%

January Fut Volume Change: 13.41%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.872 (Increased from 0.812)

Put-Call Ratio (Volume): 0.882

Max Pain Level: 59400

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 59500

Highest CALL Addition: 64000

Highest PUT Addition: 59500

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27561.9 (0.575%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.9%

Combined Fut Volume Change: -22.3%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 4% Previous 3%

FINNIFTY DECEMBER Future closed at: 27695.5 (0.511%)

December Fut Premium 133.6 (Decreased by -16.7 points)

December Fut Open Interest Change: -3.51%

December Fut Volume Change: -23.72%

December Fut Open Interest Analysis: Short Covering

FINNIFTY JANUARY Future closed at: 27850 (0.478%)

January Fut Premium 288.1 (Decreased by -25.1 points)

January Fut Open Interest Change: 16.67%

January Fut Volume Change: 57.14%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.692 (Decreased from 0.729)

Put-Call Ratio (Volume): 0.974

Max Pain Level: 27800

Maximum CALL Open Interest: 28200

Maximum PUT Open Interest: 27500

Highest CALL Addition: 29000

Highest PUT Addition: 25500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13728.05 (1.431%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.67%

Combined Fut Volume Change: -3.40%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 4% Previous 4%

MIDCPNIFTY DECEMBER Future closed at: 13765.05 (1.410%)

December Fut Premium 37 (Decreased by -2.35 points)

December Fut Open Interest Change: -2.16%

December Fut Volume Change: -4.47%

December Fut Open Interest Analysis: Short Covering

MIDCPNIFTY JANUARY Future closed at: 13850 (1.425%)

January Fut Premium 121.95 (Increased by 0.9 points)

January Fut Open Interest Change: 11.61%

January Fut Volume Change: 5.25%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.877 (Increased from 0.728)

Put-Call Ratio (Volume): 0.798

Max Pain Level: 13875

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 15000

Highest PUT Addition: 12700

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 84,818.13 (0.506%)

SENSEX Monthly Future closed at: 85,126.05 (0.462%)

Premium: 307.92 (Decreased by -35.16 points)

Open Interest Change: -6.48%

Volume Change: 54.20%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (18/12/2025) Option Analysis

Put-Call Ratio (OI): 1.158 (Increased from 0.646)

Put-Call Ratio (Volume): 1.126

Max Pain Level: 84800

Maximum CALL OI: 87000

Maximum PUT OI: 83000

Highest CALL Addition: 88000

Highest PUT Addition: 81500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,020.94 Cr.
DIIs Net BUY: ₹ 3,796.07 Cr.

FII Derivatives Activity

FII Trading Stats	11.12.25	10.12.25	9.12.25
FII Cash (Provisional Data)	-2,020.94	-1,651.06	-3,760.08
Index Future Open Interest Long Ratio	11.45%	10.67%	10.79%
Index Future Volume Long Ratio	52.23%	39.71%	44.51%
Call Option Open Interest Long Ratio	48.46%	48.45%	47.59%
Call Option Volume Long Ratio	50.00%	50.08%	50.28%
Put Option Open Interest Long Ratio	62.40%	65.95%	67.41%
Put Option Volume Long Ratio	49.61%	50.00%	50.22%
Stock Future Open Interest Long Ratio	61.91%	61.55%	61.70%
Stock Future Volume Long Ratio	54.28%	48.44%	51.83%
Index Futures	Fresh Long	Fresh Short	Long Covering
Index Options	Fresh Short	Fresh Long	Short Covering
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Short Covering
BankNifty Futures	Fresh Long	Fresh Short	Long Covering
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Long Covering	Short Covering	Long Covering
FinNifty Options	Short Covering	Fresh Long	Long Covering
MidcpNifty Futures	Fresh Long	Long Covering	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Long
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Long
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 (18/12/2025)

