NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/07/2025

The Open Interest Volume Analysis for 23rd July 2025 shows a robust attempt at recovery in Indian indices, but also underscores continued risk management and a cautious market mood as expiry approaches. Nifty July futures settled at 25,252.80, rising 0.63% in lockstep with the spot, yet open interest dropped sharply by 3.5%. This combination of higher price and falling OI is a textbook sign of short covering, not aggressive fresh buying, as traders square off bearish bets ahead of expiry.

The weekly option chain confirms newfound optimism: the Put-Call Ratio (OI) jumped to 1.176, led by significant put additions at the 25,200–25,100 strikes, while max pain shifted to 25,200. Monthly options also saw the PCR nudge up toward 1, but the concentration of open interest and call additions at 25,600–26,000 means uptrend faces resistance at higher levels. Market participants seem to be repositioning rather than committing to a decisive trend, keeping expiry pivots front and center.

BankNifty mirrored these dynamics, surging 0.8% on the day but with OI down a hefty 6.6%—again, a clear mark of short covering rather than a broad-based reversal. The monthly PCR rebounded to 0.96, and open interest clustered at the 57,000 strike on both sides shows the market is coiling for a move but still reluctant to take on big new risk. In FINNIFTY, a 1% price jump with a modest 1% OI build hints at fresh accumulation, supported by rising put writing near 27,000. MIDCPNIFTY and SENSEX also traded with a firmer tone, but their OI and premium patterns suggest caution, not exuberance, is driving the bids.

NSE & BSE F&O Market Signals

NIFTY JUNE Future

NIFTY Spot closed at: 25,219.90 (0.63%)

NIFTY JULY Future closed at: 25,252.80 (0.63%)

Premium: 32.9 (Decreased by -0.1 points)

Open Interest Change: -3.5%

Volume Change: 24.6%

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

Put-Call Ratio (Open Interest): 1.176 (Increased from 0.699)

Put-Call Ratio (Volume): 0.828

Max Pain Level: 25200

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25100

Highest CALL Addition: 25600

Highest PUT Addition: 25200

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

Put-Call Ratio (Open Interest): 0.990 (Increased from 0.921)

Put-Call Ratio (Volume): 0.890

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 24200

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 57,210.45 (0.80%)

BANKNIFTY JULY Future closed at: 57,235.80 (0.76%)

Premium: 25.35 (Decreased by -23.25 points)

Open Interest Change: -6.6%

Volume Change: 6.0%

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

Put-Call Ratio (Open Interest): 0.958 (Increased from 0.742)

Put-Call Ratio (Volume): 0.818

Max Pain Level: 57000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 65000

Highest PUT Addition: 57000

FINNIFTY JULY Future

FINNIFTY Spot closed at: 27,215.85 (0.84%)

FINNIFTY JULY Future closed at: 27,239.60 (0.87%)

Premium:  23.75 (Increased by 9.5 points)

Open Interest Change: 1.0%

Volume Change: 36.3%

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

Put-Call Ratio (Open Interest): 1.041 (Increased from 0.866)

Put-Call Ratio (Volume): 0.853

Max Pain Level: 27050

Maximum CALL Open Interest: 28000

Maximum PUT Open Interest: 27000

Highest CALL Addition: 27300

Highest PUT Addition: 26700

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 13,276.35 (0.53%)

MIDCPNIFTY JULY Future closed at: 13,322.50 (0.77%)

Premium: 46.15 (Increased by 32.7 points)

Open Interest Change: -0.3%

Volume Change: 3.8%

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

Put-Call Ratio (Open Interest): 0.850 (Increased from 0.780)

Put-Call Ratio (Volume): 0.863

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13300

Highest PUT Addition: 13200

SENSEX Weekly Expiry (29/07/2025) Future

SENSEX Spot closed at: 82,726.64 (0.66%)

SENSEX Weekly Future closed at: 82,783.90 (0.60%)

Premium: 57.26 (Decreased by -43.13 points)

