NSE & BSE F&O Analysis – Contracting Volume before Liberation Day Event | 2/04/2025

In today’s dynamic market, NSE & BSE F&O analysis plays a crucial role in identifying trends and opportunities for traders. With shifting open interest, fluctuating put-call ratios, and evolving max pain levels, traders need to stay ahead to make informed decisions. This analysis provides a deep dive into NIFTY, SENSEX, BANKNIFTY, FINNIFTY, and MIDCPNIFTY futures and options to help traders strategize effectively.

NSE F&O Analysis | Short Covering with Low Volume

NIFTY F&O Analysis

NIFTY April Future

NIFTY Spot closed at 23332.35; up by 0.72%. NIFTY April Future closed at 23438.95; registering a 0.5% gain while maintaining a 106.6-point premium over the spot price. NIFTY April Future premium contracted by 49.1 points.

NIFTY Option Weekly Expiry (3/04/2025)

NIFTY Option Weekly Expiry (3/04/2025) Put-Call ratio (PCR) decreased to 0.629 from 0.876. Max pain level was at 23250. Maximum CALL Open Interest was at 23500 while maximum PUT Open Interest was at 23000. Maximum CALL Open Interest addition was at 23300 while maximum PUT Open Interest addition was at 23200.

NIFTY Option Monthly Expiry (24/04/2025)

NIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) decreased from 1.202 to 1.185. Max pain level is at 23500. Maximum CALL Open Interest was at 23500 while maximum PUT Open Interest was at 23500. Maximum CALL Open Interest addition was at 24900 while maximum PUT Open Interest addition was at 23300.

BANKNIFTY F&O Analysis

BANKNIFTY April Future

BANKNIFTY Spot closed at 51348.05; up by 1.02%. BANKNIFTY April Future closed at 51581.15; registering a 0.77% gain while maintaining a 233.1-point premium over the spot price. BANKNIFTY April Future premium contracted by 126.5 points.

BANKNIFTY Option Monthly Expiry (24/04/2025):

BANKNIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) increased from 0.906 to 0.991. Max pain level was at 51500. Maximum CALL Open Interest was at 53000 while maximum PUT Open Interest was at 53000. Maximum CALL Open Interest addition was at 52000 while maximum PUT Open Interest addition was at 51000.

FINNIFTY F&O Analysis

FINNIFTY April Future

FINNIFTY Spot closed at 24750.05; up by 0.9%. FINNIFTY April Future closed at 24859.5; registering a 0.7% gain while maintaining a 109.45-point premium over the spot price. FINNIFTY April Future premium contracted by 47.35 points.

FINNIFTY Option Monthly Expiry (24/04/2025)

FINNIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) increased from 0.535 to 0.711. Max pain level was at 24900. Maximum CALL Open Interest was at 25500 while maximum PUT Open Interest was at 25000. Maximum CALL Open Interest addition was at 25000 while maximum PUT Open Interest addition was at 23500.

MIDCPNIFTY F&O Analysis

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at 11606.45; up by 1.95%. MIDCPNIFTY April Future closed at 11637.95; registering a 2.09% gain while maintaining a 31.5-point premium over the spot price. MIDCPNIFTY April Future premium expanded by 15.8 points.

MIDCPNIFTY Option Monthly Expiry (24/04/2025)

MIDCPNIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) increased from 0.800 to 0.898. Max pain level was at 11500. Maximum CALL Open Interest was at 12000 while maximum PUT Open Interest was at 11000. Maximum CALL Open Interest addition was at 11600 while maximum PUT Open Interest addition was at 11000.

