NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/07/2025

The Open Interest Volume Analysis for 22nd July 2025 clearly reflects a market struggling to gain momentum, with bulls lacking conviction and bears growing bolder ahead of expiry. Nifty July futures inched up just 0.25% to 25,093.90, but open interest tumbled 3.8%—signs of heavy position unwinding as the index hovers close to support. The premium collapsed by nearly 31 points, further highlighting the unwinding theme and a reluctance from traders to pay up for long exposure.

Options data reinforces the sense of caution: the weekly Put-Call Ratio (OI) plunged to 0.699, as call writers piled in at 25,200 and above, while the highest put addition formed a new support zone at 24,500. Max pain remains stationary at 25,100 for expiry, with the bulk of open interest also packed in around the same levels—expect choppy settlement. The monthly Nifty options chain echoes these stress signals: lower PCR, weak put additions, and substantial call writing up at 27,000 confirm that the market is still consolidating and unable to ignite a sustainable bounce.

BankNifty and the broader indices see a similar script—BankNifty futures rallied nearly 0.7% but open interest fell by almost 10% and premiums were slashed dramatically, proof of short-covering rather than new bullish bets. Monthly options suggest a ceiling at 57,000 and little appetite for a risk-on move, with PCR dropping to 0.74. FINNIFTY and MIDCPNIFTY, while up on the day, saw net open interest and volume slide, and premiums cratered, all pointing to defensive activity and a lack of participation on the long side. SENSEX, meanwhile, remained largely flat but registered a strong 38% surge in open interest, likely driven by fresh hedges or range-bound positioning rather than directional bets, as the weekly PCR for SENSEX also fell close to 0.70.

NSE & BSE F&O Market Signals

NIFTY JUNE Future

NIFTY Spot closed at: 25,060.90 (0.37%)

NIFTY JULY Future closed at: 25,093.90 (0.25%)

Premium: 33 (Decreased by -30.9 points)

Open Interest Change: -3.8%

Volume Change: -40.9%

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

Put-Call Ratio (Open Interest): 0.699 (Decreased from 0.857)

Put-Call Ratio (Volume): 0.987

Max Pain Level: 25100

Maximum CALL Open Interest: 25100

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25200

Highest PUT Addition: 24500

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

Put-Call Ratio (Open Interest): 0.921 (Decreased from 0.951)

Put-Call Ratio (Volume): 0.890

Max Pain Level: 25150

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 25100

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 56,756.00 (0.84%)

BANKNIFTY JULY Future closed at: 56,804.60 (0.69%)

Premium: 48.6 (Decreased by -84 points)

Open Interest Change: -9.6%

Volume Change: -39.6%

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

Put-Call Ratio (Open Interest): 0.742 (Decreased from 0.831)

Put-Call Ratio (Volume): 0.888

Max Pain Level: 56800

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 57000

Highest PUT Addition: 53000

FINNIFTY JULY Future

FINNIFTY Spot closed at: 26,990.45 (1.64%)

FINNIFTY JULY Future closed at: 27,004.70 (1.49%)

Premium:  14.25 (Decreased by -37.6 points)

Open Interest Change: -1.6%

Volume Change: -55.8%

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

Put-Call Ratio (Open Interest): 0.866 (Increased from 0.859)

Put-Call Ratio (Volume): 0.903

Max Pain Level: 26900

Maximum CALL Open Interest: 28000

Maximum PUT Open Interest: 27000

Highest CALL Addition: 28000

Highest PUT Addition: 27000

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 13,206.60 (0.27%)

MIDCPNIFTY JULY Future closed at: 13,220.05 (0.13%)

Premium: 13.45 (Decreased by -18.05 points)

Open Interest Change: -2.1%

Volume Change: -28.2%

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

Put-Call Ratio (Open Interest): 0.780 (Decreased from 0.874)

Put-Call Ratio (Volume): 0.847

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13500

Highest PUT Addition: 13000

SENSEX Weekly Expiry (29/07/2025) Future

SENSEX Spot closed at: 82,186.81 (-0.02%)

