Turning Complex Derivative Data into Clear Market Insights
What the Index Derivatives Trend Today Reveals – 21 May 2025

Table of Contents
The markets showed signs of a cautious rebound on 21st May 2025, but the real pulse of the market is captured in the Index Derivatives Trend Today. While headline indices like NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, and SENSEX closed slightly higher, the derivatives data unveils a story of fading conviction, profit booking, and repositioning ahead of the weekly expiry. Shrinking premiums, falling open interest, and selective strike-level activity across options hint that traders are approaching the market with guarded optimism and expiry-centric strategies. Let’s decode what smart money is up to across each index.
NIFTY Spot moved up 0.52%, while the May Future under-performed slightly, rising just 0.23%. The premium dropped sharply by 71.95 points, down to 18.75 along with a -3.5% dip in Open Interest with moderate volume increase, signaling that longs are being cut or unwound. Weekly PCR (OI) rose to 0.640, suggesting PUT writers are cautiously returning near 24,000. Max Pain remains at 24,800, acting as the expiry magnet.
NIFTY remains range-bound between 24,000 and 25,300. Lack of strong OI support above 24,800 indicates traders are playing expiry with a neutral bias.
Index Derivatives Trend Today
NIFTY MAY Future
NIFTY Spot closed at: 24,813.45 (0.52%)
NIFTY MAY Future closed at: 24,832.20 (0.23%)
Premium: 18.75 (Decreased by -71.95 points)
Open Interest Change: -3.5%
Volume Change: 7.9%
NIFTY Weekly Expiry (22/05/2025) Option Analysis
Put-Call Ratio (OI): 0.640 (Increased from 0.491)
Put-Call Ratio (Volume): 0.848
Max Pain Level: 24800
Maximum CALL OI: 25500
Maximum PUT OI: 24000
Highest CALL Addition: 25300
Highest PUT Addition: 24000
NIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.982 (Decreased from 1.036)
Put-Call Ratio (Volume): 0.786
Max Pain Level: 24700
Maximum CALL OI: 25000
Maximum PUT OI: 24000
Highest CALL Addition: 26300
Highest PUT Addition: 24800
BANKNIFTY MAY Future
BANKNIFTY Spot closed at: 55,075.10 (0.36%)
BANKNIFTY MAY Future closed at: 55,142.00 (0.07%)
Premium: 66.9 (Decreased by -159.55 points)
Open Interest Change: -0.8%
Volume Change: 23.8%
BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.760 (Increased from 0.742)
Put-Call Ratio (Volume): 0.949
Max Pain Level: 55000
Maximum CALL OI: 63000
Maximum PUT OI: 55000
Highest CALL Addition: 60000
Highest PUT Addition: 40500
FINNIFTY MAY Future
FINNIFTY Spot closed at: 26,339.65 (0.56%)
FINNIFTY MAY Future closed at: 26,367.60 (0.21%)
Premium: 27.95 (Decreased by -91.1 points)
Open Interest Change: -3.1%
Volume Change: 30.1%
FINNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.710 (Increased from 0.627)
Put-Call Ratio (Volume): 0.810
Max Pain Level: 26300
Maximum CALL OI: 27000
Maximum PUT OI: 26000
Highest CALL Addition: 27300
Highest PUT Addition: 26000
MIDCPNIFTY MAY Future
MIDCPNIFTY Spot closed at: 12,620.80 (0.30%)
MIDCPNIFTY MAY Future closed at: 12,649.75 (0.30%)
Premium: 28.95 (Increased by 0.7 points)
Open Interest Change: 1.0%
Volume Change: -34.7%
MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.920 (Increased from 0.887)
Put-Call Ratio (Volume): 0.818
Max Pain Level: 12500
Maximum CALL OI: 13500
Maximum PUT OI: 12000
Highest CALL Addition: 13500
Highest PUT Addition: 11000
SENSEX Weekly Expiry (27/05/25) Future
SENSEX Spot closed at: 81,596.63 (0.51%)
SENSEX Weekly Future closed at: 81,631.15 (0.20%)
Premium: 34.52 (Decreased by -244.04 points)
Open Interest Change: -2.4%
Volume Change: 27.4%
SENSEX Weekly Expiry (27/05/2025) Option Analysis
Put-Call Ratio (OI): 0.657 (Decreased from 0.771)
Put-Call Ratio (Volume): 0.742
Max Pain Level: 82000
Maximum CALL OI: 85000
Maximum PUT OI: 78000
Highest CALL Addition: 86000
Highest PUT Addition: 65600
fII & DII Cash Market Activity
FIIs Net Buy: ₹ 2,201.79 Cr
DIIs Net Buy: ₹ 683.77 Cr
FII Derivatives Activity
FII Trading Stats | 21.05.25 | 20.05.25 | 19.05.25 |
FII Cash (Provisional Data) | 2,201.79 | -10,016.10 | -525.95 |
Index Future Open Interest Long Ratio | 37.43% | 37.04% | 42.32% |
Index Future Volume Long Ratio | 51.48% | 33.68% | 49.55% |
Call Option Open Interest Long Ratio | 59.83% | 55.50% | 55.53% |
Call Option Volume Long Ratio | 50.53% | 50.11% | 49.91% |
Put Option Open Interest Long Ratio | 59.17% | 56.86% | 56.55% |
Put Option Volume Long Ratio | 50.48% | 50.16% | 50.14% |
Stock Future Open Interest Long Ratio | 65.07% | 64.91% | 65.37% |
Stock Future Volume Long Ratio | 52.13% | 45.79% | 45.53% |
Index Futures | Fresh Long | Long Covering | Fresh Short |
Index Options | Short Covering | Fresh Long | Fresh Long |
Nifty Futures | Short Covering | Long Covering | Long Covering |
Nifty Options | Short Covering | Fresh Long | Fresh Short |
BankNifty Futures | Fresh Long | Long Covering | Fresh Long |
BankNifty Options | Long Covering | Fresh Long | Fresh Long |
FinNifty Futures | Fresh Short | Fresh Long | Short Covering |
FinNifty Options | Short Covering | Short Covering | Fresh Short |
MidcpNifty Futures | Fresh Short | Short Covering | Short Covering |
MidcpNifty Options | Short Covering | Long Covering | Fresh Short |
NiftyNxt50 Futures | Fresh Long | Short Covering | Fresh Long |
NiftyNxt50 Options | Fresh Long | Long Covering | Fresh Short |
Stock Futures | Fresh Long | Long Covering | Long Covering |
Stock Options | Fresh Short | Fresh Short | Fresh Short |
NSE & BSE F&O Trends | Options Insights
NIFTY Weekly Expiry (22/05/2025)
The NIFTY index closed at 24813.45. The NIFTY weekly expiry for May 15, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.640 against previous 0.491. The 25500CE option holds the maximum open interest, followed by the 26000CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24400PE and 24800PE options. On the other hand, open interest reductions were prominent in the 25000CE, 26000CE, and 26200CE options. Trading volume was highest in the 25000CE option, followed by the 24700PE and 24800PE options, indicating active trading in these strikes.
