Nifty Rallies 1.24% as FIIs Turn Buyers | Futures Premium Contracts

The Indian stock market witnessed a strong session as Nifty closed at 23,190.65, marking a 1.24% gain. Nifty March futures ended at 23,200.25, up 0.99%, but the futures premium contracted sharply to 9.6 points from the previous 65.35 points. This was accompanied by a 3.17% decline in combined Nifty Futures open interest (March, April & May), while Nifty futures volume surged 68%, indicating strong participation.

Put-Call Ratio (PCR) Insights

Nifty March PCR: 1.117 (up from 1.138)
Nifty April PCR: 1.389 (up from 1.235)
Nifty May PCR: 1.340 (up from 1.282)
Nifty Total PCR (all expiries): 1.147 (down from 1.204)

The rise in monthly expiry PCR suggests increased put writing, which can indicate bullish sentiment. However, the drop in overall PCR hints at a potential shift in market positioning.

Institutional Activity – FIIs Turn Buyers, DIIs Book Profits

In the cash market, institutional flows reflected a reversal in trends:

FIIs net bought ₹3,239.14 Cr, providing a strong boost to the market.
DIIs net sold ₹3,136.02 Cr, possibly booking profits after the recent rally.

FII Derivatives Positioning – Mixed Signals

FII Index Futures Open Interest Long Ratio: Improved to 29.68% (from 26.82%), indicating an increase in long positions.
FII Index Futures Volume Long Ratio: Slightly up to 63.82% (from 62.32%), showing sustained activity.
FII Call Option Open Interest Long Ratio: Decreased to 57.94% (from 59.2%), signaling reduced confidence in aggressive upside moves.
FII Put Option Open Interest Long Ratio: Improved to 57.47% (from 57.76%), indicating hedging activity remains strong.

FII Trading Stats	20.03.25	19.03.25	18.03.25
FII Cash (Provisional Data)	3239.14	-1096.5	694.57
Index Future Open Interest Long Ratio	29.68%	26.82%	24.00%
Index Future Volume Long Ratio	63.82%	62.32%	73.23%
Call Option Open Interest Long Ratio	57.94%	59.20%	57.15%
Call Option Volume Long Ratio	49.34%	50.78%	49.92%
Put Option Open Interest Long Ratio	57.47%	59.00%	57.76%
Put Option Volume Long Ratio	49.16%	50.40%	49.43%
Stock Future Open Interest Long Ratio	64.85%	64.48%	64.41%
Stock Future Volume Long Ratio	52.88%	50.48%	55.00%
Index Futures	Short Covering	Fresh Long	Short Covering
Index Options	Long Covering	Fresh Long	Fresh Short
Nifty Futures	Fresh Long	Fresh Long	Short Covering
Nifty Options	Long Covering	Fresh Long	Fresh Short
BankNifty Futures	Short Covering	Fresh Long	Short Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Long Covering	Fresh Long
FinNifty Options	Fresh Short	Fresh Long	Short Covering
MidcpNifty Futures	Short Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Short Covering	Short Covering	Short Covering
NiftyNxt50 Options	Short Covering	Fresh Short	Long Covering
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Long	Fresh Long

Major Indices | Options Insights

SENSEX Monthly Expiry (25.03.2025)