SENSEX Weekly Future closed at: 82,287.20 (-0.03%)

Premium: 100.39 (Decreased by -7.57 points)

Open Interest Change: 38.0%

Volume Change: 60.6%

SENSEX Weekly Expiry (29/07/2025) Option Analysis

Put-Call Ratio (OI): 0.701 (Decreased from 0.836)

Put-Call Ratio (Volume): 0.699

Max Pain Level: 82200

Maximum CALL OI: 84000

Maximum PUT OI: 82000

Highest CALL Addition: 84000

Highest PUT Addition: 82000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,548.92 Cr
DIIs Net BUY: ₹ 5,239.77 Cr

FII Derivatives Activity

FII Trading Stats	22.07.25	21.07.25	18.07.25
FII Cash (Provisional Data)	-3,548.92	-1,681.23	374.74
Index Future Open Interest Long Ratio	14.41%	15.14%	15.02%
Index Future Volume Long Ratio	40.02%	55.10%	35.56%
Call Option Open Interest Long Ratio	48.79%	49.90%	50.01%
Call Option Volume Long Ratio	49.71%	49.98%	49.39%
Put Option Open Interest Long Ratio	60.12%	59.51%	63.82%
Put Option Volume Long Ratio	50.36%	49.37%	50.28%
Stock Future Open Interest Long Ratio	61.80%	62.07%	62.04%
Stock Future Volume Long Ratio	47.46%	49.14%	48.10%
Index Futures	Fresh Short	Short Covering	Fresh Short
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Fresh Short	Short Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Long Covering
FinNifty Options	Short Covering	Long Covering	Fresh Long
MidcpNifty Futures	Short Covering	Long Covering	Fresh Short
MidcpNifty Options	Fresh Short	Long Covering	Fresh Short
NiftyNxt50 Futures	Short Covering	Fresh Short	Short Covering
NiftyNxt50 Options	Short Covering	Short Covering	Fresh Short
Stock Futures	Long Covering	Long Covering	Long Covering
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE & BSE Option market Trends : Options Insights

NIFTY weekly Expiry (24/07/2025)

The NIFTY index closed at 25060.9. The NIFTY weekly expiry for JULY 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.699 against previous 0.857. The 25100CE option holds the maximum open interest, followed by the 25200CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25200CE option, with open interest additions also seen in the 25100CE and 25150CE options. On the other hand, open interest reductions were prominent in the 24900PE, 23500PE, and 23700PE options. Trading volume was highest in the 25100PE option, followed by the 25100CE and 25000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,060.90	0.699	0.857	0.987
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,75,09,650	13,28,08,950	3,47,00,700
PUT:	11,71,69,275	11,38,44,375	33,24,900
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,100	1,27,01,025	51,80,025	39,67,374
25,200	1,26,43,500	54,76,350	27,20,887
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,200	1,26,43,500	54,76,350	27,20,887
25,100	1,27,01,025	51,80,025	39,67,374
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,200	31,07,325	-5,68,875	2,09,019
26,300	18,39,450	-4,89,300	1,48,472
Top CALL Volume:
Strike	OI	OI Change	Volume
25,100	1,27,01,025	51,80,025	39,67,374
25,200	1,26,43,500	54,76,350	27,20,887
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	84,25,650	4,58,325	28,38,989
24,000	81,33,750	-79,500	3,90,903
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	70,22,025	12,54,900	7,20,379
24,700	49,38,750	12,51,825	9,54,056
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,900	63,32,250	-11,08,425	16,26,299
23,500	27,61,875	-9,00,300	1,55,187
Top PUT Volume:
Strike	OI	OI Change	Volume
25,100	75,11,325	4,92,675	40,96,985
25,000	84,25,650	4,58,325	28,38,989

SENSEX weekly Expiry (29/07/2025)

