Explosive Moves Ahead? Let’s Decode the Nifty Options Trend Analysis for April 21, 2025

In today’s session (April 21, 2025), the derivatives market painted a picture of cautious optimism, especially in Nifty and Bank Nifty. Nifty Options Trend Analysis shows that despite the Nifty closing at a new high of 24,125.55 (+1.15%), the April futures witnessed a sharp drop in Open Interest by 4.9% coupled with Premium expansion of 10.3 points, hinting at Short-squeeze scenario at higher levels. However, Max Pain level at 23900 suggest possible pullback before expiry on 24/04/25 though highest PUT writing at 24,000 suggesting a strong support zone. BANKNIFTY max pain rose to 54,000 with PUT addition at 55,000 suggesting support zones. Traders should watch these support levels cautiously.

Derivative Trends | NSE & BSE

NIFTY April Future

NIFTY Spot closed at: 24,125.55 (1.15%)

NIFTY April Future closed at: 24,135.50 (1.19%)

Premium: 9.95 (Increased by 10.3 points)

Open Interest Change: -4.9%

Volume Change: -42.9%

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

Put-Call Ratio (OI): 1.114 (Decreased from 1.126)

Put-Call Ratio (Volume): 0.989

Max Pain Level: 23900

Maximum CALL OI: 25500

Maximum PUT OI: 23000

Highest CALL Addition: 25600

Highest PUT Addition: 24000

BANKNIFTY April Future

BANKNIFTY Spot closed at: 55,304.50 (1.87%)

BANKNIFTY April Future closed at: 55,293.80 (2.02%)

Discount: -10.7 (Increased by 78.1 points)

Open Interest Change: -12.5%

Volume Change: 12.2%

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

Put-Call Ratio (OI): 1.175 (Increased from 1.163)

Put-Call Ratio (Volume): 0.989

Max Pain Level: 54000

Maximum CALL OI: 56000

Maximum PUT OI: 55000

Highest CALL Addition: 56000

Highest PUT Addition: 55000

FINNIFTY April Future

FINNIFTY Spot closed at: 26,435.10 (1.39%)

FINNIFTY April Future closed at: 26,428.90 (1.49%)

Discount:  -6.2 (Increased by 25.6 points)

Open Interest Change: -14.4%

Volume Change: -36.2%

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

Put-Call Ratio (OI): 0.925 (Decreased from 1.140)

Put-Call Ratio (Volume): 0.858

Max Pain Level: 25800

Maximum CALL OI: 28000

Maximum PUT OI: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 26000

SENSEX Weekly Expiry (22.04.25) Future

SENSEX Spot closed at: 78,553.20 (0.00%)

SENSEX Weekly Future closed at: 78,475.45 (0.00%)

Discount: -77.75 (Decreased by 0 points)

Open Interest Change: 0.0%

Volume Change: 0.0%

SENSEX Weekly Expiry (22/04/2025) Option Analysis

Put-Call Ratio (OI): 1.081 (Decreased from 1.332)

Put-Call Ratio (Volume): 0.984

Max Pain Level: 79100

Maximum CALL OI: 81000

Maximum PUT OI: 75000

Highest CALL Addition: 81000

Highest PUT Addition: 79000

FII & DII Cash Market Activity

FIIs Net Buy: ₹1,970.17 Cr
DIIs Net Buy: ₹246.59 Cr

FII Derivatives Activity

FII Trading Stats	21.04.25	17.04.25	16.04.25
FII Cash (Provisional Data)	1,970.17	4,667.94	3,936.42
Index Future Open Interest Long Ratio	31.64%	29.52%	28.31%
Index Future Volume Long Ratio	52.77%	51.73%	51.56%
Call Option Open Interest Long Ratio	55.19%	59.84%	59.71%
Call Option Volume Long Ratio	49.56%	49.74%	50.54%
Put Option Open Interest Long Ratio	55.32%	60.72%	61.38%
Put Option Volume Long Ratio	49.50%	49.50%	50.46%
Stock Future Open Interest Long Ratio	64.61%	64.79%	64.46%
Stock Future Volume Long Ratio	50.06%	52.74%	48.55%
Index Futures	Fresh Long	Fresh Long	Short Covering
Index Options	Fresh Short	Long Covering	Short Covering
Nifty Futures	Short Covering	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Long Covering	Short Covering
BankNifty Futures	Fresh Short	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Long	Fresh Long
FinNifty Options	Long Covering	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Long	Short Covering	Long Covering
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Fresh Short	Fresh Long	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Fresh Short
Stock Options	Fresh Long	Fresh Long	Fresh Short

