Nifty nears Resistance | Short Covering as PCR & FII Long Positions Rise With Fall In Open Interest

Nifty spot closed at 22,834.3, up 1.45%, while Nifty March futures ended at 22,895.4, gaining 1.45% and maintaining a 61.1-point premium over the spot price. A strong session, combined with a 0.73% decline in combined open interest across March, April & May futures and also contraction in March futures premium by 14.4 points, suggests short covering during the session and also some profit booking in long positions. This means traders who had previously taken short positions have unwinded them, and also bullish traders booked profit near Nifty resistances at 22,800 – 23,000. Additionally, a 41.27% rise in combined Nifty future volume indicates strong short covering pressure.

Nifty Put-Call Ratio (PCR) Insights

Nifty March PCR: 1.116 (up from 0.987) – Indicates an increase in put writing, a sign of bullishness.

Nifty April PCR: 1.215 (up from 1.228) – Suggests somewhat muted trading in April expiry.

Nifty May PCR: 1.244 (up from 1.239) – Indicates long-term confidence among traders.

Total PCR (all Expiries): 1.291 (up from 1.047) – The overall rise in PCR suggests a reduction in bearish bets and increased put writing, typically a positive indicator.

FII & DII Activity: Institutional Players in Action

In the cash market, Foreign Institutional Investors (FIIs) bought for ₹694.57 Cr, which supported bullish sentiment. Domestic Institutional Investors (DIIs) also stepped in with ₹2,534.75 Cr in net buying, helping Nifty to cross crucial 22,500 – 22,800 resistance levels.

FII Index Future Positioning: Short Covering Pressure ahead of FED Meeting

FII Index Future Open Interest Long Ratio improved to 24% (from 20.17%), indicating that FIIs exited some of their short positions.FII Index Future Volume Long Ratio surged to 73.23% (from 71.26%), reflecting a significant increase in bullish bets with higher participation.

FII Trading Stats	18.03.25	17.03.25	13.03.25
FII Cash (Provisional Data)	694.57	-4488.45	-792.9
Index Future Open Interest Long Ratio	24.00%	20.17%	18.82%
Index Future Volume Long Ratio	73.23%	71.26%	49.19%
Call Option Open Interest Long Ratio	57.15%	58.41%	56.57%
Call Option Volume Long Ratio	49.92%	50.79%	48.99%
Put Option Open Interest Long Ratio	57.76%	60.35%	62.37%
Put Option Volume Long Ratio	49.43%	50.11%	49.33%
Stock Future Open Interest Long Ratio	64.41%	63.87%	63.39%
Stock Future Volume Long Ratio	55.00%	55.68%	46.58%
Index Futures	Short Covering	Short Covering	Fresh Short
Index Options	Fresh Short	Fresh Long	Long Covering
Nifty Futures	Short Covering	Short Covering	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Long Covering
BankNifty Futures	Short Covering	Short Covering	Fresh Long
BankNifty Options	Fresh Short	Long Covering	Fresh Long
FinNifty Futures	Fresh Long	Fresh Long	Long Covering
FinNifty Options	Short Covering	Short Covering	Fresh Short
MidcpNifty Futures	Short Covering	Short Covering	Fresh Short
MidcpNifty Options	Fresh Long	Short Covering	Fresh Short
NiftyNxt50 Futures	Short Covering	Short Covering	Long Covering
NiftyNxt50 Options	Long Covering	Fresh Short	Long Covering
Stock Futures	Fresh Long	Fresh Long	Long Covering
Stock Options	Fresh Long	Fresh Short	Fresh Short

Major Indices | Options Insights

SENSEX Weekly Expiry (25.03.2025)

The SENSEX index closed at 75301.26. The SENSEX weekly expiry for March 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.811 against previous 1.070. The 71000PE option holds the maximum open interest, followed by the 71500PE and 72500PE options. Market participants have shown increased interest with significant open interest additions in the 75000PE option, with open interest additions also seen in the 72500PE and 71500PE options. On the other hand, open interest reductions were prominent in the 74000CE, 74400CE, and 74200CE options. Trading volume was highest in the 77000CE option, followed by the 75000PE and 75000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	25-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
75301.26	1.811	1.070	1.190
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,55,840	7,30,480	7,25,360
PUT:	26,37,080	7,81,820	18,55,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
77000	1,42,560	1,020	14,72,120
76000	1,22,800	13,420	9,10,320
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77500	1,18,500	91,920	9,70,740
78000	1,15,160	83,660	5,90,840
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
74000	26,500	-9,340	1,00,220
74400	2,600	-6,420	52,200
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	1,42,560	1,020	14,72,120
75000	1,02,880	63,200	11,83,780
Top PUT Open Interest:
Strike	OI	OI Change	Volume
71000	3,13,280	1,23,560	9,11,100
71500	2,45,080	1,65,420	8,23,020
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75000	1,92,240	1,69,960	12,99,440
72500	2,23,000	1,66,420	9,51,700
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
72300	5,280	-620	36,060
70400	80	-380	900
Top PUT Volume:
Strike	OI	OI Change	Volume
75000	1,92,240	1,69,960	12,99,440
72500	2,23,000	1,66,420	9,51,700

