NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/12/2025

NIFTY combined futures stack fresh shorts steadily: +2.09% OI gain even as volume plunged -24.53% confirms bears adding positions methodically—December +1.69%, January +5.60% shows conviction building across expiries.

Premiums keep compressing: Both contracts bleeding time value despite minor downside, signaling shorts comfortable collecting theta while price grinds lower.

PCR dives bullish across chain: Weekly at 0.585, monthly 0.983—call dominance strengthens with max pain 25,850-26,000, hinting institutions might defend key levels soon.

BANKNIFTY mixed unwind: Slight -0.46% combined OI drop reflects light long covering, January shorts emerging—banks pausing the bleed.

MIDCPNIFTY shorts creep in: Flat +0.10% combined OI on volume crash marks tentative short addition, midcaps following broad weakness.

SENSEX bearish tilt: +8.67% combined OI surge aligns with index short reload, no relief here.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25818.55 (-0.161%)

Combined = December + January + February

Combined Fut Open Interest Change: 2.09%

Combined Fut Volume Change: -24.53%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 12% Previous 11%

NIFTY DECEMBER Future closed at: 25897.8 (-0.165%)

December Fut Premium 79.25 (Decreased by -1.35 points)

December Fut Open Interest Change: 1.69%

December Fut Volume Change: -25.72%

December Fut Open Interest Analysis: Fresh Short

NIFTY JANUARY Future closed at: 26061.8 (-0.196%)

January Fut Premium 243.25 (Decreased by -9.55 points)

January Fut Open Interest Change: 5.60%

January Fut Volume Change: -16.37%

January Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (23/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.585 (Decreased from 0.676)

Put-Call Ratio (Volume): 0.993

Max Pain Level: 25850

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 25800

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

Put-Call Ratio (Open Interest): 0.983 (Decreased from 1.044)

Put-Call Ratio (Volume): 0.860

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26100

Highest PUT Addition: 25200

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58926.75 (-0.183%)

Combined = December + January + February

Combined Fut Open Interest Change: -0.46%

Combined Fut Volume Change: -18.66%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 12% Previous 11%

BANKNIFTY DECEMBER Future closed at: 59146.8 (-0.238%)

December Fut Premium 220.05 (Decreased by -33.15 points)

December Fut Open Interest Change: -1.6%

December Fut Volume Change: -25.7%

December Fut Open Interest Analysis: Long Covering

BANKNIFTY JANUARY Future closed at: 59496.2 (-0.206%)

January Fut Premium 569.45 (Decreased by -15.15 points)

January Fut Open Interest Change: 9.00%

January Fut Volume Change: 74.75%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.720 (Decreased from 0.747)

Put-Call Ratio (Volume): 0.962

Max Pain Level: 59200

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59500

Highest CALL Addition: 59000

Highest PUT Addition: 58000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13652.3 (-0.696%)

Combined = December + January + February

Combined Fut Open Interest Change: 0.10%

Combined Fut Volume Change: -39.79%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 5% Previous 5%

MIDCPNIFTY DECEMBER Future closed at: 13686.05 (-0.659%)

December Fut Premium 33.75 (Increased by 4.9 points)

December Fut Open Interest Change: -0.39%

December Fut Volume Change: -39.98%

December Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JANUARY Future closed at: 13768.15 (-0.635%)

January Fut Premium 115.85 (Increased by 7.75 points)

January Fut Open Interest Change: 10.10%

January Fut Volume Change: -40.16%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.860 (Decreased from 0.914)

Put-Call Ratio (Volume): 0.745

Max Pain Level: 13800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 13700

Highest PUT Addition: 13400

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 84,559.65 (-0.142%)

SENSEX Monthly Future closed at: 84,760.65 (-0.193%)

Premium: 201 (Decreased by -43.59 points)

Open Interest Change: 8.67%

Volume Change: 7.33%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.660 (Increased from 0.623)

Put-Call Ratio (Volume): 1.063

Max Pain Level: 84600

Maximum CALL OI: 85000

Maximum PUT OI: 83000

Highest CALL Addition: 85000

Highest PUT Addition: 84500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,171.71 Cr.
DIIs Net BUY: ₹ 768.94 Cr.