NSE & BSE F&O Analysis | Options Insights

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 24125.55. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.114 against previous 1.126. 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 25600CE option, with open interest additions also seen in the 24000PE and 24100PE options. On the other hand, open interest reductions were prominent in the 21200PE, 23500CE, and 23700CE options. Trading volume was highest in the 24200CE option, followed by the 24000PE and 24100CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,125.55	1.114	1.126	0.989
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	15,15,95,325	9,61,48,950	5,54,46,375
PUT:	16,88,92,875	10,82,85,900	6,06,06,975
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,90,10,400	48,48,600	8,13,752
25,000	1,07,49,000	27,94,500	7,32,240
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	1,01,29,050	1,01,29,050	8,46,834
24,200	75,16,575	48,52,125	26,15,096
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	42,89,100	-7,84,050	48,596
23,700	12,02,775	-7,47,525	67,281
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	75,16,575	48,52,125	26,15,096
24,100	43,70,100	22,98,225	23,13,781
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,02,40,725	32,62,875	7,11,129
24,000	89,20,875	68,71,875	24,22,758
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	89,20,875	68,71,875	24,22,758
24,100	51,05,400	50,04,375	16,58,017
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,200	4,73,700	-7,86,975	1,25,151
22,100	12,79,725	-6,86,400	1,64,681
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	89,20,875	68,71,875	24,22,758
24,100	51,05,400	50,04,375	16,58,017

SENSEX Weekly Expiry (22.04.2025)

The SENSEX index closed at 79408.5. The SENSEX weekly expiry for April 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.081 against previous 1.332. The 81000CE option holds the maximum open interest, followed by the 75000PE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 79000PE option, with open interest additions also seen in the 81000CE and 80500CE options. On the other hand, open interest reductions were prominent in the 70000PE, 72500PE, and 72000PE options. Trading volume was highest in the 80000CE option, followed by the 79500CE and 79000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
79408.5	1.081	1.332	0.984
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,72,00,020	83,45,540	88,54,480
PUT:	1,85,97,440	1,11,15,109	74,82,331
Top CALL Open Interest:
Strike	OI	OI Change	Volume
81000	12,37,560	7,27,540	2,93,30,840
80000	10,29,060	3,23,680	6,28,81,300
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
81000	12,37,560	7,27,540	2,93,30,840
80500	8,83,620	5,51,840	3,43,17,920
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
78500	84,060	-1,58,440	18,73,320
78600	28,220	-86,580	12,34,140
Top CALL Volume:
Strike	OI	OI Change	Volume
80000	10,29,060	3,23,680	6,28,81,300
79500	7,99,640	4,96,360	5,04,13,980
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	11,42,060	3,90,640	99,35,320
77000	9,59,920	5,35,200	2,01,71,320
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
79000	9,15,820	8,81,460	4,70,64,220
77000	9,59,920	5,35,200	2,01,71,320
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
70000	1,40,680	-5,07,720	25,44,100
72500	1,06,460	-2,76,620	26,31,100
Top PUT Volume:
Strike	OI	OI Change	Volume
79000	9,15,820	8,81,460	4,70,64,220
78000	8,27,660	5,04,840	3,43,35,980

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 55304.5. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.175 against previous 1.163. The 56000CE option holds the maximum open interest, followed by the 55000PE and 53000PE options. Market participants have shown increased interest with significant open interest additions in the 55000PE option, with open interest additions also seen in the 54500PE and 56000CE options. On the other hand, open interest reductions were prominent in the 47000PE, 54000CE, and 55000CE options. Trading volume was highest in the 55000PE option, followed by the 55000CE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,304.50	1.175	1.163	0.989
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,98,84,560	2,30,91,360	67,93,200
PUT:	3,51,28,920	2,68,54,479	82,74,441
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	19,13,460	9,39,750	7,18,602
59,000	15,73,080	2,51,310	1,65,256
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,000	19,13,460	9,39,750	7,18,602
55,400	7,87,170	6,60,510	4,65,397
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
54,000	6,55,110	-3,49,620	67,435
55,000	14,11,560	-3,44,880	7,48,226
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	14,11,560	-3,44,880	7,48,226
56,000	19,13,460	9,39,750	7,18,602
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	18,68,010	17,59,890	8,24,909
53,000	17,34,390	5,86,830	3,71,497
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	18,68,010	17,59,890	8,24,909
54,500	11,31,060	9,79,500	3,95,817
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
47,000	4,29,480	-4,02,000	75,423
46,000	4,14,510	-2,61,810	59,794
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	18,68,010	17,59,890	8,24,909
54,000	13,35,990	6,19,500	4,45,634

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 26435.1. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.925 against previous 1.140. The 28000CE option holds the maximum open interest, followed by the 25000PE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 27400CE and 26700CE options. On the other hand, open interest reductions were prominent in the 24200PE, 26000CE, and 23500PE options. Trading volume was highest in the 26500CE option, followed by the 27000CE and 26400CE options, indicating active trading in these strikes.
 

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,435.10	0.925	1.140	0.858
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	34,64,695	25,26,290	9,38,405
PUT:	32,05,605	28,80,215	3,25,390
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	3,73,165	98,930	16,548
26,500	2,08,585	27,105	48,224
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	1,97,600	1,17,520	29,746
27,400	1,34,160	1,12,710	10,326
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	1,21,225	-65,195	3,625
25,800	38,545	-42,965	1,189
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	2,08,585	27,105	48,224
27,000	1,97,600	1,17,520	29,746
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	2,77,485	51,740	18,307
24,000	1,93,635	5,915	6,660
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,74,460	83,590	27,203
26,100	1,13,750	78,910	17,292
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	37,310	-75,855	3,956
23,500	78,585	-50,830	3,220
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,74,460	83,590	27,203
25,500	1,13,815	-15,730	24,604

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11952.75. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.969 against previous 0.885. The 12500CE option holds the maximum open interest, followed by the 12000CE and 11500PE options. Market participants have shown increased interest with significant open interest additions in the 11900PE option, with open interest additions also seen in the 11800PE and 12300CE options. On the other hand, open interest reductions were prominent in the 63000PE, 65000CE, and 64000PE options. Trading volume was highest in the 12000CE option, followed by the 11900CE and 12200CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,952.75	0.969	0.885	0.715
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,07,42,280	97,48,200	9,94,080
PUT:	1,04,14,440	86,27,520	17,86,920
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,500	11,23,080	65,160	32,037
12,000	10,13,280	2,20,560	1,27,028
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,300	5,87,040	3,52,920	44,700
12,000	10,13,280	2,20,560	1,27,028
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,600	5,20,560	-3,40,560	8,796
11,700	1,93,320	-2,68,800	19,578
Top CALL Volume:
Strike	OI	OI Change	Volume
12,000	10,13,280	2,20,560	1,27,028
11,900	4,20,360	-22,200	76,175
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,500	7,59,720	37,920	50,160
11,600	6,68,760	-20,280	40,020
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,900	4,36,560	4,33,080	37,778
11,800	4,55,400	4,26,240	45,973
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,800	1,74,720	-2,67,600	11,035
10,600	2,31,600	-1,39,320	6,442
Top PUT Volume:
Strike	OI	OI Change	Volume
11,500	7,59,720	37,920	50,160
11,800	4,55,400	4,26,240	45,973

Final Take: What Should Traders Watch Post This Derivatives Setup?

The Nifty Options Trend Analysis indicates a market nearing over-extension with rising premiums and falling open interest, especially in index futures like Nifty and Bank Nifty. While the broader mood is bullish, the unwind in OI across indices and elevated Max Pain levels suggest caution ahead. The market may now enter a consolidation phase before any fresh leg of rally. Traders should watch 23,900-24,000 on Nifty and 54,000-55,000 on Bank Nifty for strong support, while also tracking fresh OI build-up before making directional bets.

Check Previous Day’s Nifty Indices F&O Analysis

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