Nifty/Sensex F&O Analysis | Critical Market Shifts Ahead of Expiry on 27th March

As Nifty F&O expiry approaches, the market experienced notable volatility, with a decline in spot prices and shifts in futures premiums and open interest.

Nifty Futures Performance & Premium Contraction

Nifty spot closed at 23,486.85, down 0.77%.

Nifty March futures ended at 23,521.9, reflecting a 0.77% decline.

Nifty futures premium narrowed slightly to 35.05 points, down by 1.65 points from the previous session.

Combined Nifty futures open interest (March, April & May) fell by 6.49%, indicating unwinding of Long positions ahead of expiry.

Futures trading volume rose by 14%, suggesting increased participation despite declining OI.

Nifty Put-Call Ratio (PCR) Insights

Nifty March PCR dropped to 0.820 (from 0.956), indicating a shift in sentiment toward bearish positioning.

Nifty April PCR decreased to 1.363 (from 1.415), reflecting reduced put writing.

Nifty May PCR declined to 1.414 (from 1.561), suggesting reduced confidence in long-term put positions.

Overall PCR for all expiries fell to 0.919 (from 1.038), signaling an increase in call writing and lower put demand.

Institutional Activity: FIIs & DIIs Flow in capital Markets

Foreign Institutional Investors (FIIs) remained net buyers, purchasing ₹2,240.55 Cr worth of equities.

Domestic Institutional Investors (DIIs) were net sellers, offloading ₹696.37 Cr in the cash market.

FII Derivatives Positioning

FII Index Future Open Interest Long Ratio rose to 33.58% (from 32.94%), showing slight strengthening of bullish bets with probable positive rollover.

FII Index Future Volume Long Ratio decreased to 51.88% (from 52.32%), indicating reduced conviction in long trades.

FII Call Option Open Interest Long Ratio climbed to 55.43% (from 53.83%), signaling interest in call buying.

FII Put Option Open Interest Long Ratio improved to 56.61% (from 54.49%), suggesting increased hedging activity.

FII Trading Stats	26.03.25	25.03.25	24.03.25
FII Cash (Provisional Data)	2,240.55	5,371.57	3,055.76
Index Future Open Interest Long Ratio	33.58%	32.94%	32.13%
Index Future Volume Long Ratio	51.88%	52.32%	50.83%
Call Option Open Interest Long Ratio	55.43%	53.83%	53.34%
Call Option Volume Long Ratio	50.34%	50.19%	49.69%
Put Option Open Interest Long Ratio	56.61%	54.49%	52.02%
Put Option Volume Long Ratio	50.34%	50.56%	49.63%
Stock Future Open Interest Long Ratio	65.22%	65.16%	65.06%
Stock Future Volume Long Ratio	50.17%	50.30%	50.16%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Short Covering	Fresh Long	Fresh Long
Nifty Options	Short Covering	Fresh Long	Fresh Short
BankNifty Futures	Fresh Short	Long Covering	Fresh Short
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Fresh Long	Fresh Long	Fresh Long
FinNifty Options	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Futures	Long Covering	Long Covering	Long Covering
MidcpNifty Options	Long Covering	Short Covering	Fresh Long
NiftyNxt50 Futures	Fresh Long	Short Covering	Fresh Long
NiftyNxt50 Options	Short Covering	Fresh Long	Long Covering
Stock Futures	Short Covering	Fresh Long	Fresh Long
Stock Options	Long Covering	Fresh Short	Fresh Long

Nifty/Sensex F&O Analysis : Major Indices | Options Insights

SENSEX Weekly Expiry (01.04.2025)