NIFTY Weekly Expiry (20.03.2025):

The NIFTY index closed at 22834.3. The NIFTY weekly expiry for March 20, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.426 against previous 1.031. The 23000CE option holds the maximum open interest, followed by the 22500PE and 22000PE options. Market participants have shown increased interest with significant open interest additions in the 22600PE option, with open interest additions also seen in the 22700PE and 22800PE options. On the other hand, open interest reductions were prominent in the 22700CE, 22500CE, and 22600CE options. Trading volume was highest in the 23000CE option, followed by the 22800CE and 22700PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	20-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,834.30	1.426	1.031	0.958
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,51,36,900	12,22,59,300	28,77,600
PUT:	17,84,77,125	12,60,47,475	5,24,29,650
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,000	1,32,17,700	43,64,550	34,73,150
23,500	1,07,05,800	8,30,925	9,19,367
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,000	1,32,17,700	43,64,550	34,73,150
23,400	76,98,750	25,04,325	7,45,080
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,700	34,23,600	-43,22,850	24,81,778
22,500	34,01,775	-35,21,175	4,43,411
Top CALL Volume:
Strike	OI	OI Change	Volume
23,000	1,32,17,700	43,64,550	34,73,150
22,800	56,98,725	-22,75,575	31,32,534
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,500	1,25,77,125	41,78,400	21,02,015
22,000	1,21,89,150	36,31,500	10,74,985
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,600	1,04,92,800	78,26,325	21,84,346
22,700	81,80,550	72,09,075	26,86,779
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,500	65,42,400	-14,67,900	6,40,179
21,000	62,86,800	-14,63,700	2,94,555
Top PUT Volume:
Strike	OI	OI Change	Volume
22,700	81,80,550	72,09,075	26,86,779
22,600	1,04,92,800	78,26,325	21,84,346

NIFTY Monthly Expiry (27.03.2025)

The NIFTY index closed at22834.3. The NIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.116 against previous 0.987. The 22000PE option holds the maximum open interest, followed by the 22500PE and 31000CE options. Market participants have shown increased interest with significant open interest additions in the 22800PE option, with open interest additions also seen in the 22700PE and 23200CE options. On the other hand, open interest reductions were prominent in the 22500CE, 23000CE, and 22600CE options. Trading volume was highest in the 23000CE option, followed by the 22500PE and 22000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,834.30	1.116	0.987	1.156
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,04,93,500	7,03,34,075	1,59,425
PUT:	7,86,63,950	6,93,94,800	92,69,150
Top CALL Open Interest:
Strike	OI	OI Change	Volume
31,000	66,20,675	-3,32,325	24,054
23,000	59,49,700	-6,31,700	2,62,391
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,200	25,46,850	10,35,075	1,37,159
23,100	18,17,775	6,14,775	1,03,186
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,500	43,79,250	-12,48,225	90,342
23,000	59,49,700	-6,31,700	2,62,391
Top CALL Volume:
Strike	OI	OI Change	Volume
23,000	59,49,700	-6,31,700	2,62,391
22,800	24,07,800	-1,36,650	1,82,909
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,000	81,73,900	-1,08,700	2,42,011
22,500	77,89,950	10,00,500	2,45,558
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,800	25,36,050	17,40,750	1,68,268
22,700	28,04,625	12,01,425	1,83,714
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,100	10,68,075	-2,71,425	77,898
20,000	24,70,250	-1,95,550	11,267
Top PUT Volume:
Strike	OI	OI Change	Volume
22,500	77,89,950	10,00,500	2,45,558
22,000	81,73,900	-1,08,700	2,42,011

BANKNIFTY Monthly Expiry (27.03.2025)

The BANKNIFTY index closed at 49314.5. The BANKNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.243 against previous 1.031. The 49000PE option holds the maximum open interest, followed by the 48000PE and 47000PE options. Market participants have shown increased interest with significant open interest additions in the 49000PE option, with open interest additions also seen in the 48000PE and 48800PE options. On the other hand, open interest reductions were prominent in the 48500CE, 49000CE, and 50000CE options. Trading volume was highest in the 49000CE option, followed by the 49000PE and 50000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
49,314.50	1.243	1.031	0.962
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,33,74,875	2,48,11,134	-14,36,259
PUT:	2,90,53,980	2,55,89,790	34,64,190
Top CALL Open Interest:
Strike	OI	OI Change	Volume
49,000	14,56,230	-4,40,310	4,41,591
51,000	14,36,460	-4,800	2,11,040
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
51,500	10,67,400	2,65,110	1,84,468
61,500	12,21,990	2,50,590	60,995
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
48,500	8,31,270	-4,76,760	1,26,400
49,000	14,56,230	-4,40,310	4,41,591
Top CALL Volume:
Strike	OI	OI Change	Volume
49,000	14,56,230	-4,40,310	4,41,591
50,000	13,22,580	-2,51,490	3,42,919
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	19,79,130	10,77,150	4,28,055
48,000	19,66,425	3,62,520	2,41,009
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
49,000	19,79,130	10,77,150	4,28,055
48,000	19,66,425	3,62,520	2,41,009
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
40,500	14,75,910	-1,88,160	59,565
53,000	7,70,280	-1,53,960	5,486
Top PUT Volume:
Strike	OI	OI Change	Volume
49,000	19,79,130	10,77,150	4,28,055
48,000	19,66,425	3,62,520	2,41,009

FINNIFTY Monthly Expiry (27.03.2025)

The FINNIFTY index closed at 23969.7. The FINNIFTY monthly expiry for March 27, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.557 against previous 1.342. The 22000PE option holds the maximum open interest, followed by the 19500PE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 24300CE option, with open interest additions also seen in the 23800PE and 24700CE options. On the other hand, open interest reductions were prominent in the 23800CE, 24100CE, and 24000CE options. Trading volume was highest in the 24500CE option, followed by the 24000CE and 23800CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,969.70	1.557	1.342	0.958
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	19,97,190	19,84,515	12,675
PUT:	31,09,275	26,62,920	4,46,355
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,62,500	-36,920	22,763
24,000	1,27,465	-38,090	13,403
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,300	1,24,930	1,03,025	9,964
24,700	85,215	65,910	5,064
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	81,445	-54,470	10,920
24,100	58,500	-39,845	6,999
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	1,62,500	-36,920	22,763
24,000	1,27,465	-38,090	13,403
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,000	3,11,090	22,880	7,389
19,500	2,97,765	-7,345	406
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,800	91,650	73,970	8,565
23,500	1,59,965	65,520	10,910
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,500	1,07,380	-33,930	2,899
22,200	65,325	-18,070	1,838
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	1,59,965	65,520	10,910
23,800	91,650	73,970	8,565

MIDCPNIFTY Monthly Expiry (27.03.2025)

The MIDCPNIFTY index closed at 11142.65. The MIDCPNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.958 against previous 0.925. The 11000PE option holds the maximum open interest, followed by the 12000CE and 10000PE options. Market participants have shown increased interest with significant open interest additions in the 11000PE option, with open interest additions also seen in the 11100PE and 11300CE options. On the other hand, open interest reductions were prominent in the 60000CE, 56000PE, and 57000PE options. Trading volume was highest in the 11300CE option, followed by the 11000PE and 11000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,142.65	0.958	0.925	0.865
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,02,25,680	1,02,53,520	-27,840
PUT:	97,94,160	94,87,800	3,06,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	10,12,680	1,73,280	8,922
11,500	7,80,120	-1,80,720	22,134
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,300	6,56,280	2,13,360	48,227
12,000	10,12,680	1,73,280	8,922
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,000	6,44,520	-2,92,440	28,931
11,500	7,80,120	-1,80,720	22,134
Top CALL Volume:
Strike	OI	OI Change	Volume
11,300	6,56,280	2,13,360	48,227
11,000	6,44,520	-2,92,440	28,931
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,000	12,62,520	5,01,240	38,143
10,000	8,38,680	-1,96,080	12,458
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,000	12,62,520	5,01,240	38,143
11,100	5,75,160	2,73,840	12,697
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,700	4,27,440	-2,19,240	12,207
10,000	8,38,680	-1,96,080	12,458
Top PUT Volume:
Strike	OI	OI Change	Volume
11,000	12,62,520	5,01,240	38,143
10,500	7,66,920	-1,06,680	17,943

Conclusion

The market is showing early signs of recovery, supported by short covering in Nifty futures, rising PCR, and both FII & DII buying. While FIIs participated marginally on the bullish side in the cash market, their decreasing short positions in index futures indicates a potential shift in sentiment. If this trend continues, Nifty could see further upside in the coming sessions. However, traders should watch for 23,000 – 23,100 levels; which added highest open interest in Calls. Put writing activity has been shifted upwards to 22,500 level. Traders are expecting Nifty to trade within this 600 points range before monthly Expiry on March 27, 2025. A break of either of these two important levels should provide a strong directional move. If Nifty breaks above 23,100, it could trigger further short-covering and fresh buying, pushing the index higher. Conversely, a breakdown below 22,500 might lead to further selling pressure, intensifying bearish sentiment.