NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 31/10/2025

NIFTY’s fresh short build-up dominates today’s Open Interest Volume Analysis: Combined OI up 7.3% and price down signals aggressive new shorts forming as downside pressure grows.

November and December NIFTY futures show uniform short build-up: Both contracts add open interest while falling in price, confirming bears firmly control the near-term.

Rising premium despite falling prices: November and December NIFTY premiums jumped even as prices dropped, often indicating hedged positions by institutional players or expected volatility spikes.

Put-Call Ratio drops further for weekly and monthly options: Sharp fall in PCR (to 0.501 weekly, 1.110 monthly) points to dominance of call writing and limited bottom-fishing.

Max pain remains near current market levels: Option pain at 25800 (weekly) and 26000 (monthly) suggests most traders expect a consolidation zone in coming days.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25722.1 (-0.6%)

Combined = November + December + January

Combined Fut Open Interest Change: 7.3%

Combined Fut Volume Change: 5.8%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 7%

NIFTY NOVEMBER Future closed at: 25905.5 (-0.5%)

November Fut Premium183.4 (Increased by 29.65 points)

November Fut Open Interest Change: 7.0%

November Fut Volume Change: 4.6%

November Fut Open Interest Analysis: Fresh Short

NIFTY DECEMBER Future closed at: 26088.5 (-0.5%)

December Fut Premium366.4 (Increased by 26.15 points)

December Fut Open Interest Change: 8.8%

December Fut Volume Change: 27.8%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.501 (Decreased from 0.599)

Put-Call Ratio (Volume): 0.998

Max Pain Level: 25800

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25800

Highest PUT Addition: 25000

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

Put-Call Ratio (Open Interest): 1.110 (Decreased from 1.143)

Put-Call Ratio (Volume): 0.863

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26500

Highest PUT Addition: 25500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57776.35 (-0.4%)

Combined = November + December + January

Combined Fut Open Interest Change: 0.2%

Combined Fut Volume Change: 11.1%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 10% Previous 10%

BANKNIFTY NOVEMBER Future closed at: 58184.6 (-0.4%)

November Fut Premium408.25 (Increased by 13.75 points)

November Fut Open Interest Change: 0.3%

November Fut Volume Change: 10.7%

November Fut Open Interest Analysis: Fresh Short

BANKNIFTY DECEMBER Future closed at: 58541 (-0.4%)

December Fut Premium764.65 (Increased by 17.75 points)

December Fut Open Interest Change: -2.1%

December Fut Volume Change: 26.8%

December Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.851 (Decreased from 0.914)

Put-Call Ratio (Volume): 1.065

Max Pain Level: 58000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 60500

Highest PUT Addition: 56000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27138.85 (-0.9%)

Combined = November + December + January

Combined Fut Open Interest Change: 2.8%

Combined Fut Volume Change: 34.4%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 1% Previous 1%

FINNIFTY NOVEMBER Future closed at: 27331 (-0.8%)

November Fut Premium192.15 (Increased by 15.65 points)

November Fut Open Interest Change: 2.1%

November Fut Volume Change: 33.5%

November Fut Open Interest Analysis: Fresh Short

FINNIFTY DECEMBER Future closed at: 27526.8 (-0.8%)

December Fut Premium387.95 (Increased by 23.25 points)

December Fut Open Interest Change: 133.3%

December Fut Volume Change: 133.3%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.847 (Increased from 0.680)

Put-Call Ratio (Volume): 0.851

Max Pain Level: 27500

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 29000

Highest PUT Addition: 26000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13467.85 (0.0%)

Combined = November + December + January

Combined Fut Open Interest Change: 0.0%

Combined Fut Volume Change: 42.8%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 2% Previous 2%

MIDCPNIFTY NOVEMBER Future closed at: 13518.5 (0.0%)

November Fut Premium50.65 (Decreased by -0.1 points)

November Fut Open Interest Change: -0.2%

November Fut Volume Change: 42.7%

November Fut Open Interest Analysis: Short Covering

MIDCPNIFTY DECEMBER Future closed at: 13586.75 (0.0%)

December Fut Premium118.9 (Decreased by -2.4 points)

December Fut Open Interest Change: 7.7%

December Fut Volume Change: 48.1%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.930 (Decreased from 1.014)

Put-Call Ratio (Volume): 0.936

Max Pain Level: 13400

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13400

Highest CALL Addition: 14200

Highest PUT Addition: 13500

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 83,938.71 (-0.55%)

SENSEX Monthly Future closed at: 84,624.60 (-0.47%)

Premium: 685.89 (Increased by 62.9 points)

Open Interest Change: -9.9%

Volume Change: 29.4%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (6/11/2025) Option Analysis

Put-Call Ratio (OI): 0.516 (Decreased from 0.640)

Put-Call Ratio (Volume): 1.106

Max Pain Level: 84300

Maximum CALL OI: 85000

Maximum PUT OI: 80000

Highest CALL Addition: 84500

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 6,769.34 Cr.
DIIs Net BUY: ₹ 7,068.44 Cr.