The SENSEX index closed at 77288.5. The SENSEX weekly expiry for April 1, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.726 against previous 0.758. The 82000CE option holds the maximum open interest, followed by the 83000CE and 81000CE options. Market participants have shown increased interest with significant open interest additions in the 82000CE option, with open interest additions also seen in the 83000CE and 68000PE options. On the other hand, open interest reductions were prominent in the 79000PE, 79100PE, and 74900CE options. Trading volume was highest in the 78000PE option, followed by the 78000CE and 77500PE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	01-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77288.5	0.726	0.758	1.327
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	69,16,260	28,14,769	41,01,491
PUT:	50,18,940	21,32,880	28,86,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
82000	5,55,940	3,89,640	45,44,420
83000	5,14,660	2,98,140	45,82,380
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	5,55,940	3,89,640	45,44,420
83000	5,14,660	2,98,140	45,82,380
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
74900	440	-760	1,160
75100	680	-680	1,380
Top CALL Volume:
Strike	OI	OI Change	Volume
78000	3,53,340	1,86,780	85,17,740
81000	4,31,660	2,33,060	49,48,560
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77000	4,27,840	1,19,640	78,57,940
76500	3,47,180	1,10,840	40,10,480
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
68000	2,47,540	2,39,120	11,16,980
72000	2,46,240	1,84,060	16,34,360
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79000	11,800	-2,120	1,00,820
79100	5,300	-1,800	17,220
Top PUT Volume:
Strike	OI	OI Change	Volume
78000	2,19,120	20,980	1,09,41,240
77500	1,47,440	66,240	84,55,900

NIFTY Monthly Expiry (27.03.2025)

The NIFTY index closed at 23486.85. The NIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.820 against previous 0.956. The 24000CE option holds the maximum open interest, followed by the 24100CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 23600CE option, with open interest additions also seen in the 23500CE and 23700CE options. On the other hand, open interest reductions were prominent in the 21000PE, 25000CE, and 22000PE options. Trading volume was highest in the 23700CE option, followed by the 23500PE and 23600PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,486.85	0.820	0.956	1.024
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	20,52,59,100	20,28,44,800	24,14,300
PUT:	16,83,33,050	19,38,68,275	-2,55,35,225
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,56,93,325	28,62,550	35,09,101
24,100	1,21,05,750	-1,82,625	21,25,861
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,600	71,07,150	40,11,825	31,89,973
23,500	65,49,675	33,63,675	15,41,058
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	1,18,38,950	-21,91,350	7,19,567
24,800	22,41,300	-17,46,225	3,65,496
Top CALL Volume:
Strike	OI	OI Change	Volume
23,700	1,02,52,125	30,85,500	55,43,730
23,800	1,06,91,625	22,72,800	37,74,411
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,17,75,725	-13,08,800	12,99,972
22,500	1,06,37,400	-21,35,400	9,15,094
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,600	68,20,950	18,64,800	4,71,752
23,400	60,25,050	10,52,850	32,45,465
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,000	62,76,350	-24,69,825	2,30,664
22,000	71,71,900	-21,43,725	3,69,352
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	71,00,850	-12,46,200	53,82,462
23,600	39,42,525	-15,71,775	53,26,750

BANKNIFTY Monthly Expiry (27.03.2025)

The BANKNIFTY index closed at 51209. The BANKNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.855 against previous 1.034. The 53000CE option holds the maximum open interest, followed by the 52000CE and 49000PE options. Market participants have shown increased interest with significant open interest additions in the 51500CE option, with open interest additions also seen in the 52500CE and 51300CE options. On the other hand, open interest reductions were prominent in the 48500PE, 49000PE, and 48000PE options. Trading volume was highest in the 51000PE option, followed by the 51500PE and 52000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
51,209.00	0.855	1.034	1.119
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,51,44,610	3,26,59,965	24,84,645
PUT:	3,00,62,745	3,37,56,189	-36,93,444
Top CALL Open Interest:
Strike	OI	OI Change	Volume
53,000	26,62,110	4,68,720	8,45,659
52,000	19,86,510	1,27,320	16,15,094
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
51,500	15,75,990	7,19,820	13,07,805
52,500	18,21,420	6,53,085	10,54,072
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
61,500	10,93,110	-2,85,795	2,34,113
54,500	5,73,180	-2,80,290	2,09,461
Top CALL Volume:
Strike	OI	OI Change	Volume
52,000	19,86,510	1,27,320	16,15,094
51,500	15,75,990	7,19,820	13,07,805
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	18,84,510	-5,31,120	4,10,617
50,000	17,42,220	-47,970	8,28,490
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
51,200	6,76,590	2,96,010	13,80,330
51,300	4,91,550	1,98,030	11,98,987
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
48,500	9,37,500	-6,09,510	2,48,412
49,000	18,84,510	-5,31,120	4,10,617
Top PUT Volume:
Strike	OI	OI Change	Volume
51,000	11,69,370	-91,215	20,29,084
51,500	8,84,910	-1,52,700	16,37,097

