NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 11/09/2025

The Open Interest Volume Analysis for 11th September 2025 shows a market marching forward with renewed optimism. Nifty September futures ticked up 0.13% to 25,104.50, with a near-perfect match to spot, while open interest fell 1%—evidence of short covering and profit-booking as the rally continues. Despite the hefty 56% drop in volume and only a minor premium dip, the options landscape now shines brighter for bulls: weekly Put-Call Ratio (OI) spiked to 1.16 and max pain has locked onto 25,000, while both call and put writers build their bets at this expiry anchor.

BankNifty confirms this subtle shift. The September future gained 0.15% with a 3.9% OI decrease—another read of shorts unwinding, fueling the up-move. Put-Call Ratio at 1.01 for expiry and hefty call additions above 54,500 show buyers are testing resistance levels, while puts pile up to protect 54,000 and 54,900. Across FINNIFTY and MIDCPNIFTY, short covering is the flavor of the day with futures barely changing and open interest declining, though MIDCPNIFTY hinted quiet long covering. SENSEX is echoing this trend—up 0.12% with notable short unwinding, as the options data points to growing support around 81,500.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,005.50 (0.13%)

NIFTY SEPTEMBER Future closed at: 25,104.50 (0.13%)

Premium: 99 (Decreased by -0.2 points)

Open Interest Change: -1.0%

Volume Change: -56.8%

Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (16/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.157 (Increased from 1.108)

Put-Call Ratio (Volume): 0.932

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25400

Highest PUT Addition: 25000

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

Put-Call Ratio (Open Interest): 1.107 (Decreased from 1.118)

Put-Call Ratio (Volume): 1.155

Max Pain Level: 25000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25500

Highest PUT Addition: 24700

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 54,669.60 (0.24%)

BANKNIFTY SEPTEMBER Future closed at: 54,875.00 (0.15%)

Premium: 205.4 (Decreased by -50.4 points)

Open Interest Change: -3.9%

Volume Change: -35.7%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.013 (Increased from 0.979)

Put-Call Ratio (Volume): 0.861

Max Pain Level: 54900

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 62000

Highest PUT Addition: 54500

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,178.70 (0.21%)

FINNIFTY SEPTEMBER Future closed at: 26,272.10 (0.13%)

Premium:  93.4 (Decreased by -22.15 points)

Open Interest Change: -5.5%

Volume Change: 26.5%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.021 (Decreased from 1.122)

Put-Call Ratio (Volume): 0.958

Max Pain Level: 26000

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 24500

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,037.60 (-0.03%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,073.40 (-0.10%)

Premium: 35.8 (Decreased by -10.4 points)

Open Interest Change: -0.2%

Volume Change: -53.8%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 1.193 (Decreased from 1.259)

Put-Call Ratio (Volume): 1.072

Max Pain Level: 13000

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13500

Highest PUT Addition: 12875

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 81,548.73 (0.15%)

SENSEX Monthly Future closed at: 81,853.80 (0.12%)

Premium: 305.07 (Decreased by -24.28 points)

Open Interest Change: -12.3%

Volume Change: 25.4%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (18/09/2025) Option Analysis

Put-Call Ratio (OI): 1.170 (Increased from 1.157)

Put-Call Ratio (Volume): 1.102

Max Pain Level: 81500

Maximum CALL OI: 84000

Maximum PUT OI: 78000

Highest CALL Addition: 84000

Highest PUT Addition: 78000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,472.37 Cr.
DIIs Net BUY: ₹ 4,045.54 Cr.

FII Derivatives Activity

FII Trading Stats	11.09.25	10.09.25	9.09.25
FII Cash (Provisional Data)	-3,472.37	-115.69	2,050.46
Index Future Open Interest Long Ratio	10.78%	10.22%	8.71%
Index Future Volume Long Ratio	62.06%	56.31%	55.00%
Call Option Open Interest Long Ratio	48.06%	46.31%	48.34%
Call Option Volume Long Ratio	50.40%	49.56%	50.06%
Put Option Open Interest Long Ratio	64.09%	64.44%	71.10%
Put Option Volume Long Ratio	50.29%	49.49%	49.83%
Stock Future Open Interest Long Ratio	62.21%	62.60%	62.51%
Stock Future Volume Long Ratio	45.63%	50.83%	49.97%
Index Futures	Short Covering	Fresh Long	Fresh Long
Index Options	Fresh Long	Fresh Short	Long Covering
Nifty Futures	Fresh Long	Fresh Long	Fresh Long
Nifty Options	Fresh Long	Fresh Short	Long Covering
BankNifty Futures	Short Covering	Short Covering	Fresh Short
BankNifty Options	Long Covering	Fresh Short	Long Covering
FinNifty Futures	Long Covering	Fresh Short	Fresh Long
FinNifty Options	Fresh Short	Fresh Long	Fresh Short
MidcpNifty Futures	Short Covering	Fresh Long	Short Covering
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Short
Stock Futures	Fresh Short	Fresh Long	Fresh Short
Stock Options	Fresh Short	Fresh Long	Fresh Long

