NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 28/10/2025

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Open Interest Volume Analysis

NIFTY and FINNIFTY saw a sharp jump in combined open interest and volume, but this came with fresh short positions instead of long buildup.​

Both November and December NIFTY Futures posted key open interest gains, confirming that sellers are actively betting against further upside rather than covering shorts.​

Option data for NIFTY reflected bearish undertones: Put-Call Ratios dipped for both weekly and monthly series, and maximum call open interest clustered far above spot levels.​

BANKNIFTY was the exception, with combined open interest rising alongside long additions in both November and December contracts, suggesting aggressive buyers are backing the next rally.​

MIDCPNIFTY also logged fresh long build-up, signaling selective midcap strength in an otherwise choppy index landscape.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25936.2 (-0.1%)

Combined = November + December

Combined Fut Open Interest Change: 39.3%

Combined Fut Volume Change: 33.2%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 7%

NIFTY NOVEMBER Future closed at: 26090.1 (-0.3%)

November Fut Premium 153.9 (Decreased by -48.45 points)

November Fut Open Interest Change: 41.5%

November Fut Volume Change: 34.0%

November Fut Open Interest Analysis: Fresh Short

NIFTY DECEMBER Future closed at: 26265.2 (-0.3%)

December Fut Premium 329 (Decreased by -52.25 points)

December Fut Open Interest Change: 11.2%

December Fut Volume Change: 18.2%

December Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (4/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.782 (Decreased from 0.783)

Put-Call Ratio (Volume): 0.874

Max Pain Level: 25950

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 27000

Highest PUT Addition: 25400

NIFTY Monthly Expiry (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.203 (Decreased from 1.305)

Put-Call Ratio (Volume): 0.898

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 26000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58214.1 (0.2%)

Combined = November + December

Combined Fut Open Interest Change: 29.0%

Combined Fut Volume Change: 57.1%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 9%

BANKNIFTY NOVEMBER Future closed at: 58518.6 (0.0%)

November Fut Premium 304.5 (Decreased by -82.85 points)

November Fut Open Interest Change: 30.7%

November Fut Volume Change: 55.8%

November Fut Open Interest Analysis: Fresh Long

BANKNIFTY DECEMBER Future closed at: 58834.2 (0.0%)

December Fut Premium 620.1 (Decreased by -75.85 points)

December Fut Open Interest Change: 11.3%

December Fut Volume Change: 82.4%

December Fut Open Interest Analysis: Fresh Long

BANKNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.975 (Decreased from 1.099)

Put-Call Ratio (Volume): 0.896

Max Pain Level: 58000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 62000

Highest PUT Addition: 58000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27453.95 (-0.2%)

Combined = November + December

Combined Fut Open Interest Change: 93.6%

Combined Fut Volume Change: 58.9%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 0% Previous 0%

FINNIFTY NOVEMBER Future closed at: 27577.8 (-0.4%)

November Fut Premium 123.85 (Decreased by -35.15 points)

November Fut Open Interest Change: 93.6%

November Fut Volume Change: 58.9%

November Fut Open Interest Analysis: Fresh Short

FINNIFTY DECEMBER Future closed at: 27727.8 (-0.3%)

December Fut Premium 273.85 (Decreased by -4.95 points)

FINNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.764 (Decreased from 1.226)

Put-Call Ratio (Volume): 0.849

Max Pain Level: 27500

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 27500

Highest CALL Addition: 27500

Highest PUT Addition: 27500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13366.2 (0.2%)

Combined = November + December

Combined Fut Open Interest Change: 11.7%

Combined Fut Volume Change: -9.6%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 2% Previous 2%

MIDCPNIFTY NOVEMBER Future closed at: 13436.45 (0.2%)

November Fut Premium 70.25 (Decreased by -0.2 points)

November Fut Open Interest Change: 11.8%

November Fut Volume Change: -8.9%

November Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY DECEMBER Future closed at: 13500 (0.2%)

December Fut Premium 133.8 (Increased by 5 points)