The SENSEX index closed at 84818.13. The SENSEX weekly expiry for DECEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.158 against previous 0.646. The 87000CE option holds the maximum open interest, followed by the 83000PE and 82000PE options. Market participants have shown increased interest with significant open interest additions in the 81500PE option, with open interest additions also seen in the 83000PE and 82000PE options. On the other hand, open interest reductions were prominent in the 85800PE, 86700PE, and 83900CE options. Trading volume was highest in the 83000PE option, followed by the 85000CE and 84500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84818.13	1.158	0.646	1.126
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	37,91,360	18,29,520	19,61,840
PUT:	43,91,420	11,82,640	32,08,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87000	3,71,800	1,64,400	13,99,320
88000	2,73,560	1,90,660	9,99,760
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
88000	2,73,560	1,90,660	9,99,760
87000	3,71,800	1,64,400	13,99,320
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
83900	3,920	-1,920	12,400
88800	4,620	-1,300	9,900
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	2,67,780	59,820	25,83,020
84500	1,57,540	71,280	17,93,880
Top PUT Open Interest:
Strike	OI	OI Change	Volume
83000	3,25,800	2,21,860	28,77,880
82000	3,00,600	2,16,240	14,50,860
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81500	2,52,640	2,22,060	6,98,220
83000	3,25,800	2,21,860	28,77,880
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85800	5,340	-5,760	29,700
86700	2,720	-2,060	3,780
Top PUT Volume:
Strike	OI	OI Change	Volume
83000	3,25,800	2,21,860	28,77,880
84500	2,98,360	1,83,420	24,87,580

NIFTY Weekly Expiry (16/12/2025)

The NIFTY index closed at 25898.55. The NIFTY weekly expiry for DECEMBER 16, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.844 against previous 0.544. The 25000PE option holds the maximum open interest, followed by the 26000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25700PE option, with open interest additions also seen in the 25000PE and 25800PE options. On the other hand, open interest reductions were prominent in the 25800CE, 26000CE, and 25850CE options. Trading volume was highest in the 25800PE option, followed by the 25900CE and 25800CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	16-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,898.55	0.844	0.544	0.910
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	15,98,37,675	16,77,33,450	-78,95,775
PUT:	13,49,63,625	9,13,08,450	4,36,55,175
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,06,67,775	-24,92,325	33,03,901
26,500	1,03,69,650	15,55,050	9,58,722
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,350	48,87,450	16,29,600	5,60,775
26,500	1,03,69,650	15,55,050	9,58,722
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,800	31,41,825	-27,33,150	33,35,602
26,000	1,06,67,775	-24,92,325	33,03,901
Top CALL Volume:
Strike	OI	OI Change	Volume
25,900	73,21,275	-17,67,375	36,80,729
25,800	31,41,825	-27,33,150	33,35,602
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,11,55,575	45,95,925	8,07,326
25,800	95,17,350	45,25,425	40,16,868
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,700	95,15,850	57,20,625	31,73,004
25,000	1,11,55,575	45,95,925	8,07,326
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,600	19,83,375	-8,16,150	2,49,612
26,300	4,94,775	-5,00,550	33,648
Top PUT Volume:
Strike	OI	OI Change	Volume
25,800	95,17,350	45,25,425	40,16,868
25,700	95,15,850	57,20,625	31,73,004

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 25898.55. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.027 against previous 0.997. The 26000CE option holds the maximum open interest, followed by the 27000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 25600PE option, with open interest additions also seen in the 26400CE and 25700PE options. On the other hand, open interest reductions were prominent in the 26000CE, 26000PE, and 26200PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 25500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,898.55	1.027	0.997	0.917
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,84,87,000	6,07,70,600	-22,83,600
PUT:	6,00,89,775	6,06,12,150	-5,22,375
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	75,97,225	-9,57,675	1,53,324
27,000	71,92,425	-1,08,325	56,782
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,400	29,88,300	1,73,400	69,730
26,200	36,83,100	1,44,675	63,971
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	75,97,225	-9,57,675	1,53,324
25,900	13,78,875	-2,19,000	57,852
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	75,97,225	-9,57,675	1,53,324
26,500	47,43,000	-1,09,350	82,972
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	67,75,450	-4,30,550	96,408
25,000	51,57,150	46,775	55,734
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,600	17,52,675	1,96,200	45,682
25,700	20,53,425	1,61,850	70,445
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	67,75,450	-4,30,550	96,408
26,200	24,16,050	-2,49,825	19,645
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	67,75,450	-4,30,550	96,408
25,500	45,57,600	1,07,250	94,439

