Nifty nears Resistances at 23,100 – 23,300 | Falling Volume Shows Uncertainty Before FED Decision Tonight

Nifty Ends Higher, But Futures Activity Shows Caution

The Indian stock market saw a mild positive session as Nifty spot closed at 22,907.6, gaining 0.32%. Meanwhile, Nifty March futures settled at 22,972.95, up 0.34%, maintaining a 65.35-point premium over the spot price.

• Nifty futures premium increased by 4.25 points, indicating a slight bullish sentiment.
• However, combined Nifty futures open interest (March, April & May) increased by 0.44%, suggesting a build-up of fresh positions.
• Futures volume dropped by 27.3%, hinting at lower participation in derivatives trading.

Put-Call Ratio (PCR) Trends Indicate Shifting Market Sentiment

Nifty Put-Call Ratio (PCR) Insights:
Nifty March PCR: 1.138 (up from 1.116)
Nifty April PCR: 1.235 (up from 1.215)
Nifty May PCR: 1.282 (up from 1.244)
Nifty Total PCR (all Expiries): 1.204 (down from 1.291)

March, April, and May PCR levels increased, indicating more put buying or call unwinding, which can suggest downside protection by traders. Total PCR declined from 1.291 to 1.204, hinting at a slight reduction in bullish momentum in Weekly Nifty Contract with Call writing in 23,100 – 23,300 levels.

FII & DII Market Activity: Institutional Divergence Continues

Institutional investors showed divergent positioning in the cash market:
FIIs net sold ₹1,096.5 Cr, continuing their cautious approach.
DIIs net bought ₹2,140.76 Cr, providing much-needed market support.

This suggests that while foreign investors remain cautious, domestic investors continue to provide stability, preventing any sharp correction.

FII Derivatives Positioning: Increased Longs in Futures & Options

Foreign Institutional Investors (FIIs) made notable changes in their F&O positions:

• FII Index Future Open Interest Long Ratio rose to 26.82% (from 24%), indicating an increase in bullish positions.
• FII Index Future Volume Long Ratio fell to 62.32% (from 73.23%), showing a decline in overall futures trading activity.
• FII Call Option Open Interest Long Ratio increased to 59.2% (from 57.15%), suggesting more interest in Call writing at 23,100 – 23,300 Strikes.
• FII Put Option Open Interest Long Ratio also moved up to 59% (from 57.76%), signaling hedging activity and probable Put writing at 22,800 – 22,900 Strikes.

FII Trading Stats	19.03.25	18.03.25	17.03.25
FII Cash (Provisional Data)	-1096.5	694.57	-4488.45
Index Future Open Interest Long Ratio	26.82%	24.00%	20.17%
Index Future Volume Long Ratio	62.32%	73.23%	71.26%
Call Option Open Interest Long Ratio	59.20%	57.15%	58.41%
Call Option Volume Long Ratio	50.78%	49.92%	50.79%
Put Option Open Interest Long Ratio	59.00%	57.76%	60.35%
Put Option Volume Long Ratio	50.40%	49.43%	50.11%
Stock Future Open Interest Long Ratio	64.48%	64.41%	63.87%
Stock Future Volume Long Ratio	50.48%	55.00%	55.68%
Index Futures	Fresh Long	Short Covering	Short Covering
Index Options	Fresh Long	Fresh Short	Fresh Long
Nifty Futures	Fresh Long	Short Covering	Short Covering
Nifty Options	Fresh Long	Fresh Short	Fresh Long
BankNifty Futures	Fresh Long	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Long Covering
FinNifty Futures	Long Covering	Fresh Long	Fresh Long
FinNifty Options	Fresh Long	Short Covering	Short Covering
MidcpNifty Futures	Short Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Long	Fresh Long	Short Covering
NiftyNxt50 Futures	Short Covering	Short Covering	Short Covering
NiftyNxt50 Options	Fresh Short	Long Covering	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Long	Fresh Long	Fresh Short

Major Indices | Options Insights

SENSEX Monthly Expiry (25.03.2025)

The SENSEX index closed at 75449.05. The SENSEX Monthly expiry for March 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.253 against previous 1.811. The 76500CE option holds the maximum open interest, followed by the 71000PE and 72000PE options. Market participants have shown increased interest with significant open interest additions in the 76500CE option, with open interest additions also seen in the 75500PE and 68000PE options. On the other hand, open interest reductions were prominent in the 75100CE, 75000CE, and 75200CE options. Trading volume was highest in the 75500CE option, followed by the 75500PE and 75400PE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	25-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
75449.05	1.253	1.811	0.968
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	42,88,640	14,55,840	28,32,800
PUT:	53,73,300	26,36,509	27,36,791
Top CALL Open Interest:
Strike	OI	OI Change	Volume
76500	4,36,980	3,37,660	42,67,880
78000	2,65,260	1,50,100	25,67,780
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
76500	4,36,980	3,37,660	42,67,880
78500	2,54,740	2,17,960	29,61,400
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
75100	17,340	-22,320	3,87,940
75000	83,240	-19,640	7,49,280
Top CALL Volume:
Strike	OI	OI Change	Volume
75500	2,29,680	1,40,580	71,93,940
77000	2,37,240	94,680	53,91,700
Top PUT Open Interest:
Strike	OI	OI Change	Volume
71000	3,73,040	59,760	14,79,080
72000	3,41,620	1,90,760	21,81,240
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75500	2,95,320	2,45,740	69,31,240
68000	2,53,440	2,45,000	10,12,120
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
71500	2,43,580	-1,500	23,81,040
78000	7,060	-80	260
Top PUT Volume:
Strike	OI	OI Change	Volume
75500	2,95,320	2,45,740	69,31,240
75400	1,20,040	1,00,040	58,76,640

