NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 15/09/2025

The derivatives market on 15th September 2025 presented a mixed yet telling picture through its Open Interest Volume Analysis. While Nifty futures slipped marginally with a fresh short build-up as OI turned positive by 0.1% amid lower volumes, the options chain clearly reflected caution with PCR (OI) dropping sharply from 1.331 to 1.049. This points to aggressive call writing at 25,100 levels, even as put writers tried to defend key support at 25,000.

In contrast, Bank Nifty futures showed signs of short covering, suggesting profit booking by bears, whereas Finnifty and Midcap Nifty attracted fresh long formations, signaling selective bullish strength in financials and midcaps. SENSEX, however, added fresh shorts, indicating broader resistance at higher levels. The interplay captured through this Open Interest Volume Analysis suggests a critical tug of war between bulls and bears ahead of the weekly expiry.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,069.20 (-0.18%)

NIFTY SEPTEMBER Future closed at: 25,164.70 (-0.16%)

Premium: 95.5 (Increased by 4.5 points)

Open Interest Change: 0.1%

Volume Change: -17.5%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.049 (Decreased from 1.331)

Put-Call Ratio (Volume): 1.002

Max Pain Level: 25100

Maximum CALL Open Interest: 25100

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25100

Highest PUT Addition: 25100

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

Put-Call Ratio (Open Interest): 1.109 (Decreased from 1.118)

Put-Call Ratio (Volume): 1.163

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25500

Highest PUT Addition: 24000

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 54,887.85 (0.14%)

BANKNIFTY SEPTEMBER Future closed at: 55,113.60 (0.18%)

Premium: 225.75 (Increased by 21.65 points)

Open Interest Change: -0.9%

Volume Change: -14.2%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.005 (Decreased from 1.019)

Put-Call Ratio (Volume): 0.830

Max Pain Level: 55000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 56000

Highest PUT Addition: 54900

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,393.05 (0.11%)

FINNIFTY SEPTEMBER Future closed at: 26,501.50 (0.17%)

Premium:  108.45 (Increased by 15.6 points)

Open Interest Change: 1.3%

Volume Change: -62.7%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.063 (Increased from 1.063)

Put-Call Ratio (Volume): 0.882

Max Pain Level: 26150

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26900

Highest PUT Addition: 26250

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,102.15 (0.15%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,144.80 (0.24%)

Premium: 42.65 (Increased by 13 points)

Open Interest Change: 0.1%

Volume Change: -11.5%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.271 (Increased from 1.203)

Put-Call Ratio (Volume): 1.040

Max Pain Level: 13000

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13600

Highest PUT Addition: 13100

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 81,785.74 (-0.15%)

SENSEX Monthly Future closed at: 82,041.00 (-0.12%)

Premium: 255.26 (Increased by 16.51 points)

Open Interest Change: 1.7%

Volume Change: -29.2%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.912 (Decreased from 1.184)

Put-Call Ratio (Volume): 1.048

Max Pain Level: 81900

Maximum CALL OI: 82000

Maximum PUT OI: 82000

Highest CALL Addition: 82000

Highest PUT Addition: 81400

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,268.59 Cr.
DIIs Net BUY: ₹ 1,933.33 Cr.

FII Derivatives Activity

FII Trading Stats	15.09.25	12.09.25	11.09.25
FII Cash (Provisional Data)	-1,268.59	129.58	-3,472.37
Index Future Open Interest Long Ratio	11.85%	11.81%	10.78%
Index Future Volume Long Ratio	55.20%	77.28%	62.06%
Call Option Open Interest Long Ratio	48.24%	49.96%	48.06%
Call Option Volume Long Ratio	49.57%	50.35%	50.40%
Put Option Open Interest Long Ratio	62.51%	62.77%	64.09%
Put Option Volume Long Ratio	50.13%	50.19%	50.29%
Stock Future Open Interest Long Ratio	62.06%	62.28%	62.21%
Stock Future Volume Long Ratio	46.73%	51.09%	45.63%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Fresh Short	Fresh Long	Fresh Long
Nifty Futures	Short Covering	Short Covering	Fresh Long
Nifty Options	Fresh Short	Fresh Long	Fresh Long
BankNifty Futures	Short Covering	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Long Covering
FinNifty Futures	Short Covering	Fresh Short	Long Covering
FinNifty Options	Short Covering	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Long	Long Covering	Short Covering
MidcpNifty Options	Fresh Long	Short Covering	Fresh Long
NiftyNxt50 Futures	Fresh Long	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Short Covering	Fresh Short
Stock Futures	Fresh Short	Fresh Long	Fresh Short
Stock Options	Fresh Short	Fresh Short	Fresh Short

