NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 19/11/2025

NIFTY’s Open Interest Volume Analysis indicates ongoing short covering with fresh long interest in December: Combined futures open interest dropped by -0.86% despite a solid 0.55% price gain, signaling short-sellers exiting positions while bulls prepare for a continuation.

November futures confirm bears closing shorts: November open interest decreased by -2.49% amid volume increase, reflecting active short covering as prices firm up.

December futures show fresh long accumulation: December contract open interest surged +11.46% with moderate volume growth, indicating fresh bullish bets for the medium term.

Put-Call Ratios moderate but remain above 1: Monthly PCR increased from 0.91 to 1.281, denoting a market balancing between protective puts and call writings.

Max Pain levels tightly anchored around current spot: The max pain zone between 25900-26000 aligns with concentrated open interest in call and put options, suggesting a stable consolidation level for now.

Volume increases suggest growing participation: A 27% increase in combined futures volume highlights active trading and institutional players adjusting their books ahead of monthly expiry.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26052.65 (0.550%)

Combined = November + December + January

Combined Fut Open Interest Change: -2.79%

Combined Fut Volume Change: 4.01%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 15% Previous 13%

NIFTY NOVEMBER Future closed at: 26071 (0.471%)

November Fut Premium 18.35 (Decreased by -20.4 points)

November Fut Open Interest Change: -4.63%

November Fut Volume Change: -1.87%

November Fut Open Interest Analysis: Short Covering

NIFTY DECEMBER Future closed at: 26253.7 (0.457%)

December Fut Premium 201.05 (Decreased by -23.2 points)

December Fut Open Interest Change: 10.50%

December Fut Volume Change: 37.14%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.281 (Increased from 0.910)

Put-Call Ratio (Volume): 0.888

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26500

Highest PUT Addition: 25900

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59216.05 (0.538%)

Combined = November + December + January

Combined Fut Open Interest Change: 2.91%

Combined Fut Volume Change: 53.25%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 20% Previous 17%

BANKNIFTY NOVEMBER Future closed at: 59227.4 (0.429%)

November Fut Premium 11.35 (Decreased by -64 points)

November Fut Open Interest Change: -1.5%

November Fut Volume Change: 43.6%

November Fut Open Interest Analysis: Short Covering

BANKNIFTY DECEMBER Future closed at: 59585.2 (0.417%)

December Fut Premium 369.15 (Decreased by -69.6 points)

December Fut Open Interest Change: 27.96%

December Fut Volume Change: 94.36%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.196 (Increased from 1.111)

Put-Call Ratio (Volume): 0.968

Max Pain Level: 58700

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 59200

Highest PUT Addition: 56500

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27643.7 (0.352%)

Combined = November + December + January

Combined Fut Open Interest Change: 2.3%

Combined Fut Volume Change: -0.4%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 8% Previous 6%

FINNIFTY NOVEMBER Future closed at: 27662.4 (0.265%)

November Fut Premium 18.7 (Decreased by -23.75 points)

November Fut Open Interest Change: 0.18%

November Fut Volume Change: -11.66%

November Fut Open Interest Analysis: Fresh Long

FINNIFTY DECEMBER Future closed at: 27818.6 (0.240%)

December Fut Premium 174.9 (Decreased by -30.45 points)

December Fut Open Interest Change: 34.21%

December Fut Volume Change: 113.64%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.075 (Increased from 0.824)

Put-Call Ratio (Volume): 0.940

Max Pain Level: 27500

Maximum CALL Open Interest: 27800

Maximum PUT Open Interest: 27500

Highest CALL Addition: 28350

Highest PUT Addition: 27500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14000.6 (0.599%)

Combined = November + December + January

Combined Fut Open Interest Change: -2.82%

Combined Fut Volume Change: -17.65%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 5% Previous 5%

MIDCPNIFTY NOVEMBER Future closed at: 14025.65 (0.549%)

November Fut Premium 25.05 (Decreased by -6.75 points)

November Fut Open Interest Change: -3.20%

November Fut Volume Change: -21.17%

November Fut Open Interest Analysis: Short Covering

MIDCPNIFTY DECEMBER Future closed at: 14102.5 (0.632%)

December Fut Premium 101.9 (Increased by 5.15 points)

December Fut Open Interest Change: 4.19%

December Fut Volume Change: 10.68%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.202 (Increased from 1.179)

Put-Call Ratio (Volume): 1.168

Max Pain Level: 13850

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 14450

Highest PUT Addition: 14000

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 85,186.47 (0.606%)

SENSEX Monthly Future closed at: 85,247.95 (0.409%)

Premium: 61.48 (Decreased by -166.05 points)

Open Interest Change: -10.25%

Volume Change: 42.33%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.612 (Increased from 1.004)

Put-Call Ratio (Volume): 0.895

Max Pain Level: 85000

Maximum CALL OI: 86000

Maximum PUT OI: 84500

Highest CALL Addition: 86000

Highest PUT Addition: 84600

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,580.72 Cr.
DIIs Net BUY: ₹ 1,360.27 Cr.

FII Derivatives Activity

FII Trading Stats	19.11.25	18.11.25	17.11.25
FII Cash (Provisional Data)	1,580.72	-728.82	442.17
Index Future Open Interest Long Ratio	12.24%	12.16%	11.99%
Index Future Volume Long Ratio	52.35%	50.97%	50.64%
Call Option Open Interest Long Ratio	51.30%	49.05%	51.43%
Call Option Volume Long Ratio	50.40%	49.62%	50.08%
Put Option Open Interest Long Ratio	57.49%	63.67%	58.87%
Put Option Volume Long Ratio	49.31%	50.47%	49.79%
Stock Future Open Interest Long Ratio	60.58%	60.52%	60.83%
Stock Future Volume Long Ratio	51.05%	46.60%	48.22%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Fresh Short	Short Covering	Fresh Short
Nifty Futures	Short Covering	Long Covering	Fresh Short
Nifty Options	Fresh Short	Short Covering	Fresh Short
BankNifty Futures	Fresh Long	Fresh Long	Fresh Long
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Long Covering	Short Covering
FinNifty Options	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Futures	Long Covering	Long Covering	Fresh Short
MidcpNifty Options	Fresh Long	Short Covering	Fresh Short
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Short
Stock Options	Short Covering	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 85186.47. The SENSEX weekly expiry for NOVEMBER 20, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.612 against previous 1.004. The 84500PE option holds the maximum open interest, followed by the 83000PE and 84600PE options. Market participants have shown increased interest with significant open interest additions in the 84600PE option, with open interest additions also seen in the 82500PE and 85000PE options. On the other hand, open interest reductions were prominent in the 85000CE, 84800CE, and 84700CE options. Trading volume was highest in the 85000CE option, followed by the 85500CE and 84500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	20-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85186.47	1.612	1.004	0.895
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,38,65,920	2,11,84,520	26,81,400
PUT:	3,84,60,100	2,12,70,260	1,71,89,840
Top CALL Open Interest:
Strike	OI	OI Change	Volume
86000	19,41,380	7,01,060	4,19,36,120
86500	15,29,220	4,57,460	1,46,21,140
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	19,41,380	7,01,060	4,19,36,120
85900	10,37,460	6,11,200	2,46,32,780
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85000	10,51,400	-3,76,920	11,22,74,540
84800	3,40,780	-3,08,620	4,98,53,940
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	10,51,400	-3,76,920	11,22,74,540
85500	11,79,300	1,79,080	9,25,44,240
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84500	21,40,960	10,34,900	7,88,81,220
83000	20,33,540	9,01,960	1,45,33,280
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84600	19,66,700	14,74,020	6,66,29,800
82500	19,58,080	11,72,580	1,25,02,680
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
83300	6,06,000	-1,32,320	58,67,240
82000	15,07,260	-84,420	1,33,30,060
Top PUT Volume:
Strike	OI	OI Change	Volume
84500	21,40,960	10,34,900	7,88,81,220
85000	15,29,280	11,51,340	7,04,51,620

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 26052.65. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.281 against previous 0.910. The 26000PE option holds the maximum open interest, followed by the 25900PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25900PE option, with open interest additions also seen in the 25800PE and 25850PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25900CE, and 27200CE options. Trading volume was highest in the 26000CE option, followed by the 25900PE and 26000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,052.65	1.281	0.910	0.888
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,55,05,225	11,53,65,675	1,01,39,550
PUT:	16,07,21,925	10,50,14,925	5,57,07,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,14,73,800	-18,28,875	33,23,388
26,500	1,03,85,325	31,25,475	10,69,233
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	1,03,85,325	31,25,475	10,69,233
26,300	65,16,900	19,07,925	12,09,150
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	1,14,73,800	-18,28,875	33,23,388
25,900	31,03,575	-17,13,225	19,90,161
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,14,73,800	-18,28,875	33,23,388
26,100	57,28,050	13,49,175	20,48,777
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,23,03,375	28,97,775	26,50,970
25,900	1,16,14,350	64,39,050	28,88,834
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,900	1,16,14,350	64,39,050	28,88,834
25,800	83,39,850	34,48,275	16,64,159
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,900	25,58,400	-1,56,600	2,66,396
25,100	20,10,225	-1,43,700	2,59,358
Top PUT Volume:
Strike	OI	OI Change	Volume
25,900	1,16,14,350	64,39,050	28,88,834
26,000	1,23,03,375	28,97,775	26,50,970