FII Derivatives Activity

FII Trading Stats	31.10.25	30.10.25	29.10.25
FII Cash (Provisional Data)	-6,769.34	-3,077.59	-2,540.16
Index Future Open Interest Long Ratio	16.01%	16.98%	18.92%
Index Future Volume Long Ratio	38.19%	28.58%	39.94%
Call Option Open Interest Long Ratio	50.41%	48.92%	50.36%
Call Option Volume Long Ratio	50.19%	49.74%	50.21%
Put Option Open Interest Long Ratio	62.53%	62.87%	59.69%
Put Option Volume Long Ratio	50.11%	50.70%	49.66%
Stock Future Open Interest Long Ratio	61.74%	61.95%	62.48%
Stock Future Volume Long Ratio	48.37%	44.82%	51.56%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Long	Fresh Short
BankNifty Futures	Long Covering	Long Covering	Fresh Short
BankNifty Options	Long Covering	Fresh Short	Fresh Long
FinNifty Futures	Long Covering	Long Covering	Short Covering
FinNifty Options	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Short	Fresh Short	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Long Covering	Fresh Long
Stock Options	Fresh Long	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

SENSEX Weekly Expiry (6/11/2025)

The SENSEX index closed at 83938.71. The SENSEX weekly expiry for NOVEMBER 6, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.516 against previous 0.640. The 85000CE option holds the maximum open interest, followed by the 88000CE and 84500CE options. Market participants have shown increased interest with significant open interest additions in the 84500CE option, with open interest additions also seen in the 88000CE and 85000CE options. On the other hand, open interest reductions were prominent in the 87400CE, 85600PE, and 85300PE options. Trading volume was highest in the 84000PE option, followed by the 84200PE and 84500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	06-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
83938.71	0.516	0.640	1.106
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,29,57,120	50,31,180	79,25,940
PUT:	66,86,820	32,17,940	34,68,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	8,90,400	4,02,760	1,43,08,960
88000	8,67,800	4,43,680	46,70,780
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84500	8,58,060	5,37,420	1,57,11,680
88000	8,67,800	4,43,680	46,70,780
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87400	86,920	-14,580	13,68,680
82800	3,560	-2,120	5,500
Top CALL Volume:
Strike	OI	OI Change	Volume
84500	8,58,060	5,37,420	1,57,11,680
85000	8,90,400	4,02,760	1,43,08,960
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	5,55,120	3,51,740	26,16,160
84500	4,18,020	1,19,620	1,26,01,800
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	5,55,120	3,51,740	26,16,160
84000	3,82,780	2,03,340	2,16,91,400
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85600	2,620	-2,700	15,360
85300	18,400	-2,200	1,15,700
Top PUT Volume:
Strike	OI	OI Change	Volume
84000	3,82,780	2,03,340	2,16,91,400
84200	2,19,760	1,63,420	1,76,16,100

NIFTY Weekly Expiry (4/11/2025)

The NIFTY index closed at 25722.1. The NIFTY weekly expiry for NOVEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.501 against previous 0.599. The 27000CE option holds the maximum open interest, followed by the 26000CE and 25900CE options. Market participants have shown increased interest with significant open interest additions in the 25800CE option, with open interest additions also seen in the 25900CE and 26000CE options. On the other hand, open interest reductions were prominent in the 26000PE, 25900PE, and 25850PE options. Trading volume was highest in the 25800PE option, followed by the 26000CE and 25700PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	04-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,722.10	0.501	0.599	0.998
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	27,73,04,775	20,74,60,950	6,98,43,825
PUT:	13,90,15,650	12,43,10,025	1,47,05,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	2,34,09,750	48,37,800	11,58,197
26,000	2,13,32,400	49,90,050	51,75,391
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,800	1,01,80,125	84,95,850	42,02,988
25,900	1,33,99,650	60,43,425	48,50,312
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,900	78,54,000	-8,54,700	10,09,050
26,850	21,85,725	-6,27,000	5,74,732
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	2,13,32,400	49,90,050	51,75,391
25,900	1,33,99,650	60,43,425	48,50,312
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,21,48,350	32,23,575	9,71,307
25,500	83,36,700	5,54,625	23,35,984
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	1,21,48,350	32,23,575	9,71,307
25,700	81,26,925	28,70,625	50,40,049
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	42,51,825	-25,08,900	18,26,792
25,900	41,85,225	-22,01,625	45,73,764
Top PUT Volume:
Strike	OI	OI Change	Volume
25,800	73,15,500	18,47,175	80,31,582
25,700	81,26,925	28,70,625	50,40,049

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 25722.1. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.110 against previous 1.143. The 26000CE option holds the maximum open interest, followed by the 26000PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 25800CE and 26000CE options. On the other hand, open interest reductions were prominent in the 26700CE, 25700PE, and 27200CE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,722.10	1.110	1.143	0.863
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,88,55,175	3,65,78,475	22,76,700
PUT:	4,31,40,750	4,18,14,450	13,26,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	53,23,575	3,91,200	1,00,933
27,000	40,05,075	2,53,425	64,302
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	37,42,800	5,16,675	75,158
25,800	16,35,450	4,15,650	34,745
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,700	10,36,575	-4,00,425	31,593
27,200	5,48,775	-1,58,175	10,728
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	53,23,575	3,91,200	1,00,933
26,500	37,42,800	5,16,675	75,158
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	48,87,975	-65,775	90,196
25,000	45,07,800	74,025	44,218
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	39,98,850	2,85,600	58,887
25,800	23,57,100	2,54,775	49,087
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	13,69,200	-1,98,150	32,214
25,600	9,55,425	-95,025	18,313
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	48,87,975	-65,775	90,196
25,500	39,98,850	2,85,600	58,887

