NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 21/07/2025

The Open Interest Volume Analysis for 21st July 2025 brings evidence of a cautious optimism rebounding in the market, as Nifty July futures bounced 0.38% to 25,127.60 and options sentiment stabilized after last week’s selling. The premium sharply contracted by 27 points, open interest continued to unwind (-3.3%), and volumes remained soft—suggesting lingering caution and short-covering rather than fresh risk-on buying.

However, noteworthy is the rise in both weekly and monthly Put-Call Ratios, reflecting renewed put writing at key strikes and slightly improved risk appetite among market participants. Max pain has shifted up to 25,100 for weekly and 25,200 for monthly expiry, with the highest call and put additions crowding around 25,100–25,600, signaling a likely expiry gravitation toward these levels.

Across the broader indices, BANKNIFTY staged a smart recovery (up 1%), FINNIFTY outperformed with a 1.5% jump, and MIDCPNIFTY posted steady gains—with all showing a welcoming drop in premiums and a retreat in open interest, indicative of short-covering and an end to the panic-driven selloff earlier in the series.

NSE & BSE F&O Market Signals

NIFTY JUNE Future

NIFTY Spot closed at: 25,090.70 (0.49%)

NIFTY JULY Future closed at: 25,127.60 (0.38%)

Premium: 36.9 (Decreased by -27 points)

Open Interest Change: -3.3%

Volume Change: -18.5%

NIFTY Weekly Expiry (24/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.857 (Increased from 0.588)

Put-Call Ratio (Volume): 0.849

Max Pain Level: 25100

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25600

Highest PUT Addition: 25100

NIFTY Monthly Expiry (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.951 (Increased from 0.920)

Put-Call Ratio (Volume): 0.885

Max Pain Level: 25200

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 24000

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 56,952.75 (1.19%)

BANKNIFTY JULY Future closed at: 56,981.80 (1.00%)

Premium: 29.05 (Decreased by -103.55 points)

Open Interest Change: -8.5%

Volume Change: 13.7%

BANKNIFTY Monthly Expiry  (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.832 (Increased from 0.715)

Put-Call Ratio (Volume): 0.781

Max Pain Level: 56700

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 56900

Highest PUT Addition: 56800

FINNIFTY JULY Future

FINNIFTY Spot closed at: 26,986.95 (1.62%)

FINNIFTY JULY Future closed at: 27,012.10 (1.52%)

Premium:  25.15 (Decreased by -26.7 points)

Open Interest Change: -3.6%

Volume Change: 8.9%

FINNIFTY Monthly Expiry  (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.859 (Increased from 0.719)

Put-Call Ratio (Volume): 0.880

Max Pain Level: 26900

Maximum CALL Open Interest: 28000

Maximum PUT Open Interest: 26700

Highest CALL Addition: 27100

Highest PUT Addition: 26700

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 13,301.00 (0.99%)

MIDCPNIFTY JULY Future closed at: 13,336.35 (1.01%)

Premium: 35.35 (Increased by 3.85 points)

Open Interest Change: 0.2%

Volume Change: -9.8%

MIDCPNIFTY Monthly Expiry  (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.874 (Increased from 0.750)

Put-Call Ratio (Volume): 0.901

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13600

Highest PUT Addition: 13200

SENSEX Weekly Expiry (22/07/2025) Future

SENSEX Spot closed at: 82,200.34 (0.54%)

SENSEX Weekly Future closed at: 82,202.85 (0.38%)

Premium: 2.51 (Decreased by -128.96 points)

Open Interest Change: -18.7%

Volume Change: 26.7%

SENSEX Weekly Expiry (22/07/2025) Option Analysis

Put-Call Ratio (OI): 0.889 (Increased from 0.639)

Put-Call Ratio (Volume): 0.925

Max Pain Level: 82100

Maximum CALL OI: 84000

Maximum PUT OI: 81000

Highest CALL Addition: 83200

Highest PUT Addition: 81000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,681.23 Cr
DIIs Net BUY: ₹ 3,578.43 Cr

FII Derivatives Activity

FII Trading Stats	21.07.25	18.07.25	17.07.25
FII Cash (Provisional Data)	-1,681.23	374.74	-3,694.31
Index Future Open Interest Long Ratio	15.14%	15.02%	16.72%
Index Future Volume Long Ratio	55.10%	35.56%	33.12%
Call Option Open Interest Long Ratio	49.90%	50.01%	53.46%
Call Option Volume Long Ratio	49.98%	49.39%	50.10%
Put Option Open Interest Long Ratio	59.51%	63.82%	64.99%
Put Option Volume Long Ratio	49.37%	50.28%	50.31%
Stock Future Open Interest Long Ratio	62.07%	62.04%	62.28%
Stock Future Volume Long Ratio	49.14%	48.10%	48.74%
Index Futures	Short Covering	Fresh Short	Fresh Short
Index Options	Fresh Short	Fresh Short	Short Covering
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Short	Short Covering
BankNifty Futures	Short Covering	Fresh Short	Fresh Short
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Long Covering	Fresh Short
FinNifty Options	Long Covering	Fresh Long	Fresh Long
MidcpNifty Futures	Long Covering	Fresh Short	Fresh Long
MidcpNifty Options	Long Covering	Fresh Short	Fresh Long
NiftyNxt50 Futures	Fresh Short	Short Covering	Short Covering
NiftyNxt50 Options	Short Covering	Fresh Short	Fresh Long
Stock Futures	Long Covering	Long Covering	Long Covering
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE & BSE Option market Trends : Options Insights