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 (16/09/2025)

The NIFTY index closed at 25005.5. The NIFTY weekly expiry for SEPTEMBER 16, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.157 against previous 1.108. The 25000PE option holds the maximum open interest, followed by the 24000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25000PE option, with open interest additions also seen in the 24900PE and 24000PE options. On the other hand, open interest reductions were prominent in the 24950CE, 23700PE, and 24800CE options. Trading volume was highest in the 25000PE option, followed by the 25000CE and 25050CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	16-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,005.50	1.157	1.108	0.932
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,51,79,450	11,27,79,150	3,24,00,300
PUT:	16,80,17,400	12,49,45,725	4,30,71,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,22,27,925	25,26,450	5,43,041
25,500	1,04,47,500	27,34,275	7,28,422
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,400	69,83,175	30,35,925	6,70,368
25,500	1,04,47,500	27,34,275	7,28,422
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,950	19,16,550	-4,57,275	11,26,711
24,800	16,00,800	-1,81,950	1,88,231
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	98,49,675	4,71,300	34,83,472
25,050	49,22,475	8,31,825	18,50,138
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,51,23,525	56,80,200	35,34,191
24,000	1,30,64,475	33,18,225	6,35,467
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	1,51,23,525	56,80,200	35,34,191
24,900	1,05,36,225	35,10,225	16,57,856
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,700	30,20,925	-3,87,750	1,81,038
23,850	4,82,250	-1,41,150	57,942
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	1,51,23,525	56,80,200	35,34,191
24,950	69,49,425	23,69,175	18,27,939

SENSEX Weekly Expiry (18/09/2025)

The SENSEX index closed at 81548.73. The SENSEX weekly expiry for SEPTEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.170 against previous 1.157. The 78000PE option holds the maximum open interest, followed by the 81500PE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 78000PE option, with open interest additions also seen in the 84000CE and 81500PE options. On the other hand, open interest reductions were prominent in the 81100CE, 80900CE, and 80800CE options. Trading volume was highest in the 81500PE option, followed by the 81500CE and 80000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81548.73	1.170	1.157	1.102
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	33,99,000	11,43,760	22,55,240
PUT:	39,76,740	13,23,260	26,53,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	3,85,600	2,91,640	11,03,420
81500	3,50,860	2,16,640	20,62,340
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	3,85,600	2,91,640	11,03,420
81500	3,50,860	2,16,640	20,62,340
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81100	12,960	-1,840	21,100
80900	4,300	-1,740	8,340
Top CALL Volume:
Strike	OI	OI Change	Volume
81500	3,50,860	2,16,640	20,62,340
82000	2,57,840	1,58,100	11,66,740
Top PUT Open Interest:
Strike	OI	OI Change	Volume
78000	4,43,660	3,74,920	8,78,000
81500	4,08,900	2,88,400	23,89,860
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
78000	4,43,660	3,74,920	8,78,000
81500	4,08,900	2,88,400	23,89,860
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
–	–	–	–
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
81500	4,08,900	2,88,400	23,89,860
80000	2,99,220	1,89,820	12,65,060

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25005.5. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.107 against previous 1.118. The 25000CE 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 25500CE option, with open interest additions also seen in the 24700PE and 26000CE options. On the other hand, open interest reductions were prominent in the 25000CE, 22000PE, and 23000PE options. Trading volume was highest in the 25000CE option, followed by the 25000PE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,005.50	1.107	1.118	1.155
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,62,44,475	4,57,16,775	5,27,700
PUT:	5,12,09,775	5,10,90,900	1,18,875
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	52,21,725	-1,73,475	74,770
26,000	47,56,275	2,23,650	23,170
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	47,16,975	3,60,525	45,493
26,000	47,56,275	2,23,650	23,170
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	52,21,725	-1,73,475	74,770
24,800	13,00,800	-58,200	7,835
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	52,21,725	-1,73,475	74,770
25,500	47,16,975	3,60,525	45,493
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	46,20,075	47,100	68,355
24,500	43,87,275	1,89,075	38,365
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,700	24,82,350	3,09,375	24,624
24,500	43,87,275	1,89,075	38,365
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	22,17,225	-1,40,925	5,179
23,000	29,89,350	-1,34,025	13,441
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	46,20,075	47,100	68,355
24,500	43,87,275	1,89,075	38,365

