NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/09/2025

The trading session on 17th September 2025 continued the bullish undertone with short covering at the forefront in Nifty, Bank Nifty, and Sensex futures. Nifty futures closed at 25,423 with a healthy premium of 93 points, but the 2.4% drop in open interest confirmed that the upward move was driven largely by bears unwinding positions rather than aggressive long build-ups. Weekly option dynamics, however, brought balance—PCR (OI) dipped to 1.167 as call writers emerged at 25,500, yet strong put additions at 25,300 highlighted defense at that level.

Bank Nifty followed suit, gaining strength through short covering with OI down by 6.8%, but the monthly option chain showed call writing at 65,000 alongside firm put interest at 55,500, hinting at a wide trading band. FINNIFTY broke rank with fresh long positions despite lower volumes, lending sector-specific positivity, while MIDCPNIFTY mirrored Nifty’s short covering tone. Meanwhile, SENSEX futures also reflected unwinding shorts but with lower intensity, reinforcing a cautious yet positive outlook. This Open Interest Volume Analysis showcases a market that is leaning bullish, but still heavily dependent on short covering for its upward momentum.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,330.25 (0.36%)

NIFTY SEPTEMBER Future closed at: 25,423.40 (0.36%)

Premium: 93.15 (Increased by 0.85 points)

Open Interest Change: -2.4%

Volume Change: -25.8%

Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (23/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.167 (Decreased from 1.310)

Put-Call Ratio (Volume): 0.898

Max Pain Level: 25300

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25200

Highest CALL Addition: 25500

Highest PUT Addition: 25300

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

Put-Call Ratio (Open Interest): 1.144 (Decreased from 1.157)

Put-Call Ratio (Volume): 1.067

Max Pain Level: 25100

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25700

Highest PUT Addition: 25100

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 55,493.30 (0.63%)

BANKNIFTY SEPTEMBER Future closed at: 55,699.80 (0.65%)

Premium: 206.5 (Increased by 14.5 points)

Open Interest Change: -6.8%

Volume Change: 36.0%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.094 (Increased from 1.082)

Put-Call Ratio (Volume): 0.754

Max Pain Level: 55100

Maximum CALL Open Interest: 56000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 65000

Highest PUT Addition: 55500

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,563.55 (0.26%)

FINNIFTY SEPTEMBER Future closed at: 26,669.00 (0.28%)

Premium:  105.45 (Increased by 6.35 points)

Open Interest Change: 1.3%

Volume Change: -38.8%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.028 (Decreased from 1.073)

Put-Call Ratio (Volume): 0.757

Max Pain Level: 26300

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26700

Highest PUT Addition: 25500

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,151.90 (0.04%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,194.95 (0.02%)

Premium: 43.05 (Decreased by -3.25 points)

Open Interest Change: -0.7%

Volume Change: -11.6%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.082 (Decreased from 1.181)

Put-Call Ratio (Volume): 0.987

Max Pain Level: 13050

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13150

Highest PUT Addition: 12900

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 82,693.71 (0.38%)

SENSEX Monthly Future closed at: 82,920.20 (0.39%)

Premium: 226.49 (Increased by 7.83 points)

Open Interest Change: -6.2%

Volume Change: 7.5%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.094 (Decreased from 1.451)

Put-Call Ratio (Volume): 0.952

Max Pain Level: 82600

Maximum CALL OI: 84000

Maximum PUT OI: 81000

Highest CALL Addition: 84000

Highest PUT Addition: 82700

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,124.54 Cr.
DIIs Net BUY: ₹ 2,293.53 Cr.

FII Derivatives Activity

FII Trading Stats	17.09.25	16.09.25	15.09.25
FII Cash (Provisional Data)	-1,124.54	308.32	-1,268.59
Index Future Open Interest Long Ratio	13.22%	12.44%	11.85%
Index Future Volume Long Ratio	69.77%	67.04%	55.20%
Call Option Open Interest Long Ratio	49.29%	49.16%	48.24%
Call Option Volume Long Ratio	49.99%	50.77%	49.57%
Put Option Open Interest Long Ratio	64.23%	68.13%	62.51%
Put Option Volume Long Ratio	49.76%	50.20%	50.13%
Stock Future Open Interest Long Ratio	62.01%	62.07%	62.06%
Stock Future Volume Long Ratio	49.67%	51.14%	46.73%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Fresh Short	Short Covering	Fresh Short
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Fresh Short	Short Covering	Fresh Short
BankNifty Futures	Short Covering	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Short	Fresh Short	Short Covering
FinNifty Options	Fresh Long	Fresh Short	Short Covering
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Long
MidcpNifty Options	Short Covering	Fresh Short	Fresh Long
NiftyNxt50 Futures	Long Covering	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Long Covering	Fresh Long
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 (23/09/2025)