NIFTY weekly Expiry (24/07/2025)

The NIFTY index closed at 25090.7. The NIFTY weekly expiry for JULY 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.857 against previous 0.588. The 26000CE option holds the maximum open interest, followed by the 24000PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25100PE option, with open interest additions also seen in the 25000PE and 24000PE options. On the other hand, open interest reductions were prominent in the 25900CE, 25200CE, and 26500CE options. Trading volume was highest in the 25100CE option, followed by the 25000PE and 25000CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,090.70	0.857	0.588	0.849
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,28,08,950	13,21,48,875	6,60,075
PUT:	11,38,44,375	7,76,96,700	3,61,47,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	96,81,075	8,22,000	7,79,986
25,500	79,19,250	11,29,575	14,57,627
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	46,71,225	11,42,700	8,25,217
25,500	79,19,250	11,29,575	14,57,627
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,900	34,11,225	-21,21,525	4,92,176
25,200	71,67,150	-13,88,175	25,65,603
Top CALL Volume:
Strike	OI	OI Change	Volume
25,100	75,21,000	1,69,350	38,36,875
25,000	42,00,150	-11,35,200	33,10,281
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	82,13,250	32,27,475	6,17,014
25,000	79,67,325	33,06,375	37,76,361
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,100	70,18,650	50,06,700	17,65,171
25,000	79,67,325	33,06,375	37,76,361
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	21,31,800	-6,46,350	2,50,373
23,700	17,55,975	-2,97,600	1,37,903
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	79,67,325	33,06,375	37,76,361
24,900	74,40,675	25,80,675	27,12,521

SENSEX weekly Expiry (22/07/2025)

The SENSEX index closed at 82200.34. The SENSEX weekly expiry for JULY 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.889 against previous 0.639. The 84000CE option holds the maximum open interest, followed by the 83000CE and 83500CE options. Market participants have shown increased interest with significant open interest additions in the 81000PE option, with open interest additions also seen in the 82000PE and 83200CE options. On the other hand, open interest reductions were prominent in the 82000CE, 86000CE, and 79500PE options. Trading volume was highest in the 82000PE option, followed by the 82000CE and 82500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82200.34	0.889	0.639	0.925
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,22,32,880	1,84,85,380	37,47,500
PUT:	1,97,54,280	1,18,09,689	79,44,591
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	18,19,440	3,48,580	2,02,36,940
83000	15,66,800	4,92,160	5,51,17,660
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
83200	9,44,800	6,90,020	1,77,32,160
83500	15,58,020	6,85,180	2,64,58,780
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82000	7,03,040	-2,50,840	7,78,82,880
86000	2,85,080	-2,13,520	28,04,720
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	7,03,040	-2,50,840	7,78,82,880
82500	14,32,500	3,98,840	7,74,11,880
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81000	14,48,140	9,01,220	4,82,48,020
82000	14,12,920	8,72,600	8,29,00,840
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81000	14,48,140	9,01,220	4,82,48,020
82000	14,12,920	8,72,600	8,29,00,840
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79500	6,46,920	-1,67,140	83,86,060
78500	2,35,100	-1,22,960	32,19,520
Top PUT Volume:
Strike	OI	OI Change	Volume
82000	14,12,920	8,72,600	8,29,00,840
81500	11,79,360	6,78,800	6,60,73,680

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 25090.7. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.951 against previous 0.920. The 25500CE option holds the maximum open interest, followed by the 26000CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 23500PE and 26000CE options. On the other hand, open interest reductions were prominent in the 25600PE, 25000PE, and 25300PE options. Trading volume was highest in the 25000PE option, followed by the 25000CE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,090.70	0.951	0.920	0.885
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,40,48,675	5,17,08,825	23,39,850
PUT:	5,14,10,025	4,75,92,975	38,17,050
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	59,25,675	40,275	1,27,564
26,000	56,29,500	3,60,975	88,195
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	56,29,500	3,60,975	88,195
25,300	24,28,350	3,59,325	1,05,562
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	5,48,925	-90,675	14,929
24,500	6,50,250	-58,200	8,740
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	38,20,575	39,600	1,56,373
25,500	59,25,675	40,275	1,27,564
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	52,52,400	-1,46,025	1,59,083
24,500	36,13,275	2,72,100	96,412
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	33,92,625	5,20,425	76,129
23,500	22,33,350	3,63,750	22,244
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,600	8,70,900	-1,68,600	5,261
25,000	52,52,400	-1,46,025	1,59,083
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	52,52,400	-1,46,025	1,59,083
24,900	16,16,475	3,41,025	97,643

