NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 26/08/2025

The Open Interest Volume Analysis for 26th August 2025 spells caution as the market heads into the final days of expiry. Nifty August futures slipped 1.03% to 24,731.50, with a massive 37% plunge in open interest and fading premiums, revealing that long positions are being aggressively unwound and traders are choosing to lock profits or stay light. Option data shows the Put-Call Ratio (OI) collapsed to just 0.57 for the monthly expiry, with dominant call open interest at the 25,000 strike and fresh put writing flipping down to 24,600—setting up resistance just above spot and support a few points below. Max pain remains anchored at 25,000, making this level the expiry pivot. The trend was echoed across major indices, with BankNifty, FINNIFTY, and MIDCPNIFTY all showing steep OI cuts, surging volumes, and long covering—a clear signal that traders prefer a risk-off approach as settlement nears.

BankNifty saw a 1.33% drop in futures, a 38% nose-dive in open interest, and bearish option activity, with heavy call writing at 57,000 and weaker put defense only at 54,000–55,000; sellers remain dominant here. FINNIFTY and MIDCPNIFTY both posted similar sharp declines in price and OI, with option chains skewed toward calls and max pain indicating limited upside until settlement. SENSEX, however, was a shade different, posting heavy OI build and volume spike, pointing to aggressive fresh shorting as traders hedge positions for September contracts and prepare for a potentially volatile new series.

NSE & BSE F&O Market Signals

NIFTY AUGUST Future

NIFTY Spot closed at: 24,712.05 (-1.02%)

NIFTY AUGUST Future closed at: 24,731.50 (-1.03%)

Premium: 19.45 (Decreased by -2.5 points)

Open Interest Change: -37.3%

Volume Change: 13.2%

Open Interest Analysis: Long Covering

NIFTY Monthly Expiry (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.567 (Decreased from 0.773)

Put-Call Ratio (Volume): 1.001

Max Pain Level: 25000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24800

Highest PUT Addition: 24600

BANKNIFTY AUGUST Future

BANKNIFTY Spot closed at: 54,450.45 (-1.25%)

BANKNIFTY AUGUST Future closed at: 54,525.60 (-1.33%)

Premium: 75.15 (Decreased by -44.35 points)

Open Interest Change: -38.3%

Volume Change: 119.8%

Open Interest Analysis: Long Covering

BANKNIFTY Monthly Expiry  (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.415 (Decreased from 0.494)

Put-Call Ratio (Volume): 0.715

Max Pain Level: 55500

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 55000

Highest PUT Addition: 52500

FINNIFTY AUGUST Future

FINNIFTY Spot closed at: 25,952.60 (-1.35%)

FINNIFTY AUGUST Future closed at: 25,989.90 (-1.42%)

Premium:  37.3 (Decreased by -20.6 points)

Open Interest Change: -57.1%

Volume Change: 235.4%

Open Interest Analysis: Long Covering

FINNIFTY Monthly Expiry  (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.674 (Decreased from 0.756)

Put-Call Ratio (Volume): 0.913

Max Pain Level: 26400

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 26000

MIDCPNIFTY AUGUST Future

MIDCPNIFTY Spot closed at: 12,671.75 (-2.17%)

MIDCPNIFTY AUGUST Future closed at: 12,696.10 (-2.11%)

Premium: 24.35 (Increased by 8.5 points)

Open Interest Change: -40.0%

Volume Change: 19.7%

Open Interest Analysis: Long Covering

MIDCPNIFTY Monthly Expiry  (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.618 (Decreased from 1.005)

Put-Call Ratio (Volume): 0.886

Max Pain Level: 12950

Maximum CALL Open Interest: 13000

Maximum PUT Open Interest: 12700

Highest CALL Addition: 12800

Highest PUT Addition: 12700

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 80,786.54 (-1.04%)

SENSEX Monthly Future closed at: 81,372.70 (-0.97%)

Premium: 586.16 (Increased by 54.72 points)

Open Interest Change: 237.2%

Volume Change: 248.9%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (4/09/2025) Option Analysis

Put-Call Ratio (OI): 0.766 (Decreased from 0.898)

Put-Call Ratio (Volume): 0.904

Max Pain Level: 81000

Maximum CALL OI: 81000

Maximum PUT OI: 81000

Highest CALL Addition: 81000

Highest PUT Addition: 81000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 6,516.49 Cr
DIIs Net BUY: ₹ 7,060.37 Cr