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 54669.6. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.013 against previous 0.979. The 57000CE option holds the maximum open interest, followed by the 54000PE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 54500PE option, with open interest additions also seen in the 62000CE and 54700PE options. On the other hand, open interest reductions were prominent in the 54500CE, 55000CE, and 54000CE options. Trading volume was highest in the 54500PE option, followed by the 55000CE and 54500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,669.60	1.013	0.979	0.861
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,57,52,940	1,57,81,310	-28,370
PUT:	1,59,62,650	1,54,57,230	5,05,420
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	18,64,945	7,665	48,286
56,000	12,77,535	4,200	63,858
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
62,000	2,62,570	1,01,360	5,845
54,900	2,10,630	44,625	40,459
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
54,500	6,93,700	-1,25,370	1,11,350
55,000	12,14,255	-77,945	1,11,773
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	12,14,255	-77,945	1,11,773
54,500	6,93,700	-1,25,370	1,11,350
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	14,08,910	-10,815	65,391
54,500	10,52,555	1,05,035	1,17,960
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,500	10,52,555	1,05,035	1,17,960
54,700	2,35,795	90,650	70,745
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
50,000	5,16,110	-45,500	17,708
52,700	72,695	-29,330	6,531
Top PUT Volume:
Strike	OI	OI Change	Volume
54,500	10,52,555	1,05,035	1,17,960
54,600	2,77,620	85,050	91,810

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26178.7. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.021 against previous 1.122. The 26500CE option holds the maximum open interest, followed by the 27000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 24500PE and 26600CE options. On the other hand, open interest reductions were prominent in the 25500PE, 26000CE, and 26100PE options. Trading volume was highest in the 26500CE option, followed by the 27000CE and 26000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,178.70	1.021	1.122	0.958
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,36,905	6,86,335	50,570
PUT:	7,52,635	7,70,185	-17,550
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	1,23,565	6,305	4,070
27,000	88,790	21,515	2,610
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	88,790	21,515	2,610
26,600	23,335	13,585	698
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	56,615	-8,450	1,067
26,300	13,390	-4,680	1,361
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	1,23,565	6,305	4,070
27,000	88,790	21,515	2,610
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	87,035	1,170	2,522
24,500	70,460	14,235	1,234
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	70,460	14,235	1,234
24,000	67,990	12,805	783
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	44,005	-45,825	2,196
26,100	36,270	-6,175	2,134
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	87,035	1,170	2,522
25,500	44,005	-45,825	2,196

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13037.6. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.193 against previous 1.259. The 13500CE option holds the maximum open interest, followed by the 12000PE and 12500PE options. Market participants have shown increased interest with significant open interest additions in the 13500CE option, with open interest additions also seen in the 12875PE and 13100PE options. On the other hand, open interest reductions were prominent in the 67800CE, 67000CE, and 71000PE options. Trading volume was highest in the 13000PE option, followed by the 13000CE and 13100CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,037.60	1.193	1.259	1.072
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	64,37,200	59,69,880	4,67,320
PUT:	76,82,220	75,13,660	1,68,560
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	9,66,000	1,15,780	11,398
14,000	7,27,300	20,300	3,894
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,500	9,66,000	1,15,780	11,398
13,100	3,74,500	76,300	14,194
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,900	2,13,640	-42,280	1,976
12,800	1,81,160	-18,200	1,646
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	4,25,320	42,000	16,328
13,100	3,74,500	76,300	14,194
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	7,99,400	-63,840	2,950
12,500	7,30,100	26,880	8,326
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,875	1,46,860	89,320	1,986
13,100	2,01,740	87,360	9,871
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	7,99,400	-63,840	2,950
12,850	82,320	-58,660	2,103
Top PUT Volume:
Strike	OI	OI Change	Volume
13,000	6,70,880	8,260	20,550
13,050	88,760	-14,840	10,581

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 prepping for a decisive push near key expiry levels, with Nifty, BankNifty, and major indices anchoring their risk at round-number strikes. For Nifty, play strategy near the 25,000 magnet using straddles, condors, and tight stop-losses for breakout trades. Tactical traders in BankNifty and FINNIFTY should trail shorts and seize quick profits on upside spurts—watch for renewed long building once profit-booking dries up. In MIDCPNIFTY and SENSEX, position with caution but be ready as open interest shifts could open doors for sharp moves.

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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