What’s Driving This Market? A Tactical Look at Options Open Interest Trends on April 23, 2025

In today’s flat-to-volatile session, market participants remained cautious yet strategic, reflected in shifting positions across index futures and options. Using Options Open Interest Trends as our focus keyword, we saw NIFTY scale new highs but with a sharp 37% drop in open interest coupled with deep discount in NIFTY Future, pointing toward Short Covering as well as Long Covering rather than fresh longs. NIFTY max pain level shifted to 24150 along with high Open Interest in 24200 – 24000 PUTs should act as support.

Meanwhile, FINNIFTY and BANKNIFTY corrected mildly, and MIDCPNIFTY surged, yet all showed heavy OI unwinding—a classic case of profit booking. BANKNIFTY max pain level shifted to 53000. High PUT Open Interests at 55300-55000 levels should act as support. A deep dive into PCR levels, max pain shifts, and premium/discount behavior reveals subtle, tactical moves by smart money.

Derivative Trends | NSE

NIFTY April Future

NIFTY Spot closed at: 24,328.95 (0.67%)

NIFTY April Future closed at: 24,312.70 (0.59%)

Discount: -16.25 (Decreased by -18 points)

Open Interest Change: -37.1%

Volume Change: 13.7%

NIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.078 (Increased from 1.066)

Put-Call Ratio (Volume): 0.953

Max Pain Level: 24150

Maximum CALL OI: 25000

Maximum PUT OI: 24000

Highest CALL Addition: 24300

Highest PUT Addition: 24200

BANKNIFTY April Future

BANKNIFTY Spot closed at: 55,370.05 (-0.50%)

BANKNIFTY April Future closed at: 55,400.60 (-0.32%)

Premium: 30.55 (Increased by 100.95 points)

Open Interest Change: -23.8%

Volume Change: -6.1%

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

Put-Call Ratio (OI): 1.004 (Decreased from 1.137)

Put-Call Ratio (Volume): 1.104

Max Pain Level: 55000

Maximum CALL OI: 56000

Maximum PUT OI: 55000

Highest CALL Addition: 56500

Highest PUT Addition: 55300

FINNIFTY April Future

FINNIFTY Spot closed at: 26,446.20 (-0.67%)

FINNIFTY April Future closed at: 26,453.80 (-0.58%)

Premium:  7.6 (Increased by 25.4 points)

Open Interest Change: -20.9%

Volume Change: 61.0%

FINNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.723 (Decreased from 0.897)

Put-Call Ratio (Volume): 1.013

Max Pain Level: 26150

Maximum CALL OI: 26500

Maximum PUT OI: 26000

Highest CALL Addition: 26500

Highest PUT Addition: 26400

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at: 12,266.15 (1.41%)

MIDCPNIFTY April Future closed at: 12,256.75 (1.23%)

Discount: -9.4 (Decreased by -21.75 points)

Open Interest Change: -44.0%

Volume Change: -32.0%

MIDCPNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.931 (Increased from 0.891)

Put-Call Ratio (Volume): 0.802

Max Pain Level: 12000

Maximum CALL OI: 12500

Maximum PUT OI: 12000

Highest CALL Addition: 12350

Highest PUT Addition: 12200

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 3,332.93 Cr
DIIs Net Sell: ₹ 1,234.46 Cr

FII Derivatives Activity

FII Trading Stats	23.04.25	22.04.25	21.04.25
FII Cash (Provisional Data)	3,332.93	1,290.43	1,970.17
Index Future Open Interest Long Ratio	33.04%	31.60%	31.64%
Index Future Volume Long Ratio	53.10%	49.59%	52.77%
Call Option Open Interest Long Ratio	53.67%	54.64%	55.19%
Call Option Volume Long Ratio	49.95%	49.92%	49.56%
Put Option Open Interest Long Ratio	52.32%	54.39%	55.32%
Put Option Volume Long Ratio	49.77%	49.92%	49.50%
Stock Future Open Interest Long Ratio	64.92%	64.27%	64.61%
Stock Future Volume Long Ratio	51.04%	49.92%	50.06%
Index Futures	Short Covering	Fresh Short	Fresh Long
Index Options	Fresh Short	Fresh Short	Fresh Short
Nifty Futures	Short Covering	Long Covering	Short Covering
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Short Covering	Fresh Long	Fresh Short
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Long	Fresh Long	Fresh Short
FinNifty Options	Fresh Short	Fresh Long	Long Covering
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Options	Short Covering	Long Covering	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Long

NSE F&O Analysis | Options Insights

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 24328.95. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.078 against previous 1.066. The 24000PE option holds the maximum open interest, followed by the 25000CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 24200PE option, with open interest additions also seen in the 24300PE and 24300CE options. On the other hand, open interest reductions were prominent in the 25500CE, 23000PE, and 24200CE options. Trading volume was highest in the 24300CE option, followed by the 24200PE and 24200CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,328.95	1.078	1.066	0.953
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,39,52,375	16,35,98,550	1,03,53,825
PUT:	18,75,10,050	17,43,19,500	1,31,90,550
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,25,95,950	82,500	14,56,048
25,500	1,21,29,975	-48,59,775	10,14,677
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,300	1,06,36,575	41,48,850	66,73,106
25,100	65,63,550	37,24,650	7,34,909
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	1,21,29,975	-48,59,775	10,14,677
24,200	63,52,800	-29,10,975	46,08,272
Top CALL Volume:
Strike	OI	OI Change	Volume
24,300	1,06,36,575	41,48,850	66,73,106
24,200	63,52,800	-29,10,975	46,08,272
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,32,34,650	22,63,125	34,37,725
24,200	1,10,67,375	60,06,600	58,18,847
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,200	1,10,67,375	60,06,600	58,18,847
24,300	62,88,750	46,88,550	44,01,869
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	82,19,400	-36,14,850	9,15,199
22,000	51,59,775	-18,91,650	3,60,516
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	1,10,67,375	60,06,600	58,18,847
24,300	62,88,750	46,88,550	44,01,869

