NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/10/2025

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Open Interest Volume Analysis

In today’s derivative session, market mood across NIFTY, BANKNIFTY, FINNIFTY, and MIDCPNIFTY reflected a delicate transition phase, with Open Interest Volume Analysis pointing toward position reshuffling rather than aggressive trend formation.

The combined open interest data indicated short covering in NIFTY and FINNIFTY, hinting that weak shorts are exiting while long positions gradually shift to the next monthly series. On the other hand, BANKNIFTY saw strong fresh longs, signaling that participants are building conviction on continued strength in banking majors.

Interestingly, MIDCPNIFTY’s combined long covering suggests midcap traders remain cautious near recent highs, booking partial profits ahead of expiry. The rollover percentages rising across indices reinforce a slow but steady shift into the November series, creating a setup for potential momentum extension next week. From a derivative analyst’s lens, this Open Interest Volume Analysis indicates a market preparing for sector rotation rather than a full-fledged breakout.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25891.4 (0.1%)

Combined = October + November + December

Combined Fut Open Interest Change: -2.5%

Combined Fut Volume Change: 666.9%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 22% Previous 16%

NIFTY OCTOBER Future closed at: 25976.9 (0.3%)

October Fut Premium 85.5 (Increased by 47.8 points)

October Fut Open Interest Change: -9.8%

October Fut Volume Change: 582.1%

October Fut Open Interest Analysis: Short Covering

NIFTY NOVEMBER Future closed at: 26109.7 (0.3%)

November Fut Premium 218.3 (Increased by 47.8 points)

November Fut Open Interest Change: 38.9%

November Fut Volume Change: 1141.7%

November Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.859 (Decreased from 0.971)

Put-Call Ratio (Volume): 0.967

Max Pain Level: 25850

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 25000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58078.05 (0.1%)

Combined = October + November + December

Combined Fut Open Interest Change: 9.4%

Combined Fut Volume Change: 620.5%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 33% Previous 20%

BANKNIFTY OCTOBER Future closed at: 58090.6 (0.2%)

October Fut Premium 12.55 (Increased by 59.75 points)

October Fut Open Interest Change: -7.5%

October Fut Volume Change: 402.8%

October Fut Open Interest Analysis: Short Covering

BANKNIFTY NOVEMBER Future closed at: 58371.2 (0.2%)

November Fut Premium 293.15 (Increased by 16.95 points)

November Fut Open Interest Change: 96.3%

November Fut Volume Change: 2307.4%

November Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.105 (Decreased from 1.139)

Put-Call Ratio (Volume): 0.910

Max Pain Level: 57400

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 58500

Highest PUT Addition: 58500

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27556.65 (0.1%)

Combined = October + November + December

Combined Fut Open Interest Change: 0.0%

Combined Fut Volume Change: 315.1%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 15% Previous 11%

FINNIFTY OCTOBER Future closed at: 27587.2 (0.3%)

October Fut Premium 30.55 (Increased by 50.3 points)

October Fut Open Interest Change: -4.0%

October Fut Volume Change: 266.7%

October Fut Open Interest Analysis: Short Covering

FINNIFTY NOVEMBER Future closed at: 27684.9 (0.2%)

November Fut Premium 128.25 (Increased by 29.2 points)

November Fut Open Interest Change: 32.0%

November Fut Volume Change: 673.3%

November Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.387 (Increased from 1.267)

Put-Call Ratio (Volume): 1.079

Max Pain Level: 27400

Maximum CALL Open Interest: 27700

Maximum PUT Open Interest: 26500

Highest CALL Addition: 27700

Highest PUT Addition: 26500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13204.55 (-0.2%)

Combined = October + November + December

Combined Fut Open Interest Change: -4.5%

Combined Fut Volume Change: 969.8%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 16% Previous 7%

MIDCPNIFTY OCTOBER Future closed at: 13226.45 (-0.1%)

October Fut Premium 21.9 (Increased by 20.05 points)