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 25069.2. The NIFTY weekly expiry for SEPTEMBER 16, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.049 against previous 1.331. The 25000PE option holds the maximum open interest, followed by the 25100CE and 25200CE options. Market participants have shown increased interest with significant open interest additions in the 25100CE option, with open interest additions also seen in the 25200CE and 25150CE options. On the other hand, open interest reductions were prominent in the 23000PE, 24000PE, and 26000CE options. Trading volume was highest in the 25100PE option, followed by the 25100CE and 25050PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	16-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,069.20	1.049	1.331	1.002
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,28,09,500	15,29,44,425	2,98,65,075
PUT:	19,17,61,275	20,35,48,950	-1,17,87,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,100	1,86,62,550	1,04,36,400	86,72,888
25,200	1,56,15,675	56,22,600	50,64,589
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,100	1,86,62,550	1,04,36,400	86,72,888
25,200	1,56,15,675	56,22,600	50,64,589
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	99,33,300	-30,03,825	6,59,827
26,500	34,70,850	-25,75,425	2,46,747
Top CALL Volume:
Strike	OI	OI Change	Volume
25,100	1,86,62,550	1,04,36,400	86,72,888
25,150	1,15,48,050	53,95,875	53,47,002
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,93,69,125	15,15,600	51,09,299
25,100	1,53,25,650	29,44,875	89,83,586
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,100	1,53,25,650	29,44,875	89,83,586
25,050	99,53,250	22,85,100	54,67,828
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	31,53,075	-32,38,125	2,08,624
24,000	90,23,925	-30,63,600	6,82,763
Top PUT Volume:
Strike	OI	OI Change	Volume
25,100	1,53,25,650	29,44,875	89,83,586
25,050	99,53,250	22,85,100	54,67,828

SENSEX Weekly Expiry (18/09/2025)

The SENSEX index closed at 81785.74. The SENSEX weekly expiry for SEPTEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.912 against previous 1.184. The 82000CE option holds the maximum open interest, followed by the 84000CE and 83000CE options. Market participants have shown increased interest with significant open interest additions in the 82000CE option, with open interest additions also seen in the 83000CE and 81400PE options. On the other hand, open interest reductions were prominent in the 76500PE, 79000PE, and 83800CE options. Trading volume was highest in the 81900PE option, followed by the 82000CE and 82000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81785.74	0.912	1.184	1.048
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,10,39,560	70,75,900	39,63,660
PUT:	1,00,72,820	83,77,100	16,95,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
82000	9,31,580	3,93,640	2,10,40,500
84000	7,12,400	1,58,760	30,83,460
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	9,31,580	3,93,640	2,10,40,500
83000	6,24,040	3,13,080	71,70,120
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
83800	93,700	-75,520	8,50,880
83700	86,980	-46,160	8,48,100
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	9,31,580	3,93,640	2,10,40,500
81900	5,11,340	2,24,420	1,72,06,460
Top PUT Open Interest:
Strike	OI	OI Change	Volume
82000	6,05,520	54,980	1,74,76,860
81500	5,61,400	-5,340	1,05,40,260
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81400	4,48,520	2,80,860	54,89,660
80500	3,84,740	1,82,840	34,78,040
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
76500	30,120	-1,52,160	6,02,360
79000	4,15,100	-1,11,120	24,87,820
Top PUT Volume:
Strike	OI	OI Change	Volume
81900	4,62,880	52,840	2,12,94,280
82000	6,05,520	54,980	1,74,76,860

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25069.2. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.109 against previous 1.118. The 26000CE option holds the maximum open interest, followed by the 25500CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 25500CE and 24500PE options. On the other hand, open interest reductions were prominent in the 25000CE, 25000PE, and 24900PE options. Trading volume was highest in the 25000PE option, followed by the 25000CE and 25100PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,069.20	1.109	1.118	1.163
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,83,37,425	4,71,96,975	11,40,450
PUT:	5,36,12,175	5,27,89,575	8,22,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	51,06,675	2,81,400	36,655
25,500	47,96,325	3,14,775	47,225
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	47,96,325	3,14,775	47,225
25,200	26,15,250	2,83,275	43,143
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	42,05,475	-4,38,675	57,958
24,900	14,87,625	-81,450	7,695
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	42,05,475	-4,38,675	57,958
25,500	47,96,325	3,14,775	47,225
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	46,27,425	-2,01,900	73,296
24,500	44,88,450	3,09,150	36,314
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	44,60,775	3,81,000	39,356
24,500	44,88,450	3,09,150	36,314
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	46,27,425	-2,01,900	73,296
24,900	21,98,325	-1,24,800	23,999
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	46,27,425	-2,01,900	73,296
25,100	15,95,850	1,34,700	48,365