Open Interest Change: 3.6%

Volume Change: 69.2%

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

Put-Call Ratio (OI): 1.170 (Increased from 0.701)

Put-Call Ratio (Volume): 0.766

Max Pain Level: 82200

Maximum CALL OI: 85000

Maximum PUT OI: 82500

Highest CALL Addition: 84500

Highest PUT Addition: 82500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 4,209.11 Cr
DIIs Net BUY: ₹ 4,358.52 Cr

FII Derivatives Activity

FII Trading Stats	23.07.25	22.07.25	21.07.25
FII Cash (Provisional Data)	-4,209.11	-3,548.92	-1,681.23
Index Future Open Interest Long Ratio	15.33%	14.41%	15.14%
Index Future Volume Long Ratio	59.09%	40.02%	55.10%
Call Option Open Interest Long Ratio	50.98%	48.79%	49.90%
Call Option Volume Long Ratio	50.34%	49.71%	49.98%
Put Option Open Interest Long Ratio	57.17%	60.12%	59.51%
Put Option Volume Long Ratio	49.55%	50.36%	49.37%
Stock Future Open Interest Long Ratio	61.98%	61.80%	62.07%
Stock Future Volume Long Ratio	51.69%	47.46%	49.14%
Index Futures	Fresh Long	Fresh Short	Short Covering
Index Options	Fresh Short	Fresh Long	Fresh Short
Nifty Futures	Fresh Long	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Fresh Short
BankNifty Futures	Short Covering	Fresh Short	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Short	Short Covering
FinNifty Options	Fresh Short	Short Covering	Long Covering
MidcpNifty Futures	Fresh Short	Short Covering	Long Covering
MidcpNifty Options	Fresh Long	Fresh Short	Long Covering
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Short Covering	Short Covering
Stock Futures	Fresh Long	Long Covering	Long Covering
Stock Options	Fresh Long	Fresh Long	Fresh Short

NSE & BSE Option market Trends : Options Insights

NIFTY weekly Expiry (24/07/2025)

The NIFTY index closed at 25219.9. The NIFTY weekly expiry for JULY 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.176 against previous 0.699. The 25100PE option holds the maximum open interest, followed by the 25200PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25200PE option, with open interest additions also seen in the 25150PE and 25100PE options. On the other hand, open interest reductions were prominent in the 25100CE, 25150CE, and 26000CE options. Trading volume was highest in the 25200CE option, followed by the 25100PE and 25150CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,219.90	1.176	0.699	0.828
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,65,04,450	16,75,09,650	-4,10,05,200
PUT:	14,88,03,600	11,71,69,275	3,16,34,325
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,05,42,000	-2,99,025	21,37,285
25,200	95,97,150	-30,46,350	80,16,447
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	71,01,600	12,07,800	10,42,980
25,700	68,49,600	6,49,875	7,36,307
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	36,89,100	-90,11,925	59,18,208
25,150	25,47,675	-47,25,600	63,41,993
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	95,97,150	-30,46,350	80,16,447
25,150	25,47,675	-47,25,600	63,41,993
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,100	1,23,08,475	47,97,150	66,13,141
25,200	1,17,57,825	92,12,625	48,24,761
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,200	1,17,57,825	92,12,625	48,24,761
25,150	94,52,100	76,97,175	53,06,836
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	60,51,225	-20,82,525	4,90,658
24,300	34,07,025	-11,58,000	4,07,722
Top PUT Volume:
Strike	OI	OI Change	Volume
25,100	1,23,08,475	47,97,150	66,13,141
25,150	94,52,100	76,97,175	53,06,836

SENSEX weekly Expiry (29/07/2025)

