NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/10/2025

The start of the trading week on October 20, 2025, brought a decisive tone to the index futures segment as the Open Interest Volume Analysis signaled a clear directional bias across major indices.

NIFTY and BANKNIFTY continued to display strength through fresh long additions at the combined futures level, confirming that institutional participants remained confident in the near-term momentum. A 5.4% rise in combined open interest for NIFTY alongside a steep 24.7% drop in volumes typically implies that the long positions are being built steadily rather than in panic.

Similarly, BANKNIFTY’s 6.8% surge in open interest shows aggressive positioning with healthy rollovers building up from 17% to 20%. The data underlines that while the market is moving gradually higher, traders are becoming selective and relying more on durable trends rather than short-term speculative spikes — a classic setup for structured long carry positions going into expiry week.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25843.15 (0.5%)

Combined = October + November + December

Combined Fut Open Interest Change: 5.4%

Combined Fut Volume Change: -24.7%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 16% Previous 15%

NIFTY OCTOBER Future closed at: 25915.1 (0.6%)

October Fut Premium 71.95 (Increased by 24 points)

October Fut Open Interest Change: 3.8%

October Fut Volume Change: -28.7%

October Fut Open Interest Analysis: Fresh Long

NIFTY NOVEMBER Future closed at: 26046.3 (0.6%)

November Fut Premium 203.15 (Increased by 20.6 points)

November Fut Open Interest Change: 16.0%

November Fut Volume Change: 9.4%

November Fut Open Interest Analysis: Fresh Long

NIFTY Monthly Expiry (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.036 (Decreased from 1.064)

Put-Call Ratio (Volume): 0.969

Max Pain Level: 25650

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26500

Highest PUT Addition: 25700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58033.2 (0.6%)

Combined = October + November + December

Combined Fut Open Interest Change: 6.8%

Combined Fut Volume Change: -20.1%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 20% Previous 17%

BANKNIFTY OCTOBER Future closed at: 58099.6 (0.6%)

October Fut Premium 66.4 (Increased by 22.55 points)

October Fut Open Interest Change: 2.9%

October Fut Volume Change: -24.0%

October Fut Open Interest Analysis: Fresh Long

BANKNIFTY NOVEMBER Future closed at: 58382 (0.6%)

November Fut Premium 348.8 (Increased by 4.55 points)

November Fut Open Interest Change: 26.9%

November Fut Volume Change: 4.7%

November Fut Open Interest Analysis: Fresh Long

BANKNIFTY Monthly Expiry  (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.130 (Decreased from 1.168)

Put-Call Ratio (Volume): 0.999

Max Pain Level: 57000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 58200

Highest PUT Addition: 58000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27505.5 (-0.1%)

Combined = October + November + December

Combined Fut Open Interest Change: -1.4%

Combined Fut Volume Change: -38.9%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 12% Previous 9%

FINNIFTY OCTOBER Future closed at: 27550.2 (0.0%)

October Fut Premium 44.7 (Increased by 24 points)

October Fut Open Interest Change: -3.8%

October Fut Volume Change: -42.4%

October Fut Open Interest Analysis: Long Covering

FINNIFTY NOVEMBER Future closed at: 27676.3 (0.0%)

November Fut Premium 170.8 (Increased by 32.8 points)

November Fut Open Interest Change: 23.0%

November Fut Volume Change: -14.1%

November Fut Open Interest Analysis: Fresh Short

FINNIFTY Monthly Expiry  (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.256 (Increased from 1.233)

Put-Call Ratio (Volume): 0.974

Max Pain Level: 27300

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 26500

Highest CALL Addition: 29000

Highest PUT Addition: 27000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13232.9 (0.5%)

Combined = October + November + December

Combined Fut Open Interest Change: -6.7%

Combined Fut Volume Change: 0.6%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 6% Previous 5%

MIDCPNIFTY OCTOBER Future closed at: 13258 (0.5%)

October Fut Premium 25.1 (Decreased by -3.95 points)

October Fut Open Interest Change: -7.7%

October Fut Volume Change: 0.9%

October Fut Open Interest Analysis: Short Covering

MIDCPNIFTY NOVEMBER Future closed at: 13314.15 (0.5%)

November Fut Premium 81.25 (Decreased by -6 points)

November Fut Open Interest Change: 11.4%

November Fut Volume Change: -1.1%

November Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry  (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.049 (Decreased from 1.061)

Put-Call Ratio (Volume): 0.715

Max Pain Level: 13200

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12500

Highest CALL Addition: 13300

Highest PUT Addition: 13300

SENSEX Monthly Expiry (30/10/2025) Future

SENSEX Spot closed at: 84,363.37 (0.49%)

SENSEX Monthly Future closed at: 84,665.75 (0.65%)

Premium: 302.38 (Increased by 133.02 points)

Open Interest Change: -8.9%

Volume Change: -34.6%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (23/10/2025) Option Analysis

Put-Call Ratio (OI): 0.856 (Decreased from 1.074)

Put-Call Ratio (Volume): 0.941

Max Pain Level: 84400

Maximum CALL OI: 85000

Maximum PUT OI: 82000

Highest CALL Addition: 85000

Highest PUT Addition: 82000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 790.45 Cr.
DIIs Net BUY: ₹ 2,485.46 Cr.