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 55370.05. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.004 against previous 1.137. The 56000CE option holds the maximum open interest, followed by the 55000PE and 53500PE options. Market participants have shown increased interest with significant open interest additions in the 56500CE option, with open interest additions also seen in the 55300PE and 56000CE options. On the other hand, open interest reductions were prominent in the 50000PE, 49000PE, and 40500PE options. Trading volume was highest in the 55000PE option, followed by the 55300PE and 55500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,370.05	1.004	1.137	1.104
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,05,62,010	3,35,67,660	69,94,350
PUT:	4,07,37,570	3,81,63,759	25,73,811
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	32,90,070	7,67,880	16,55,076
57,000	21,63,840	2,15,520	7,64,278
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,500	18,60,750	9,15,660	9,37,662
56,000	32,90,070	7,67,880	16,55,076
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	7,67,100	-1,74,240	4,04,558
60,000	6,12,180	-1,73,340	1,57,617
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	16,87,050	5,56,650	16,93,004
56,000	32,90,070	7,67,880	16,55,076
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	28,30,470	4,51,770	21,63,274
53,500	23,10,000	2,91,390	5,98,135
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,300	15,56,790	7,75,230	17,10,322
54,000	21,35,970	6,15,390	7,52,239
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
50,000	10,79,850	-5,44,950	1,69,397
49,000	6,58,110	-3,12,780	78,040
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	28,30,470	4,51,770	21,63,274
55,300	15,56,790	7,75,230	17,10,322

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 26446.2. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.723 against previous 0.897. The 26500CE option holds the maximum open interest, followed by the 28000CE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 26400PE and 26800CE options. On the other hand, open interest reductions were prominent in the 25000PE, 27400CE, and 26900CE options. Trading volume was highest in the 26400PE option, followed by the 26500CE and 26300PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,446.20	0.723	0.897	1.013
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	51,84,595	40,69,000	11,15,595
PUT:	37,47,770	36,47,865	99,905
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	3,85,190	2,42,775	1,24,323
28,000	3,75,960	-60,970	15,026
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	3,85,190	2,42,775	1,24,323
26,800	2,68,580	1,22,005	73,390
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,400	73,190	-75,335	15,481
26,900	1,23,565	-74,425	37,571
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	3,85,190	2,42,775	1,24,323
26,600	2,16,255	1,03,285	92,289
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	2,84,830	68,640	72,321
26,400	2,68,255	1,72,510	1,64,625
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,400	2,68,255	1,72,510	1,64,625
20,000	1,64,710	86,450	8,886
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	2,27,435	-81,770	11,230
26,600	48,880	-64,805	48,323
Top PUT Volume:
Strike	OI	OI Change	Volume
26,400	2,68,255	1,72,510	1,64,625
26,300	1,44,625	37,830	1,13,862

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 12266.15. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.931 against previous 0.891. The 12000PE option holds the maximum open interest, followed by the 12500CE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 12200PE option, with open interest additions also seen in the 12000PE and 12350CE options. On the other hand, open interest reductions were prominent in the 65500CE, 60000CE, and 64500CE options. Trading volume was highest in the 12200CE option, followed by the 12300CE and 12100PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,266.15	0.931	0.891	0.802
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,35,96,960	1,24,99,560	10,97,400
PUT:	1,26,55,080	1,11,32,520	15,22,560
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,500	10,67,280	40,440	1,23,098
13,000	9,64,440	2,32,560	19,500
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,350	6,62,160	3,34,080	96,705
12,800	5,89,080	2,68,920	27,249
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,100	2,46,840	-5,64,600	1,53,537
12,000	3,56,040	-1,44,480	34,215
Top CALL Volume:
Strike	OI	OI Change	Volume
12,200	5,95,080	-1,44,000	3,30,694
12,300	7,86,480	2,54,160	2,36,375
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	11,33,040	4,69,560	2,16,157
11,600	7,65,600	-76,320	35,798
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,200	6,42,720	5,52,600	1,61,390
12,000	11,33,040	4,69,560	2,16,157
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,500	7,34,160	-1,44,600	37,104
11,200	2,94,240	-1,02,360	9,674
Top PUT Volume:
Strike	OI	OI Change	Volume
12,100	7,41,720	2,43,120	2,25,268
12,000	11,33,040	4,69,560	2,16,157

Conclusion: Why Today’s Options Open Interest Trends Signal a Tactical Pause

Options Open Interest Trends for April 23, 2025, point to one major theme—profit-taking in Longs as well as Short-Covering across the board. While NIFTY looks strong technically, the sharp fall in open interest and rising discount suggest caution is warranted. FINNIFTY and BANKNIFTY are showing signs of fatigue, while MIDCPNIFTY’s rally may be unsustainable unless backed by volume. As we approach monthly expiry, the shift in max pain levels and strike-wise buildup will offer more clues—watch those levels closely.

Check Previous Day’s Nifty Indices F&O Analysis

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