The SENSEX index closed at 82726.64. The SENSEX weekly expiry for JULY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.170 against previous 0.701. The 82500PE option holds the maximum open interest, followed by the 85000CE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 82500PE option, with open interest additions also seen in the 82600PE and 82400PE options. On the other hand, open interest reductions were prominent in the 82200CE, 82300CE, and 82000CE options. Trading volume was highest in the 82500CE option, followed by the 82500PE and 82400CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	29-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82726.64	1.170	0.701	0.766
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	56,00,280	29,43,289	26,56,991
PUT:	65,51,380	20,62,540	44,88,840
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	4,43,260	1,39,020	44,93,300
84000	4,41,000	1,02,220	65,59,800
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84500	3,91,120	1,71,820	42,75,880
82700	1,94,440	1,63,080	66,45,600
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82200	55,760	-50,140	23,61,580
82300	67,300	-25,540	50,91,740
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	2,75,980	59,520	1,40,01,220
82400	1,06,280	44,480	96,13,960
Top PUT Open Interest:
Strike	OI	OI Change	Volume
82500	5,18,700	4,01,060	1,06,54,160
80000	4,05,180	2,28,280	24,94,660
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82500	5,18,700	4,01,060	1,06,54,160
82600	3,06,220	2,97,420	57,93,640
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
–	–	–	–
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
82500	5,18,700	4,01,060	1,06,54,160
82400	3,10,280	2,78,960	94,21,160

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 25219.9. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.990 against previous 0.921. The 25000PE option holds the maximum open interest, followed by the 26000CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 24200PE and 24000PE options. On the other hand, open interest reductions were prominent in the 25000CE, 25100CE, and 24800PE options. Trading volume was highest in the 25200CE option, followed by the 25500CE and 25000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,219.90	0.990	0.921	0.890
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,19,49,300	6,05,12,025	1,14,37,275
PUT:	7,12,65,075	5,57,23,800	1,55,41,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	70,60,050	10,75,050	1,61,302
25,500	64,52,475	3,32,700	2,52,246
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	58,01,400	26,97,675	94,181
26,000	70,60,050	10,75,050	1,61,302
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	33,82,125	-5,89,425	92,409
25,100	19,15,725	-4,22,625	1,68,494
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	36,47,625	1,09,725	2,79,800
25,500	64,52,475	3,32,700	2,52,246
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	70,68,750	14,42,025	2,51,816
24,000	53,69,850	16,56,600	1,04,944
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,200	28,59,600	17,41,800	1,18,132
24,000	53,69,850	16,56,600	1,04,944
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	27,07,875	-1,88,025	1,33,159
23,500	21,77,400	-1,71,750	37,492
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	70,68,750	14,42,025	2,51,816
25,100	34,64,400	12,45,825	2,14,186

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 57210.45. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.958 against previous 0.742. The 57000PE option holds the maximum open interest, followed by the 57000CE and 56000PE options. Market participants have shown increased interest with significant open interest additions in the 57000PE option, with open interest additions also seen in the 57200PE and 55000PE options. On the other hand, open interest reductions were prominent in the 57000CE, 56000CE, and 57500CE options. Trading volume was highest in the 57000CE option, followed by the 57000PE and 56800PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,210.45	0.958	0.742	0.818
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,86,57,730	2,11,87,959	-25,30,229
PUT:	1,78,74,045	1,57,14,370	21,59,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	14,72,940	-5,11,595	3,67,696
60,000	12,51,985	-2,44,300	62,342
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
65,000	7,20,335	1,11,230	17,271
58,700	1,83,540	68,285	22,979
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	14,72,940	-5,11,595	3,67,696
56,000	3,66,275	-3,49,930	27,607
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	14,72,940	-5,11,595	3,67,696
57,500	11,71,590	-3,14,475	2,04,245
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,000	15,28,765	4,30,500	2,64,389
56,000	13,80,995	-1,45,390	1,61,282
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,000	15,28,765	4,30,500	2,64,389
57,200	3,83,110	1,99,500	93,998
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,000	13,80,995	-1,45,390	1,61,282
55,500	5,91,430	-86,170	75,979
Top PUT Volume:
Strike	OI	OI Change	Volume
57,000	15,28,765	4,30,500	2,64,389
56,800	4,87,375	1,34,400	2,07,216

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 27215.85. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.041 against previous 0.866. The 28000CE option holds the maximum open interest, followed by the 27000PE and 26700PE options. Market participants have shown increased interest with significant open interest additions in the 27300CE option, with open interest additions also seen in the 26700PE and 26000PE options. On the other hand, open interest reductions were prominent in the 27000CE, 26700CE, and 26800CE options. Trading volume was highest in the 27000PE option, followed by the 27000CE and 27200CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,215.85	1.041	0.866	0.853
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,22,955	15,60,845	1,62,110
PUT:	17,93,220	13,51,675	4,41,545
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	2,47,455	37,505	4,804
27,500	1,45,210	51,350	7,297
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,300	1,28,700	98,150	8,409
27,400	80,730	58,630	4,525
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	60,580	-92,885	11,185
26,700	40,170	-43,160	1,394
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	60,580	-92,885	11,185
27,200	78,000	18,200	8,981
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,000	1,64,255	40,365	13,665
26,700	1,53,790	75,465	5,317
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,700	1,53,790	75,465	5,317
26,000	1,48,915	68,445	4,046
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	51,220	-33,865	1,749
26,900	42,510	-12,935	4,032
Top PUT Volume:
Strike	OI	OI Change	Volume
27,000	1,64,255	40,365	13,665
27,100	62,465	39,325	6,045

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 13276.35. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.850 against previous 0.780. 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 13300PE and 13300CE options. On the other hand, open interest reductions were prominent in the 68700CE, 68400PE, and 56500PE options. Trading volume was highest in the 13200PE option, followed by the 13200CE and 13300CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,276.35	0.850	0.780	0.863
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,17,21,360	1,17,91,360	-70,000
PUT:	99,61,700	91,98,560	7,63,140
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	16,20,500	-72,800	11,336
13,500	14,26,040	18,760	21,948
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,300	8,00,380	1,08,920	27,713
13,800	4,90,560	1,05,840	5,391
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,100	1,08,360	-1,32,440	3,130
15,000	1,08,920	-87,780	1,318
Top CALL Volume:
Strike	OI	OI Change	Volume
13,200	4,81,740	59,780	39,813
13,300	8,00,380	1,08,920	27,713
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	14,79,520	-5,880	16,215
13,200	9,19,380	4,06,560	44,947
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,200	9,19,380	4,06,560	44,947
13,300	7,38,360	1,78,360	15,265
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,000	54,040	-1,04,020	1,028
12,500	6,24,960	-88,060	7,590
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	9,19,380	4,06,560	44,947
13,000	14,79,520	-5,880	16,215

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

This session’s Open Interest Volume Analysis suggests that the bulls have wrested temporary control by pushing out weak shorts, but haven’t mustered enough conviction to propel the market into a strong uptrend. For Nifty, the 25,200–25,300 zone gains prominence with heavy put writing and max pain convergence—any close above 25,300 can spark a swift move to 25,500, but the trap of stacked call OI at higher strikes remains firmly in place. Conversely, should Nifty slip below 25,100, expect positions to unwind quickly toward 24,900–25,000, where the next round of put support is likely to emerge.

Traders should remain nimble, deploying strategies such as credit put spreads above max pain or straddle overlays for potential volatility spikes around expiry. BankNifty’s strong retracement but falling OI signals more short covering than sustained buying; the 57,000 strike is both a magnet and a pivot. If this level is breached with high volumes, a further rally could unfold, but upside will continue to be capped by aggressive call sellers until the series-end. FINNIFTY’s accumulation near 27,000 and SENSEX’s uptick in OI show selective buying interest is returning, particularly if broader sentiment improves. As we head into expiry, let this Open Interest Volume Analysis drive your tactical decisions—focus on pivots, manage risk diligently, and be quick to adapt as the balance of power shifts in this expiry-sensitive environment.

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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