NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 28/08/2025

The Open Interest Volume Analysis for 28th August 2025 spotlights a wave of fresh caution as the September series kicks off with aggressive shorting across all major indices. Nifty September futures closed at 24,651.70, down 0.83%, big premium of 150 points and a dramatic 40.5% surge in open interest—clear evidence that traders are initiating fresh short positions rather than exiting old ones. This defensive stance is reinforced by options data: a low weekly Put-Call Ratio (OI) of 0.64 with heavy call writing at 25,000 and strong put writing at 24,000 setups a tight expiry range where rallies are likely to face selling pressure. Monthly options point to a slight bullish lean with PCR at 1.19, but both calls and puts concentrate near 25,000, keeping the expiry anchor and resistance at the same spot.

BankNifty September futures reflected even deeper selling, dropping 1.04% as open interest shot up by over 75%, while the premium ballooned to 439 points. Put-Call Ratio remains subdued at 0.93, with bears pressuring the index near the 54,000–57,000 band. FINNIFTY and MIDCPNIFTY both posted similar stories: prices declined, premiums expanded, and OI rose substantially, all reflecting traders’ conviction in shorting the fresh contracts. SENSEX held the same pattern as all major segments—prices down, open interest up, and weak PCR, confirming broad-based derisking and hedging.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 24,500.90 (-0.85%)

NIFTY SEPTEMBER Future closed at: 24,651.70 (-0.83%)

Premium: 150.8 (Increased by 5.35 points)

Open Interest Change: 40.5%

Volume Change: 14.3%

Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (2/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.644 (Decreased from 0.693)

Put-Call Ratio (Volume): 0.814

Max Pain Level: 24600

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 24000

NIFTY Monthly Expiry (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.195 (Decreased from 1.283)

Put-Call Ratio (Volume): 0.886

Max Pain Level: 25000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 24700

Highest PUT Addition: 24700

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 53,820.35 (-1.16%)

BANKNIFTY SEPTEMBER Future closed at: 54,259.40 (-1.04%)

Premium: 439.05 (Increased by 62.5 points)

Open Interest Change: 75.6%

Volume Change: 49.9%

Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.930 (Increased from 0.872)

Put-Call Ratio (Volume): 0.834

Max Pain Level: 55000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 54000

Highest PUT Addition: 57000

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 25,640.30 (-1.20%)

FINNIFTY SEPTEMBER Future closed at: 25,855.10 (-1.03%)

Premium:  214.8 (Increased by 43.7 points)

Open Interest Change: 48.2%

Volume Change: 9.5%

Open Interest Analysis: Fresh Short

FINNIFTY Monthly Expiry  (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.541 (Increased from 0.233)

Put-Call Ratio (Volume): 0.427

Max Pain Level: 26000

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 26000

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 12,535.15 (-1.08%)

MIDCPNIFTY SEPTEMBER Future closed at: 12,593.95 (-1.00%)

Premium: 58.8 (Increased by 9.9 points)

Open Interest Change: 27.2%

Volume Change: -1.6%

Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry  (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.508 (Decreased from 1.595)

Put-Call Ratio (Volume): 1.010

Max Pain Level: 12700

Maximum CALL Open Interest: 13000

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13000

Highest PUT Addition: 12000

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 80,080.57 (-0.87%)

SENSEX Monthly Future closed at: 80,660.30 (-0.88%)

Premium: 579.73 (Decreased by -6.43 points)

Open Interest Change: 30.8%

Volume Change: -4.4%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.636 (Decreased from 0.766)

Put-Call Ratio (Volume): 1.005

Max Pain Level: 80500

Maximum CALL OI: 81000

Maximum PUT OI: 81000

Highest CALL Addition: 83000

Highest PUT Addition: 76000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,856.51 Cr
DIIs Net BUY: ₹ 6,920.34 Cr

FII Derivatives Activity

FII Trading Stats	28.08.25	26.08.25	25.08.25
FII Cash (Provisional Data)	-3,856.51	-6,516.49	-2,466.24
Index Future Open Interest Long Ratio	8.24%	14.32%	13.42%
Index Future Volume Long Ratio	45.11%	48.00%	50.47%
Call Option Open Interest Long Ratio	45.81%	47.33%	47.21%
Call Option Volume Long Ratio	49.94%	49.96%	50.14%
Put Option Open Interest Long Ratio	75.15%	66.34%	65.62%
Put Option Volume Long Ratio	50.01%	50.20%	49.61%
Stock Future Open Interest Long Ratio	62.27%	62.03%	61.93%
Stock Future Volume Long Ratio	49.21%	49.95%	50.17%
Index Futures	Long Covering	Fresh Short	Fresh Long
Index Options	Long Covering	Fresh Long	Fresh Short
Nifty Futures	Long Covering	Fresh Short	Fresh Short
Nifty Options	Short Covering	Fresh Long	Fresh Short
BankNifty Futures	Long Covering	Long Covering	Short Covering
BankNifty Options	Long Covering	Fresh Long	Fresh Short
FinNifty Futures	Fresh Short	Long Covering	Fresh Short
FinNifty Options	Long Covering	Fresh Long	Fresh Long
MidcpNifty Futures	Long Covering	Fresh Short	Fresh Short
MidcpNifty Options	Short Covering	Fresh Short	Long Covering
NiftyNxt50 Futures	Long Covering	Fresh Short	Long Covering
NiftyNxt50 Options	Long Covering	Fresh Short	Fresh Short
Stock Futures	Long Covering	Short Covering	Fresh Long
Stock Options	Long Covering	Long 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

