NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/11/2025

NIFTY’s Open Interest Volume Analysis signals short covering amid mild price retreat: Combined open interest falls modestly (-0.86%) as spot declines (~-0.4%), showing traders are trimming long positions while bears are cautious.

November contracts confirm long unwinding, December contracts show fresh short positions: OI decline in November (-2.49%) with volume rise points to long covering, while December futures’ OI jumps (+11.46%), marking new short interest formation.

Put-Call Ratios reinforce cautious sentiment: NIFTY PCR dips from 1.007 to 0.91 reflecting balanced to slightly bearish option market stance.

Max pain level stabilizes near spot at 25900: Concentration of call and put open interest around 25900 directs traders to anticipate resistance and support within this tight band.

Volume uptick amid OI shifts highlights active participation: Increased combined volume (+27%) signals market players are actively adjusting positions, preparing for potential volatility near expiry.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25910.05 (-0.397%)

Combined = November + December + January

Combined Fut Open Interest Change: -0.86%

Combined Fut Volume Change: 27.07%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 13% Previous 11%

NIFTY NOVEMBER Future closed at: 25948.8 (-0.427%)

November Fut Premium 38.75 (Decreased by -7.9 points)

November Fut Open Interest Change: -2.49%

November Fut Volume Change: 28.57%

November Fut Open Interest Analysis: Long Covering

NIFTY DECEMBER Future closed at: 26134.3 (-0.403%)

December Fut Premium 224.25 (Decreased by -2.3 points)

December Fut Open Interest Change: 11.46%

December Fut Volume Change: 21.15%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.910 (Decreased from 1.007)

Put-Call Ratio (Volume): 0.964

Max Pain Level: 25950

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 24500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58899.25 (-0.108%)

Combined = November + December + January

Combined Fut Open Interest Change: 1.10%

Combined Fut Volume Change: -20.83%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 17% Previous 15%

BANKNIFTY NOVEMBER Future closed at: 58974.6 (-0.089%)

November Fut Premium 75.35 (Increased by 10.65 points)

November Fut Open Interest Change: -1.4%

November Fut Volume Change: -20.4%

November Fut Open Interest Analysis: Long Covering

BANKNIFTY DECEMBER Future closed at: 59338 (-0.088%)

December Fut Premium 438.75 (Increased by 11.25 points)

December Fut Open Interest Change: 17.75%

December Fut Volume Change: -19.06%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.111 (Decreased from 1.140)

Put-Call Ratio (Volume): 1.039

Max Pain Level: 58500

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 58500

Highest CALL Addition: 59000

Highest PUT Addition: 50000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27546.75 (-0.360%)

Combined = November + December + January

Combined Fut Open Interest Change: -1.1%

Combined Fut Volume Change: -11.2%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 6% Previous 5%

FINNIFTY NOVEMBER Future closed at: 27589.2 (-0.342%)

November Fut Premium 42.45 (Increased by 4.85 points)

November Fut Open Interest Change: -2.39%

November Fut Volume Change: -12.55%

November Fut Open Interest Analysis: Long Covering

FINNIFTY DECEMBER Future closed at: 27752.1 (-0.285%)

December Fut Premium 205.35 (Increased by 20.05 points)

December Fut Open Interest Change: 22.58%

December Fut Volume Change: 4.76%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.824 (Decreased from 0.865)

Put-Call Ratio (Volume): 0.678

Max Pain Level: 27500

Maximum CALL Open Interest: 27800

Maximum PUT Open Interest: 25500

Highest CALL Addition: 27800

Highest PUT Addition: 26300

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13917.25 (-0.573%)

Combined = November + December + January

Combined Fut Open Interest Change: -3.25%

Combined Fut Volume Change: 29.15%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 5% Previous 4%

MIDCPNIFTY NOVEMBER Future closed at: 13949.05 (-0.680%)

November Fut Premium 31.8 (Decreased by -15.25 points)

November Fut Open Interest Change: -3.66%

November Fut Volume Change: 31.14%

November Fut Open Interest Analysis: Long Covering

MIDCPNIFTY DECEMBER Future closed at: 14014 (-0.709%)

December Fut Premium 96.75 (Decreased by -19.8 points)

December Fut Open Interest Change: 5.53%

December Fut Volume Change: 17.03%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.179 (Decreased from 1.340)

Put-Call Ratio (Volume): 1.185

Max Pain Level: 13800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 14000

Highest PUT Addition: 13600

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 84,673.02 (-0.327%)

SENSEX Monthly Future closed at: 84,900.55 (-0.300%)

Premium: 227.53 (Increased by 22.23 points)

Open Interest Change: 5.23%

Volume Change: 6.40%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (20/11/2025) Option Analysis

Put-Call Ratio (OI): 1.004 (Decreased from 1.064)

Put-Call Ratio (Volume): 1.017

Max Pain Level: 84700

Maximum CALL OI: 85000

Maximum PUT OI: 84000

Highest CALL Addition: 87000

Highest PUT Addition: 84000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 728.82 Cr.
DIIs Net BUY: ₹ 6,156.83 Cr.

