What Just Happened? A Sharp Turn in Index Derivatives Trend Analysis – April 24, 2025

The Indian markets witnessed a quiet expiry session on April 24, 2025, marked by heavy open interest spikes across major indices. A deeper look into the Index Derivatives Trend Analysis reveals that while the spot prices largely closed negative, MAY futures saw massive build-up in open interest, especially in NIFTY, BANKNIFTY, and MIDCPNIFTY. This sharp contrast between price action and positioning suggests a tactical shift by institutional players. Option data further supports the view that participants are hedging aggressively near max pain levels, with unusual buildup seen at higher strike prices, potentially signaling an anticipation of a bounce or range-bound expiry.

Index Derivatives Trend | NSE & BSE

NIFTY may Future

NIFTY Spot closed at: 24,246.70 (-0.34%)

NIFTY April Future closed at: 24,373.00 (0.25%)

Premium: 126.3 (Increased by 142.55 points)

Open Interest Change: 107.3%

Volume Change: -23.0%

NIFTY Weekly Expiry (30/04/2025) Option Analysis

Put-Call Ratio (OI): 0.814 (Decreased from 0.926)

Put-Call Ratio (Volume): 0.900

Max Pain Level: 24200

Maximum CALL OI: 25500

Maximum PUT OI: 24000

Highest CALL Addition: 26100

Highest PUT Addition: 23500

NIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 1.500 (Decreased from 1.539)

Put-Call Ratio (Volume): 1.183

Max Pain Level: 24000

Maximum CALL OI: 24500

Maximum PUT OI: 24000

Highest CALL Addition: 24500

Highest PUT Addition: 24000

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,201.40 (-0.30%)

BANKNIFTY April Future closed at: 55,326.40 (-0.13%)

Premium: 125 (Increased by 94.45 points)

Open Interest Change: 111.3%

Volume Change: 4.8%

BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 1.127 (Decreased from 1.239)

Put-Call Ratio (Volume): 1.286

Max Pain Level: 54000

Maximum CALL OI: 53000

Maximum PUT OI: 53000

Highest CALL Addition: 55500

Highest PUT Addition: 55500

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,305.65 (-0.53%)

FINNIFTY April Future closed at: 26,368.90 (-0.32%)

Premium:  63.25 (Increased by 55.65 points)

Open Interest Change: 2.0%

Volume Change: 12.1%

FINNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.985 (Increased from 0.940)

Put-Call Ratio (Volume): 1.034

Max Pain Level: 26500

Maximum CALL OI: 26500

Maximum PUT OI: 26500

Highest CALL Addition: 26500

Highest PUT Addition: 26500

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,243.05 (-0.19%)

MIDCPNIFTY April Future closed at: 12,268.10 (0.09%)

Premium: 25.05 (Increased by 34.45 points)

Open Interest Change: 294.5%

Volume Change: -8.0%

MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.937 (Increased from 0.801)

Put-Call Ratio (Volume): 0.781

Max Pain Level: 12200

Maximum CALL OI: 13000

Maximum PUT OI: 11000

Highest CALL Addition: 13000

Highest PUT Addition: 12300

SENSEX Weekly Expiry (29.04.25) Future

SENSEX Spot closed at: 79,801.43 (-0.39%)

SENSEX Weekly Future closed at: 79,829.25 (-0.39%)

Premium: 27.82 (Increased by 4.61 points)

Open Interest Change: -2.8%

Volume Change: -46.6%

SENSEX Weekly Expiry (29/04/2025) Option Analysis

Put-Call Ratio (OI): 0.663 (Decreased from 0.792)

Put-Call Ratio (Volume): 0.842

Max Pain Level: 79800

Maximum CALL OI: 83000

Maximum PUT OI: 75000

Highest CALL Addition: 82000 Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 8,250.53 Cr
DIIs Net Sell: ₹ 534.54 Cr