FINNIFTY Monthly Expiry (27.03.2025)

The FINNIFTY index closed at 24829.6. The FINNIFTY monthly expiry for March 27, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.801 against previous 0.859. The 25000CE option holds the maximum open interest, followed by the 25200CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 25200CE and 25100CE options. On the other hand, open interest reductions were prominent in the 26500CE, 25100PE, and 25900CE options. Trading volume was highest in the 25000PE option, followed by the 24800PE and 25200CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,829.60	0.801	0.859	1.044
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	65,22,230	57,29,555	7,92,675
PUT:	52,23,140	49,24,010	2,99,130
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	4,59,615	2,15,995	1,08,694
25,200	4,31,730	1,71,665	1,30,284
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	4,59,615	2,15,995	1,08,694
25,200	4,31,730	1,71,665	1,30,284
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	1,87,330	-87,555	12,386
25,900	96,330	-79,235	27,019
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	4,31,730	1,71,665	1,30,284
25,100	2,76,705	1,50,280	1,09,843
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,800	2,83,985	1,12,190	1,33,791
24,400	2,83,465	1,03,740	47,994
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,850	2,19,895	1,15,570	78,916
24,800	2,83,985	1,12,190	1,33,791
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	84,695	-80,015	68,306
23,500	1,20,575	-56,160	9,279
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	2,71,960	-37,960	1,84,862
24,800	2,83,985	1,12,190	1,33,791

MIDCPNIFTY Monthly Expiry (27.03.2025)

The MIDCPNIFTY index closed at 11502.15. The MIDCPNIFTY monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.908 against previous 0.970. The 12000CE option holds the maximum open interest, followed by the 10900PE and 11700CE options. Market participants have shown increased interest with significant open interest additions in the 11600CE option, with open interest additions also seen in the 11375PE and 11700CE options. On the other hand, open interest reductions were prominent in the 64000CE, 63800CE, and 62000PE options. Trading volume was highest in the 11500PE option, followed by the 11700CE and 11600CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,502.15	0.908	0.970	1.034
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,76,69,040	1,61,97,000	14,72,040
PUT:	1,60,44,840	1,57,07,040	3,37,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	14,08,440	76,800	1,09,817
11,700	12,48,480	4,50,000	2,11,195
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,600	11,64,960	5,93,880	2,11,191
11,700	12,48,480	4,50,000	2,11,195
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,800	11,26,920	-4,36,680	1,43,486
12,500	4,20,840	-1,19,160	9,287
Top CALL Volume:
Strike	OI	OI Change	Volume
11,700	12,48,480	4,50,000	2,11,195
11,600	11,64,960	5,93,880	2,11,191
Top PUT Open Interest:
Strike	OI	OI Change	Volume
10,900	13,49,280	3,14,280	28,456
11,300	11,33,400	-46,560	98,833
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,375	5,53,200	4,87,920	51,349
10,900	13,49,280	3,14,280	28,456
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,400	8,95,920	-5,31,840	1,67,121
10,500	4,96,080	-2,68,680	14,039
Top PUT Volume:
Strike	OI	OI Change	Volume
11,500	7,25,640	-1,53,600	2,37,018
11,600	7,00,560	37,440	2,08,355

Market Outlook Ahead of Expiry

With Nifty futures open interest declining sharply, traders are unwinding positions before expiry, likely due to uncertainty and profit booking. The contraction in PCR suggests higher call writing, indicating resistance levels are being reinforced. Additionally, despite an increase in Long Index Future positions; FIIs increasing their call and put open interest ratios hints at hedging strategies rather than directional bets.

The highest Nifty open interest (OI) addition in Call options is observed at the 23,600 strike, while the highest OI addition in Put options is at 23,400. This suggests that traders are actively building positions around these levels, indicating a potential short-term trading range. Additionally, the largest Call open interest is concentrated at the 24,000 strike, implying strong resistance, as option sellers anticipate limited upside movement beyond this level. On the downside, the top Put open interest is at 23,000, signaling a strong support zone where traders expect the market to find buying interest.

This positioning suggests that Nifty is likely to consolidate within the 23,600–23,400 range for tomorrow; which is also the Expiry day. A breakout/breakdown in either direction potentially triggering further momentum towards either 24,000 on the upside or towards 23,000 on the downside.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment