Nifty Gains 0.69% as FII Buying Boosts Market Sentiment

The Indian stock market continued its positive momentum, with Nifty closing at 23,350.4, up 0.69%. Nifty March futures settled at 23,379.85, gaining 0.77% and maintaining a 29.45-point premium over the spot price. The Nifty futures premium expanded by 19.85 points, accompanied by a 3.21% decline in combined open interest (March, April & May), indicating more short covering. However, Nifty futures volume saw an 8.8% decline, suggesting lower participation with probable lack of fresh bullish positions in future market.

Nifty Put-Call Ratio (PCR) Insights

Nifty March PCR: 1.093 (down from 1.117)
Nifty April PCR: 1.400 (up from 1.389)
Nifty May PCR: 1.458 (up from 1.340)
Nifty Total PCR (All Expiries): 1.147 (unchanged)

The increase in PCR near & far month expiries suggests put writing activity, indicating bullish bias. However, decrease in March PCR suggests Call writing at higher levels. The unchanged total PCR hints at neutral sentiment in the broader market.

FII & DII Activity in Cash Market

Foreign Institutional Investors (FIIs) were net buyers, purchasing ₹7,470.36 Cr in the cash market.
Domestic Institutional Investors (DIIs) booked profits, selling ₹3,202.26 Cr worth of equities.

FII Derivative Positioning

FII Index Future Open Interest Long Ratio: 31.79% (up from 29.68%) – coupled with fall in Nifty total OI; showing sustained short-covering.
FII Index Future Volume Long Ratio: 63.47% (slightly down from 63.82%) – indicating a stable futures trading volume.
FII Call Option Open Interest Long Ratio: 55.78% (down from 57.94%) – suggesting a reduction in bullish call positions.
FII Put Option Open Interest Long Ratio: 54.23% (down from 57.47%) – indicating a decline in put buying activity.

FII Trading Stats	21.03.25	20.03.25	19.03.25
FII Cash (Provisional Data)	7,470.36	3239.14	-1096.5
Index Future Open Interest Long Ratio	31.79%	29.68%	26.82%
Index Future Volume Long Ratio	63.47%	63.82%	62.32%
Call Option Open Interest Long Ratio	55.78%	57.94%	59.20%
Call Option Volume Long Ratio	49.85%	49.34%	50.78%
Put Option Open Interest Long Ratio	54.23%	57.47%	59.00%
Put Option Volume Long Ratio	49.54%	49.16%	50.40%
Stock Future Open Interest Long Ratio	64.93%	64.85%	64.48%
Stock Future Volume Long Ratio	51.10%	52.88%	50.48%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Fresh Short	Long Covering	Fresh Long
Nifty Futures	Short Covering	Fresh Long	Fresh Long
Nifty Options	Fresh Short	Long Covering	Fresh Long
BankNifty Futures	Fresh Long	Short Covering	Fresh Long
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Long	Long Covering	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Long
MidcpNifty Futures	Short Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Futures	Short Covering	Short Covering	Short Covering
NiftyNxt50 Options	Long Covering	Short Covering	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Long

Major Indices | Options Insights

SENSEX Monthly Expiry (25.03.2025)