December Fut Open Interest Change: 4.6%

December Fut Volume Change: -33.7%

December Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.984 (Decreased from 1.079)

Put-Call Ratio (Volume): 0.909

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13300

Highest CALL Addition: 13400

Highest PUT Addition: 13400

SENSEX Monthly Expiry (30/10/2025) Future

SENSEX Spot closed at: 84,628.16 (-0.18%)

SENSEX Monthly Future closed at: 84,737.30 (-0.29%)

Premium: 109.14 (Decreased by -92.52 points)

Open Interest Change: -0.3%

Volume Change: -15.0%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.739 (Decreased from 1.088)

Put-Call Ratio (Volume): 0.973

Max Pain Level: 84500

Maximum CALL OI: 85000

Maximum PUT OI: 82000

Highest CALL Addition: 85000

Highest PUT Addition: 81500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 10,339.80 Cr.
DIIs Net BUY: ₹ 1,081.55 Cr.

FII Derivatives Activity

FII Trading Stats28.10.2527.10.2524.10.25
FII Cash (Provisional Data)10,339.80-55.58621.51
Index Future Open Interest Long Ratio19.51%25.69%24.84%
Index Future Volume Long Ratio43.31%49.53%53.54%
Call Option Open Interest Long Ratio48.73%52.03%51.91%
Call Option Volume Long Ratio50.16%49.98%49.91%
Put Option Open Interest Long Ratio65.28%58.78%60.69%
Put Option Volume Long Ratio50.16%49.86%50.03%
Stock Future Open Interest Long Ratio61.43%61.98%61.48%
Stock Future Volume Long Ratio50.65%50.93%49.81%
    
Index FuturesLong CoveringFresh ShortShort Covering
Index OptionsShort CoveringLong CoveringFresh Short
    
Nifty FuturesLong CoveringFresh ShortShort Covering
Nifty OptionsShort CoveringLong CoveringFresh Short
    
BankNifty FuturesLong CoveringFresh ShortFresh Long
BankNifty OptionsLong CoveringFresh ShortFresh Long
    
FinNifty FuturesFresh LongLong CoveringFresh Short
FinNifty OptionsLong CoveringShort CoveringFresh Short
    
MidcpNifty FuturesLong CoveringFresh ShortShort Covering
MidcpNifty OptionsShort CoveringFresh ShortFresh Short
    
NiftyNxt50 FuturesFresh ShortShort CoveringShort Covering
NiftyNxt50 OptionsShort CoveringFresh LongFresh Long
    
Stock FuturesShort CoveringFresh LongLong Covering
Stock OptionsLong CoveringLong CoveringShort Covering

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 84628.16. The SENSEX weekly expiry for OCTOBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.739 against previous 1.088. The 85000CE option holds the maximum open interest, followed by the 88000CE and 87000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 86500CE and 88000CE options. On the other hand, open interest reductions were prominent in the 84800PE, 87200CE, and 78000PE options. Trading volume was highest in the 84500PE option, followed by the 85000CE and 84500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:30-10-2025
Index SpotPCR OIPrev PCR OIPCR VOL
84628.160.7391.0880.973
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,15,19,760    1,02,84,780        1,12,34,980
PUT:  1,59,10,480    1,11,94,320           47,16,160
Top CALL Open Interest:
StrikeOIOI ChangeVolume
85000      14,86,560          7,63,320        2,42,13,180
88000      13,52,600          7,30,580           73,55,280
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
85000      14,86,560          7,63,320        2,42,13,180
86500      10,99,240          7,42,840           79,95,120
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
87200        1,82,440            -86,660           18,23,500
87600        1,19,720            -45,360           10,47,280
Top CALL Volume:
StrikeOIOI ChangeVolume
85000      14,86,560          7,63,320        2,42,13,180
84500        8,02,400          5,14,020        1,66,16,280
Top PUT Open Interest:
StrikeOIOI ChangeVolume
82000        9,55,940          2,96,100           64,75,820
84500        9,24,520          3,00,460        2,62,94,980
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
81500        6,93,220          4,18,920           44,51,660
83800        5,58,160          3,87,840           59,54,080
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
84800        1,94,720        -1,26,320        1,05,06,340
78000        1,02,000            -48,420              5,52,660
Top PUT Volume:
StrikeOIOI ChangeVolume
84500        9,24,520          3,00,460        2,62,94,980
84400        3,78,700          1,02,520        1,60,86,680