FII & DII Cash Market Activity

• FIIs Net Sell: ₹1,538.88 Cr
• DIIs Net Buy: ₹2,808.83 Cr

FII Derivative Positioning: Signs of Caution

• FII Index Future OI Long Ratio: 32.37% (increased from 30.62%)
• FII Index Future Volume Long Ratio: 57.6% (increased from 33.99%)
• FII Call Option OI Long Ratio: 50.69% (decreased from 52.6%)
• FII Put Option OI Long Ratio: 53.05% (decreased from 57.47%)

FII Trading Stats	2.04.25	1.04.25	28.03.25
FII Cash (Provisional Data)	-1,538.88	-5,901.63	-4,352.82
Index Future Open Interest Long Ratio	32.37%	30.62%	35.02%
Index Future Volume Long Ratio	57.60%	33.99%	33.72%
Call Option Open Interest Long Ratio	50.69%	52.60%	53.89%
Call Option Volume Long Ratio	49.69%	49.98%	49.33%
Put Option Open Interest Long Ratio	53.05%	57.47%	56.47%
Put Option Volume Long Ratio	49.39%	50.34%	49.65%
Stock Future Open Interest Long Ratio	64.70%	64.07%	63.89%
Stock Future Volume Long Ratio	55.76%	51.54%	46.79%
Index Futures	Fresh Long	Fresh Short	Fresh Short
Index Options	Fresh Short	Fresh Long	Fresh Short
Nifty Futures	Fresh Long	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Fresh Short
BankNifty Futures	Fresh Long	Long Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Long	Short Covering	Fresh Long
FinNifty Options	Fresh Short	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Long	Short Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Fresh Long	Short Covering	Long Covering
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE & BSE F&O Analysis | Options Insights

NIFTY Weekly Expiry (3.04.2025)

The NIFTY index closed at 23332.35. The NIFTY weekly expiry for April 3, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.876 against previous 0.629. The 23500CE option holds the maximum open interest, followed by the 25400CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 23200PE option, with open interest additions also seen in the 23300PE and 23000PE options. On the other hand, open interest reductions were prominent in the 25400CE, 20350PE, and 24500CE options. Trading volume was highest in the 23300CE option, followed by the 23200PE and 23300PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	03-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,332.35	0.876	0.629	0.928
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	20,52,65,250	21,71,82,900	-1,19,17,650
PUT:	17,97,79,425	13,66,12,800	4,31,66,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,500	1,48,13,250	14,76,675	41,08,646
25,400	1,30,77,525	-34,38,225	7,02,519
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,300	1,14,94,500	40,69,875	74,21,569
23,350	67,70,625	37,54,950	39,08,055
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	1,30,77,525	-34,38,225	7,02,519
24,500	78,83,550	-29,24,625	5,26,555
Top CALL Volume:
Strike	OI	OI Change	Volume
23,300	1,14,94,500	40,69,875	74,21,569
23,400	76,78,125	-2,58,825	46,54,628
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,17,07,800	42,89,400	31,88,820
23,200	1,13,09,325	63,72,675	59,93,048
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,200	1,13,09,325	63,72,675	59,93,048
23,300	90,19,875	54,50,475	53,57,739
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
20,350	33,12,450	-30,72,975	3,70,721
20,400	6,92,400	-12,26,850	1,26,328
Top PUT Volume:
Strike	OI	OI Change	Volume
23,200	1,13,09,325	63,72,675	59,93,048
23,300	90,19,875	54,50,475	53,57,739

SENSEX Weekly Expiry (8.04.2025)