FII Derivatives Activity

FII Trading Stats	24.04.25	23.04.25	22.04.25
FII Cash (Provisional Data)	8,250.53	3,332.93	1,290.43
Index Future Open Interest Long Ratio	40.86%	33.04%	31.60%
Index Future Volume Long Ratio	53.13%	53.10%	49.59%
Call Option Open Interest Long Ratio	66.97%	53.67%	54.64%
Call Option Volume Long Ratio	49.88%	49.95%	49.92%
Put Option Open Interest Long Ratio	63.08%	52.32%	54.39%
Put Option Volume Long Ratio	50.03%	49.77%	49.92%
Stock Future Open Interest Long Ratio	64.17%	64.92%	64.27%
Stock Future Volume Long Ratio	51.52%	51.04%	49.92%
Index Futures	Short Covering	Short Covering	Fresh Short
Index Options	Long Covering	Fresh Short	Fresh Short
Nifty Futures	Short Covering	Short Covering	Long Covering
Nifty Options	Long Covering	Fresh Long	Fresh Short
BankNifty Futures	Short Covering	Short Covering	Fresh Long
BankNifty Options	Short Covering	Fresh Short	Fresh Long
FinNifty Futures	Long Covering	Fresh Long	Fresh Long
FinNifty Options	Long Covering	Fresh Short	Fresh Long
MidcpNifty Futures	Long Covering	Short Covering	Fresh Short
MidcpNifty Options	Long Covering	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Options	Long Covering	Short Covering	Long Covering
Stock Futures	Short Covering	Fresh Long	Fresh Long
Stock Options	Long Covering	Fresh Short	Fresh Short

NSE & BSE Options Analysis | Options Insights

NIFTY Weekly Expiry (30.04.2025)

The NIFTY index closed at 24246.7. The NIFTY weekly expiry for April 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.814 against previous 0.926. The 25500CE option holds the maximum open interest, followed by the 25000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 26100CE option, with open interest additions also seen in the 25500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 23750PE, 23700CE, and 22700CE options. Trading volume was highest in the 24300PE option, followed by the 24300CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	30-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,246.70	0.814	0.926	0.900
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,51,96,800	4,08,95,025	3,43,01,775
PUT:	6,12,28,275	3,78,85,200	2,33,43,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	62,15,025	32,61,150	2,22,430
25,000	58,51,575	18,83,100	2,61,238
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,100	40,92,525	40,92,525	1,25,374
25,500	62,15,025	32,61,150	2,22,430
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,700	3,01,050	-68,850	4,301
22,700	77,625	-26,700	511
Top CALL Volume:
Strike	OI	OI Change	Volume
24,300	31,82,550	14,61,975	2,98,075
25,000	58,51,575	18,83,100	2,61,238
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	43,17,675	14,50,875	2,83,307
23,000	40,53,000	14,51,925	1,32,289
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	37,42,575	17,74,500	1,42,861
22,000	32,96,100	16,61,250	1,05,578
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,750	5,40,675	-1,05,375	40,722
23,450	1,37,550	-12,525	11,585
Top PUT Volume:
Strike	OI	OI Change	Volume
24,300	25,95,750	9,69,750	3,18,922
24,000	43,17,675	14,50,875	2,83,307

SENSEX Weekly Expiry (29.04.2025)

The SENSEX index closed at 79801.43. The SENSEX weekly expiry for April 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.663 against previous 0.792. The 83000CE option holds the maximum open interest, followed by the 82000CE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 82000CE option, with open interest additions also seen in the 83000CE and 75000PE options. On the other hand, open interest reductions were prominent in the 69000PE, 80100PE, and 80200PE options. Trading volume was highest in the 80000CE option, followed by the 80000PE and 79900PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	29-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
79801.43	0.663	0.792	0.842
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	94,24,580	47,42,529	46,82,051
PUT:	62,52,980	37,53,760	24,99,220
Top CALL Open Interest:
Strike	OI	OI Change	Volume
83000	7,70,700	3,87,020	35,08,700
82000	6,66,280	4,91,800	31,97,380
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	6,66,280	4,91,800	31,97,380
83000	7,70,700	3,87,020	35,08,700
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
84100	28,000	-8,640	3,89,460
86900	87,040	-8,080	4,12,040
Top CALL Volume:
Strike	OI	OI Change	Volume
80000	3,98,680	1,58,020	65,61,400
79900	1,78,000	1,18,020	42,92,960
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	4,62,040	2,99,040	22,54,220
77000	3,38,400	1,16,440	15,90,880
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75000	4,62,040	2,99,040	22,54,220
74000	3,38,160	1,88,060	17,44,960
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
69000	93,440	-53,260	6,39,360
80100	53,800	-20,720	23,54,280
Top PUT Volume:
Strike	OI	OI Change	Volume
80000	3,24,540	59,420	64,77,620
79900	1,28,080	58,640	47,13,720