NIFTY Weekly Expiry (2/09/2025)

The NIFTY index closed at 24500.9. The NIFTY weekly expiry for SEPTEMBER 2, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.644 against previous 0.693. The 25000CE option holds the maximum open interest, followed by the 24800CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 24800CE and 25500CE options. On the other hand, open interest reductions were prominent in the 24800PE, 24850PE, and 25000PE options. Trading volume was highest in the 24500PE option, followed by the 24600PE and 24600CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	02-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,500.90	0.644	0.693	0.814
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,92,26,350	4,09,24,575	5,83,01,775
PUT:	6,38,88,375	2,83,63,200	3,55,25,175
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	96,04,725	55,75,500	5,66,374
24,800	77,44,800	50,27,700	6,24,313
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	96,04,725	55,75,500	5,66,374
24,800	77,44,800	50,27,700	6,24,313
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,600	2,60,175	-1,90,275	17,778
26,500	20,71,275	-52,875	89,109
Top CALL Volume:
Strike	OI	OI Change	Volume
24,600	44,10,450	40,90,425	6,49,169
24,800	77,44,800	50,27,700	6,24,313
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	59,03,250	35,73,600	3,40,515
24,500	48,91,875	32,34,825	7,82,649
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	59,03,250	35,73,600	3,40,515
24,500	48,91,875	32,34,825	7,82,649
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	16,51,950	-5,67,675	1,46,157
24,850	1,68,975	-4,64,925	27,468
Top PUT Volume:
Strike	OI	OI Change	Volume
24,500	48,91,875	32,34,825	7,82,649
24,600	23,59,500	11,74,125	6,72,939

SENSEX Weekly Expiry (4/09/2025)

The SENSEX index closed at 80080.57. The SENSEX weekly expiry for SEPTEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.636 against previous 0.766. The 81000CE option holds the maximum open interest, followed by the 83000CE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 83000CE option, with open interest additions also seen in the 80500CE and 84000CE options. On the other hand, open interest reductions were prominent in the 80800PE, 80900PE, and 81100PE options. Trading volume was highest in the 80500CE option, followed by the 80000PE and 80200PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	04-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
80080.57	0.636	0.766	1.005
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	79,69,540	27,76,880	51,92,660
PUT:	50,69,820	21,27,240	29,42,580
Top CALL Open Interest:
Strike	OI	OI Change	Volume
81000	6,10,020	2,42,820	66,89,600
83000	5,70,840	4,16,920	43,22,720
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
83000	5,70,840	4,16,920	43,22,720
80500	3,56,300	3,10,100	89,86,840
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
76000	780	-580	780
77500	1,760	-120	280
Top CALL Volume:
Strike	OI	OI Change	Volume
80500	3,56,300	3,10,100	89,86,840
81000	6,10,020	2,42,820	66,89,600
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81000	3,05,400	-1,240	20,16,220
79000	2,80,820	1,63,920	33,69,480
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
76000	2,35,880	1,74,440	20,56,820
79000	2,80,820	1,63,920	33,69,480
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
80800	31,720	-38,560	13,71,460
80900	28,300	-20,600	6,41,000
Top PUT Volume:
Strike	OI	OI Change	Volume
80000	2,60,720	1,32,480	89,59,600
80200	1,58,280	1,28,000	84,25,560

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 24500.9. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.195 against previous 1.283. The 25000CE option holds the maximum open interest, followed by the 25000PE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24700CE option, with open interest additions also seen in the 24500CE and 25500CE options. On the other hand, open interest reductions were prominent in the 25300PE, 26300CE, and 26700CE options. Trading volume was highest in the 24500PE option, followed by the 25000CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,500.90	1.195	1.283	0.886
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,74,01,975	3,04,87,425	69,14,550
PUT:	4,47,02,625	3,91,02,150	56,00,475
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	51,89,475	7,21,125	71,633
26,000	41,27,475	3,63,825	54,220
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,700	13,25,175	9,90,975	40,838
24,500	16,24,125	8,02,950	41,242
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,300	3,04,425	-71,625	4,938
26,700	1,49,925	-60,600	2,663
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	51,89,475	7,21,125	71,633
25,500	29,55,375	7,96,425	65,394
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	46,09,650	1,88,625	37,237
24,000	45,86,475	3,39,525	69,605
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,700	13,34,625	5,65,650	40,566
25,500	13,14,600	5,63,100	17,431
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	2,87,925	-72,300	3,255
25,200	5,23,050	-26,175	4,463
Top PUT Volume:
Strike	OI	OI Change	Volume
24,500	40,83,525	4,43,175	77,470
24,000	45,86,475	3,39,525	69,605