The SENSEX index closed at 82186.81. The SENSEX weekly expiry for JULY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.701 against previous 0.836. The 84000CE option holds the maximum open interest, followed by the 85000CE and 84500CE options. Market participants have shown increased interest with significant open interest additions in the 84000CE option, with open interest additions also seen in the 85000CE and 84500CE options. On the other hand, open interest reductions were prominent in the 78000PE, 88100CE, and 81600CE options. Trading volume was highest in the 85000CE option, followed by the 84000CE and 82500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	29-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82186.81	0.701	0.836	0.699
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	29,43,580	9,77,080	19,66,500
PUT:	20,62,540	8,17,089	12,45,451
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	3,38,780	2,46,620	13,56,080
85000	3,04,240	1,79,040	14,12,840
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	3,38,780	2,46,620	13,56,080
85000	3,04,240	1,79,040	14,12,840
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
88100	240	-940	2,040
81600	2,460	-380	8,700
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	3,04,240	1,79,040	14,12,840
84000	3,38,780	2,46,620	13,56,080
Top PUT Open Interest:
Strike	OI	OI Change	Volume
82000	2,02,180	1,19,940	10,63,160
80000	1,76,900	1,07,660	6,88,140
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82000	2,02,180	1,19,940	10,63,160
79000	1,65,700	1,08,640	4,90,460
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
78000	32,960	-3,960	1,80,700
83900	540	-60	240
Top PUT Volume:
Strike	OI	OI Change	Volume
82000	2,02,180	1,19,940	10,63,160
80000	1,76,900	1,07,660	6,88,140

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 25060.9. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.921 against previous 0.951. 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 27000CE option, with open interest additions also seen in the 25100CE and 25100PE options. On the other hand, open interest reductions were prominent in the 24950PE, 25300PE, and 23400PE options. Trading volume was highest in the 25000PE option, followed by the 25500CE and 25100CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,060.90	0.921	0.951	0.890
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,05,12,025	5,40,48,675	64,63,350
PUT:	5,57,23,800	5,14,10,025	43,13,775
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	61,19,775	1,94,100	1,38,243
26,000	59,85,000	3,55,500	1,02,589
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	31,03,725	14,09,925	43,359
25,100	23,38,350	9,10,125	1,37,622
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	5,71,725	-73,950	10,099
25,900	10,62,675	-57,150	39,837
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	61,19,775	1,94,100	1,38,243
25,100	23,38,350	9,10,125	1,37,622
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	56,26,725	3,74,325	2,03,794
24,500	38,80,050	2,66,775	76,929
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,100	22,18,575	8,08,725	1,32,108
24,900	20,10,075	3,93,600	1,25,064
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,950	3,64,575	-1,27,125	38,804
25,300	9,66,300	-1,07,325	19,579
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	56,26,725	3,74,325	2,03,794
25,100	22,18,575	8,08,725	1,32,108

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 56756. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.742 against previous 0.831. The 57000CE option holds the maximum open interest, followed by the 56000PE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 60000CE and 57500CE options. On the other hand, open interest reductions were prominent in the 56000PE, 56000CE, and 61000CE options. Trading volume was highest in the 57000CE option, followed by the 57000PE and 57500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,756.00	0.742	0.831	0.888
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,11,88,230	1,89,29,540	22,58,690
PUT:	1,57,14,370	1,57,38,284	-23,914
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	19,84,535	3,06,145	3,24,595
60,000	14,96,285	2,24,700	62,562
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,000	19,84,535	3,06,145	3,24,595
60,000	14,96,285	2,24,700	62,562
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
56,000	7,16,205	-2,88,155	24,886
61,000	6,40,500	-99,225	21,632
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	19,84,535	3,06,145	3,24,595
57,500	14,86,065	2,16,405	1,56,004
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	15,26,385	-3,91,475	1,33,728
57,000	10,98,265	74,025	2,43,229
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,000	9,44,895	94,640	28,383
57,100	2,09,615	88,515	87,207
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,000	15,26,385	-3,91,475	1,33,728
56,500	7,79,695	-65,100	1,05,238
Top PUT Volume:
Strike	OI	OI Change	Volume
57,000	10,98,265	74,025	2,43,229
56,000	15,26,385	-3,91,475	1,33,728