FII Derivatives Activity

FII Trading Stats	18.11.25	17.11.25	14.11.25
FII Cash (Provisional Data)	-728.82	442.17	-4,968.22
Index Future Open Interest Long Ratio	12.16%	11.99%	11.18%
Index Future Volume Long Ratio	50.97%	50.64%	36.53%
Call Option Open Interest Long Ratio	49.05%	51.43%	50.90%
Call Option Volume Long Ratio	49.62%	50.08%	50.03%
Put Option Open Interest Long Ratio	63.67%	58.87%	61.74%
Put Option Volume Long Ratio	50.47%	49.79%	50.24%
Stock Future Open Interest Long Ratio	60.52%	60.83%	61.05%
Stock Future Volume Long Ratio	46.60%	48.22%	49.33%
Index Futures	Short Covering	Fresh Long	Fresh Short
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Long Covering	Fresh Short	Fresh Short
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Fresh Long	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Short Covering	Fresh Long
FinNifty Options	Fresh Short	Fresh Short	Long Covering
MidcpNifty Futures	Long Covering	Fresh Short	Short Covering
MidcpNifty Options	Short Covering	Fresh Short	Fresh Long
NiftyNxt50 Futures	Short Covering	Fresh Short	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Short	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

SENSEX Weekly Expiry (20/11/2025)

The SENSEX index closed at 84673.02. The SENSEX weekly expiry for NOVEMBER 20, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.004 against previous 1.064. The 84000PE option holds the maximum open interest, followed by the 82000PE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 84000PE option, with open interest additions also seen in the 82000PE and 87000CE options. On the other hand, open interest reductions were prominent in the 85000PE, 85100PE, and 91000CE options. Trading volume was highest in the 85000CE option, followed by the 84800PE and 84800CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	20-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84673.02	1.004	1.064	1.017
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,11,84,520	1,14,47,520	97,37,000
PUT:	2,12,70,260	1,21,77,220	90,93,040
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	14,28,320	8,05,360	2,50,63,820
87000	14,15,920	8,28,660	72,84,560
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87000	14,15,920	8,28,660	72,84,560
85000	14,28,320	8,05,360	2,50,63,820
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
91000	1,05,240	-32,380	3,10,520
90000	2,51,580	-30,420	13,06,500
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	14,28,320	8,05,360	2,50,63,820
84800	6,49,400	3,95,980	1,99,59,480
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84000	18,09,440	12,56,060	1,62,28,420
82000	15,91,680	9,20,900	61,96,740
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84000	18,09,440	12,56,060	1,62,28,420
82000	15,91,680	9,20,900	61,96,740
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85000	3,77,940	-90,440	1,23,08,040
85100	54,120	-52,240	29,71,660
Top PUT Volume:
Strike	OI	OI Change	Volume
84800	4,15,400	60,400	2,19,84,860
84700	4,98,480	1,36,880	1,96,88,400

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 25910.05. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.910 against previous 1.007. The 26000CE 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 26000CE option, with open interest additions also seen in the 24500PE and 27000CE options. On the other hand, open interest reductions were prominent in the 24700PE, 26200PE, and 25000CE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 25900PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,910.05	0.910	1.007	0.964
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,53,65,675	7,53,52,650	4,00,13,025
PUT:	10,50,14,925	7,58,75,025	2,91,39,900
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,33,02,675	46,83,750	8,26,456
27,000	1,03,50,225	32,16,750	2,62,163
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,33,02,675	46,83,750	8,26,456
27,000	1,03,50,225	32,16,750	2,62,163
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	11,72,700	-1,18,275	5,564
25,500	15,36,225	-58,050	20,366
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,33,02,675	46,83,750	8,26,456
25,900	48,16,800	19,73,625	3,69,003
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	94,05,600	24,21,000	6,37,194
25,000	72,01,875	11,32,575	1,87,105
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	67,90,500	34,53,600	1,58,066
26,000	94,05,600	24,21,000	6,37,194
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,700	13,16,400	-9,06,150	88,884
26,200	14,42,850	-1,30,425	51,887
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	94,05,600	24,21,000	6,37,194
25,900	51,75,300	13,65,825	5,25,057

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 58899.25. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.111 against previous 1.140. The 58500PE option holds the maximum open interest, followed by the 58000PE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 62000CE and 50000PE options. On the other hand, open interest reductions were prominent in the 58500CE, 58500PE, and 57600PE options. Trading volume was highest in the 59000CE option, followed by the 59000PE and 58900PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,899.25	1.111	1.140	1.039
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,63,66,770	1,56,42,480	7,24,290
PUT:	1,81,83,830	1,78,33,305	3,50,525
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	14,03,535	2,02,860	3,60,216
58,500	12,89,155	-2,69,290	60,595
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	14,03,535	2,02,860	3,60,216
62,000	9,69,430	1,68,000	43,416
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,500	12,89,155	-2,69,290	60,595
62,500	2,10,735	-60,865	13,913
Top CALL Volume:
Strike	OI	OI Change	Volume
59,000	14,03,535	2,02,860	3,60,216
58,900	3,62,705	56,805	1,52,010
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,500	16,71,705	-2,16,230	1,16,830
58,000	16,18,155	-29,715	98,955
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	5,24,370	1,59,950	14,743
55,500	7,12,775	1,19,000	37,426
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,500	16,71,705	-2,16,230	1,16,830
57,600	2,02,545	-1,20,120	21,242
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	10,93,960	91,350	2,85,211
58,900	3,70,195	-2,170	1,66,933

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27546.75. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.824 against previous 0.865. The 27800CE option holds the maximum open interest, followed by the 27500CE and 27600CE options. Market participants have shown increased interest with significant open interest additions in the 27800CE option, with open interest additions also seen in the 26300PE and 27700CE options. On the other hand, open interest reductions were prominent in the 27600PE, 27400CE, and 28600CE options. Trading volume was highest in the 27800CE option, followed by the 27600CE and 27600PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,546.75	0.824	0.865	0.678
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,04,800	7,38,790	1,66,010
PUT:	7,45,420	6,39,210	1,06,210
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,800	1,91,230	79,365	11,467
27,500	67,145	65	1,831
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,800	1,91,230	79,365	11,467
27,700	59,475	16,900	2,982
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,400	20,930	-4,680	211
28,600	5,720	-4,225	235
Top CALL Volume:
Strike	OI	OI Change	Volume
27,800	1,91,230	79,365	11,467
27,600	62,660	5,200	5,094
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	61,750	16,835	845
26,500	57,265	7,605	640
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,300	26,195	18,070	507
25,500	61,750	16,835	845
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,600	38,090	-8,125	4,173
27,450	9,295	-2,990	568
Top PUT Volume:
Strike	OI	OI Change	Volume
27,600	38,090	-8,125	4,173
27,500	49,465	4,355	2,926

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13917.25. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.179 against previous 1.340. The 14000CE option holds the maximum open interest, followed by the 13500PE and 13800PE options. Market participants have shown increased interest with significant open interest additions in the 14000CE option, with open interest additions also seen in the 13600PE and 14400CE options. On the other hand, open interest reductions were prominent in the 70000CE, 70000PE, and 69000PE options. Trading volume was highest in the 14000CE option, followed by the 14000PE and 13900PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,917.25	1.179	1.340	1.185
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	99,86,620	89,61,820	10,24,800
PUT:	1,17,75,400	1,20,08,080	-2,32,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	14,03,780	2,16,580	33,649
14,500	7,72,380	1,03,880	9,503
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	14,03,780	2,16,580	33,649
14,400	7,69,160	1,27,680	16,244
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,200	5,81,980	-1,00,660	16,602
13,700	2,50,320	-30,940	844
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	14,03,780	2,16,580	33,649
14,100	6,33,920	1,15,220	20,962
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,500	10,78,700	7,980	12,652
13,800	9,68,660	-2,08,600	17,642
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,600	8,41,820	1,33,700	12,960
14,300	1,37,620	85,120	1,484
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,800	9,68,660	-2,08,600	17,642
14,000	6,68,640	-97,020	29,251
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	6,68,640	-97,020	29,251
13,900	5,48,520	-24,640	21,715

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

Market currently in a phase of tactical long unwinding and fresh short positioning: Open Interest Volume Analysis indicates a cautious environment with selective short builds while previous longs exit.

Actionable advice: Traders should navigate the 25850–26000 zone with range-bound strategies; be wary of quick reversals and avoid aggressive entries until clear volume and OI consensus emerges.

Sector observations: BANKNIFTY and MIDCPNIFTY mirror the mixed sentiment with pockets of fresh short interest, suggesting selective weakness and sector rotation opportunities.

Monitor PCR and OI for breakout or capitulation signals: Any sustained rise in PCR above 1, alongside OI build-up, could signal a shift back to bullish momentum.

Stay alert and flexible: The Open Interest Volume Analysis advocates cautious trading with tight stops, emphasizing quick adaptability to market swings during this expiry period.

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

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.