NIFTY | Weekly | Expiry: | 22-05-2025 |
Index Spot | PCR OI | Prev PCR OI | PCR VOL |
24,813.45 | 0.640 | 0.491 | 0.848 |
Total Open Interest Change in all CALLs & PUTs: | |||
Current | Prior | Net Ch | |
CALL: | 19,25,42,850 | 22,04,48,625 | -2,79,05,775 |
PUT: | 12,31,33,575 | 10,81,52,100 | 1,49,81,475 |
Top CALL Open Interest: | |||
Strike | OI | OI Change | Volume |
25,500 | 1,35,37,650 | 4,68,600 | 29,02,268 |
26,000 | 1,25,34,900 | -43,28,400 | 11,81,969 |
Top CALL Open Interest addition: | |||
Strike | OI | OI Change | Volume |
25,300 | 89,41,725 | 13,47,225 | 27,92,562 |
25,600 | 73,17,975 | 11,81,325 | 16,08,640 |
Top CALL Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
25,000 | 1,17,16,425 | -52,66,275 | 59,64,898 |
26,000 | 1,25,34,900 | -43,28,400 | 11,81,969 |
Top CALL Volume: | |||
Strike | OI | OI Change | Volume |
25,000 | 1,17,16,425 | -52,66,275 | 59,64,898 |
24,800 | 68,23,200 | 2,93,325 | 54,14,077 |
Top PUT Open Interest: | |||
Strike | OI | OI Change | Volume |
24,000 | 1,11,16,725 | 36,28,050 | 17,58,178 |
24,800 | 67,55,775 | 33,56,925 | 54,14,584 |
Top PUT Open Interest addition: | |||
Strike | OI | OI Change | Volume |
24,000 | 1,11,16,725 | 36,28,050 | 17,58,178 |
24,400 | 63,66,525 | 35,31,600 | 21,43,073 |
Top PUT Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
23,000 | 32,14,350 | -16,36,650 | 2,71,939 |
23,700 | 27,24,075 | -14,02,125 | 4,66,747 |
Top PUT Volume: | |||
Strike | OI | OI Change | Volume |
24,700 | 59,69,625 | 14,26,650 | 55,86,139 |
24,800 | 67,55,775 | 33,56,925 | 54,14,584 |
NIFTY Monthly Expiry (29/05/2025)
The NIFTY index closed at 24813.45. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.982 against previous 1.036. The 25000CE option holds the maximum open interest, followed by the 26000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 26300CE option, with open interest additions also seen in the 26350CE and 26000CE options. On the other hand, open interest reductions were prominent in the 24600CE, 25000CE, and 24500CE options. Trading volume was highest in the 25000CE option, followed by the 24800PE and 24800CE options, indicating active trading in these strikes.
NIFTY | Monthly | Expiry: | 29-05-2025 |
Index Spot | PCR OI | Prev PCR OI | PCR VOL |
24,813.45 | 0.982 | 1.036 | 0.786 |
Total Open Interest Change in all CALLs & PUTs: | |||
Current | Prior | Net Ch | |
CALL: | 7,69,02,525 | 6,29,02,800 | 1,39,99,725 |
PUT: | 7,55,20,800 | 6,51,92,625 | 1,03,28,175 |
Top CALL Open Interest: | |||
Strike | OI | OI Change | Volume |
25,000 | 69,51,525 | -1,55,625 | 3,28,760 |
26,000 | 67,72,875 | 16,23,750 | 1,70,377 |
Top CALL Open Interest addition: | |||
Strike | OI | OI Change | Volume |
26,300 | 26,59,350 | 18,23,025 | 91,754 |
26,350 | 17,22,375 | 16,55,850 | 51,509 |
Top CALL Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
24,600 | 9,64,875 | -2,09,400 | 26,150 |
25,000 | 69,51,525 | -1,55,625 | 3,28,760 |
Top CALL Volume: | |||
Strike | OI | OI Change | Volume |
25,000 | 69,51,525 | -1,55,625 | 3,28,760 |
24,800 | 25,93,200 | 6,05,625 | 2,31,242 |
Top PUT Open Interest: | |||
Strike | OI | OI Change | Volume |
24,000 | 66,84,975 | 8,87,700 | 1,64,427 |
24,500 | 58,23,225 | 5,76,225 | 2,16,621 |
Top PUT Open Interest addition: | |||
Strike | OI | OI Change | