NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/12/2025

Markets roared back today with NIFTY surging 0.79% on heavy short covering, and this Open Interest Volume Analysis across combined futures confirms the bears got squeezed hard—massive unwind fueling the upside while fresh longs signal potential Santa rally extension into year-end.

NIFTY combined futures explode with short covering: -1.89% OI drop amid light volume signals aggressive bear exit, December hammered -4.63% while January piles fresh longs (+19.33%)—bulls rotating forward aggressively.

Premiums tanking across contracts: Sharp theta bleed despite rally shows shorts paying dearly, classic covering fireworks.

PCR spikes defensive big time: Weekly at 1.640, monthly 1.131—put frenzy with max pain 26,150-26,050 screams protection buying after the bounce.

BANKNIFTY joins the unwind party: -4.33% combined OI plunge confirms broad short squeeze, January longs adding fuel.

MIDCPNIFTY long conviction shines: +0.92% combined OI marks fresh positioning, January +20.23% leads midcap rotation.

SENSEX massive relief: -19.02% OI shed aligns with index euphoria, discount widening signals real covering.

NSE & BSE F&O Market Signals

NIFTY Future analysis
NIFTY Spot closed at: 26172.4 (0.793%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.89%

Combined Fut Volume Change: -9.98%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 16% Previous 13%

NIFTY DECEMBER Future closed at: 26197.9 (0.645%)

December Fut Premium 25.5 (Decreased by -38.1 points)

December Fut Open Interest Change: -4.63%

December Fut Volume Change: -23.27%

December Fut Open Interest Analysis: Short Covering

NIFTY JANUARY Future closed at: 26377.4 (0.716%)

January Fut Premium 205 (Decreased by -18.6 points)

January Fut Open Interest Change: 19.33%

January Fut Volume Change: 88.49%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.640 (Increased from 1.126)

Put-Call Ratio (Volume): 1.042

Max Pain Level: 26150

Maximum CALL Open Interest: 26200

Maximum PUT Open Interest: 26100

Highest CALL Addition: 26150

Highest PUT Addition: 26100

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

Put-Call Ratio (Open Interest): 1.131 (Increased from 1.071)

Put-Call Ratio (Volume): 1.144

Max Pain Level: 26050

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 26100

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59304 (0.397%)

Combined = December + January + February

Combined Fut Open Interest Change: -4.33%

Combined Fut Volume Change: -23.03%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 17% Previous 16%

BANKNIFTY DECEMBER Future closed at: 59435 (0.344%)

December Fut Premium 131 (Decreased by -31.2 points)

December Fut Open Interest Change: -5.6%

December Fut Volume Change: -25.4%

December Fut Open Interest Analysis: Short Covering

BANKNIFTY JANUARY Future closed at: 59800.6 (0.311%)

January Fut Premium 496.6 (Decreased by -49.4 points)

January Fut Open Interest Change: 2.58%

January Fut Volume Change: -9.71%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.797 (Increased from 0.737)

Put-Call Ratio (Volume): 0.916

Max Pain Level: 59300

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59000

Highest CALL Addition: 59400

Highest PUT Addition: 59300

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13971.65 (0.788%)

Combined = December + January + February

Combined Fut Open Interest Change: 0.92%

Combined Fut Volume Change: -26.61%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 6%

MIDCPNIFTY DECEMBER Future closed at: 13992 (0.787%)

December Fut Premium 20.35 (Decreased by 0 points)

December Fut Open Interest Change: -0.30%

December Fut Volume Change: -36.73%

December Fut Open Interest Analysis: Short Covering

MIDCPNIFTY JANUARY Future closed at: 14082.9 (0.885%)

January Fut Premium 111.25 (Increased by 14.25 points)

January Fut Open Interest Change: 20.23%

January Fut Volume Change: 24.81%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.211 (Increased from 1.071)

Put-Call Ratio (Volume): 1.123

Max Pain Level: 13925

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14500

Highest PUT Addition: 14000

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 85,567.48 (0.751%)

SENSEX Monthly Future closed at: 85,528.15 (0.605%)

Discount: -39.33 (Decreased by -123.82 points)

Open Interest Change: -19.02%

Volume Change: -14.63%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (24/12/2025) Option Analysis

Put-Call Ratio (OI): 1.472 (Increased from 1.034)

Put-Call Ratio (Volume): 0.959

Max Pain Level: 85400

Maximum CALL OI: 85500

Maximum PUT OI: 85000

Highest CALL Addition: 85500

Highest PUT Addition: 85500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 457.34 Cr.
DIIs Net BUY: ₹ 4,058.22 Cr.

FII Derivatives Activity

FII Trading Stats	22.12.25	19.12.25	18.12.25
FII Cash (Provisional Data)	-457.34	1,830.89	595.78
Index Future Open Interest Long Ratio	11.39%	8.82%	8.17%
Index Future Volume Long Ratio	73.73%	64.89%	48.11%
Call Option Open Interest Long Ratio	52.71%	50.74%	48.16%
Call Option Volume Long Ratio	50.42%	50.50%	50.05%
Put Option Open Interest Long Ratio	57.02%	59.24%	63.01%
Put Option Volume Long Ratio	49.82%	49.63%	49.86%
Stock Future Open Interest Long Ratio	61.83%	61.74%	61.25%
Stock Future Volume Long Ratio	50.69%	54.25%	52.05%
Index Futures	Short Covering	Short Covering	Fresh Short
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Short Covering	Short Covering	Fresh Short
Nifty Options	Fresh Long	Fresh Long	Fresh Short
BankNifty Futures	Short Covering	Long Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Short	Short Covering
FinNifty Options	Fresh Short	Short Covering	Long Covering
MidcpNifty Futures	Fresh Short	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Short	Short Covering	Long Covering
NiftyNxt50 Futures	Long Covering	Fresh Long	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Short	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 (24/12/2025)

The SENSEX index closed at 85567.48. The SENSEX weekly expiry for DECEMBER 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.472 against previous 1.034. The 85000PE option holds the maximum open interest, followed by the 85500PE and 84000PE options. Market participants have shown increased interest with significant open interest additions in the 85500PE option, with open interest additions also seen in the 85400PE and 85300PE options. On the other hand, open interest reductions were prominent in the 85000CE, 84900CE, and 85100CE options. Trading volume was highest in the 85500CE option, followed by the 85400CE and 85400PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	24-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85567.48	1.472	1.034	0.959
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,02,21,600	91,63,080	10,58,520
PUT:	1,50,49,160	94,71,020	55,78,140
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85500	7,77,360	3,68,360	2,77,01,660
87000	7,74,360	1,33,520	50,04,720
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85500	7,77,360	3,68,360	2,77,01,660
86500	6,19,860	2,26,460	76,09,180
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85000	3,34,760	-4,31,500	50,98,620
84900	66,220	-2,65,920	14,35,220
Top CALL Volume:
Strike	OI	OI Change	Volume
85500	7,77,360	3,68,360	2,77,01,660
85400	3,19,920	1,38,500	2,49,68,520
Top PUT Open Interest:
Strike	OI	OI Change	Volume
85000	10,94,440	1,47,560	1,60,31,300
85500	8,79,620	8,14,200	2,35,12,800
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
85500	8,79,620	8,14,200	2,35,12,800
85400	5,98,960	5,61,420	2,46,44,680
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82000	5,44,160	-1,07,080	38,78,420
83600	93,440	-55,820	13,15,780
Top PUT Volume:
Strike	OI	OI Change	Volume
85400	5,98,960	5,61,420	2,46,44,680
85500	8,79,620	8,14,200	2,35,12,800

NIFTY Weekly Expiry (23/12/2025)

The NIFTY index closed at 26172.4. The NIFTY weekly expiry for DECEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.640 against previous 1.126. The 26100PE option holds the maximum open interest, followed by the 26000PE and 25900PE options. Market participants have shown increased interest with significant open interest additions in the 26100PE option, with open interest additions also seen in the 26150PE and 26050PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25950CE, and 26050CE options. Trading volume was highest in the 26100PE option, followed by the 26150CE and 26100CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,172.40	1.640	1.126	1.042
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,38,28,975	14,51,41,350	-2,13,12,375
PUT:	20,31,36,750	16,34,59,875	3,96,76,875
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,200	1,05,96,150	7,64,325	55,02,964
26,300	1,00,95,900	33,24,450	30,81,287
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,150	84,10,800	45,77,700	58,84,062
26,300	1,00,95,900	33,24,450	30,81,287
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	40,09,425	-89,44,800	19,15,420
25,950	9,21,375	-41,22,000	4,01,746
Top CALL Volume:
Strike	OI	OI Change	Volume
26,150	84,10,800	45,77,700	58,84,062
26,100	53,32,050	-26,15,475	57,25,985
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,100	1,69,11,075	1,50,59,850	64,59,195
26,000	1,60,98,075	66,60,225	35,16,987
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,100	1,69,11,075	1,50,59,850	64,59,195
26,150	1,01,27,700	98,12,625	42,77,509
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	31,39,650	-26,82,075	5,90,251
25,650	36,60,675	-22,79,325	5,02,599
Top PUT Volume:
Strike	OI	OI Change	Volume
26,100	1,69,11,075	1,50,59,850	64,59,195
26,150	1,01,27,700	98,12,625	42,77,509