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 53820.35. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.930 against previous 0.872. The 57000CE option holds the maximum open interest, followed by the 56000CE and 57000PE options. Market participants have shown increased interest with significant open interest additions in the 54000CE option, with open interest additions also seen in the 57000PE and 54000PE options. On the other hand, open interest reductions were prominent in the 63000CE, 62000PE, and 48500PE options. Trading volume was highest in the 54000PE option, followed by the 55000CE and 54000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
53,820.35	0.930	0.872	0.834
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,00,45,230	67,62,510	32,82,720
PUT:	93,46,920	58,93,845	34,53,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	16,42,395	2,15,880	47,497
56,000	10,23,225	2,84,515	53,277
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,000	6,82,065	5,59,275	60,052
54,500	4,77,470	3,36,385	45,676
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
63,000	74,480	-4,340	1,404
59,200	1,960	-385	233
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	7,88,865	3,25,675	60,382
54,000	6,82,065	5,59,275	60,052
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,000	10,03,690	4,80,970	16,553
54,000	9,77,085	4,41,375	87,284
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,000	10,03,690	4,80,970	16,553
54,000	9,77,085	4,41,375	87,284
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
62,000	18,095	-2,135	211
48,500	21,700	-2,065	2,348
Top PUT Volume:
Strike	OI	OI Change	Volume
54,000	9,77,085	4,41,375	87,284
54,500	5,34,030	1,76,155	39,276

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 25640.3. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.541 against previous 0.233. The 26500CE option holds the maximum open interest, followed by the 26000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26000PE option, with open interest additions also seen in the 26000CE and 26500CE options. On the other hand, open interest reductions were prominent in the 28700PE, 28700PE, and 28700PE options. Trading volume was highest in the 26500CE option, followed by the 26000CE and 26000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,640.30	0.541	0.233	0.427
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	52,780	13,390	39,390
PUT:	28,535	3,120	25,415
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	20,345	11,440	695
26,000	16,575	13,325	490
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	16,575	13,325	490
26,500	20,345	11,440	695
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
–	–	–	–
–	–	–	–
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	20,345	11,440	695
26,000	16,575	13,325	490
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	14,755	14,755	309
25,000	7,215	5,005	185
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	14,755	14,755	309
25,000	7,215	5,005	185
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
–	–	–	–
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	14,755	14,755	309
25,000	7,215	5,005	185

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 12535.15. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.508 against previous 1.595. The 12000PE option holds the maximum open interest, followed by the 12500PE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 12000PE option, with open interest additions also seen in the 12500PE and 13000CE options. On the other hand, open interest reductions were prominent in the 66800PE, 66800PE, and 66800CE options. Trading volume was highest in the 13000CE option, followed by the 12500PE and 12000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,535.15	1.508	1.595	1.010
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,12,800	9,45,140	6,67,660
PUT:	24,31,940	15,07,100	9,24,840
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	4,21,400	1,53,300	7,589
14,000	2,47,100	14,280	1,806
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,000	4,21,400	1,53,300	7,589
12,600	1,08,500	1,07,240	2,064
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	32,480	-4,060	209
–	–	–	–
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	4,21,400	1,53,300	7,589
13,500	2,31,980	65,100	2,576
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	7,37,380	2,19,800	4,359
12,500	4,69,140	1,93,060	5,562
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,000	7,37,380	2,19,800	4,359
12,500	4,69,140	1,93,060	5,562
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	1,39,720	-18,620	1,289
12,800	56,280	-6,860	568
Top PUT Volume:
Strike	OI	OI Change	Volume
12,500	4,69,140	1,93,060	5,562
12,000	7,37,380	2,19,800	4,359

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

Today’s Open Interest Volume Analysis signals a market driven by fresh shorts and hedged caution as September begins. Nifty’s heavy resistance at 25,000 means any rally may quickly run into supply, while downside moves toward 24,000 could invite brisk covering if volumes spike. For tactical trades, favor bear call spreads above resistance or straddles/condors in the 24,500–25,000 band, with tight stops in case of volatility spikes. In BankNifty, trend-following shorts and hedged strategies remain prudent as sellers have the upper hand.

Watch for volume and open interest surges in FINNIFTY and MIDCPNIFTY, as these indices could lead the next directional move when signs of capitulation or short covering jump in. Across the board, keeping risk light and trades nimble remains the smart approach for now, letting the Open Interest Volume Analysis guide decisions and keep portfolios agile as the new series develops.

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

Disclaimer

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.