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 55201.4. The BANKNIFTY monthly expiry for May 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.127 against previous 1.239. The 53000PE option holds the maximum open interest, followed by the 53000CE and 54000PE options. Market participants have shown increased interest with significant open interest additions in the 55500CE option, with open interest additions also seen in the 55500PE and 63000CE options. On the other hand, open interest reductions were prominent in the 55800PE, 50500PE, and 52900CE options. Trading volume was highest in the 55500CE option, followed by the 55000PE and 55500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,201.40	1.127	1.239	1.286
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,07,28,360	73,81,989	33,46,371
PUT:	1,20,92,100	91,48,770	29,43,330
Top CALL Open Interest:
Strike	OI	OI Change	Volume
53,000	12,94,290	22,080	6,274
55,500	8,70,270	4,79,670	58,929
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,500	8,70,270	4,79,670	58,929
63,000	4,21,440	3,03,990	24,778
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
52,900	7,230	-1,680	93
53,100	8,640	-780	118
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	8,70,270	4,79,670	58,929
56,000	5,90,640	1,15,140	37,073
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,000	17,32,140	2,34,840	42,532
54,000	9,06,300	2,88,240	46,103
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,500	7,54,110	3,49,140	54,704
54,000	9,06,300	2,88,240	46,103
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
55,800	21,180	-4,740	1,749
50,500	1,33,950	-1,800	4,589
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	7,55,250	1,48,830	58,514
55,500	7,54,110	3,49,140	54,704

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24246.7. The NIFTY monthly expiry for May 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.500 against previous 1.539. The 24000PE option holds the maximum open interest, followed by the 24500CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 21300PE, 23500CE, and 21700PE options. Trading volume was highest in the 24000PE option, followed by the 24500CE and 25000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,246.70	1.500	1.539	1.183
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,36,29,500	2,05,57,725	30,71,775
PUT:	3,54,33,675	3,16,47,600	37,86,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	32,40,600	5,17,050	40,687
24,000	27,57,675	2,62,425	20,055
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,500	32,40,600	5,17,050	40,687
26,000	4,05,375	4,05,375	12,019
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	12,71,550	-40,575	4,310
23,300	1,35,225	-20,400	832
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	32,40,600	5,17,050	40,687
25,000	21,99,150	20,925	37,248
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	37,66,650	5,43,300	41,964
23,000	31,84,575	2,74,275	22,829
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	37,66,650	5,43,300	41,964
22,000	25,34,700	3,63,375	20,045
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,300	1,05,075	-42,825	1,653
21,700	1,60,650	-21,225	962
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	37,66,650	5,43,300	41,964
23,500	27,73,050	81,075	24,774

Nifty Big Premium Signaling a Trap or a Tactical Build-Up?

The spike in open interest across NIFTY, BANKNIFTY, and MIDCPNIFTY despite price drops should be traded cautiously. While NIFTY premium surge and 100%+ OI rise might tempt bulls, the falling PCR suggests caution. BANKNIFTY and MIDCPNIFTY are seeing smart money building complex strategies around max pain levels. With max pain zones tightening and straddles dominating the mid-week landscape, expect volatile, range-bound action unless key levels break. NIFTY witnessed maximum PUT built-up near 24000 – 23500 levels suggesting probable support range.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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