Cautious Signals from Index Futures and Options Trends – What the April 22 Data Is Telling Us

If you’re watching Index Futures and Options Trends to gauge market direction, today’s data (April 22, 2025) offers a mixed but meaningful message. Nifty Futures saw a steep 20.2% decline in open interest, with the premium nearly vanishing to ₹1.75, indicating aggressive profit booking and short unwinding at higher levels. While the Nifty did close in the green, the falling PCR (OI) from 1.114 to 1.066 and max pain shifting to 24,000 shows traders are toning down their bullish bets and positioning cautiously near resistance. Across Bank Nifty, FINNIFTY, and MIDCPNIFTY, a similar OI washout suggests consolidation may be on the cards even as price action continues to push higher.

Derivative Trends | NSE

NIFTY April Future

NIFTY Spot closed at: 24,167.25 (0.17%)

NIFTY April Future closed at: 24,169.00 (0.14%)

Premium: 1.75 (Decreased by -8.2 points)

Open Interest Change: -20.2%

Volume Change: 12.8%

NIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.066 (Decreased from 1.114)

Put-Call Ratio (Volume): 0.989

Max Pain Level: 24000

Maximum CALL OI: 25500

Maximum PUT OI: 23000

Highest CALL Addition: 25900

Highest PUT Addition: 24200

BANKNIFTY April Future

BANKNIFTY Spot closed at: 55,647.20 (0.62%)

BANKNIFTY April Future closed at: 55,576.80 (0.51%)

Discount: -70.4 (Decreased by -59.7 points)

Open Interest Change: -11.4%

Volume Change: -30.8%

BANKNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.144 (Decreased from 1.180)

Put-Call Ratio (Volume): 0.802

Max Pain Level: 54600

Maximum CALL OI: 56000

Maximum PUT OI: 55000

Highest CALL Addition: 56000

Highest PUT Addition: 53500

FINNIFTY April Future

FINNIFTY Spot closed at: 26,624.80 (0.72%)

FINNIFTY April Future closed at: 26,607.00 (0.67%)

Discount:  -17.8 (Decreased by -11.6 points)

Open Interest Change: -12.3%

Volume Change: -27.3%

FINNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.897 (Decreased from 0.925)

Put-Call Ratio (Volume): 0.721

Max Pain Level: 26000

Maximum CALL OI: 28000

Maximum PUT OI: 25000

Highest CALL Addition: 26900

Highest PUT Addition: 26600

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at: 12,095.80 (1.20%)

MIDCPNIFTY April Future closed at: 12,108.15 (1.21%)

Premium: 12.35 (Increased by 2.05 points)

Open Interest Change: -48.5%

Volume Change: 34.8%

MIDCPNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.891 (Decreased from 0.969)

Put-Call Ratio (Volume): 0.637

Max Pain Level: 11800

Maximum CALL OI: 12500

Maximum PUT OI: 11500

Highest CALL Addition: 12100

Highest PUT Addition: 12100

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 1,290.43 Cr
DIIs Net Sell: ₹ 885.63 Cr

FII Derivatives Activity

FII Trading Stats	22.04.25	21.04.25	17.04.25
FII Cash (Provisional Data)	1,290.43	1,970.17	4,667.94
Index Future Open Interest Long Ratio	31.60%	31.64%	29.52%
Index Future Volume Long Ratio	49.59%	52.77%	51.73%
Call Option Open Interest Long Ratio	54.64%	55.19%	59.84%
Call Option Volume Long Ratio	49.92%	49.56%	49.74%
Put Option Open Interest Long Ratio	54.39%	55.32%	60.72%
Put Option Volume Long Ratio	49.92%	49.50%	49.50%
Stock Future Open Interest Long Ratio	64.27%	64.61%	64.79%
Stock Future Volume Long Ratio	49.92%	50.06%	52.74%
Index Futures	Fresh Short	Fresh Long	Fresh Long
Index Options	Fresh Short	Fresh Short	Long Covering
Nifty Futures	Long Covering	Short Covering	Fresh Short
Nifty Options	Fresh Short	Fresh Short	Long Covering
BankNifty Futures	Fresh Long	Fresh Short	Short Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Fresh Long	Fresh Short	Fresh Long
FinNifty Options	Fresh Long	Long Covering	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Long	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Futures	Fresh Long	Fresh Short	Fresh Long
NiftyNxt50 Options	Long Covering	Fresh Short	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Long	Fresh Long

NSE F&O Analysis | Options Insights

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 24167.25. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.066 against previous 1.114. The 25500CE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 25900CE option, with open interest additions also seen in the 24200PE and 24400CE options. On the other hand, open interest reductions were prominent in the 25600CE, 25500CE, and 23400PE options. Trading volume was highest in the 24200CE option, followed by the 24200PE and 24100PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,167.25	1.066	1.114	0.989
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,35,98,550	15,15,95,325	1,20,03,225
PUT:	17,43,19,500	16,88,92,875	54,26,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,69,89,750	-20,20,650	5,57,566
25,000	1,25,13,450	17,64,450	6,68,560
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,900	33,38,025	33,38,025	3,29,293
24,400	62,27,175	22,28,925	10,89,679
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,600	72,95,475	-28,33,575	3,42,869
25,500	1,69,89,750	-20,20,650	5,57,566
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	92,63,775	17,47,200	33,66,803
24,150	33,23,250	-1,81,050	17,42,724
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,18,34,250	15,93,525	4,60,512
24,000	1,09,71,525	20,50,650	18,02,873
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,200	50,60,775	26,15,550	23,63,556
24,000	1,09,71,525	20,50,650	18,02,873
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,400	46,85,250	-20,13,150	3,80,201
23,300	42,93,600	-10,63,050	3,25,902
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	50,60,775	26,15,550	23,63,556
24,100	69,68,550	18,63,150	18,91,363

