NSE & BSE Indices F&O Analysis | Expiry Session ended in Limbo after Liberation Day Shock | 3.04.2025

As global markets react to heightened volatility, the NSE & BSE Indices F&O Analysis reveals that Indian markets are in a wait-and-watch mode. The recent Liberation Day shock has triggered uncertainty, with major indices adjusting their positions amid fluctuating sentiments. While domestic markets show mixed trends, global cues indicate strong bearish pressure. Index Futures witnessed premium contraction with short built-up. Nifty Weekly Expiry Options data suggesting a range within 23,300 – 22,800 levels. Any break of the said range will indicate further momentum.

NSE F&O Analysis | Cautious Short Built-up with Volume Spike

NIFTY F&O Analysis

NIFTY April Future

NIFTY Spot closed at 23250.1; down by 0.35%. NIFTY April Future closed at 23325.95; registering a 0.48% loss while maintaining a 75.85-point premium over the spot price. NIFTY April Future premium contracted by 30.75 points.

NIFTY Option Weekly Expiry (9/04/2025)

NIFTY Option Weekly Expiry (9/04/2025) Put-Call ratio (PCR) increased from 0.930 to 1.076. Max pain level was at 23300. Maximum CALL Open Interest was at 25400 while maximum PUT Open Interest was at 23000. Maximum CALL Open Interest addition was at 24000 while maximum PUT Open Interest addition was at 22800.

NIFTY Option Monthly Expiry (24/04/2025)

NIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) decreased from 1.185 to 1.102. Max pain level was at 23500. Maximum CALL Open Interest was at 23500 while maximum PUT Open Interest was at 23500. Maximum CALL Open Interest addition was at 23900 while maximum PUT Open Interest addition was at 23000.

BANKNIFTY F&O Analysis

BANKNIFTY April Future

BANKNIFTY Spot closed at 51597.35; up by 0.49%. BANKNIFTY April Future closed at 51798.5; registering a 0.42% gain while maintaining a 201.15-point premium over the spot price. BANKNIFTY April Future premium contracted by 31.95 points.

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

BANKNIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) increased from 0.983 to 1.065. Max pain level was at 51500. Maximum CALL Open Interest was at 53000 while maximum PUT Open Interest was at 50000. Maximum CALL Open Interest addition was at 54500 while maximum PUT Open Interest addition was at 50000.

FINNIFTY F&O Analysis

FINNIFTY April Future

FINNIFTY Spot closed at 24724.95; down by 0.1%. FINNIFTY April Future closed at 24808; registering a 0.21% loss while maintaining a 83.05-point premium over the spot price. FINNIFTY April Future premium contracted by 26.4 points.

FINNIFTY Option Monthly Expiry (24/04/2025)

FINNIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) decreased from 0.711 to 0.590. Max pain level was at 24850. Maximum CALL Open Interest was at 25000 while maximum PUT Open Interest was at 28000. Maximum CALL Open Interest addition was at 28000 while maximum PUT Open Interest addition was at 24000.

MIDCPNIFTY F&O Analysis

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at 11514.1; down by 0.8%. MIDCPNIFTY April Future closed at 11535.45; registering a 0.88% loss while maintaining a 21.35-point premium over the spot price. MIDCPNIFTY April Future premium expanded by 10.15 points.

MIDCPNIFTY Option Monthly Expiry (24/04/2025)

MIDCPNIFTY Option Monthly Expiry (24/04/2025) Put-Call ratio (PCR) decreased from 0.898 to 0.847. 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 12500 while maximum PUT Open Interest addition was at 11100.

FII & DII Cash Market Activity

FIIs Net Sell: ₹2,806.00 Cr

DIIs Net Buy: ₹221.47 Cr

FII Derivative Positioning: Signs of Caution

FII Trading Stats	3.04.25	2.04.25	1.04.25
FII Cash (Provisional Data)	-2,806.00	-1,538.88	-5,901.63
Index Future Open Interest Long Ratio	30.13%	32.37%	30.62%
Index Future Volume Long Ratio	36.63%	57.60%	33.99%
Call Option Open Interest Long Ratio	63.24%	50.69%	52.60%
Call Option Volume Long Ratio	49.90%	49.69%	49.98%
Put Option Open Interest Long Ratio	62.13%	53.05%	57.47%
Put Option Volume Long Ratio	49.75%	49.39%	50.34%
Stock Future Open Interest Long Ratio	64.32%	64.70%	64.07%
Stock Future Volume Long Ratio	46.92%	55.76%	51.54%
Index Futures	Fresh Short	Fresh Long	Fresh Short
Index Options	Long Covering	Fresh Short	Fresh Long
Nifty Futures	Fresh Short	Fresh Long	Fresh Short
Nifty Options	Long Covering	Fresh Short	Fresh Long
BankNifty Futures	Fresh Long	Fresh Long	Long Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Long	Short Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Fresh Short	Fresh Long	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Futures	Fresh Long	Fresh Long	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Long	Short Covering
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE & BSE F&O Analysis | Options Insights