NIFTY Weekly Expiry (20.03.2025)

The NIFTY index closed at 22907.6. The NIFTY weekly expiry for March 20, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.246 against previous 1.426. The 23300CE 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 23300CE option, with open interest additions also seen in the 22900PE and 23100CE options. On the other hand, open interest reductions were prominent in the 22850CE, 21800PE, and 23500CE options. Trading volume was highest in the 22900CE option, followed by the 23000CE and 22900PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	20-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,907.60	1.246	1.426	0.951
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,64,14,725	12,51,36,900	1,12,77,825
PUT:	16,99,13,325	17,84,77,125	-85,63,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,300	1,46,24,025	91,93,125	19,42,543
23,000	1,21,60,125	-10,57,575	61,48,712
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,300	1,46,24,025	91,93,125	19,42,543
23,100	99,62,100	46,80,375	39,90,560
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,850	21,01,275	-41,27,400	30,57,383
23,500	80,07,150	-26,98,650	10,90,465
Top CALL Volume:
Strike	OI	OI Change	Volume
22,900	84,26,100	38,73,525	62,45,044
23,000	1,21,60,125	-10,57,575	61,48,712
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,500	1,35,59,025	9,81,900	22,09,735
22,000	1,23,92,625	2,03,475	11,07,943
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,900	74,84,925	55,66,950	52,50,513
22,800	92,08,050	29,46,900	44,29,118
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,800	38,97,750	-34,84,725	6,07,140
21,700	26,62,500	-25,76,925	4,52,905
Top PUT Volume:
Strike	OI	OI Change	Volume
22,900	74,84,925	55,66,950	52,50,513
22,800	92,08,050	29,46,900	44,29,118

NIFTY Monthly Expiry (27.03.2025)

The NIFTY index closed at 22907.6. The NIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.138 against previous 1.116. 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 21000PE option, with open interest additions also seen in the 24000CE and 23200CE options. On the other hand, open interest reductions were prominent in the 22500CE, 22800CE, and 22700CE options. Trading volume was highest in the 23000CE option, followed by the 22900PE and 23200CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,907.60	1.138	1.116	1.139
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,93,29,700	7,04,93,500	88,36,200
PUT:	9,03,04,225	7,86,63,950	1,16,40,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
31,000	72,05,375	5,84,700	18,919
23,000	60,07,125	57,425	2,90,329
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,000	57,51,550	18,44,025	1,04,326
23,200	37,33,050	11,86,200	1,88,399
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,500	39,93,225	-3,86,025	31,093
22,800	21,03,600	-3,04,200	1,08,698
Top CALL Volume:
Strike	OI	OI Change	Volume
23,000	60,07,125	57,425	2,90,329
23,200	37,33,050	11,86,200	1,88,399
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,000	83,58,425	1,84,525	1,60,626
22,500	77,54,475	-35,475	1,70,160
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
21,000	66,79,650	18,74,750	1,05,589
22,900	19,02,450	11,38,275	1,91,960
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,200	6,16,125	-1,57,725	24,515
21,400	8,51,700	-1,55,400	44,624
Top PUT Volume:
Strike	OI	OI Change	Volume
22,900	19,02,450	11,38,275	1,91,960
22,800	31,57,500	6,21,450	1,81,413

BANKNIFTY Monthly Expiry (27.03.2025)