The SENSEX index closed at 76905.51. The SENSEX monthly expiry for March 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.180 against previous 1.385. The 75000PE option holds the maximum open interest, followed by the 78500CE and 73000PE options. Market participants have shown increased interest with significant open interest additions in the 75000PE option, with open interest additions also seen in the 79000CE and 79500CE options. On the other hand, open interest reductions were prominent in the 71000PE, 74000PE, and 71500PE options. Trading volume was highest in the 77000CE option, followed by the 78000CE and 77500CE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	25-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76905.51	1.180	1.385	0.826
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,46,18,160	92,13,440	54,04,720
PUT:	1,72,49,020	1,27,63,589	44,85,431
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78500	11,52,360	1,84,520	2,05,46,500
79000	10,07,240	4,57,840	1,13,70,320
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
79000	10,07,240	4,57,840	1,13,70,320
79500	6,28,280	4,21,580	61,37,000
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
76000	2,42,940	-1,27,580	18,07,940
76400	85,880	-1,18,500	58,08,720
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	5,88,360	2,16,620	3,86,39,880
78000	8,85,440	27,580	3,57,45,480
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	12,05,500	6,51,520	1,69,97,960
73000	10,15,420	4,17,980	64,61,860
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75000	12,05,500	6,51,520	1,69,97,960
73000	10,15,420	4,17,980	64,61,860
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
71000	4,24,120	-2,34,940	28,32,760
74000	9,67,520	-2,20,000	89,87,180
Top PUT Volume:
Strike	OI	OI Change	Volume
76000	8,29,700	2,39,440	2,83,49,200
76500	4,41,720	2,71,940	2,43,55,980

NIFTY Monthly Expiry (27.03.2025)

The NIFTY index closed at 23350.4. The NIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.093 against previous 1.117. The 23000PE option holds the maximum open interest, followed by the 22000PE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 24100CE option, with open interest additions also seen in the 23600CE and 24200CE options. On the other hand, open interest reductions were prominent in the 23200CE, 23900CE, and 22800PE options. Trading volume was highest in the 23500CE option, followed by the 23400CE and 23300CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,350.40	1.093	1.117	0.836
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,22,24,100	12,28,11,925	3,94,12,175
PUT:	17,73,52,550	13,71,48,300	4,02,04,250
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,17,38,050	12,27,675	14,61,751
24,100	95,94,975	54,17,325	8,37,783
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,100	95,94,975	54,17,325	8,37,783
23,600	84,20,850	52,83,300	20,20,364
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,200	41,75,025	-12,49,200	15,03,326
23,900	39,93,000	-11,65,950	10,43,381
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	69,92,550	-7,71,075	31,89,965
23,400	48,26,175	2,92,125	28,25,540
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,29,38,775	36,49,900	21,25,243
22,000	1,25,35,600	13,07,400	6,46,449
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	1,29,38,775	36,49,900	21,25,243
23,300	44,97,300	34,23,525	24,11,210
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,800	59,54,325	-9,58,950	10,10,050
21,800	28,00,800	-9,20,625	2,80,569
Top PUT Volume:
Strike	OI	OI Change	Volume
23,200	71,07,675	25,68,375	24,56,076
23,300	44,97,300	34,23,525	24,11,210

BANKNIFTY Monthly Expiry (27.03.2025)

The BANKNIFTY index closed at 50593.55. The BANKNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.343 against previous 1.277. The 49000PE option holds the maximum open interest, followed by the 48000PE and 52000CE options. Market participants have shown increased interest with significant open interest additions in the 50500PE option, with open interest additions also seen in the 47500PE and 49000PE options. On the other hand, open interest reductions were prominent in the 46000PE, 47000PE, and 50000CE options. Trading volume was highest in the 50500CE option, followed by the 51000CE and 50000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
50,593.55	1.343	1.277	0.860
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,51,61,450	2,42,10,114	9,51,336
PUT:	3,37,89,285	3,09,20,190	28,69,095
Top CALL Open Interest:
Strike	OI	OI Change	Volume
52,000	17,75,820	1,29,660	3,77,895
53,000	14,35,980	60,030	2,12,630
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
53,500	5,72,730	2,67,870	1,00,287
50,600	4,16,250	1,93,290	3,57,021
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
50,000	9,80,760	-3,62,580	5,13,316
50,100	1,55,340	-2,69,490	3,05,631
Top CALL Volume:
Strike	OI	OI Change	Volume
50,500	9,70,920	-1,03,740	9,16,521
51,000	12,39,810	-2,24,895	7,17,620
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	25,42,500	3,49,230	3,69,848
48,000	18,81,600	-95,610	2,58,592
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,500	8,02,890	6,08,490	5,82,735
47,500	14,81,820	4,13,160	2,17,175
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
46,000	6,89,220	-6,82,500	1,26,913
47,000	14,53,200	-3,92,490	2,12,913
Top PUT Volume:
Strike	OI	OI Change	Volume
50,000	15,37,920	2,17,440	6,64,145
50,500	8,02,890	6,08,490	5,82,735