FII Derivatives Activity

FII Trading Stats	20.10.25	17.10.25	16.10.25
FII Cash (Provisional Data)	790.45	308.98	997.29
Index Future Open Interest Long Ratio	18.65%	16.60%	13.80%
Index Future Volume Long Ratio	56.53%	69.26%	73.70%
Call Option Open Interest Long Ratio	53.03%	53.84%	54.88%
Call Option Volume Long Ratio	49.99%	49.96%	50.74%
Put Option Open Interest Long Ratio	64.43%	60.79%	62.57%
Put Option Volume Long Ratio	50.07%	49.97%	50.23%
Stock Future Open Interest Long Ratio	60.58%	60.33%	60.50%
Stock Future Volume Long Ratio	53.04%	49.47%	50.75%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Short Covering	Short Covering	Fresh Long
BankNifty Options	Long Covering	Fresh Short	Fresh Long
FinNifty Futures	Short Covering	Short Covering	Fresh Long
FinNifty Options	Short Covering	Fresh Long	Fresh Long
MidcpNifty Futures	Short Covering	Short Covering	Fresh Short
MidcpNifty Options	Long Covering	Fresh Long	Fresh Long
NiftyNxt50 Futures	Long Covering	Short Covering	Fresh Short
NiftyNxt50 Options	Short Covering	Fresh Short	Long Covering
Stock Futures	Short Covering	Fresh Short	Fresh Long
Stock Options	Long Covering	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

SENSEX Weekly Expiry (23/10/2025)

The SENSEX index closed at 84363.37. The SENSEX weekly expiry for OCTOBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.856 against previous 1.074. The 82000PE option holds the maximum open interest, followed by the 85000CE and 87000CE options. Market participants have shown increased interest with significant open interest additions in the 82000PE option, with open interest additions also seen in the 85000CE and 87000CE options. On the other hand, open interest reductions were prominent in the 79500PE, 84000CE, and 84100CE options. Trading volume was highest in the 84500CE option, followed by the 84500PE and 85000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	23-10-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84363.37	0.856	1.074	0.941
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,45,66,820	97,91,540	1,47,75,280
PUT:	2,10,36,020	1,05,19,240	1,05,16,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	17,46,580	11,95,460	2,56,44,400
87000	17,14,880	11,78,480	71,94,320
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	17,46,580	11,95,460	2,56,44,400
87000	17,14,880	11,78,480	71,94,320
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
84000	3,52,720	-1,61,540	52,81,440
84100	1,04,600	-1,51,180	23,91,140
Top CALL Volume:
Strike	OI	OI Change	Volume
84500	13,96,260	9,72,600	3,41,65,540
85000	17,46,580	11,95,460	2,56,44,400
Top PUT Open Interest:
Strike	OI	OI Change	Volume
82000	20,92,960	16,54,040	96,37,540
84000	14,70,220	10,37,200	2,29,66,120
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82000	20,92,960	16,54,040	96,37,540
84000	14,70,220	10,37,200	2,29,66,120
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79500	1,81,340	-1,67,220	25,51,060
78500	88,320	-1,05,040	11,88,180
Top PUT Volume:
Strike	OI	OI Change	Volume
84500	9,25,260	8,61,200	2,62,48,140
84000	14,70,220	10,37,200	2,29,66,120

NIFTY Monthly Expiry (28/10/2025)

The NIFTY index closed at 25843.15. The NIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.036 against previous 1.064. The 26000CE option holds the maximum open interest, followed by the 25000PE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25700PE option, with open interest additions also seen in the 26500CE and 27000CE options. On the other hand, open interest reductions were prominent in the 25700CE, 24850PE, and 24800PE options. Trading volume was highest in the 26000CE option, followed by the 25900CE and 25800PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-10-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,843.15	1.036	1.064	0.969
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,76,02,725	7,33,48,275	3,42,54,450
PUT:	11,14,37,925	7,80,42,975	3,33,94,950
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	92,61,375	30,54,075	8,68,637
26,500	84,59,925	31,22,700	3,86,609
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	84,59,925	31,22,700	3,86,609
27,000	72,90,525	30,78,375	1,89,811
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	22,00,575	-7,88,925	1,23,841
25,750	6,20,925	-2,65,875	65,429
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	92,61,375	30,54,075	8,68,637
25,900	53,35,575	24,82,200	7,39,834
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	88,52,250	11,65,050	2,91,367
25,500	74,65,575	17,78,100	3,65,016
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,700	59,24,400	33,32,625	3,52,060
25,900	29,31,600	26,21,850	4,62,160
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,850	5,59,200	-6,96,975	47,629
24,800	39,23,775	-3,87,150	1,82,955
Top PUT Volume:
Strike	OI	OI Change	Volume
25,800	41,69,625	20,41,875	5,41,153
25,900	29,31,600	26,21,850	4,62,160

BANKNIFTY Monthly Expiry (28/10/2025)

The BANKNIFTY index closed at 58033.2. The BANKNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.130 against previous 1.168. The 57000PE option holds the maximum open interest, followed by the 57000CE and 55000PE options. Market participants have shown increased interest with significant open interest additions in the 58000PE option, with open interest additions also seen in the 58200CE and 60000CE options. On the other hand, open interest reductions were prominent in the 56400PE, 57000CE, and 56300PE options. Trading volume was highest in the 58000CE option, followed by the 58000PE and 58200CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-10-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,033.20	1.130	1.168	0.999
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,96,75,390	1,84,53,785	12,21,605
PUT:	2,22,23,670	2,15,57,375	6,66,295
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	17,65,645	-1,97,260	21,616
58,000	15,02,585	1,68,000	3,41,891
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
58,200	5,58,355	2,95,365	2,18,975
60,000	12,58,425	2,85,005	1,17,682
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	17,65,645	-1,97,260	21,616
57,700	1,65,655	-1,85,080	37,510
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	15,02,585	1,68,000	3,41,891
58,200	5,58,355	2,95,365	2,18,975
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,000	22,14,380	-87,395	1,65,700
55,000	17,21,510	1,04,405	1,04,015
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,000	9,19,520	5,79,215	2,61,279
57,400	4,32,460	2,60,400	53,013
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,400	1,61,420	-2,62,850	31,425
56,300	1,86,025	-1,86,200	24,467
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	9,19,520	5,79,215	2,61,279
57,000	22,14,380	-87,395	1,65,700

FINNIFTY Monthly Expiry (28/10/2025)

The FINNIFTY index closed at 27505.5. The FINNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.256 against previous 1.233. The 26500PE option holds the maximum open interest, followed by the 27000PE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 27000PE option, with open interest additions also seen in the 26000PE and 29000CE options. On the other hand, open interest reductions were prominent in the 26400PE, 28200CE, and 26850PE options. Trading volume was highest in the 27600CE option, followed by the 27500PE and 27700CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	28-10-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,505.50	1.256	1.233	0.974
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,88,885	10,32,980	2,55,905
PUT:	16,18,955	12,74,130	3,44,825
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	1,20,705	27,560	6,145
28,000	85,930	5,785	4,548
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
29,000	79,430	36,075	2,717
27,700	50,570	30,940	6,290
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
28,200	22,425	-6,500	1,035
27,300	43,030	-5,525	291
Top CALL Volume:
Strike	OI	OI Change	Volume
27,600	72,215	24,830	10,039
27,700	50,570	30,940	6,290
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,500	1,44,235	12,545	2,938
27,000	1,38,125	67,210	5,883
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,000	1,38,125	67,210	5,883
26,000	1,31,560	46,345	3,105
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	37,635	-7,020	386
26,850	19,110	-6,045	331
Top PUT Volume:
Strike	OI	OI Change	Volume
27,500	80,080	26,975	8,082
27,000	1,38,125	67,210	5,883

MIDCPNIFTY Monthly Expiry (28/10/2025)

The MIDCPNIFTY index closed at 13232.9. The MIDCPNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.049 against previous 1.061. The 12500PE option holds the maximum open interest, followed by the 13500CE and 13300CE options. Market participants have shown increased interest with significant open interest additions in the 13300CE option, with open interest additions also seen in the 13300PE and 13500CE options. On the other hand, open interest reductions were prominent in the 68500CE, 68400CE, and 68400CE options. Trading volume was highest in the 13400CE option, followed by the 13500CE and 13300CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-10-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,232.90	1.049	1.061	0.715
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	99,16,900	83,26,500	15,90,400
PUT:	1,04,03,260	88,30,780	15,72,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	11,18,460	2,96,660	34,722
13,300	10,92,700	5,62,100	32,767
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,300	10,92,700	5,62,100	32,767
13,500	11,18,460	2,96,660	34,722
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,775	1,07,940	-62,300	861
13,150	45,640	-45,920	1,254
Top CALL Volume:
Strike	OI	OI Change	Volume
13,400	7,28,280	2,08,460	42,562
13,500	11,18,460	2,96,660	34,722
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,500	11,65,080	36,960	9,240
13,000	10,46,920	1,81,580	20,475
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,300	6,50,300	4,27,560	19,288
12,600	7,65,380	1,96,000	5,461
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,800	4,75,860	-75,320	9,302
12,100	77,280	-38,080	1,668
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	8,19,840	1,48,680	24,336
13,000	10,46,920	1,81,580	20,475

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

To sum up, today’s Open Interest Volume Analysis points toward an early-stage bullish consolidation across the large-cap indices, but with clear divergences in midcap and financial space. FINNIFTY’s long-covering and MIXED formation, combined with MIDCPNIFTY’s short-covering tone, reveal that breadth is yet to fully support the headline indices.

The overall derivative structure suggests a “buy on dips” approach remains valid for NIFTY and BANKNIFTY as long as rollovers continue to strengthen and OI expansion sustains above current levels.

However, traders should remain vigilant for any spike in unwinding as low volume confirmation warns against over-leveraged trades. Smart money is still building exposure selectively.

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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