The BANKNIFTY index closed at 49702.6. The BANKNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.294 against previous 1.249. 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 49500PE option, with open interest additions also seen in the 52000CE and 49800PE options. On the other hand, open interest reductions were prominent in the 44500PE, 45500PE, and 49000CE options. Trading volume was highest in the 50000CE option, followed by the 49500CE and 49500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
49,702.60	1.294	1.249	0.919
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,35,52,640	2,32,56,804	2,95,836
PUT:	3,04,71,840	2,90,53,980	14,17,860
Top CALL Open Interest:
Strike	OI	OI Change	Volume
52,000	16,23,150	3,66,120	1,79,321
51,000	14,08,155	-28,305	3,08,554
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
52,000	16,23,150	3,66,120	1,79,321
52,500	7,16,505	2,55,915	77,457
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
49,000	12,41,280	-2,14,950	92,593
51,500	9,13,890	-1,53,510	1,99,512
Top CALL Volume:
Strike	OI	OI Change	Volume
50,000	12,70,440	-52,140	4,22,677
49,500	8,53,290	-1,51,410	4,07,351
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	21,84,780	2,05,650	2,68,318
48,000	19,80,675	14,250	2,16,272
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
49,500	10,11,330	4,97,130	3,58,221
49,800	3,44,250	3,10,590	1,75,206
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
44,500	3,93,690	-3,05,010	67,070
45,500	3,79,110	-2,21,850	85,682
Top PUT Volume:
Strike	OI	OI Change	Volume
49,500	10,11,330	4,97,130	3,58,221
49,000	21,84,780	2,05,650	2,68,318

FINNIFTY Monthly Expiry (27.03.2025)

The FINNIFTY index closed at 24140.35. The FINNIFTY monthly expiry for March 27, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.376 against previous 1.557. The 22000PE option holds the maximum open interest, followed by the 23000PE and 19500PE options. Market participants have shown increased interest with significant open interest additions in the 24400CE option, with open interest additions also seen in the 24000PE and 23000PE options. On the other hand, open interest reductions were prominent in the 19500PE, 24300CE, and 22500PE options. Trading volume was highest in the 24500CE option, followed by the 24100CE and 24000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,140.35	1.376	1.557	0.774
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	24,23,200	19,97,190	4,26,010
PUT:	33,33,395	31,09,275	2,24,120
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,400	1,64,320	1,03,480	8,343
24,500	1,54,700	-7,800	26,105
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,400	1,64,320	1,03,480	8,343
24,800	1,20,445	77,025	9,115
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,300	72,020	-52,910	7,905
24,000	1,14,855	-12,610	12,991
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	1,54,700	-7,800	26,105
24,100	91,650	33,150	17,072
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,000	3,51,325	40,235	3,594
23,000	3,26,755	78,650	11,926
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,40,465	93,795	16,852
23,000	3,26,755	78,650	11,926
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
19,500	2,00,460	-97,305	3,894
22,500	1,00,815	-45,890	4,257
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	1,40,465	93,795	16,852
23,000	3,26,755	78,650	11,926

MIDCPNIFTY Monthly Expiry (27.03.2025)

The MIDCPNIFTY index closed at 11352.1. The MIDCPNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.100 against previous 0.958. The 12000CE option holds the maximum open interest, followed by the 10500PE and 11000PE options. Market participants have shown increased interest with significant open interest additions in the 11300PE option, with open interest additions also seen in the 10500PE and 11200PE options. On the other hand, open interest reductions were prominent in the 60000CE, 59500CE, and 61000CE options. Trading volume was highest in the 11500CE option, followed by the 11400CE and 11300CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,352.10	1.100	0.958	0.836
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,13,60,400	1,02,25,680	11,34,720
PUT:	1,24,94,040	97,94,160	26,99,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	12,99,120	2,86,440	27,401
11,500	9,09,840	1,29,720	56,235
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,000	12,99,120	2,86,440	27,401
11,900	4,48,920	2,04,600	17,229
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,100	3,54,960	-2,40,480	9,262
11,000	4,86,840	-1,57,680	6,595
Top CALL Volume:
Strike	OI	OI Change	Volume
11,500	9,09,840	1,29,720	56,235
11,400	5,65,440	79,200	47,634
Top PUT Open Interest:
Strike	OI	OI Change	Volume
10,500	12,59,040	4,92,120	29,001
11,000	12,43,200	-19,320	32,003
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,300	7,10,400	6,17,880	31,757
10,500	12,59,040	4,92,120	29,001
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,000	7,20,360	-1,18,320	10,672
10,100	1,24,920	-77,040	5,793
Top PUT Volume:
Strike	OI	OI Change	Volume
11,200	8,70,960	4,29,960	37,818
11,000	12,43,200	-19,320	32,003

Market Outlook: What’s Next for Nifty?

Nifty Futures Premium Increase: The rising premium suggests optimism, but not extreme bullishness.
Higher PCR in March-April-May Expiries: Indicates Put writing and bullish positioning, with support at lower levels. Cautious with Call writing in Weekly Contracts.

FII Cash Selling vs. DII Buying: Domestic investors are holding the market steady, despite FII outflows.
FII Derivatives Data: Increased long positions in both futures and options indicate selective bullish bets; cautious with lower volume.

Key Nifty Levels to Watch:

• Immediate Resistance: 23,100 – 23,300
• Strong Support: 22,800 – 22,900

Final Thoughts

The market remains resilient despite FII selling, thanks to DII support and increased F&O long positions. However, lower futures volume and a slight drop in total PCR suggest that momentum needs to pick up for a stronger rally.