FII Derivatives Activity

FII Trading Stats	26.08.25	25.08.25	22.08.25
FII Cash (Provisional Data)	-6,516.49	-2,466.24	-1,622.52
Index Future Open Interest Long Ratio	14.32%	13.42%	10.70%
Index Future Volume Long Ratio	48.00%	50.47%	46.25%
Call Option Open Interest Long Ratio	47.33%	47.21%	46.38%
Call Option Volume Long Ratio	49.96%	50.14%	49.35%
Put Option Open Interest Long Ratio	66.34%	65.62%	69.35%
Put Option Volume Long Ratio	50.20%	49.61%	50.48%
Stock Future Open Interest Long Ratio	62.03%	61.93%	61.85%
Stock Future Volume Long Ratio	49.95%	50.17%	49.63%
Index Futures	Fresh Short	Fresh Long	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 Long
BankNifty Futures	Long Covering	Short Covering	Fresh Short
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Fresh Short	Long Covering
FinNifty Options	Fresh Long	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Short	Long Covering	Fresh Short
NiftyNxt50 Futures	Fresh Short	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Short
Stock Futures	Short Covering	Fresh Long	Long Covering
Stock Options	Long Covering	Short Covering	Short Covering

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 (4/09/2025)

The SENSEX index closed at 80786.54. The SENSEX weekly expiry for SEPTEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.766 against previous 0.898. The 81000CE option holds the maximum open interest, followed by the 81000PE and 82000CE options. Market participants have shown increased interest with significant open interest additions in the 81000CE option, with open interest additions also seen in the 81000PE and 82500CE options. On the other hand, open interest reductions were prominent in the 81600PE, 81700PE, and 81800PE options. Trading volume was highest in the 81000PE option, followed by the 81000CE and 81500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	04-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
80786.54	0.766	0.898	0.904
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	27,76,880	9,74,160	18,02,720
PUT:	21,27,240	8,75,180	12,52,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
81000	3,67,200	3,49,780	14,56,320
82000	1,98,740	1,04,660	7,50,060
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
81000	3,67,200	3,49,780	14,56,320
82500	1,87,320	1,26,120	6,87,420
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
83500	1,24,820	-1,320	7,19,900
78200	40	-20	40
Top CALL Volume:
Strike	OI	OI Change	Volume
81000	3,67,200	3,49,780	14,56,320
81500	1,91,440	1,18,740	9,24,620
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81000	3,06,640	2,57,600	18,40,380
77000	1,37,800	1,12,940	2,88,220
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81000	3,06,640	2,57,600	18,40,380
77000	1,37,800	1,12,940	2,88,220
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
81600	10,080	-13,260	63,640
81700	11,120	-8,340	45,900
Top PUT Volume:
Strike	OI	OI Change	Volume
81000	3,06,640	2,57,600	18,40,380
80000	1,28,240	74,360	6,20,180

NIFTY Monthly Expiry (28/08/2025)

The NIFTY index closed at 24712.05. The NIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.567 against previous 0.773. The 25000CE option holds the maximum open interest, followed by the 25200CE and 24800CE options. Market participants have shown increased interest with significant open interest additions in the 24800CE option, with open interest additions also seen in the 24900CE and 24750CE options. On the other hand, open interest reductions were prominent in the 25000PE, 24900PE, and 26000CE options. Trading volume was highest in the 24800PE option, followed by the 24800CE and 24700PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,712.05	0.567	0.773	1.001
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,08,88,150	17,34,43,950	74,44,200
PUT:	10,26,19,650	13,40,57,400	-3,14,37,750
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,62,83,100	15,67,200	25,28,737
25,200	1,14,57,150	11,08,650	12,80,770
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,800	1,12,46,175	96,47,400	48,99,642
24,900	1,00,81,800	57,99,075	29,18,000
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	98,42,475	-44,71,500	7,01,395
25,400	44,53,350	-37,85,325	9,99,693
Top CALL Volume:
Strike	OI	OI Change	Volume
24,800	1,12,46,175	96,47,400	48,99,642
24,900	1,00,81,800	57,99,075	29,18,000
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	94,66,200	-6,67,275	9,11,387
24,500	78,39,000	53,550	14,63,878
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,600	67,48,800	14,74,125	20,59,128
23,850	11,81,850	8,88,450	2,49,130
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	31,69,575	-77,90,250	9,51,296
24,900	23,34,000	-66,87,300	24,55,831
Top PUT Volume:
Strike	OI	OI Change	Volume
24,800	41,64,825	-31,27,050	57,98,966
24,700	58,60,050	8,84,550	36,70,205

BANKNIFTY Monthly Expiry (28/08/2025)