FINNIFTY Monthly Expiry (27.03.2025)

The FINNIFTY index closed at 24567.95. The FINNIFTY monthly expiry for March 27, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.152 against previous 1.293. The 24800CE option holds the maximum open interest, followed by the 23500PE and 24600CE options. Market participants have shown increased interest with significant open interest additions in the 24800CE option, with open interest additions also seen in the 24400PE and 23500PE options. On the other hand, open interest reductions were prominent in the 23000PE, 23200PE, and 23800CE options. Trading volume was highest in the 25000CE option, followed by the 24800CE and 24600CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,567.95	1.152	1.293	0.740
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	36,00,740	28,10,145	7,90,595
PUT:	41,49,600	36,33,500	5,16,100
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,800	3,48,985	1,77,125	42,796
24,600	2,70,725	16,575	38,981
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,800	3,48,985	1,77,125	42,796
25,500	1,45,535	1,04,715	8,455
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	47,840	-43,810	1,441
24,400	84,955	-33,930	23,204
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	1,93,830	24,765	52,659
24,800	3,48,985	1,77,125	42,796
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,500	2,97,960	1,10,110	24,460
23,000	2,56,425	-1,04,845	9,212
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,400	1,41,830	1,28,765	17,434
23,500	2,97,960	1,10,110	24,460
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	2,56,425	-1,04,845	9,212
23,200	1,13,945	-66,300	7,899
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	2,97,960	1,10,110	24,460
24,000	1,49,240	-31,265	24,188

MIDCPNIFTY Monthly Expiry (27.03.2025)

The MIDCPNIFTY index closed at 11507. The MIDCPNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.195 against previous 1.069. The 12000CE option holds the maximum open interest, followed by the 11000PE and 11300PE options. Market participants have shown increased interest with significant open interest additions in the 11100PE option, with open interest additions also seen in the 11800CE and 11500PE options. On the other hand, open interest reductions were prominent in the 61000CE, 60000PE, and 60000PE options. Trading volume was highest in the 11300PE option, followed by the 11500CE and 11600CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,507.00	1.195	1.069	0.990
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,33,61,280	1,34,90,520	-1,29,240
PUT:	1,59,61,080	1,44,20,040	15,41,040
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	15,10,800	1,12,920	42,974
11,800	9,47,880	3,64,920	71,202
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,800	9,47,880	3,64,920	71,202
11,700	8,96,760	2,11,200	77,574
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,750	2,57,400	-4,32,960	32,650
11,400	5,02,080	-2,03,280	47,850
Top CALL Volume:
Strike	OI	OI Change	Volume
11,500	7,97,400	-1,55,880	1,15,640
11,600	6,05,040	-1,56,240	79,565
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,000	13,61,280	15,000	66,219
11,300	13,21,920	2,94,840	1,31,154
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,100	12,48,720	4,05,840	38,814
11,500	4,97,640	3,52,080	75,358
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,950	2,82,240	-4,74,600	19,061
10,500	10,63,800	-2,70,600	24,595
Top PUT Volume:
Strike	OI	OI Change	Volume
11,300	13,21,920	2,94,840	1,31,154
11,500	4,97,640	3,52,080	75,358

Conclusion

The rise in Nifty futures premium and the drop in open interest suggest that short sellers are covering their positions, leading to the recent upside. Strong FII buying in the cash market is supporting the index, while DIIs are booking profits. The decrease in March PCR levels indicates limited upside before Expiry. However, the decline in FII options positioning signals some uncertainty in market direction.

Traders should keep an eye on key resistance levels near 23,500-23,600 and support at 23,000.