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 55647.2. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.144 against previous 1.180. The 56000CE option holds the maximum open interest, followed by the 55000PE and 53500PE options. Market participants have shown increased interest with significant open interest additions in the 53500PE option, with open interest additions also seen in the 56000CE and 57000CE options. On the other hand, open interest reductions were prominent in the 55000CE, 55500CE, and 55300CE options. Trading volume was highest in the 56000CE option, followed by the 55800CE and 55500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,647.20	1.144	1.180	0.802
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,35,67,660	2,97,63,699	38,03,961
PUT:	3,84,13,980	3,51,28,920	32,85,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	25,22,190	6,08,730	14,53,828
57,000	19,48,320	6,05,580	6,08,774
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,000	25,22,190	6,08,730	14,53,828
57,000	19,48,320	6,05,580	6,08,774
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	9,41,340	-4,70,220	2,96,278
55,500	11,30,400	-3,13,830	9,26,999
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	25,22,190	6,08,730	14,53,828
55,800	9,33,750	5,56,440	9,27,418
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	23,78,700	5,10,690	7,77,402
53,500	20,18,610	12,71,610	3,10,604
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,500	20,18,610	12,71,610	3,10,604
55,000	23,78,700	5,10,690	7,77,402
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
48,000	6,93,360	-2,72,370	71,997
48,500	3,31,470	-2,50,440	56,338
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	8,76,390	4,97,490	8,16,864
55,000	23,78,700	5,10,690	7,77,402

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 26624.8. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.897 against previous 0.925. The 28000CE option holds the maximum open interest, followed by the 25000PE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 26900CE option, with open interest additions also seen in the 26600PE and 26800CE options. On the other hand, open interest reductions were prominent in the 26500CE, 27500CE, and 26450CE options. Trading volume was highest in the 27000CE option, followed by the 26700CE and 26600CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,624.80	0.897	0.925	0.721
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	40,69,000	34,64,695	6,04,305
PUT:	36,47,865	32,05,605	4,42,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	4,36,930	63,765	16,014
27,000	2,68,580	70,980	53,645
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,900	1,97,990	1,57,690	27,011
26,800	1,46,575	81,185	36,594
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	1,42,415	-66,170	30,719
27,500	1,29,350	-46,995	18,131
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	2,68,580	70,980	53,645
26,700	1,95,000	65,650	45,567
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	3,09,205	31,720	12,453
26,000	2,16,190	41,730	21,153
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,600	1,13,685	1,00,425	31,203
26,500	1,35,265	73,125	40,114
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,100	74,360	-39,390	9,020
25,750	15,860	-20,865	1,689
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	1,35,265	73,125	40,114
26,600	1,13,685	1,00,425	31,203

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 12095.8. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.891 against previous 0.969. The 12500CE option holds the maximum open interest, followed by the 11500PE and 11600PE options. Market participants have shown increased interest with significant open interest additions in the 12100PE option, with open interest additions also seen in the 12000PE and 12100CE options. On the other hand, open interest reductions were prominent in the 64000CE, 51500PE, and 49500PE options. Trading volume was highest in the 12100CE option, followed by the 12200CE and 12000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,095.80	0.891	0.969	0.637
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,24,99,560	1,07,42,280	17,57,280
PUT:	1,11,32,520	1,04,14,440	7,18,080
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,500	10,26,840	-96,240	79,002
12,100	8,11,440	4,63,200	1,52,130
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,100	8,11,440	4,63,200	1,52,130
12,600	6,19,440	3,83,280	30,119
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	5,00,520	-5,12,760	79,033
12,500	10,26,840	-96,240	79,002
Top CALL Volume:
Strike	OI	OI Change	Volume
12,100	8,11,440	4,63,200	1,52,130
12,200	7,39,080	1,26,120	1,10,819
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,500	8,78,760	1,19,040	39,730
11,600	8,41,920	1,73,160	24,188
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,100	4,98,600	4,86,000	70,503
12,000	6,63,480	4,83,840	92,027
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,250	79,680	-2,20,320	5,511
11,200	3,96,600	-1,73,040	13,014
Top PUT Volume:
Strike	OI	OI Change	Volume
12,000	6,63,480	4,83,840	92,027
12,100	4,98,600	4,86,000	70,503

Conclusion: What Do These Index Futures and Options Trends Reveal for the Week Ahead?

The current Index Futures and Options Trends point to a market that’s still bullish on the surface, but increasingly cautious beneath. The steep unwinding in futures OI across major indices, including Nifty, Bank Nifty, and MIDCPNIFTY, signals that traders are taking risk off the table. While option writers are still holding ground at higher strikes, fresh additions suggest that the market may be near a short-term top. Heading into the final week of April expiry, watch for renewed OI build-up at key support levels before making directional plays. Staying nimble will be key. Fresh Short positions by FIIs in Index Future should ring caution. Traders should look for supports at Nifty 24200-24000 levels; below which next support at 23500. Supports stand for BANKNIFTY at 55000-53500 levels.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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