The BANKNIFTY index closed at 54450.45. The BANKNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.415 against previous 0.494. The 57000CE option holds the maximum open interest, followed by the 56000CE and 55500CE options. Market participants have shown increased interest with significant open interest additions in the 55000CE option, with open interest additions also seen in the 54500CE and 54600CE options. On the other hand, open interest reductions were prominent in the 55000PE, 57500CE, and 55500PE options. Trading volume was highest in the 54500PE option, followed by the 55000CE and 54600PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,450.45	0.415	0.494	0.715
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,09,27,645	3,12,42,960	-3,15,315
PUT:	1,28,49,270	1,54,21,980	-25,72,710
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	24,06,005	-3,19,130	3,10,464
56,000	23,21,725	-3,00,335	3,44,289
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,000	15,82,455	9,71,355	4,89,085
54,500	7,90,160	7,22,190	3,48,330
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,500	10,90,355	-4,78,450	1,68,285
60,000	8,81,195	-3,42,335	74,332
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	15,82,455	9,71,355	4,89,085
55,500	21,25,795	-70,525	3,82,388
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	9,17,280	-1,16,795	4,03,188
53,000	7,98,630	-24,045	1,16,827
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
52,500	3,97,215	1,26,980	62,955
54,400	3,06,950	1,12,315	2,74,957
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	5,85,725	-7,04,480	2,64,629
55,500	4,62,630	-4,56,645	50,939
Top PUT Volume:
Strike	OI	OI Change	Volume
54,500	7,18,340	97,650	6,69,501
54,600	2,73,560	1,04,685	4,66,466

FINNIFTY Monthly Expiry (28/08/2025)

The FINNIFTY index closed at 25952.6. The FINNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.674 against previous 0.756. The 26500CE option holds the maximum open interest, followed by the 26700CE and 26400CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 26100CE and 26000PE options. On the other hand, open interest reductions were prominent in the 27000CE, 25700PE, and 23500PE options. Trading volume was highest in the 26000PE option, followed by the 26200CE and 26100CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,952.60	0.674	0.756	0.913
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	24,54,205	24,05,975	48,230
PUT:	16,54,185	18,18,505	-1,64,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	3,05,110	16,705	18,382
26,700	2,25,095	-20,735	17,215
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,32,795	1,24,215	17,394
26,100	1,17,585	1,00,685	22,116
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,40,335	-91,130	9,955
27,300	73,255	-63,635	7,732
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	88,140	64,285	22,973
26,100	1,17,585	1,00,685	22,116
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,92,660	76,180	48,833
26,500	1,54,115	5,135	1,150
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,92,660	76,180	48,833
25,900	77,285	48,945	19,527
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	37,310	-78,715	8,839
23,500	25,740	-72,475	2,428
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,92,660	76,180	48,833
26,100	57,005	13,455	21,721

MIDCPNIFTY Monthly Expiry (28/08/2025)

The MIDCPNIFTY index closed at 12671.75. The MIDCPNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.618 against previous 1.005. The 13000CE option holds the maximum open interest, followed by the 12800CE and 12700PE options. Market participants have shown increased interest with significant open interest additions in the 12800CE option, with open interest additions also seen in the 12750CE and 12700CE options. On the other hand, open interest reductions were prominent in the 70000CE, 67600PE, and 68000PE options. Trading volume was highest in the 12800CE option, followed by the 12700PE and 12800PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,671.75	0.618	1.005	0.886
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,39,63,040	1,01,22,840	38,40,200
PUT:	86,31,140	1,01,69,600	-15,38,460
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	16,86,020	5,50,760	74,588
12,800	16,05,520	14,60,620	1,02,608
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,800	16,05,520	14,60,620	1,02,608
12,750	7,75,320	7,41,580	47,202
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,200	4,22,940	-3,56,720	34,044
13,300	5,05,960	-1,92,360	20,313
Top CALL Volume:
Strike	OI	OI Change	Volume
12,800	16,05,520	14,60,620	1,02,608
12,900	8,66,460	5,57,060	82,857
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,700	10,15,560	5,99,340	99,486
12,600	8,62,680	2,64,600	52,561
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,700	10,15,560	5,99,340	99,486
12,600	8,62,680	2,64,600	52,561
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,900	2,04,400	-6,52,680	38,484
13,000	3,56,300	-4,35,820	14,071
Top PUT Volume:
Strike	OI	OI Change	Volume
12,700	10,15,560	5,99,340	99,486
12,800	4,91,680	-3,68,340	93,849

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

This session’s Open Interest Volume Analysis makes it clear that traders are unwinding previously built positions and choosing caution as expiry approaches. With Nifty’s max pain steady at 25,000 and OI falling sharply, expect low-volume, range-bound action and whipsaws near the expiry pivot; iron condors or neutral spreads around 24,600–25,000 should work best for limited risk. BankNifty, FINNIFTY, and MIDCPNIFTY are all in risk-off mode, so defensive trades or short-biased credits are preferred until new OI trends and price signals surface after rollover.

For those wanting to position for September, watch for SENSEX’s open interest trends—they often lead market sentiment into the new series. Keep risk tight, avoid aggressive trades, and let the Open Interest Volume Analysis steer your actions through expiry, ensuring capital is protected and set for opportunities post-settlement.

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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