FII Derivatives Activity

FII Trading Stats	17.12.25	16.12.25	15.12.25
FII Cash (Provisional Data)	1,171.71	-2,381.92	-1,468.32
Index Future Open Interest Long Ratio	8.16%	9.06%	10.63%
Index Future Volume Long Ratio	32.08%	32.89%	56.10%
Call Option Open Interest Long Ratio	47.79%	48.41%	49.77%
Call Option Volume Long Ratio	49.76%	49.89%	49.87%
Put Option Open Interest Long Ratio	64.19%	66.44%	59.13%
Put Option Volume Long Ratio	49.92%	50.34%	49.93%
Stock Future Open Interest Long Ratio	61.10%	61.27%	61.61%
Stock Future Volume Long Ratio	48.84%	46.21%	46.29%
Index Futures	Fresh Short	Fresh Short	Short Covering
Index Options	Fresh Short	Short Covering	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Short Covering
Nifty Options	Fresh Short	Short Covering	Fresh Short
BankNifty Futures	Long Covering	Fresh Short	Fresh Long
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Short Covering	Fresh Short	Fresh Long
MidcpNifty Futures	Short Covering	Fresh Short	Long Covering
MidcpNifty Options	Long Covering	Short Covering	Long Covering
NiftyNxt50 Futures	Long Covering	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Short Covering	Fresh Short
Stock Futures	Fresh Short	Long Covering	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 (18/12/2025)

The SENSEX index closed at 84559.65. The SENSEX weekly expiry for DECEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.660 against previous 0.623. The 85000CE option holds the maximum open interest, followed by the 87000CE and 85500CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 84800CE and 84500CE options. On the other hand, open interest reductions were prominent in the 85000PE, 87500CE, and 90000CE options. Trading volume was highest in the 84500PE option, followed by the 85000CE and 84400PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84559.65	0.660	0.623	1.063
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,05,09,340	2,71,30,900	1,33,78,440
PUT:	2,67,16,340	1,68,94,360	98,21,980
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	31,29,760	13,30,660	12,02,02,860
87000	23,65,620	3,99,580	1,83,61,240
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	31,29,760	13,30,660	12,02,02,860
84800	19,90,860	10,63,960	9,50,88,980
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87500	10,71,640	-2,23,980	93,97,120
90000	3,78,740	-1,38,680	26,69,340
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	31,29,760	13,30,660	12,02,02,860
84800	19,90,860	10,63,960	9,50,88,980
Top PUT Open Interest:
Strike	OI	OI Change	Volume
83000	20,35,620	7,93,620	1,79,99,200
84500	19,65,020	9,54,780	15,64,63,420
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84500	19,65,020	9,54,780	15,64,63,420
84200	12,78,860	8,20,980	8,87,76,280
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85000	3,50,580	-2,89,560	2,55,31,920
84900	1,94,600	-48,880	2,32,99,120
Top PUT Volume:
Strike	OI	OI Change	Volume
84500	19,65,020	9,54,780	15,64,63,420
84400	11,18,660	7,65,400	10,65,11,800

NIFTY Weekly Expiry (23/12/2025)

The NIFTY index closed at 25818.55. The NIFTY weekly expiry for DECEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.585 against previous 0.676. The 26000CE option holds the maximum open interest, followed by the 27000CE and 25900CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25900CE and 27000CE options. On the other hand, open interest reductions were prominent in the 26750CE, 26000PE, and 26200PE options. Trading volume was highest in the 25800PE option, followed by the 25900CE and 25900PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,818.55	0.585	0.676	0.993
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	15,38,11,950	8,79,53,625	6,58,58,325
PUT:	8,99,03,250	5,94,51,075	3,04,52,175
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,30,57,500	53,97,375	22,92,574
27,000	1,23,96,225	43,34,325	5,29,506
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,30,57,500	53,97,375	22,92,574
25,900	1,00,73,700	50,97,600	29,78,224
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,750	15,74,550	-5,37,150	3,01,846
24,200	2,700	-675	39
Top CALL Volume:
Strike	OI	OI Change	Volume
25,900	1,00,73,700	50,97,600	29,78,224
26,000	1,30,57,500	53,97,375	22,92,574
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	65,21,250	14,02,875	4,07,893
25,500	64,56,000	17,57,550	9,04,705
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	60,94,500	30,11,250	38,42,242
25,350	30,62,700	21,49,575	2,60,799
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	30,82,200	-2,47,800	9,39,474
26,200	7,20,225	-1,02,150	59,557
Top PUT Volume:
Strike	OI	OI Change	Volume
25,800	60,94,500	30,11,250	38,42,242
25,900	44,93,850	8,57,625	27,62,296