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 54887.85. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.005 against previous 1.019. The 57000CE option holds the maximum open interest, followed by the 56000CE and 55000CE options. Market participants have shown increased interest with significant open interest additions in the 56000CE option, with open interest additions also seen in the 54900PE and 55000PE options. On the other hand, open interest reductions were prominent in the 57000PE, 52500PE, and 57000CE options. Trading volume was highest in the 55000CE option, followed by the 55000PE and 54900CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,887.85	1.005	1.019	0.830
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,61,22,170	1,56,48,695	4,73,475
PUT:	1,62,04,900	1,59,40,970	2,63,930
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	17,71,355	-56,665	34,528
56,000	14,33,285	1,83,785	91,383
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,000	14,33,285	1,83,785	91,383
54,900	2,98,375	80,955	1,21,403
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	17,71,355	-56,665	34,528
54,700	1,75,560	-46,760	28,228
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	13,84,355	66,885	2,05,463
54,900	2,98,375	80,955	1,21,403
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	13,42,065	-43,085	56,333
55,000	10,50,910	83,580	1,43,566
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,900	3,00,370	93,065	1,13,119
55,000	10,50,910	83,580	1,43,566
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	9,69,005	-79,730	2,831
52,500	4,87,045	-69,510	23,573
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	10,50,910	83,580	1,43,566
54,900	3,00,370	93,065	1,13,119

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26393.05. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.063 against previous 1.063. 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 26900CE option, with open interest additions also seen in the 26850CE and 26250PE options. On the other hand, open interest reductions were prominent in the 24000PE, 27000CE, and 25900PE options. Trading volume was highest in the 27000CE option, followed by the 26500CE and 26000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,393.05	1.063	1.063	0.882
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,66,710	8,16,400	50,310
PUT:	9,21,635	8,67,490	54,145
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	1,25,710	9,100	4,904
27,000	97,305	-6,175	5,802
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,900	34,255	14,560	1,548
26,850	17,875	12,350	1,119
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	97,305	-6,175	5,802
27,500	68,900	-5,525	1,715
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	97,305	-6,175	5,802
26,500	1,25,710	9,100	4,904
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	86,385	-260	4,191
25,000	75,010	10,010	636
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,250	20,085	12,090	634
26,500	41,925	11,765	1,916
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	55,120	-8,645	440
25,900	16,380	-5,980	465
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	86,385	-260	4,191
26,400	27,040	6,760	3,394

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13102.15. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.271 against previous 1.203. The 13500CE option holds the maximum open interest, followed by the 14000CE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 13100PE option, with open interest additions also seen in the 12800PE and 13600CE options. On the other hand, open interest reductions were prominent in the 67000CE, 68000CE, and 77000CE options. Trading volume was highest in the 13100CE option, followed by the 13100PE and 13200CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,102.15	1.271	1.203	1.040
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	64,65,200	64,75,140	-9,940
PUT:	82,16,740	77,91,420	4,25,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	7,83,720	-38,500	8,948
14,000	7,33,740	31,080	1,911
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,600	1,57,220	90,160	2,651
13,800	3,20,320	44,660	2,106
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,050	93,100	-54,040	2,594
13,500	7,83,720	-38,500	8,948
Top CALL Volume:
Strike	OI	OI Change	Volume
13,100	4,90,980	-27,580	21,938
13,200	3,94,940	17,500	10,316
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	7,31,220	-57,400	3,473
13,000	6,46,660	37,520	10,166
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,100	5,50,200	1,96,980	20,670
12,800	5,46,000	1,27,960	5,378
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	5,64,900	-1,06,400	7,416
12,000	7,31,220	-57,400	3,473
Top PUT Volume:
Strike	OI	OI Change	Volume
13,100	5,50,200	1,96,980	20,670
13,000	6,46,660	37,520	10,166

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

The derivatives positioning on 15th September 2025 highlights a market at an inflection point. Nifty’s max pain zone at 25,100, with equal call and put battles, shows traders preparing for a decisive move in the next 1–2 sessions. Bank Nifty’s stability near 55,000 reflects that dips are being bought, but resistance at 56,000 is becoming evident with fresh call writing.
Finnifty’s long build-up and Midcap Nifty’s rising PCR above 1.27 underline sectoral resilience beyond the index heavyweights. On the other hand, SENSEX’s pressure from fresh shorts reflects institutional caution at elevated levels. Taken together, the Open Interest Volume Analysis indicates that while short-term sentiment remains defensive, strong put additions near key support zones could act as a springboard for a relief rally if global triggers turn favorable. Until then, the market is likely to consolidate within a tight band before showing its next directional breakout.

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