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 26172.4. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.131 against previous 1.071. 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 27000CE option, with open interest additions also seen in the 26100PE and 26200PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25900CE, and 26100CE options. Trading volume was highest in the 26200CE option, followed by the 26000PE and 26100PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,172.40	1.131	1.071	1.144
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,63,25,425	6,69,73,200	93,52,225
PUT:	8,63,06,650	7,17,54,975	1,45,51,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	90,38,925	23,43,150	1,40,438
26,000	74,70,850	-10,38,725	1,49,015
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	90,38,925	23,43,150	1,40,438
26,800	31,43,175	15,48,075	77,561
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	74,70,850	-10,38,725	1,49,015
25,900	15,77,550	-4,94,625	41,996
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	46,72,125	11,64,675	2,88,319
26,500	50,93,850	1,70,700	1,96,341
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,01,64,125	17,12,750	2,70,431
25,000	72,73,525	15,55,975	1,16,071
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,100	35,53,200	20,37,000	2,38,926
26,200	37,62,900	19,12,275	1,80,101
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	24,39,900	-3,50,250	1,11,665
25,350	3,72,225	-3,43,125	28,781
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,01,64,125	17,12,750	2,70,431
26,100	35,53,200	20,37,000	2,38,926

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59304. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.797 against previous 0.737. The 59500CE option holds the maximum open interest, followed by the 60000CE and 59000PE options. Market participants have shown increased interest with significant open interest additions in the 59300PE option, with open interest additions also seen in the 57500PE and 59400CE options. On the other hand, open interest reductions were prominent in the 59000CE, 59100CE, and 55500PE options. Trading volume was highest in the 59300PE option, followed by the 59500CE and 59300CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,304.00	0.797	0.737	0.916
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,91,28,680	1,96,96,275	-5,67,595
PUT:	1,52,54,970	1,45,18,715	7,36,255
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	19,00,220	98,140	1,60,335
60,000	17,62,460	-20,440	94,055
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,400	4,74,705	1,11,230	93,470
59,500	19,00,220	98,140	1,60,335
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	8,62,575	-2,59,035	72,901
59,100	2,53,820	-1,46,335	49,543
Top CALL Volume:
Strike	OI	OI Change	Volume
59,500	19,00,220	98,140	1,60,335
59,300	5,17,510	16,240	1,57,785
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,000	14,07,525	9,100	1,13,451
59,500	12,97,065	95,025	1,14,215
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,300	3,85,525	1,56,030	1,70,844
57,500	7,07,665	1,14,240	32,951
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
55,500	2,47,375	-1,22,955	14,989
56,000	5,84,185	-50,015	28,506
Top PUT Volume:
Strike	OI	OI Change	Volume
59,300	3,85,525	1,56,030	1,70,844
59,500	12,97,065	95,025	1,14,215

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13971.65. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.211 against previous 1.071. The 13000PE option holds the maximum open interest, followed by the 14500CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 13900PE and 13000PE options. On the other hand, open interest reductions were prominent in the 68000CE, 67500PE, and 66000PE options. Trading volume was highest in the 14000CE option, followed by the 14100CE and 14000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,479.85	0.601	0.654	0.379
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,36,005	9,11,950	2,24,055
PUT:	6,82,760	5,96,570	86,190
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	2,03,840	74,035	13,911
27,700	1,62,305	1,13,230	18,673
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,700	1,62,305	1,13,230	18,673
27,500	2,03,840	74,035	13,911
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,600	73,190	-14,820	3,365
28,200	55,120	-6,630	641
Top CALL Volume:
Strike	OI	OI Change	Volume
27,700	1,62,305	1,13,230	18,673
27,500	2,03,840	74,035	13,911
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,500	1,33,250	38,610	6,190
27,300	58,370	2,795	1,321
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,500	1,33,250	38,610	6,190
27,400	45,305	11,115	3,367
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	18,590	-5,850	788
27,100	15,860	-3,900	521
Top PUT Volume:
Strike	OI	OI Change	Volume
27,500	1,33,250	38,610	6,190
27,400	45,305	11,115	3,367

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

Open Interest Volume Analysis screams bullish momentum: Short covering dominates combined books everywhere while January longs explode—26,000 support holds firm.

Actionable Santa plays: Buy NIFTY 26,200 calls or bull call spreads targeting 26,500; roll shorts higher across board—holiday theta acceleration favors longs.

Sector rocket fuel: Load MIDCPNIFTY/BANKNIFTY for year-end pops; fade any 26,000 tests with tight stops.

Tuesday trigger: Continued OI unwind = 26,500 path open; fresh shorts test support—position ahead of thin volumes, but momentum loves chasing strength 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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