The SENSEX index closed at 76617.44. The SENSEX weekly expiry for April 8, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.989 against previous 0.691. The 81000CE option holds the maximum open interest, followed by the 71000PE and 83000CE options. Market participants have shown increased interest with significant open interest additions in the 81000CE option, with open interest additions also seen in the 83000CE and 71000PE options. On the other hand, open interest reductions were prominent in the 76000CE, 76100CE, and 78000PE options. Trading volume was highest in the 76500CE option, followed by the 76500PE and 76000PE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	08-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76617.44	0.989	0.691	0.925
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	58,09,100	22,90,689	35,18,411
PUT:	57,42,640	15,83,520	41,59,120
Top CALL Open Interest:
Strike	OI	OI Change	Volume
81000	6,64,280	4,75,120	30,60,240
83000	4,54,500	4,21,500	23,38,100
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
81000	6,64,280	4,75,120	30,60,240
83000	4,54,500	4,21,500	23,38,100
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
76000	65,640	-46,880	12,36,720
76100	43,200	-3,620	13,50,880
Top CALL Volume:
Strike	OI	OI Change	Volume
76500	2,20,320	1,42,040	92,51,020
77000	2,24,700	60,720	65,94,200
Top PUT Open Interest:
Strike	OI	OI Change	Volume
71000	4,96,300	3,63,400	23,78,860
72000	3,92,200	3,00,820	29,02,700
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
71000	4,96,300	3,63,400	23,78,860
68000	3,42,140	3,38,360	15,95,920
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
78000	14,120	-840	15,280
78900	220	-180	800
Top PUT Volume:
Strike	OI	OI Change	Volume
76500	3,15,840	2,46,880	85,01,180
76000	2,68,180	1,07,440	76,70,560

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 23332.35. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.185 against previous 1.202. The 23500PE option holds the maximum open interest, followed by the 23500CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 23300PE option, with open interest additions also seen in the 24900CE and 23400PE options. On the other hand, open interest reductions were prominent in the 23500PE, 21000CE, and 24400CE options. Trading volume was highest in the 24000CE option, followed by the 23500CE and 23000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,332.35	1.185	1.202	0.823
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,00,28,925	3,81,91,350	18,37,575
PUT:	4,74,42,525	4,58,97,375	15,45,150
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,500	42,85,350	76,650	52,923
24,000	33,08,025	-45,300	55,020
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,900	6,64,500	4,47,075	14,873
25,000	29,81,325	3,93,525	32,600
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
21,000	8,96,925	-1,32,900	2,838
24,400	4,48,800	-1,15,500	16,491
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	33,08,025	-45,300	55,020
23,500	42,85,350	76,650	52,923
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,500	45,77,700	-1,69,650	39,545
23,000	34,69,200	-51,150	50,477
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,300	19,85,400	4,82,175	41,229
23,400	19,32,225	4,05,825	22,276
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	45,77,700	-1,69,650	39,545
24,000	19,33,350	-61,125	7,155
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	34,69,200	-51,150	50,477
23,300	19,85,400	4,82,175	41,229

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 51348.05. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.991 against previous 0.906. The 53000CE option holds the maximum open interest, followed by the 53000PE and 52000CE options. Market participants have shown increased interest with significant open interest additions in the 51000PE option, with open interest additions also seen in the 50000PE and 51200PE options. On the other hand, open interest reductions were prominent in the 52500CE, 53000PE, and 49000CE options. Trading volume was highest in the 51000PE option, followed by the 51500CE and 51200PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
51,348.05	0.991	0.906	0.900
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,59,98,430	1,55,09,499	4,88,931
PUT:	1,58,59,500	1,40,55,930	18,03,570
Top CALL Open Interest:
Strike	OI	OI Change	Volume
53,000	13,33,860	21,690	1,44,282
52,000	10,84,350	1,26,150	1,47,333
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
52,000	10,84,350	1,26,150	1,47,333
55,200	1,13,850	71,340	9,747
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
52,500	6,07,680	-71,820	95,677
49,000	4,35,450	-54,780	5,348
Top CALL Volume:
Strike	OI	OI Change	Volume
51,500	7,51,140	2,400	1,62,938
52,000	10,84,350	1,26,150	1,47,333
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,000	11,73,780	-66,390	4,820
50,000	10,73,790	1,53,360	99,456
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
51,000	9,81,420	1,99,050	2,15,169
50,000	10,73,790	1,53,360	99,456
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	11,73,780	-66,390	4,820
41,000	1,99,050	-31,620	13,858
Top PUT Volume:
Strike	OI	OI Change	Volume
51,000	9,81,420	1,99,050	2,15,169
51,200	2,39,640	1,36,470	1,52,307