The SENSEX index closed at 76348.06. The SENSEX Monthly expiry for March 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.385 against previous 1.253. The 74000PE option holds the maximum open interest, followed by the 78500CE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 74000PE option, with open interest additions also seen in the 78500CE and 78000CE options. On the other hand, open interest reductions were prominent in the 75500CE, 76500CE, and 75400CE options. Trading volume was highest in the 76000PE option, followed by the 76000CE and 77000CE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	25-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76348.06	1.385	1.253	0.988
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	92,13,440	42,88,640	49,24,800
PUT:	1,27,63,820	53,73,300	73,90,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78500	9,67,840	7,13,100	54,79,780
78000	8,57,860	5,92,600	62,88,480
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
78500	9,67,840	7,13,100	54,79,780
78000	8,57,860	5,92,600	62,88,480
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
75500	87,640	-1,42,040	12,80,480
76500	3,14,280	-1,22,700	68,25,560
Top CALL Volume:
Strike	OI	OI Change	Volume
76000	3,70,520	2,15,080	80,76,860
77000	3,71,740	1,34,500	72,54,120
Top PUT Open Interest:
Strike	OI	OI Change	Volume
74000	11,87,520	9,22,220	50,91,700
71000	6,59,060	2,86,020	22,18,380
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
74000	11,87,520	9,22,220	50,91,700
76000	5,90,260	5,55,000	88,91,960
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
68000	2,18,060	-35,380	9,97,400
71200	16,980	-4,980	1,26,100
Top PUT Volume:
Strike	OI	OI Change	Volume
76000	5,90,260	5,55,000	88,91,960
75900	2,70,080	2,56,440	65,51,220

NIFTY Monthly Expiry (27.03.2025)

The NIFTY index closed at 23190.65. The NIFTY Monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.117 against previous 1.138. The 22000PE option holds the maximum open interest, followed by the 24000CE and 21000PE options. Market participants have shown increased interest with significant open interest additions in the 23000PE option, with open interest additions also seen in the 24000CE and 23900CE options. On the other hand, open interest reductions were prominent in the 22900CE, 22800CE, and 22700CE options. Trading volume was highest in the 23000PE option, followed by the 23500CE and 23200CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,190.65	1.117	1.138	1.111
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,28,11,925	7,93,29,700	4,34,82,225
PUT:	13,71,48,300	9,03,04,225	4,68,44,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,05,10,375	47,58,825	3,58,616
23,500	77,63,625	28,01,625	5,88,773
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,05,10,375	47,58,825	3,58,616
23,900	51,58,950	42,18,825	2,21,367
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,900	14,84,925	-3,92,475	96,487
22,800	17,47,950	-3,55,650	50,130
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	77,63,625	28,01,625	5,88,773
23,200	54,24,225	16,91,175	5,72,841
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,000	1,12,28,200	28,69,775	3,95,455
21,000	96,48,225	29,68,575	2,28,054
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	92,88,875	57,30,100	7,45,630
23,200	45,39,300	41,97,450	3,54,731
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,650	3,17,550	-1,07,475	33,741
23,900	62,550	-89,550	1,444
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	92,88,875	57,30,100	7,45,630
22,800	69,13,275	37,55,775	4,05,012

BANKNIFTY Monthly Expiry (27.03.2025)

The BANKNIFTY index closed at 50062.85. The BANKNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.239 against previous 1.281. 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 50000PE option, with open interest additions also seen in the 50100CE and 50100PE options. On the other hand, open interest reductions were prominent in the 49000CE, 45500PE, and 46000PE options. Trading volume was highest in the 50000CE option, followed by the 50000PE and 49900CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
50,062.85	1.239	1.281	0.942
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,49,61,635	2,35,52,640	14,08,995
PUT:	3,09,20,190	3,01,60,239	7,59,951
Top CALL Open Interest:
Strike	OI	OI Change	Volume
52,000	16,46,160	23,010	2,44,339
51,000	14,64,705	56,550	2,73,034
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
50,100	4,24,830	2,22,390	2,26,305
53,000	13,75,950	1,76,130	1,07,759
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
49,000	10,74,420	-1,66,860	33,551
49,700	1,93,800	-1,13,100	1,39,007
Top CALL Volume:
Strike	OI	OI Change	Volume
50,000	13,43,340	72,900	6,53,559
49,900	3,16,890	91,410	3,12,988
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	21,93,270	8,490	2,56,372
48,000	19,77,210	-3,465	2,14,789
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	13,20,480	5,78,100	4,60,535
50,100	2,68,380	2,14,980	1,69,351
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
45,500	2,22,360	-1,56,750	39,371
46,000	13,71,720	-1,46,220	99,018
Top PUT Volume:
Strike	OI	OI Change	Volume
50,000	13,20,480	5,78,100	4,60,535
49,900	3,12,060	1,88,460	2,77,351

FINNIFTY Monthly Expiry (27.03.2025)

The FINNIFTY index closed at 24309. The FINNIFTY monthly expiry for March 27, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.293 against previous 1.376. The 23000PE option holds the maximum open interest, followed by the 22000PE and 24600CE options. Market participants have shown increased interest with significant open interest additions in the 24600CE option, with open interest additions also seen in the 23200PE and 24750CE options. On the other hand, open interest reductions were prominent in the 22000PE, 22900PE, and 24400CE options. Trading volume was highest in the 24000PE option, followed by the 24200PE and 24500CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,309.00	1.293	1.376	0.961
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	28,10,145	24,23,200	3,86,945
PUT:	36,33,500	33,33,395	3,00,105
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,600	2,54,150	1,50,865	15,696
24,800	1,71,860	51,415	9,260
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,600	2,54,150	1,50,865	15,696
24,750	82,290	64,285	3,261
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,400	1,18,885	-45,435	12,584
24,200	68,965	-21,320	17,278
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	1,40,855	-13,845	17,833
24,200	68,965	-21,320	17,278
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	3,61,270	34,515	11,132
22,000	2,55,840	-95,485	5,507
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,200	1,80,245	1,04,000	7,972
23,300	1,24,540	53,300	3,855
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	2,55,840	-95,485	5,507
22,900	46,735	-60,255	3,575
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	1,80,505	40,040	18,393
24,200	93,860	51,740	17,968

MIDCPNIFTY Monthly Expiry (27.03.2025)

The MIDCPNIFTY index closed at 11364.65. The MIDCPNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.069 against previous 1.100. The 12000CE option holds the maximum open interest, followed by the 11000PE and 10500PE options. Market participants have shown increased interest with significant open interest additions in the 11750CE option, with open interest additions also seen in the 10950PE and 11300PE options. On the other hand, open interest reductions were prominent in the 63000CE, 61000CE, and 66000CE options. Trading volume was highest in the 11400CE option, followed by the 11500CE and 11300PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,364.65	1.069	1.100	0.901
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,34,90,520	1,13,60,400	21,30,120
PUT:	1,44,20,040	1,24,94,040	19,26,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	13,97,880	98,760	32,820
11,500	9,53,280	43,440	60,636
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,750	6,90,360	6,36,240	14,072
11,600	7,61,280	2,75,640	34,201
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
10,900	5,81,880	-59,520	656
11,000	4,28,760	-58,080	1,746
Top CALL Volume:
Strike	OI	OI Change	Volume
11,400	7,05,360	1,39,920	64,027
11,500	9,53,280	43,440	60,636
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,000	13,46,280	1,03,080	35,424
10,500	13,34,400	75,360	25,303
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
10,950	7,56,840	6,36,120	13,567
11,300	10,27,080	3,16,680	46,914
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,300	3,09,360	-92,880	5,327
10,200	3,16,200	-69,960	4,364
Top PUT Volume:
Strike	OI	OI Change	Volume
11,300	10,27,080	3,16,680	46,914
11,400	4,74,600	2,53,080	40,981

Conclusion – Strong Momentum, But Signs of Profit Booking Emerge

The market’s strong rally was supported by robust FII buying and increased put writing, indicating confidence among traders. However, the sharp contraction in Nifty futures premium suggests that long positions are being unwound, possibly due to profit booking at higher levels. Additionally, the drop in Nifty March PCR indicates that traders might be shifting their focus towards April contracts, rolling over positions ahead of expiry or reducing bullish bets in the near term. The range for Nifty has been shifted to 23,000 – 23,500 levels. Strong Open Interest built-up at 23,000 – 22,900 levels suggests support zones. Any break below 22,900 should bring the Bears in the fight again.

While the broader trend remains positive, the reduction in open interest and mixed FII derivatives positioning suggest some caution. Traders should closely track institutional flows and key support/resistance levels to gauge whether the momentum can sustain or if a short-term consolidation is on the horizon.