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 57776.35. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.851 against previous 0.914. 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 60500CE option, with open interest additions also seen in the 56000PE and 60000CE options. On the other hand, open interest reductions were prominent in the 58100PE, 58000PE, and 58600CE options. Trading volume was highest in the 58000PE option, followed by the 58000CE and 58500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,776.35	0.851	0.914	1.065
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,23,63,645	1,12,61,670	11,01,975
PUT:	1,05,27,580	1,02,95,180	2,32,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	10,78,980	-10,885	6,121
58,000	10,68,130	1,04,370	1,22,172
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,500	5,29,655	1,99,080	30,647
60,000	10,19,865	1,10,110	56,869
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,600	1,40,210	-30,485	20,488
59,400	58,555	-18,305	9,817
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	10,68,130	1,04,370	1,22,172
58,500	9,30,230	67,130	98,287
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	17,16,015	-32,095	2,17,418
57,000	11,91,015	29,365	71,529
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,000	6,85,930	1,19,245	41,695
57,900	1,14,590	32,515	89,342
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,100	1,03,075	-34,545	63,254
58,000	17,16,015	-32,095	2,17,418
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	17,16,015	-32,095	2,17,418
57,800	1,83,330	12,110	91,955

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27376. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.680 against previous 0.647. 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 27900CE and 26500PE options. On the other hand, open interest reductions were prominent in the 28100CE, 28000CE, and 27600PE options. Trading volume was highest in the 27500PE option, followed by the 27500CE and 28000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,138.85	0.847	0.680	0.851
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,82,525	3,10,895	71,630
PUT:	3,24,025	2,11,510	1,12,515
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	70,590	20,865	2,471
29,000	46,475	27,495	897
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
29,000	46,475	27,495	897
27,500	70,590	20,865	2,471
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,900	9,490	-10,595	602
30,000	19,565	-4,940	196
Top CALL Volume:
Strike	OI	OI Change	Volume
27,500	70,590	20,865	2,471
28,000	26,390	-2,925	1,839
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	54,730	26,130	930
27,500	47,645	8,775	1,520
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	54,730	26,130	930
25,000	22,230	15,080	476
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	11,570	-2,795	237
27,300	7,605	-1,430	1,367
Top PUT Volume:
Strike	OI	OI Change	Volume
27,500	47,645	8,775	1,520
27,300	7,605	-1,430	1,367

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13467.85. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.930 against previous 1.014. The 14000CE option holds the maximum open interest, followed by the 13500CE and 13400PE options. Market participants have shown increased interest with significant open interest additions in the 14200CE option, with open interest additions also seen in the 13800CE and 14000CE options. On the other hand, open interest reductions were prominent in the 66400PE, 66400PE, and 66400CE options. Trading volume was highest in the 13500PE option, followed by the 13500CE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,467.85	0.930	1.014	0.936
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	52,16,960	38,24,660	13,92,300
PUT:	48,53,800	38,78,280	9,75,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	9,11,820	1,76,960	16,664
13,500	6,29,440	82,320	19,273
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,200	4,61,160	3,98,020	9,383
13,800	3,14,720	2,06,500	15,698
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,400	4,04,040	-44,100	2,877
13,450	29,120	-17,920	1,394
Top CALL Volume:
Strike	OI	OI Change	Volume
13,500	6,29,440	82,320	19,273
14,000	9,11,820	1,76,960	16,664
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,400	6,28,180	1,21,520	9,241
13,000	5,37,460	1,28,800	9,836
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,500	4,45,200	1,58,900	24,025
13,000	5,37,460	1,28,800	9,836
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,700	1,47,560	-27,720	3,069
13,475	16,380	-9,100	3,143
Top PUT Volume:
Strike	OI	OI Change	Volume
13,500	4,45,200	1,58,900	24,025
13,000	5,37,460	1,28,800	9,836

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

Downside risk persists as shorts keep building: Open Interest Volume Analysis confirms entire index complex (NIFTY, BANKNIFTY, FINNIFTY) reflects persistent shorting with weak PCR recovery.

Actionable feedback: Avoid bottom picking till combined OI shows unwinding or reversal; safer to play with the trend and consider short-side setups on rallies.

Institutional hedges visible in premium action: Watch for a sudden OI drop or sharp up-move as the first signs of short-squeeze—a potential trigger for bulls to re-enter.

Use option data for risk management: Key levels from max pain and OI peaks (e.g., 25800 spot, 26000 in monthly NIFTY) should be central to position sizing and stop placement strategies.

Remain nimble: Open Interest Volume Analysis suggests the market can swing sharply either way after this aggressive short run-up; stay alert for a potential sentiment reversal.

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