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 25818.55. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.983 against previous 1.044. The 26000CE option holds the maximum open interest, followed by the 26000PE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 26100CE option, with open interest additions also seen in the 26000CE and 26200CE options. On the other hand, open interest reductions were prominent in the 25700PE, 26400CE, and 25500PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 25800PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,818.55	0.983	1.044	0.860
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,62,52,875	6,13,62,325	48,90,550
PUT:	6,51,33,150	6,40,34,275	10,98,875
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	91,51,900	8,30,200	1,75,566
27,000	67,48,000	-2,77,800	50,420
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,100	39,31,425	15,11,175	92,190
26,000	91,51,900	8,30,200	1,75,566
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	24,72,900	-4,14,075	77,827
27,000	67,48,000	-2,77,800	50,420
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	91,51,900	8,30,200	1,75,566
25,900	23,82,075	6,20,700	93,806
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	77,52,950	-2,45,425	1,20,699
25,000	51,23,000	-92,525	54,764
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,200	14,43,300	3,48,150	29,542
25,900	26,40,825	3,46,650	1,07,319
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	19,33,050	-4,42,725	76,701
25,500	40,33,575	-3,09,675	83,725
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	77,52,950	-2,45,425	1,20,699
25,800	24,64,200	1,72,050	1,19,223

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 58926.75. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.720 against previous 0.747. The 59500CE option holds the maximum open interest, followed by the 60000CE and 59500PE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 59100CE and 62000CE options. On the other hand, open interest reductions were prominent in the 59500PE, 63000CE, and 60000PE options. Trading volume was highest in the 59000PE option, followed by the 59000CE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,926.75	0.720	0.747	0.962
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,98,12,475	1,91,51,465	6,61,010
PUT:	1,42,73,960	1,43,09,985	-36,025
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	18,46,180	30,170	1,23,757
60,000	17,83,635	350	90,245
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	12,00,115	2,25,680	1,81,649
59,100	4,07,225	1,32,545	73,549
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
63,000	8,10,250	-79,345	26,251
61,500	5,01,270	-59,640	28,713
Top CALL Volume:
Strike	OI	OI Change	Volume
59,000	12,00,115	2,25,680	1,81,649
59,500	18,46,180	30,170	1,23,757
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	14,80,220	-2,00,060	56,605
59,000	13,23,140	-8,260	2,52,430
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,000	11,10,760	81,375	72,712
56,000	5,12,400	72,625	23,631
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	14,80,220	-2,00,060	56,605
60,000	5,20,450	-68,495	15,719
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	13,23,140	-8,260	2,52,430
58,900	2,50,950	65,205	1,18,348

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13652.3. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.860 against previous 0.914. The 14000CE option holds the maximum open interest, followed by the 14500CE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13700CE option, with open interest additions also seen in the 14000CE and 13800CE options. On the other hand, open interest reductions were prominent in the 67700PE, 69000PE, and 66400PE options. Trading volume was highest in the 13800CE option, followed by the 13700PE and 13500PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,652.30	0.860	0.914	0.745
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,05,88,900	98,10,360	7,78,540
PUT:	91,07,140	89,62,940	1,44,200
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	11,43,240	1,73,740	15,650
14,500	10,66,660	-91,700	10,716
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,700	4,35,960	2,01,460	14,810
14,000	11,43,240	1,73,740	15,650
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,550	29,260	-1,12,980	1,379
14,500	10,66,660	-91,700	10,716
Top CALL Volume:
Strike	OI	OI Change	Volume
13,800	6,22,580	1,28,100	26,708
14,000	11,43,240	1,73,740	15,650
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,500	10,15,840	-1,16,060	15,790
13,000	9,37,860	19,460	7,841
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,400	5,04,700	98,140	5,404
13,650	1,55,400	91,140	7,818
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,500	10,15,840	-1,16,060	15,790
13,700	3,43,000	-1,00,380	19,096
Top PUT Volume:
Strike	OI	OI Change	Volume
13,700	3,43,000	-1,00,380	19,096
13,500	10,15,840	-1,16,060	15,790

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

Open Interest Volume Analysis signals bear control with volume fade: Fresh shorts dominate NIFTY/SENSEX combined books while BANKNIFTY covers lightly—downtrend intact but thin volume caps conviction.

Actionable setup—short the bounces: Target 25,800-25,900 rallies with 26,000 stops; favor put debit spreads or short futures—BANKNIFTY offers relative stability for hedges.

Play PCR divergence smart: Collapsing put interest could spark short-cover to 26,000; fade if volume doesn’t confirm—avoid midcaps entirely.

Tomorrow’s edge: OI explosion on downside volume = 25,500 path clear; covering + volume pickup = trap bounce—stay scaled small, holiday thin liquidity amplifies moves.

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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