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 26990.45. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.866 against previous 0.859. The 28000CE option holds the maximum open interest, followed by the 27000CE and 27000PE options. Market participants have shown increased interest with significant open interest additions in the 28000CE option, with open interest additions also seen in the 27000PE and 26000PE options. On the other hand, open interest reductions were prominent in the 26700PE, 27100CE, and 26900CE options. Trading volume was highest in the 27000PE option, followed by the 27000CE and 27100CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,990.45	0.866	0.859	0.903
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	15,60,845	14,90,450	70,395
PUT:	13,51,675	12,80,240	71,435
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	2,09,950	30,420	2,740
27,000	1,53,465	24,245	10,864
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
28,000	2,09,950	30,420	2,740
27,000	1,53,465	24,245	10,864
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,100	50,440	-22,685	8,083
26,900	38,155	-12,155	1,934
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,53,465	24,245	10,864
27,100	50,440	-22,685	8,083
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,000	1,23,890	28,990	10,938
25,000	1,05,755	17,225	1,263
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,000	1,23,890	28,990	10,938
26,000	80,470	24,635	2,412
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,700	78,325	-32,175	3,772
26,900	55,445	-7,475	3,728
Top PUT Volume:
Strike	OI	OI Change	Volume
27,000	1,23,890	28,990	10,938
26,700	78,325	-32,175	3,772

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 13206.6. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.780 against previous 0.874. 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 13500CE option, with open interest additions also seen in the 14000CE and 13250CE options. On the other hand, open interest reductions were prominent in the 70000CE, 69000CE, and 68500PE options. Trading volume was highest in the 13400CE option, followed by the 13200PE and 13300PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,206.60	0.780	0.874	0.847
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,17,91,360	1,01,01,560	16,89,800
PUT:	91,98,560	88,30,080	3,68,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	16,93,300	2,32,680	10,450
13,500	14,07,280	2,39,960	19,800
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,500	14,07,280	2,39,960	19,800
14,000	16,93,300	2,32,680	10,450
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,750	2,08,600	-68,040	2,402
13,700	5,27,800	-43,820	8,880
Top CALL Volume:
Strike	OI	OI Change	Volume
13,400	6,31,260	1,17,040	24,316
13,300	6,91,460	1,45,040	21,574
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	14,85,400	1,67,440	18,486
12,500	7,13,020	1,56,940	5,359
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,000	14,85,400	1,67,440	18,486
12,500	7,13,020	1,56,940	5,359
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,300	5,60,000	-51,660	21,637
13,100	4,52,340	-46,340	8,979
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	5,12,820	-41,440	24,019
13,300	5,60,000	-51,660	21,637

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

This session’s Open Interest Volume Analysis sends a clear warning—the market remains rangebound and under pressure, with expiry support and resistance lines hardening but no breakout impulse in sight. For Nifty, the 25,100 zone is now max pain and the gravity point for expiry, with a close below 25,000 likely to invite another wave of selling, targeting the next big support at 24,500. On the upside, any rallies will be met with aggressive call writing between 25,200 and 27,000—making it tough for bulls to claw back lost ground without a powerful catalyst. BankNifty’s tumble in OI suggests that today’s bounce is more about covering shorts than genuine bottom fishing; unless 57,000 is reclaimed with strong volumes, expect sellers to re-emerge on every uptick.

Traders would do well to stick to range-bound strategies near max pain—short straddles, iron condors, or cautious scalps around expiry pivots—rather than betting big on reversals. Only a decisive move above 25,200 in Nifty or above 57,000 in BankNifty should be chased for upside; otherwise, extra vigilance is warranted, with stops kept tight and risk managed aggressively. As the series unfolds, let this Open Interest Volume Analysis be your compass for navigating sideways markets—protecting capital and staying tactical as both buyers and sellers fight for short-term control.

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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