The NIFTY index closed at 25330.25. The NIFTY weekly expiry for SEPTEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.167 against previous 1.310. The 26000CE option holds the maximum open interest, followed by the 25200PE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 25300PE option, with open interest additions also seen in the 25500CE and 25250PE options. On the other hand, open interest reductions were prominent in the 25200CE, 23600PE, and 25100CE options. Trading volume was highest in the 25300PE option, followed by the 25300CE and 25400CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,330.25	1.167	1.310	0.898
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,20,74,575	5,40,11,100	3,80,63,475
PUT:	10,74,35,475	7,07,75,400	3,66,60,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	86,02,350	15,31,800	5,84,146
25,500	72,23,625	39,47,100	19,99,138
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	72,23,625	39,47,100	19,99,138
26,500	58,52,625	30,89,550	3,43,896
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	30,95,775	-7,06,575	6,71,606
25,100	10,45,275	-4,20,300	1,24,401
Top CALL Volume:
Strike	OI	OI Change	Volume
25,300	47,84,025	19,86,075	28,88,632
25,400	51,93,375	28,75,575	24,75,897
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,200	76,14,300	19,71,075	14,48,461
25,300	69,21,525	51,87,225	33,83,323
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,300	69,21,525	51,87,225	33,83,323
25,250	47,99,700	32,80,725	12,43,452
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,600	3,45,225	-4,30,650	59,973
23,800	17,14,275	-3,82,875	1,33,311
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	69,21,525	51,87,225	33,83,323
25,350	30,23,775	27,94,050	18,77,212

SENSEX Weekly Expiry (18/09/2025)

The SENSEX index closed at 82693.71. The SENSEX weekly expiry for SEPTEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.094 against previous 1.451. The 84000CE option holds the maximum open interest, followed by the 81000PE and 80000PE options. Market participants have shown increased interest with significant open interest additions in the 84000CE option, with open interest additions also seen in the 82700PE and 81000PE options. On the other hand, open interest reductions were prominent in the 81800PE, 81600PE, and 82400CE options. Trading volume was highest in the 83000CE option, followed by the 82500PE and 82700CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82693.71	1.094	1.451	0.952
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,61,57,340	1,59,34,780	1,02,22,560
PUT:	2,86,19,860	2,31,22,160	54,97,700
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	27,74,240	10,73,220	2,24,21,620
85000	16,88,140	7,39,000	1,00,34,220
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	27,74,240	10,73,220	2,24,21,620
85000	16,88,140	7,39,000	1,00,34,220
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82400	1,71,800	-2,26,720	1,24,19,980
82300	1,33,340	-1,70,260	62,23,200
Top CALL Volume:
Strike	OI	OI Change	Volume
83000	15,09,480	5,56,180	10,35,85,340
82700	9,04,920	3,58,660	8,87,05,920
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81000	19,30,320	7,90,000	1,30,33,080
80000	18,54,840	1,54,760	1,10,31,660
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82700	9,48,860	8,93,400	8,11,29,140
81000	19,30,320	7,90,000	1,30,33,080
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
81800	8,91,060	-2,52,920	1,96,61,740
81600	5,54,460	-2,39,760	97,29,940
Top PUT Volume:
Strike	OI	OI Change	Volume
82500	12,57,440	7,04,940	9,23,46,460
82600	7,67,940	6,89,040	8,67,31,740

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25330.25. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.144 against previous 1.157. The 25000PE option holds the maximum open interest, followed by the 26000CE and 24500PE options. Market participants have shown increased interest with significant open interest additions in the 25100PE option, with open interest additions also seen in the 25300PE and 25700CE options. On the other hand, open interest reductions were prominent in the 25100CE, 25600CE, and 25000PE options. Trading volume was highest in the 25000PE option, followed by the 25500CE and 25300PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,330.25	1.144	1.157	1.067
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,22,91,500	4,91,62,275	31,29,225
PUT:	5,98,43,775	5,69,04,450	29,39,325
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	55,58,550	3,36,375	1,02,124
25,500	44,28,075	-1,51,725	1,25,907
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,700	26,67,600	12,21,900	78,726
27,000	28,47,150	5,27,250	22,034
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	13,75,200	-4,19,025	25,659
25,600	20,61,300	-4,17,600	86,819
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	44,28,075	-1,51,725	1,25,907
26,000	55,58,550	3,36,375	1,02,124
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	56,71,575	-3,71,850	1,37,020
24,500	45,46,050	-4,050	57,594
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,100	35,55,225	15,49,275	89,517
25,300	20,97,225	12,41,475	1,10,874
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	56,71,575	-3,71,850	1,37,020
24,900	24,15,975	-3,20,250	56,152
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	56,71,575	-3,71,850	1,37,020
25,300	20,97,225	12,41,475	1,10,874

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 55493.3. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.094 against previous 1.082. The 54000PE option holds the maximum open interest, followed by the 55000PE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 55500PE option, with open interest additions also seen in the 55300PE and 55400PE options. On the other hand, open interest reductions were prominent in the 57000PE, 57000CE, and 55000CE options. Trading volume was highest in the 55500CE option, followed by the 56000CE and 55300CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,493.30	1.094	1.082	0.754
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,56,02,075	1,56,08,635	-6,560
PUT:	1,70,70,165	1,68,86,255	1,83,910
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	13,62,515	-25,900	1,73,192
57,000	12,29,305	-2,23,460	1,08,231
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
65,000	4,92,170	1,06,785	67,123
55,600	2,42,165	1,00,800	79,963
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	12,29,305	-2,23,460	1,08,231
55,000	10,08,175	-2,09,755	92,216
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	8,43,880	66,575	2,48,768
56,000	13,62,515	-25,900	1,73,192
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	14,78,920	-40,700	75,002
55,000	14,04,025	40,285	1,23,285
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,500	6,31,225	2,44,440	1,40,401
55,300	3,33,830	1,76,750	1,16,018
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	2,97,075	-3,19,845	17,020
51,000	4,74,975	-2,01,155	33,545
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	6,31,225	2,44,440	1,40,401
55,000	14,04,025	40,285	1,23,285

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26563.55. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.028 against previous 1.073. 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 25500PE option, with open interest additions also seen in the 26600PE and 26700CE options. On the other hand, open interest reductions were prominent in the 23000PE, 26300PE, and 26500CE options. Trading volume was highest in the 27000CE option, followed by the 26500PE and 26600CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,563.55	1.028	1.073	0.757
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,14,225	8,58,130	56,095
PUT:	9,39,640	9,20,595	19,045
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	1,11,475	-7,930	4,280
27,000	1,00,555	4,745	7,555
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,700	14,625	14,625	891
27,500	83,135	13,390	1,590
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	1,11,475	-7,930	4,280
26,100	23,530	-4,745	75
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,00,555	4,745	7,555
26,600	47,905	7,020	5,025
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	96,980	8,710	2,343
25,500	96,395	26,390	1,521
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	96,395	26,390	1,521
26,600	30,940	16,705	2,533
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	15,080	-28,665	1,012
26,300	35,035	-11,440	967
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	77,870	11,505	5,479
26,600	30,940	16,705	2,533

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13151.9. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.082 against previous 1.181. 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 12900PE option, with open interest additions also seen in the 13150CE and 13600CE options. On the other hand, open interest reductions were prominent in the 56000PE, 67500CE, and 67500PE options. Trading volume was highest in the 13200CE option, followed by the 13200PE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,151.90	1.082	1.181	0.987
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	72,42,200	67,64,940	4,77,260
PUT:	78,39,160	79,91,760	-1,52,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	9,34,500	-34,300	13,973
14,000	7,72,940	35,280	3,438
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,150	2,43,880	1,50,780	11,317
13,600	2,78,180	91,560	4,005
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	2,72,580	-52,640	3,488
13,100	3,41,320	-41,300	5,819
Top CALL Volume:
Strike	OI	OI Change	Volume
13,200	5,88,140	48,860	20,543
13,500	9,34,500	-34,300	13,973
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	6,85,160	13,160	2,150
13,000	6,21,740	-49,840	11,343
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,900	4,56,960	1,76,820	6,842
13,400	1,06,400	79,800	955
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,000	1,38,740	-1,64,080	1,808
12,800	5,25,700	-1,06,960	8,550
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	3,10,520	70,280	15,696
13,000	6,21,740	-49,840	11,343

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

The derivatives setup on 17th September 2025 tells us that while the market’s advance continues, the foundation is still tentative. Nifty’s max pain at 25,300 with simultaneous call writing at 25,500 and strong put support shows that traders are gearing up for consolidation before a larger move. Bank Nifty’s max pain at 55,100, coupled with stable PCR levels, signals resilience, but aggressive call buildup at higher strikes (like 65,000) reflects hedging against extended upside.

FINNIFTY’s fresh longs indicate selective confidence in financials, whereas MIDCPNIFTY’s option positioning suggests range-bound sentiment centered around 13,000. The broad-market barometer, SENSEX, ending with short covering, keeps the bias mildly positive into the weekly expiry. Altogether, the Open Interest Volume Analysis suggests that the rally is currently powered by short unwinding, but unless fresh long positions broaden beyond FINNIFTY, the move risks stalling into a consolidation phase.

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