NIFTY Weekly Expiry (9.04.2025)

The NIFTY index closed at 23250.1. The NIFTY weekly expiry for April 9, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.076 against previous 0.930. The 23000PE option holds the maximum open interest, followed by the 25400CE and 22000PE options. Market participants have shown increased interest with significant open interest additions in the 22800PE option, with open interest additions also seen in the 22000PE and 23000PE options. On the other hand, open interest reductions were prominent in the 23600PE, 23500PE, and 23550PE options. Trading volume was highest in the 23000PE option, followed by the 23300CE and 23200PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	09-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,250.10	1.076	0.930	1.040
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,76,94,150	3,60,91,050	4,16,03,100
PUT:	8,36,22,675	3,35,75,025	5,00,47,650
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,400	63,82,725	22,90,725	1,82,661
24,000	56,27,025	31,87,425	2,67,514
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,000	56,27,025	31,87,425	2,67,514
23,300	42,86,100	29,06,550	3,58,002
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,950	24,525	-450	1,210
21,600	900	-150	4
Top CALL Volume:
Strike	OI	OI Change	Volume
23,300	42,86,100	29,06,550	3,58,002
23,500	46,72,950	24,61,425	3,33,161
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	65,28,225	34,36,425	4,03,623
22,000	58,64,850	38,27,400	2,50,601
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,800	49,79,400	40,37,775	2,30,472
22,000	58,64,850	38,27,400	2,50,601
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,600	3,43,425	-1,72,650	12,689
23,500	10,93,200	-1,17,750	54,263
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	65,28,225	34,36,425	4,03,623
23,200	39,34,200	24,99,375	3,38,318

SENSEX Weekly Expiry (8.04.2025)

The SENSEX index closed at 76295.36. The SENSEX weekly expiry for April 8, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.005 against previous 0.989. The 79000CE option holds the maximum open interest, followed by the 73000PE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 79000CE option, with open interest additions also seen in the 73000PE and 73500PE options. On the other hand, open interest reductions were prominent in the 76500PE, 81000CE, and 71000PE options. Trading volume was highest in the 76000PE option, followed by the 79000CE and 76300PE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	08-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76295.36	1.005	0.989	1.004
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,09,77,880	58,08,929	51,68,951
PUT:	1,10,31,800	57,42,640	52,89,160
Top CALL Open Interest:
Strike	OI	OI Change	Volume
79000	9,82,180	5,81,780	71,03,280
80000	7,24,980	3,32,780	33,27,580
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
79000	9,82,180	5,81,780	71,03,280
78000	6,25,740	3,50,320	47,33,720
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81000	5,14,980	-1,49,300	27,21,460
80200	39,380	-23,600	4,61,000
Top CALL Volume:
Strike	OI	OI Change	Volume
79000	9,82,180	5,81,780	71,03,280
76500	2,68,640	48,320	69,84,060
Top PUT Open Interest:
Strike	OI	OI Change	Volume
73000	7,56,860	5,67,800	49,31,420
72000	7,15,940	3,23,740	40,47,040
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
73000	7,56,860	5,67,800	49,31,420
73500	6,39,240	4,81,680	39,13,000
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
76500	1,61,020	-1,54,820	40,73,600
71000	4,27,300	-69,000	33,83,520
Top PUT Volume:
Strike	OI	OI Change	Volume
76000	5,78,080	3,09,900	80,62,740
76300	2,71,640	1,55,940	70,46,180

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 23250.1. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.102 against previous 1.185. 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 23900CE option, with open interest additions also seen in the 24650CE and 25000CE options. On the other hand, open interest reductions were prominent in the 23400CE, 22000CE, and 23000CE options. Trading volume was highest in the 23900CE option, followed by the 23000PE and 24000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,250.10	1.102	1.185	0.789
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,45,40,550	4,00,28,925	45,11,625
PUT:	4,90,97,175	4,74,42,525	16,54,650
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,500	45,05,025	2,19,675	52,626
24,000	36,34,500	3,26,475	62,398
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,900	26,50,650	19,97,100	66,353
24,650	4,81,125	3,87,225	17,345
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,400	17,29,275	-2,30,400	46,507
22,000	7,61,925	-1,27,950	3,969
Top CALL Volume:
Strike	OI	OI Change	Volume
23,900	26,50,650	19,97,100	66,353
24,000	36,34,500	3,26,475	62,398
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,500	46,29,450	51,750	29,226
23,000	37,48,575	2,79,375	63,327
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	37,48,575	2,79,375	63,327
23,200	17,69,925	2,57,175	36,127
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	12,96,450	-1,11,075	4,153
23,400	18,23,025	-1,09,200	20,293
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	37,48,575	2,79,375	63,327
23,300	21,31,425	1,46,025	44,380