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 56952.75. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.832 against previous 0.715. The 56000PE option holds the maximum open interest, followed by the 57000CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 56800PE option, with open interest additions also seen in the 54000PE and 56700PE options. On the other hand, open interest reductions were prominent in the 59500CE, 56000CE, and 56500CE options. Trading volume was highest in the 57000CE option, followed by the 56500CE and 56000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,952.75	0.832	0.715	0.781
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,89,29,540	2,14,84,470	-25,54,930
PUT:	1,57,40,375	1,53,59,899	3,80,476
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	16,78,390	-2,92,320	3,13,035
60,000	12,71,585	-71,225	97,611
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,900	3,89,585	1,31,145	1,26,325
59,000	11,42,120	1,04,545	1,26,418
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	3,99,455	-4,40,370	84,185
56,000	10,04,360	-4,15,520	52,314
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	16,78,390	-2,92,320	3,13,035
56,500	4,56,995	-3,83,495	2,07,716
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	19,17,860	-3,44,610	2,00,249
57,000	10,24,240	40,355	1,65,655
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,800	3,15,350	1,65,270	1,33,008
54,000	7,54,005	1,59,565	73,182
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,000	19,17,860	-3,44,610	2,00,249
52,000	4,04,145	-1,51,445	23,581
Top PUT Volume:
Strike	OI	OI Change	Volume
56,000	19,17,860	-3,44,610	2,00,249
56,500	8,44,795	-6,755	1,99,983

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 26986.95. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.859 against previous 0.719. The 28000CE option holds the maximum open interest, followed by the 27000CE and 28500CE options. Market participants have shown increased interest with significant open interest additions in the 26700PE option, with open interest additions also seen in the 27100CE and 26800CE options. On the other hand, open interest reductions were prominent in the 26300PE, 28050CE, and 27000CE options. Trading volume was highest in the 27000CE option, followed by the 26900CE and 27500CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,986.95	0.859	0.719	0.880
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,90,450	14,91,750	-1,300
PUT:	12,80,240	10,71,850	2,08,390
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	1,79,530	-7,020	5,432
27,000	1,29,220	-25,870	10,068
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,100	73,125	43,485	4,039
26,800	82,030	32,825	6,808
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
28,050	23,140	-40,235	1,357
27,000	1,29,220	-25,870	10,068
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,29,220	-25,870	10,068
26,900	50,310	-3,640	7,975
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,700	1,10,500	65,520	7,328
27,000	94,900	18,070	4,000
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,700	1,10,500	65,520	7,328
25,800	40,885	32,695	1,560
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,300	21,060	-48,425	2,346
25,500	77,025	-18,200	2,428
Top PUT Volume:
Strike	OI	OI Change	Volume
26,700	1,10,500	65,520	7,328
26,900	62,920	22,555	7,239

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 13301. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.874 against previous 0.750. The 14000CE option holds the maximum open interest, followed by the 13000PE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 13200PE option, with open interest additions also seen in the 13100PE and 13600CE options. On the other hand, open interest reductions were prominent in the 68500CE, 69000CE, and 68800CE options. Trading volume was highest in the 13300CE option, followed by the 13500CE and 13200PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,301.00	0.874	0.750	0.901
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,01,01,560	1,04,15,160	-3,13,600
PUT:	88,30,080	78,10,880	10,19,200
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	14,60,620	2,800	7,933
13,500	11,67,320	35,700	24,253
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,600	6,37,980	1,46,020	9,036
13,550	2,29,460	1,39,860	2,656
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,300	5,46,420	-2,67,960	29,571
14,800	1,37,900	-1,88,580	2,346
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	5,46,420	-2,67,960	29,571
13,500	11,67,320	35,700	24,253
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	13,17,960	-58,100	15,462
13,300	6,11,660	1,34,960	18,317
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,200	5,54,260	2,91,200	18,653
13,100	4,98,680	1,87,320	10,556
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,800	3,40,900	-1,00,520	7,253
13,000	13,17,960	-58,100	15,462
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	5,54,260	2,91,200	18,653
13,300	6,11,660	1,34,960	18,317

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

This session’s Open Interest Volume Analysis suggests the market is trying to establish a floor after several days of selling, but buyers are still tiptoeing in. For Nifty, the 25,000–25,100 zone is critical support—a hold here could spark a further move to 25,250 and possibly 25,600 where heavy call open interest is clustered.

On the flip side, a close below 25,000 will likely see a revisit to the 24,900–24,800 support bands. Options data points to a battle between short-covering and lingering skepticism, so traders may look for quick straddle opportunities at 25,100 or prepare for sudden directional moves if Nifty decisively breaks the 25,000 or 25,250 levels. BankNifty’s sharp drop in OI and premium alongside a healthy price rally signals that bears are booking profits and smart money is buying dips—watch for sustained moves above 57,000 as a sign of new momentum.

For FINNIFTY and MIDCPNIFTY, the recovery is restrained but notable: financials and midcaps could provide the next sectoral leadership if overall sentiment improves. For now, let this Open Interest Volume Analysis be your tactical map—favoring range-bound or quick-react plays as markets attempt to find direction in a still jittery landscape.

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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