NIFTY Weekly Expiry (4/11/2025)

The NIFTY index closed at 25936.2. The NIFTY weekly expiry for NOVEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.782 against previous 0.783. The 27000CE option holds the maximum open interest, followed by the 26000CE 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 26000CE and 25400PE options. On the other hand, open interest reductions were prominent in the 26400PE, 26250PE, and 25350CE options. Trading volume was highest in the 26000CE option, followed by the 25900PE and 26000PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:04-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,936.20                0.782                  0.783               0.874
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    8,74,45,200      4,04,05,650   4,70,39,550
 PUT:    6,83,83,875      3,16,33,350   3,67,50,525
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000       84,22,425         54,45,675         2,89,485
               26,000       68,74,050         42,75,600         7,09,253
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,000       84,22,425         54,45,675         2,89,485
               26,000       68,74,050         42,75,600         7,09,253
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,350             21,600                    -975                   269
               24,550                   300                         –                         4
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       68,74,050         42,75,600         7,09,253
               26,200       49,12,425         23,89,500         4,34,306
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500       50,61,000         26,93,700         2,92,932
               25,000       46,13,325         21,27,975         1,67,700
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,400       43,71,525         30,57,150         2,09,887
               24,000       44,46,300         29,70,675         1,69,479
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,400          1,24,950                -4,425               4,685
               26,250             80,025                -1,800               6,319
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,900       27,47,625         13,32,750         5,32,639
               26,000       45,82,050         23,85,975         4,98,439

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 25936.2. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.203 against previous 1.305. The 25000PE option holds the maximum open interest, followed by the 26000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 26000PE and 26700CE options. On the other hand, open interest reductions were prominent in the 26900CE, 27100CE, and 24500PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 27000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,936.20                1.203                  1.305               0.898
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    2,97,67,500      2,43,10,575       54,56,925
 PUT:    3,58,02,600      3,17,13,300       40,89,300
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       36,79,350            9,68,100         1,15,632
               27,000       31,58,025              -12,300             71,339
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       36,79,350            9,68,100         1,15,632
               26,700       13,18,650            6,53,775             30,986
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,900          4,41,150          -1,54,650             14,962
               27,100          2,85,900              -58,200             13,087
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       36,79,350            9,68,100         1,15,632
               27,000       31,58,025              -12,300             71,339
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       43,96,650            1,77,975             43,858
               26,000       35,06,775            7,36,050         1,05,066
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               26,000       35,06,775            7,36,050         1,05,066
               25,500       33,90,375            2,88,675             49,817
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,500       13,88,775              -42,075             20,012
               23,500          7,07,625              -14,325               6,911
 Top PUT Volume: 
 Strike OI OI Change Volume
               26,000       35,06,775            7,36,050         1,05,066
               25,500       33,90,375            2,88,675             49,817

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 58214.1. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.975 against previous 1.099. The 58000PE option holds the maximum open interest, followed by the 57000PE and 57000CE options. Market participants have shown increased interest with significant open interest additions in the 58000PE option, with open interest additions also seen in the 62000CE and 58500CE options. On the other hand, open interest reductions were prominent in the 57000PE, 57000CE, and 55500PE options. Trading volume was highest in the 58000PE option, followed by the 58000CE and 60000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         58,214.10                0.975                  1.099               0.896
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       85,48,470         62,98,565       22,49,905
 PUT:       83,31,960         69,19,605       14,12,355
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,000       10,92,105                -9,485               9,851
               58,000          8,61,735            1,32,580             81,512
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               62,000          5,01,480            2,43,460             28,638
               58,500          6,50,825            2,36,495             59,102
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,000       10,92,105                -9,485               9,851
               57,300                6,230                    -840                   287
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000          8,61,735            1,32,580             81,512
               60,000          7,45,885            1,76,085             66,368
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000       14,99,715            5,85,235         1,04,474
               57,000       11,41,840          -4,73,550             55,696
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               58,000       14,99,715            5,85,235         1,04,474
               55,000          4,40,160            1,05,945             14,324
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,000       11,41,840          -4,73,550             55,696
               55,500          1,89,000                -7,735             15,139
 Top PUT Volume: 
 Strike OI OI Change Volume
               58,000       14,99,715            5,85,235         1,04,474
               57,000       11,41,840          -4,73,550             55,696

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27453.95. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.764 against previous 1.226. The 27500CE option holds the maximum open interest, followed by the 27500PE and 26500PE options. Market participants have shown increased interest with significant open interest additions in the 27500CE option, with open interest additions also seen in the 27500PE and 26500PE options. On the other hand, open interest reductions were prominent in the 25600PE, 22500PE, and 22500PE options. Trading volume was highest in the 27500CE option, followed by the 27500PE and 27400PE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         27,453.95                0.764                  1.226               0.849
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:             56,420               15,210             41,210
 PUT:             43,095               18,655             24,440
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,500             25,675               20,345                   891
               27,000                4,420                     455                     10
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,500             25,675               20,345                   891
               30,500                3,575                  3,445                   106
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
                       –                           –                        –  
                       –                           –                        –  
 Top CALL Volume:
 Strike OI OI Change Volume
               27,500             25,675               20,345                   891
               28,000                2,210                  2,145                   114
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               27,500             17,680                  9,815                   702
               26,500                7,930                  6,695                   144
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               27,500             17,680                  9,815                   702
               26,500                7,930                  6,695                   144
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,600                   910                      -65                       1
                       –                           –                        –  
 Top PUT Volume:   
 Strike OI OI Change Volume
               27,500             17,680                  9,815                   702
               27,400                2,275                     520                   192

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13366.2. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.984 against previous 1.079. The 14000CE option holds the maximum open interest, followed by the 13400CE and 13300PE options. Market participants have shown increased interest with significant open interest additions in the 13400CE option, with open interest additions also seen in the 13400PE and 13300PE options. On the other hand, open interest reductions were prominent in the 69600PE, 69600PE, and 69600CE options. Trading volume was highest in the 13300PE option, followed by the 13300CE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,366.20                0.984                  1.079               0.909
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       22,38,040            9,81,960       12,56,080
 PUT:       22,01,500         10,59,800       11,41,700
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000          4,59,620            1,05,000               6,006
               13,400          4,14,260            3,60,780               5,826
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,400          4,14,260            3,60,780               5,826
               13,300          3,28,020            2,15,180               6,415
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               12,600                   420                    -140                       1
               12,600                   420                    -140                       1
 Top CALL Volume:
 Strike OI OI Change Volume
               13,300          3,28,020            2,15,180               6,415
               13,500          3,68,900            1,33,140               6,326
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,300          3,73,800            2,61,100               7,157
               13,400          3,39,780            3,22,700               5,329
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,400          3,39,780            3,22,700               5,329
               13,300          3,73,800            2,61,100               7,157
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,175                1,120                    -420                     13
                       –                           –                        –  
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,300          3,73,800            2,61,100               7,157
               13,400          3,39,780            3,22,700               5,329

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

NIFTY and FINNIFTY’s fresh shorting in the face of rising open interest and volume make them candidates for further downside or at least increased volatility; caution is advised for aggressive bullish positions.​

In contrast, BANKNIFTY and MIDCPNIFTY’s sustained long build-up may offer relative strength as traders rotate into outperforming segments.

Option chain data across all indices continues to reflect defensive positioning, with spot prices near max pain and call open interest accumulating above current levels.​

The Open Interest Volume Analysis for today highlights a tactical shift: focus short setups in weak indices and consider selective longs in strong banks and midcaps, always tracking changes in OI for actionable signals.

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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