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59209.85. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.872 against previous 0.812. The 59500PE option holds the maximum open interest, followed by the 60000CE and 59500CE options. Market participants have shown increased interest with significant open interest additions in the 64000CE option, with open interest additions also seen in the 59500PE and 59200PE options. On the other hand, open interest reductions were prominent in the 60000CE, 59000CE, and 59500CE options. Trading volume was highest in the 59000PE option, followed by the 59500CE and 59000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,209.85	0.872	0.812	0.882
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,53,27,960	1,62,44,295	-9,16,335
PUT:	1,33,66,420	1,31,97,160	1,69,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	14,14,700	-2,06,815	1,11,300
59,500	13,85,685	-88,970	1,62,129
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
64,000	5,55,555	97,475	20,232
62,500	3,24,100	28,805	16,714
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	14,14,700	-2,06,815	1,11,300
59,000	7,54,880	-1,02,970	1,15,638
Top CALL Volume:
Strike	OI	OI Change	Volume
59,500	13,85,685	-88,970	1,62,129
59,000	7,54,880	-1,02,970	1,15,638
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	16,20,850	74,200	93,740
59,000	12,54,155	1,050	1,67,081
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,500	16,20,850	74,200	93,740
59,200	2,42,655	54,670	94,629
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	6,33,535	-49,875	39,540
59,400	1,65,375	-34,895	47,215
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	12,54,155	1,050	1,67,081
59,200	2,42,655	54,670	94,629

FINNIFTY Monthly Expiry (30/12/2025)

The FINNIFTY index closed at 27561.9. The FINNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.692 against previous 0.729. The 28200CE option holds the maximum open interest, followed by the 28000CE and 27500PE options. Market participants have shown increased interest with significant open interest additions in the 29000CE option, with open interest additions also seen in the 28500CE and 28500CE options. On the other hand, open interest reductions were prominent in the 29050CE, 27800PE, and 26200PE options. Trading volume was highest in the 26100PE option, followed by the 27900CE and 27500PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,561.90	0.692	0.729	0.974
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,51,495	6,57,800	-6,305
PUT:	4,50,775	4,79,310	-28,535
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,200	1,07,770	-4,160	437
28,000	71,825	520	1,064
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
29,000	31,785	7,150	483
28,500	30,095	3,770	167
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
29,050	17,095	-11,180	511
27,600	14,040	-6,045	998
Top CALL Volume:
Strike	OI	OI Change	Volume
27,900	23,985	3,770	1,939
27,500	55,185	-4,355	1,239
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,500	68,770	1,170	1,885
27,800	68,250	-8,710	200
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	3,640	2,470	60
26,700	10,400	2,145	169
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,800	68,250	-8,710	200
26,200	5,980	-6,825	245
Top PUT Volume:
Strike	OI	OI Change	Volume
26,100	11,895	-6,565	2,153
27,500	68,770	1,170	1,885

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13728.05. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.877 against previous 0.728. The 14000CE option holds the maximum open interest, followed by the 15000CE and 14500CE options. Market participants have shown increased interest with significant open interest additions in the 12700PE option, with open interest additions also seen in the 13600PE and 13700PE options. On the other hand, open interest reductions were prominent in the 67500CE, 67000CE, and 70500CE options. Trading volume was highest in the 13800CE option, followed by the 14000CE and 13700CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,728.05	0.877	0.728	0.798
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	96,22,620	1,09,11,880	-12,89,260
PUT:	84,36,540	79,44,580	4,91,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	11,45,200	-2,72,860	21,943
15,000	9,36,180	21,000	3,210
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,000	9,36,180	21,000	3,210
14,150	93,240	14,840	787
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	11,45,200	-2,72,860	21,943
13,700	2,59,700	-1,35,800	16,351
Top CALL Volume:
Strike	OI	OI Change	Volume
13,800	4,51,500	-93,100	24,314
14,000	11,45,200	-2,72,860	21,943
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	8,47,140	-90,300	12,854
13,500	6,93,980	18,760	12,583
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,700	2,42,340	1,67,300	3,692
13,600	6,41,480	1,43,500	14,439
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	4,66,480	-1,72,200	8,032
13,000	8,47,140	-90,300	12,854
Top PUT Volume:
Strike	OI	OI Change	Volume
13,600	6,41,480	1,43,500	14,439
13,000	8,47,140	-90,300	12,854

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

Open Interest Volume Analysis says relief rally, not trend reversal—short covering drove the bounce but fresh longs limited to far-month, watch for retest.

Actionable: Buy dips to 25,900 max pain with stops below 25,800; sell calls above 26,200 if PCR keeps rising—expiry week favors range plays.

Sector tilt: MIDCPNIFTY strongest for longs, fade BANKNIFTY/FINNIFTY if volume fades—trail profits tight.

Tomorrow’s key: OI rebound on upside volume confirms bulls; renewed shorts tank it back to 25,700—stay nimble, no hero trades here.

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

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