October Fut Open Interest Change: -14.2%

October Fut Volume Change: 888.9%

October Fut Open Interest Analysis: Long Covering

MIDCPNIFTY NOVEMBER Future closed at: 13279.5 (-0.1%)

November Fut Premium 74.95 (Increased by 10.75 points)

November Fut Open Interest Change: 135.8%

November Fut Volume Change: 1263.9%

November Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.995 (Decreased from 1.054)

Put-Call Ratio (Volume): 0.897

Max Pain Level: 13200

Maximum CALL Open Interest: 13300

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13300

Highest PUT Addition: 12800

SENSEX Monthly Expiry (30/10/2025) Future

SENSEX Spot closed at: 84,556.40 (0.15%)

SENSEX Monthly Future closed at: 84,856.00 (0.30%)

Premium: 299.6 (Increased by 127.29 points)

Open Interest Change: -8.1%

Volume Change: 629.7%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (30/10/2025) Option Analysis

Put-Call Ratio (OI): 0.723 (Decreased from 0.929)

Put-Call Ratio (Volume): 0.983

Max Pain Level: 84700

Maximum CALL OI: 85000

Maximum PUT OI: 85000

Highest CALL Addition: 85000

Highest PUT Addition: 85000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,165.94 Cr.
DIIs Net BUY: ₹ 3,893.73 Cr.

FII Derivatives Activity

FII Trading Stats23.10.2520.10.2517.10.25
FII Cash (Provisional Data)-1,165.94790.45308.98
Index Future Open Interest Long Ratio23.87%18.65%16.60%
Index Future Volume Long Ratio63.57%56.53%69.26%
Call Option Open Interest Long Ratio53.24%53.03%53.84%
Call Option Volume Long Ratio50.23%49.99%49.96%
Put Option Open Interest Long Ratio61.32%64.43%60.79%
Put Option Volume Long Ratio50.06%50.07%49.97%
Stock Future Open Interest Long Ratio61.63%60.58%60.33%
Stock Future Volume Long Ratio51.54%53.04%49.47%
    
Index FuturesShort CoveringShort CoveringShort Covering
Index OptionsFresh LongShort CoveringFresh Short
    
Nifty FuturesShort CoveringShort CoveringShort Covering
Nifty OptionsFresh LongShort CoveringFresh Short
    
BankNifty FuturesFresh LongShort CoveringShort Covering
BankNifty OptionsFresh ShortLong CoveringFresh Short
    
FinNifty FuturesFresh LongShort CoveringShort Covering
FinNifty OptionsShort CoveringShort CoveringFresh Long
    
MidcpNifty FuturesFresh LongShort CoveringShort Covering
MidcpNifty OptionsFresh ShortLong CoveringFresh Long
    
NiftyNxt50 FuturesShort CoveringLong CoveringShort Covering
NiftyNxt50 OptionsFresh LongShort CoveringFresh Short
    
Stock FuturesFresh LongShort CoveringFresh Short
Stock OptionsFresh LongLong CoveringFresh 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

SENSEX Weekly Expiry (30/10/2025)

The SENSEX index closed at 84556.4. The SENSEX weekly expiry for OCTOBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.723 against previous 0.929. The 85000CE option holds the maximum open interest, followed by the 87500CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 87500CE and 85000PE options. On the other hand, open interest reductions were prominent in the 82600PE, 84400CE, and 84300CE options. Trading volume was highest in the 85000PE option, followed by the 85000CE and 86000CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:30-10-2025
Index SpotPCR OIPrev PCR OIPCR VOL
84556.40.7230.9290.983
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      44,97,080        13,09,520           31,87,560
PUT:      32,50,380        12,16,080           20,34,300
Top CALL Open Interest:
StrikeOIOI ChangeVolume
85000        4,50,480          3,49,740           27,38,840
87500        3,57,880          3,41,740           15,16,900
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
85000        4,50,480          3,49,740           27,38,840
87500        3,57,880          3,41,740           15,16,900
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
84400            17,120              -4,080                 64,260
84300            24,800              -3,580                 37,520
Top CALL Volume:
StrikeOIOI ChangeVolume
85000        4,50,480          3,49,740           27,38,840
86000        3,47,560          2,44,140           21,08,760
Top PUT Open Interest:
StrikeOIOI ChangeVolume
85000        3,22,020          2,95,040           33,24,860
80000        2,27,800          1,58,160              9,09,640
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
85000        3,22,020          2,95,040           33,24,860
80000        2,27,800          1,58,160              9,09,640
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
82600            23,780            -35,240              1,47,100
79900              3,040                  -540                    1,840
Top PUT Volume:
StrikeOIOI ChangeVolume
85000        3,22,020          2,95,040           33,24,860
84500        1,87,700              85,380           17,71,680