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 51597.35. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.065 against previous 0.983. The 53000CE option holds the maximum open interest, followed by the 50000PE and 49000PE options. Market participants have shown increased interest with significant open interest additions in the 54500CE option, with open interest additions also seen in the 50000PE and 51500PE options. On the other hand, open interest reductions were prominent in the 53000PE, 44000PE, and 56500CE options. Trading volume was highest in the 51500CE option, followed by the 52000CE and 51500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
51,597.35	1.065	0.983	0.858
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,74,72,420	1,59,98,430	14,73,990
PUT:	1,86,06,900	1,57,22,649	28,84,251
Top CALL Open Interest:
Strike	OI	OI Change	Volume
53,000	14,71,950	1,38,090	1,74,474
52,000	11,49,720	65,370	2,24,850
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,500	8,22,960	3,31,170	68,586
55,000	8,92,650	1,58,100	84,078
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
56,500	1,53,630	-31,590	22,444
53,600	78,180	-29,010	23,542
Top CALL Volume:
Strike	OI	OI Change	Volume
51,500	8,51,370	1,00,230	2,32,404
52,000	11,49,720	65,370	2,24,850
Top PUT Open Interest:
Strike	OI	OI Change	Volume
50,000	13,52,370	2,78,580	1,25,179
49,000	11,81,280	1,81,710	85,256
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	13,52,370	2,78,580	1,25,179
51,500	9,14,220	2,38,230	2,18,308
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	8,91,900	-2,81,880	18,830
44,000	1,59,900	-57,990	15,038
Top PUT Volume:
Strike	OI	OI Change	Volume
51,500	9,14,220	2,38,230	2,18,308
51,000	11,44,500	1,63,080	1,90,877

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 24724.95. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.590 against previous 0.711. The 25000CE option holds the maximum open interest, followed by the 25500CE and 28000CE options. Market participants have shown increased interest with significant open interest additions in the 28000CE option, with open interest additions also seen in the 25000CE and 25500CE options. On the other hand, open interest reductions were prominent in the 23500PE, 20000PE, and 23800PE 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
24,724.95	0.590	0.711	0.877
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,58,495	9,25,015	2,33,480
PUT:	6,83,345	6,57,670	25,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,48,915	64,090	6,136
25,500	1,32,275	18,720	2,534
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
28,000	1,30,325	66,820	2,274
25,000	1,48,915	64,090	6,136
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	96,200	-2,080	3,041
24,950	12,090	-1,885	447
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	1,48,915	64,090	6,136
24,700	31,265	7,280	4,045
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	74,945	17,160	1,784
24,500	51,155	4,355	2,738
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	74,945	17,160	1,784
23,000	30,225	6,435	844
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	39,910	-20,605	2,029
20,000	14,625	-19,435	737
Top PUT Volume:
Strike	OI	OI Change	Volume
24,700	43,615	-1,365	6,458
24,500	51,155	4,355	2,738

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11514.1. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.847 against previous 0.898. 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 11100PE option, with open interest additions also seen in the 12500CE and 12200CE options. On the other hand, open interest reductions were prominent in the 62000CE, 62000CE, and 63000PE options. Trading volume was highest in the 11500CE option, followed by the 11500PE and 12000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,514.10	0.847	0.898	0.873
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	46,58,640	43,92,120	2,66,520
PUT:	39,47,280	39,43,320	3,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	5,58,480	-44,040	21,115
11,500	4,10,160	-15,480	26,530
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,500	3,97,200	79,800	7,325
12,200	3,24,000	42,120	6,615
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	5,58,480	-44,040	21,115
11,400	91,560	-17,160	5,490
Top CALL Volume:
Strike	OI	OI Change	Volume
11,500	4,10,160	-15,480	26,530
12,000	5,58,480	-44,040	21,115
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,000	5,87,520	-33,240	17,374
11,500	4,81,800	-32,520	26,116
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,100	2,55,600	92,040	4,459
10,800	70,680	32,520	2,035
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,000	2,23,080	-39,480	2,831
11,000	5,87,520	-33,240	17,374
Top PUT Volume:
Strike	OI	OI Change	Volume
11,500	4,81,800	-32,520	26,116
11,000	5,87,520	-33,240	17,374

Conclusion: What This Means for Traders

The Put-Call Ratios (PCRs) and max pain levels indicate mixed sentiment across indices. NIFTY and BANKNIFTY show resistance at higher levels, while MIDCPNIFTY and FINNIFTY are witnessing premium contraction. However, global cues remain highly negative, with S&P 500 plunging 4% and Nasdaq down by 5.5%, signaling risk-off sentiment in global markets. This could add further pressure on Indian equities, especially with FIIs continuing to be net sellers.

For the bullish bias to continue, Nifty must sustain above the 100-DMA at 23,456, and Bank Nifty must hold above the 200-DMA at 51,031.

Traders should closely monitor PCR movements, max pain shifts, and global market trends to adjust their strategies accordingly. Caution is advised in the near term as volatility is expected to rise.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

Disclaimer

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