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 24750.05. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.711 against previous 0.535. The 25500CE option holds the maximum open interest, followed by the 26000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 23500PE option, with open interest additions also seen in the 24700PE and 25000CE options. On the other hand, open interest reductions were prominent in the 25500CE, 25700CE, and 24550CE options. Trading volume was highest in the 24700PE option, followed by the 25000CE and 24700CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,750.05	0.711	0.535	0.775
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,25,015	9,16,630	8,385
PUT:	6,57,670	4,90,035	1,67,635
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,13,555	-17,550	3,134
26,000	98,280	1,885	3,159
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	84,825	16,445	4,991
27,500	39,650	13,195	690
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	1,13,555	-17,550	3,134
25,700	23,270	-12,350	545
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	84,825	16,445	4,991
24,700	23,985	2,600	3,254
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,500	60,515	52,260	1,938
24,000	57,785	2,405	1,533
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	60,515	52,260	1,938
24,700	44,980	21,385	5,683
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,000	3,640	-4,355	148
25,000	41,275	-2,860	904
Top PUT Volume:
Strike	OI	OI Change	Volume
24,700	44,980	21,385	5,683
24,600	19,760	6,500	2,167

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11606.45. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.898 against previous 0.800. The 11000PE option holds the maximum open interest, followed by the 12000CE and 11500PE options. Market participants have shown increased interest with significant open interest additions in the 11000PE option, with open interest additions also seen in the 11600PE and 11600CE options. On the other hand, open interest reductions were prominent in the 54300PE, 54300PE, and 54300PE options. Trading volume was highest in the 11400PE option, followed by the 12000CE and 11500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,606.45	0.898	0.800	1.002
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	43,92,120	38,38,080	5,54,040
PUT:	39,43,320	30,68,640	8,74,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	6,02,520	81,720	18,673
11,500	4,25,640	-6,000	18,283
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,600	4,10,040	1,40,040	14,199
13,000	3,95,280	1,01,160	4,906
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,200	2,81,880	-40,920	6,360
11,550	70,560	-32,400	6,385
Top CALL Volume:
Strike	OI	OI Change	Volume
12,000	6,02,520	81,720	18,673
11,500	4,25,640	-6,000	18,283
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,000	6,20,760	1,96,080	17,379
11,500	5,14,320	1,24,320	17,764
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,000	6,20,760	1,96,080	17,379
11,600	3,30,120	1,45,680	8,044
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,500	2,34,000	-60,600	8,654
11,550	1,27,200	-33,960	5,883
Top PUT Volume:
Strike	OI	OI Change	Volume
11,400	3,08,880	61,320	19,119
11,500	5,14,320	1,24,320	17,764

Market Outlook: Uncertainty Looms Amid Weak Global Cues & Trump Liberation Day Event

The latest F&O data suggests mixed signals in market sentiment. NIFTY and BANKNIFTY premium contraction indicates cautious optimism, while the put-call ratio in key indices suggests neutral to bearish positioning. FIIs’ selling in the cash market and their decreasing put option long ratio highlight risk aversion. The max pain levels and highest OI additions suggest potential resistance levels for upcoming expiries.

Adding to global uncertainty, traders are also factoring in external events such as the Trump Liberation Day event on April 3, 2025, which could influence global market sentiment and volatility. For a sustained bullish trend, NIFTY must hold above its 100-DMA at 23,477, while BANKNIFTY needs to stay above its 200-DMA at 51,015.

For the bullish bias to continue, Nifty must sustain above the 100-DMA at 23,466, and Bank Nifty must hold above the 200-DMA at 51,023.

Traders should remain vigilant, adapt to evolving market conditions, and keep an eye on global macroeconomic cues.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

Disclaimer

fnodata.com is a financial blog providing research-based data and analysis. The content on this blog is for informational purposes only and should not be considered as investment advice.