NIFTY Monthly Expiry (28/10/2025)

The NIFTY index closed at 25891.4. The NIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.859 against previous 0.971. The 27000CE 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 27000CE option, with open interest additions also seen in the 26500CE and 26800CE options. On the other hand, open interest reductions were prominent in the 25900CE, 25800CE, and 25200PE options. Trading volume was highest in the 26000PE option, followed by the 26100CE and 26200CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,891.40                0.859                  0.971               0.967
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 19,01,15,700   13,50,05,550   5,51,10,150
 PUT: 16,32,25,125   13,10,25,975   3,21,99,150
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000    1,67,23,875         63,61,575       10,27,716
               26,500    1,47,01,350         53,82,825       19,09,225
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,000    1,67,23,875         63,61,575       10,27,716
               26,500    1,47,01,350         53,82,825       19,09,225
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,900       50,37,375        -22,25,475         7,85,714
               25,800       29,31,750        -19,15,350         2,72,598
 Top CALL Volume:
 Strike OI OI Change Volume
               26,100    1,08,85,575         49,19,400       35,40,671
               26,200    1,17,82,425         50,28,225       30,25,367
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000    1,52,75,850         40,73,325       10,24,322
               25,500    1,03,19,325            7,22,025         9,09,340
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,000    1,52,75,850         40,73,325       10,24,322
               26,000       68,83,650         33,08,025       41,37,504
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,200       54,15,375        -15,57,000         5,11,013
               25,450       16,26,375          -8,40,675         3,05,680
 Top PUT Volume: 
 Strike OI OI Change Volume
               26,000       68,83,650         33,08,025       41,37,504
               26,100       33,31,350         29,31,375       27,98,301

BANKNIFTY Monthly Expiry (28/10/2025)

The BANKNIFTY index closed at 58078.05. The BANKNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.105 against previous 1.139. The 57000PE option holds the maximum open interest, followed by the 55000PE and 56000PE options. Market participants have shown increased interest with significant open interest additions in the 58500CE option, with open interest additions also seen in the 58500PE and 58800CE options. On the other hand, open interest reductions were prominent in the 57000CE, 58000CE, and 57500CE options. Trading volume was highest in the 58500CE option, followed by the 58000PE and 58500PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         58,078.05                1.105                  1.139               0.910
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    2,06,06,355      1,97,27,050         8,79,305
 PUT:    2,27,63,405      2,24,73,535         2,89,870
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       13,79,105               57,820         1,82,007
               58,500       12,91,150            4,04,005         5,77,344
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               58,500       12,91,150            4,04,005         5,77,344
               58,800          5,25,245            3,19,830         1,53,666
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,000       12,38,055          -4,85,310             25,453
               58,000       12,81,455          -3,99,210         2,33,179
 Top CALL Volume:
 Strike OI OI Change Volume
               58,500       12,91,150            4,04,005         5,77,344
               59,000       12,27,100            1,07,345         3,35,344
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,000       19,65,390              -41,055         1,82,675
               55,000       17,08,490          -1,75,315         1,09,172
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               58,500          4,91,190            3,78,420         3,45,628
               58,300          2,59,945            1,85,850         1,87,418
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               55,000       17,08,490          -1,75,315         1,09,172
               54,500          7,47,005          -1,60,160             79,695
 Top PUT Volume: 
 Strike OI OI Change Volume
               58,000       10,22,105               82,950         3,96,040
               58,500          4,91,190            3,78,420         3,45,628

FINNIFTY Monthly Expiry (28/10/2025)

The FINNIFTY index closed at 27556.65. The FINNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.387 against previous 1.267. The 26500PE option holds the maximum open interest, followed by the 27700CE and 27000PE options. Market participants have shown increased interest with significant open interest additions in the 26500PE option, with open interest additions also seen in the 27700CE and 27700PE options. On the other hand, open interest reductions were prominent in the 26000PE, 27600CE, and 28500CE options. Trading volume was highest in the 27700CE option, followed by the 28000CE and 27700PE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         27,556.65                1.387                  1.267               1.079
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       14,58,860         12,95,645         1,63,215
 PUT:       20,23,450         16,41,380         3,82,070
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,700          1,40,660               92,820             13,932
               28,000          1,16,415               24,050             11,759
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,700          1,40,660               92,820             13,932
               28,100             77,805               37,375               3,929
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,600             56,095              -18,330               7,045
               28,500             51,610              -16,705               5,797
 Top CALL Volume:
 Strike OI OI Change Volume
               27,700          1,40,660               92,820             13,932
               28,000          1,16,415               24,050             11,759
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               26,500          2,56,685               96,590             10,391
               27,000          1,34,875              -11,375               6,764
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               26,500          2,56,685               96,590             10,391
               27,700             89,310               58,630             10,980
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,000             70,330              -46,735               4,692
               27,100             69,810              -13,390               3,844
 Top PUT Volume:   
 Strike OI OI Change Volume
               27,700             89,310               58,630             10,980
               26,500          2,56,685               96,590             10,391

MIDCPNIFTY Monthly Expiry (28/10/2025)

The MIDCPNIFTY index closed at 13204.55. The MIDCPNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.995 against previous 1.054. The 13300CE option holds the maximum open interest, followed by the 13000PE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 13300CE option, with open interest additions also seen in the 12800PE and 13600CE options. On the other hand, open interest reductions were prominent in the 67500PE, 69400CE, and 69400CE options. Trading volume was highest in the 13500CE option, followed by the 13400CE and 13300CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,204.55                0.995                  1.054               0.897
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,06,31,320         98,45,360         7,85,960
 PUT:    1,05,82,460      1,03,78,060         2,04,400
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,300       15,41,680            3,83,040             52,349
               13,500          8,96,420          -1,46,160             60,729
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,300       15,41,680            3,83,040             52,349
               13,600          7,12,600            1,77,800             34,317
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,500          8,96,420          -1,46,160             60,729
               13,250          2,99,180          -1,02,620             11,285
 Top CALL Volume:
 Strike OI OI Change Volume
               13,500          8,96,420          -1,46,160             60,729
               13,400          7,74,200            1,02,200             53,802
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       10,95,080                -9,660             32,160
               13,200          8,89,560            1,37,200             42,795
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,800          6,96,780            1,90,680             22,567
               13,200          8,89,560            1,37,200             42,795
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,500          8,86,060          -2,81,960             15,497
               12,750          1,34,960          -1,00,940               3,733
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,300          6,91,180            1,33,700             46,014
               13,200          8,89,560            1,37,200             42,795

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

Wrapping up the day’s Open Interest Volume Analysis, the futures structure shows encouraging undercurrents beneath an otherwise range-bound surface. The surge in combined volumes alongside selective long build-up in BANKNIFTY and FINNIFTY hints that institutional flows remain positive on finance-heavy sectors even as NIFTY itself consolidates above its max pain level near 25,850. The elevated premiums across near and mid-term contracts reflect trader confidence despite reduced total open interest.

For short-term traders, the strategy remains clear: track fresh long formations in November contracts for follow-through confirmation while maintaining caution on midcap exposure until long covering stabilizes. Overall, the data leans mildly bullish, shaped by short unwinding and selective accumulation—a textbook sign in professional Open Interest Volume Analysis that smart money is quietly positioning for the next leg up.

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

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