NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/12/2025

Markets traded flat today with NIFTY barely moving 0.02% amid holiday-thin volumes, and this Open Interest Volume Analysis across combined futures captures the classic profit-taking pause—short covering keeps the lid on while mixed signals hint at range consolidation into year-end.

NIFTY combined futures dominated by short covering: -2.33% OI drop on -12% volume reflects bears unwinding after recent squeeze, December aggressive at -5.7% while January loads fresh longs (+19.4%)—bulls positioning ahead.

Premiums mixed but steady: December ticking up slightly, January holding firm—time decay balanced by covering flows in low-volume environment.

PCR eases from extremes: Monthly dips to 1.084 with max pain at 26,100—put pressure lightening as traders digest the rally.

BANKNIFTY light long unwind: -1.57% combined OI shows casual profit booking, January shorts emerging cautiously.

MIDCPNIFTY covering on volume pop: -2.35% combined OI with +50% volume surge marks midcaps exhaling, no panic selling.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26177.15 (0.018%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.33%

Combined Fut Volume Change: -11.74%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 19% Previous 16%

NIFTY DECEMBER Future closed at: 26206.9 (0.034%)

December Fut Premium 29.75 (Increased by 4.25 points)

December Fut Open Interest Change: -5.70%

December Fut Volume Change: -14.03%

December Fut Open Interest Analysis: Short Covering

NIFTY JANUARY Future closed at: 26392.8 (0.058%)

January Fut Premium 215.65 (Increased by 10.65 points)

January Fut Open Interest Change: 19.40%

January Fut Volume Change: -3.93%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.084 (Decreased from 1.131)

Put-Call Ratio (Volume): 0.996

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: 59299.55 (-0.008%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.57%

Combined Fut Volume Change: -16.73%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 19% Previous 17%

BANKNIFTY DECEMBER Future closed at: 59407.6 (-0.046%)

December Fut Premium 108.05 (Decreased by -22.95 points)

December Fut Open Interest Change: -3.4%

December Fut Volume Change: -14.5%

December Fut Open Interest Analysis: Long Covering

BANKNIFTY JANUARY Future closed at: 59793.2 (-0.012%)

January Fut Premium 493.65 (Decreased by -2.95 points)

January Fut Open Interest Change: 7.59%

January Fut Volume Change: -26.86%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.779 (Decreased from 0.797)

Put-Call Ratio (Volume): 0.974

Max Pain Level: 59300

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59000

Highest CALL Addition: 60700

Highest PUT Addition: 59300

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13946.35 (-0.181%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.35%

Combined Fut Volume Change: 50.34%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 8% Previous 7%

MIDCPNIFTY DECEMBER Future closed at: 13963.75 (-0.202%)

December Fut Premium 17.4 (Decreased by -2.95 points)

December Fut Open Interest Change: -3.75%

December Fut Volume Change: 65.40%

December Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JANUARY Future closed at: 14036.55 (-0.329%)

January Fut Premium 90.2 (Decreased by -21.05 points)

January Fut Open Interest Change: 17.27%

January Fut Volume Change: 16.91%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.118 (Decreased from 1.211)

Put-Call Ratio (Volume): 0.999

Max Pain Level: 13900

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14400

Highest PUT Addition: 13700

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 85,524.84 (-0.050%)

SENSEX Monthly Future closed at: 85,541.95 (0.016%)

Premium: 17.11 (Increased by 56.44 points)

Open Interest Change: -20.12%

Volume Change: 25.54%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.212 (Decreased from 1.472)

Put-Call Ratio (Volume): 0.990

Max Pain Level: 85500

Maximum CALL OI: 86000

Maximum PUT OI: 85000

Highest CALL Addition: 86000

Highest PUT Addition: 85200

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,794.80 Cr.
DIIs Net BUY: ₹ 3,812.37 Cr.

FII Derivatives Activity

FII Trading Stats	23.12.25	22.12.25	19.12.25
FII Cash (Provisional Data)	-1,794.80	-457.34	1,830.89
Index Future Open Interest Long Ratio	12.77%	11.39%	8.82%
Index Future Volume Long Ratio	69.49%	73.73%	64.89%
Call Option Open Interest Long Ratio	51.28%	52.71%	50.74%
Call Option Volume Long Ratio	49.79%	50.42%	50.50%
Put Option Open Interest Long Ratio	60.83%	57.02%	59.24%
Put Option Volume Long Ratio	50.07%	49.82%	49.63%
Stock Future Open Interest Long Ratio	62.04%	61.83%	61.74%
Stock Future Volume Long Ratio	50.88%	50.69%	54.25%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Long Covering	Short Covering	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Long	Fresh Short	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Short Covering
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Long
MidcpNifty Options	Short Covering	Fresh Short	Short Covering
NiftyNxt50 Futures	Fresh Long	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Short Covering	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 85524.84. The SENSEX weekly expiry for DECEMBER 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.212 against previous 1.472. The 85000PE option holds the maximum open interest, followed by the 84000PE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 85200PE option, with open interest additions also seen in the 86000CE and 84000PE options. On the other hand, open interest reductions were prominent in the 80000PE, 87800CE, and 78000PE options. Trading volume was highest in the 85500PE option, followed by the 85500CE and 85600CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	24-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85524.84	1.212	1.472	0.990
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,07,64,620	1,02,21,600	1,05,43,020
PUT:	2,51,62,540	1,50,49,160	1,01,13,380
Top CALL Open Interest:
Strike	OI	OI Change	Volume
86000	17,55,340	10,71,480	2,93,70,600
87000	14,67,840	6,93,480	1,05,86,480
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	17,55,340	10,71,480	2,93,70,600
85700	11,26,620	8,20,640	2,74,22,000
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87800	57,080	-1,49,340	11,00,380
85000	2,66,180	-68,580	36,63,240
Top CALL Volume:
Strike	OI	OI Change	Volume
85500	12,18,940	4,41,580	4,67,87,520
85600	11,04,100	7,21,220	4,07,04,780
Top PUT Open Interest:
Strike	OI	OI Change	Volume
85000	19,13,960	8,19,520	2,85,30,400
84000	18,63,200	10,16,220	94,90,080
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
85200	14,36,180	10,74,500	1,88,03,320
84000	18,63,200	10,16,220	94,90,080
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
80000	2,54,400	-1,59,160	25,14,580
78000	92,680	-1,44,240	7,41,500
Top PUT Volume:
Strike	OI	OI Change	Volume
85500	13,58,880	4,79,260	4,84,38,520
85600	6,54,640	4,07,480	3,12,92,820

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 26177.15. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.084 against previous 1.131. The 26000PE option holds the maximum open interest, followed by the 27000CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 26200CE option, with open interest additions also seen in the 26200PE and 25700PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25900CE, and 25000CE options. Trading volume was highest in the 26200CE option, followed by the 26200PE and 26000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,177.15	1.084	1.131	0.996
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,51,59,625	7,63,25,425	2,88,34,200
PUT:	11,39,91,650	8,63,06,650	2,76,85,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,10,98,875	20,59,950	2,24,038
26,200	75,58,725	28,86,600	6,99,071
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,200	75,58,725	28,86,600	6,99,071
26,600	41,84,100	24,12,300	2,57,684
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	70,34,200	-4,36,650	1,58,826
25,900	13,15,425	-2,62,125	23,792
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	75,58,725	28,86,600	6,99,071
26,500	72,27,900	21,34,050	4,14,035
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,19,02,375	17,38,250	4,20,378
25,000	80,77,825	8,04,300	2,09,562
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,200	65,87,100	28,24,200	6,11,314
25,700	49,34,550	24,94,650	1,79,025
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,000	12,80,175	-73,725	5,963
26,500	17,26,875	-71,775	32,491
Top PUT Volume:
Strike	OI	OI Change	Volume
26,200	65,87,100	28,24,200	6,11,314
26,000	1,19,02,375	17,38,250	4,20,378

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59299.55. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.779 against previous 0.797. 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 60700CE option, with open interest additions also seen in the 60800CE and 59300CE options. On the other hand, open interest reductions were prominent in the 57500PE, 63000CE, and 57000PE options. Trading volume was highest in the 59300PE option, followed by the 59300CE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,299.55	0.779	0.797	0.974
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,02,49,905	1,91,28,680	11,21,225
PUT:	1,57,69,750	1,52,54,970	5,14,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	20,15,615	1,15,395	1,52,950
60,000	18,75,055	1,12,595	1,09,012
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,700	2,53,260	1,33,980	19,668
60,800	3,06,320	1,28,450	33,088
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
63,000	7,25,935	-89,845	37,132
59,000	8,15,710	-46,865	53,135
Top CALL Volume:
Strike	OI	OI Change	Volume
59,300	6,45,890	1,28,380	1,74,762
59,500	20,15,615	1,15,395	1,52,950
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,000	13,96,115	-11,410	1,14,981
59,500	12,89,540	-7,525	1,17,739
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,300	4,90,280	1,04,755	1,78,786
59,400	3,52,695	84,175	1,21,814
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,500	5,88,385	-1,19,280	39,213
57,000	6,93,140	-60,445	36,380
Top PUT Volume:
Strike	OI	OI Change	Volume
59,300	4,90,280	1,04,755	1,78,786
59,400	3,52,695	84,175	1,21,814

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13946.35. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.118 against previous 1.211. 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 14400CE option, with open interest additions also seen in the 13700PE and 13550PE options. On the other hand, open interest reductions were prominent in the 66000PE, 68000PE, and 65000PE options. Trading volume was highest in the 14000CE option, followed by the 13900PE and 14000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,946.35	1.118	1.211	0.999
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	98,12,740	91,95,620	6,17,120
PUT:	1,09,68,720	1,11,36,720	-1,68,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	11,96,300	-29,960	10,497
14,000	11,02,220	25,200	32,607
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,400	6,04,100	1,70,800	9,251
14,050	2,33,520	1,00,940	17,848
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,300	5,59,440	-44,520	11,354
14,500	11,96,300	-29,960	10,497
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	11,02,220	25,200	32,607
14,100	6,28,600	-16,800	20,093
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	12,74,280	23,240	10,037
13,500	8,31,880	36,400	11,511
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,700	7,43,260	1,26,140	10,707
13,550	2,01,180	1,16,060	2,940
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	6,79,840	-94,640	21,162
12,000	1,02,620	-83,160	778
Top PUT Volume:
Strike	OI	OI Change	Volume
13,900	5,73,580	16,100	25,997
14,000	6,79,840	-94,640	21,162

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

Open Interest Volume Analysis says range hold likely: Short covering fuels stability across combined books while January longs provide upside bias—26,000-26,200 box intact for holidays.

Actionable year-end plays: Sell 26,100-26,300 credit spreads or theta-positive butterflies; buy dips to 26,000 with 25,900 stops—avoid big bets in thin flows.

Sector tilt: Light NIFTY/BANKNIFTY longs, skip MIDCPNIFTY directionals; watch rollover extremes for positioning clues.

Wednesday edge: Volume pickup + fresh longs = 26,300 breakout; renewed shorts test support—stay nimble, year-end positioning drives wild swings.

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