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 59216.05. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.196 against previous 1.111. The 58000PE option holds the maximum open interest, followed by the 58500PE and 59000PE options. Market participants have shown increased interest with significant open interest additions in the 56500PE option, with open interest additions also seen in the 59000PE and 59200PE options. On the other hand, open interest reductions were prominent in the 59000CE, 55500PE, and 58500CE options. Trading volume was highest in the 59000CE option, followed by the 59000PE and 58900CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,216.05	1.196	1.111	0.968
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,57,56,510	1,63,66,770	-6,10,260
PUT:	1,88,50,720	1,81,83,830	6,66,890
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	11,51,605	-51,135	1,83,339
58,500	10,80,765	-2,08,390	1,01,067
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,200	3,96,550	1,83,365	1,71,648
63,500	1,56,800	94,220	13,969
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	10,69,180	-3,34,355	4,05,265
58,500	10,80,765	-2,08,390	1,01,067
Top CALL Volume:
Strike	OI	OI Change	Volume
59,000	10,69,180	-3,34,355	4,05,265
58,900	2,37,755	-1,24,950	2,32,564
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	15,87,425	-30,730	1,52,035
58,500	15,69,505	-1,02,200	2,18,461
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,500	8,58,480	2,78,845	65,451
59,000	13,67,835	2,73,875	3,20,580
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
55,500	4,08,100	-3,04,675	47,227
57,500	7,31,255	-1,21,975	86,007
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	13,67,835	2,73,875	3,20,580
58,800	4,92,205	1,10,390	2,25,553

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27643.7. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.075 against previous 0.824. The 27800CE option holds the maximum open interest, followed by the 27500PE and 28350CE options. Market participants have shown increased interest with significant open interest additions in the 28350CE option, with open interest additions also seen in the 28200CE and 27500PE options. On the other hand, open interest reductions were prominent in the 27600CE, 26300PE, and 27550CE options. Trading volume was highest in the 27500PE option, followed by the 27800CE and 27600CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,643.70	1.075	0.824	0.940
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,13,975	9,04,800	4,09,175
PUT:	14,12,255	7,45,420	6,66,835
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,800	2,44,205	52,975	16,344
28,350	1,09,915	1,08,095	2,983
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
28,350	1,09,915	1,08,095	2,983
28,200	1,07,770	96,135	2,894
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,600	42,185	-20,475	15,265
27,550	3,055	-6,955	3,951
Top CALL Volume:
Strike	OI	OI Change	Volume
27,800	2,44,205	52,975	16,344
27,600	42,185	-20,475	15,265
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,500	1,32,665	83,200	17,903
26,500	1,07,250	49,985	3,291
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,500	1,32,665	83,200	17,903
27,200	93,665	62,790	3,483
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,300	16,770	-9,425	1,133
25,900	12,480	-6,045	794
Top PUT Volume:
Strike	OI	OI Change	Volume
27,500	1,32,665	83,200	17,903
27,400	74,360	24,570	8,831

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 14000.6. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.202 against previous 1.179. 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 14000PE option, with open interest additions also seen in the 14450CE and 14350CE options. On the other hand, open interest reductions were prominent in the 69000PE, 69800PE, and 69800PE options. Trading volume was highest in the 14000CE option, followed by the 14000PE and 14100CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,000.60	1.202	1.179	1.168
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,01,56,720	99,86,620	1,70,100
PUT:	1,22,08,280	1,17,75,400	4,32,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	14,44,520	40,740	52,842
14,500	7,45,640	-26,740	9,999
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,450	2,87,560	2,04,120	3,474
14,350	1,26,560	1,26,560	2,263
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,950	95,900	-68,460	12,636
14,100	5,80,160	-53,760	29,075
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	14,44,520	40,740	52,842
14,100	5,80,160	-53,760	29,075
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,500	10,48,320	-30,380	14,713
13,800	10,43,140	74,480	21,449
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	9,73,280	3,04,640	41,663
13,550	2,06,780	1,00,380	2,512
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,600	5,50,340	-2,91,480	14,648
12,500	4,23,640	-1,07,240	1,961
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	9,73,280	3,04,640	41,663
13,900	5,77,920	29,400	28,374

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

Market displays a constructive shift with shorts covering and longs building selectively: Current Open Interest Volume Analysis favors a cautiously bullish stance especially in December futures while near-month giving room for consolidation.

Actionable trading advice: Focus on buying dips toward max pain supports (25900–26000), maintain tight stops below this range, and scale longs gradually as volume and OI reinforce the trend.

Sector rotation plays are evident: BankNIFTY and MIDCPNIFTY show signs of fresh long interest and could lead upside momentum near-term.

Watch Option PCR and OI dynamics: A sustained rise above 1.1 in PCR and continued OI build-up in December contracts may confirm a bullish breakout.

Maintain flexibility and discipline: Open Interest Volume Analysis advises nimble trading, combining technical trend cues with OI signals to avoid false moves during this expiry period.

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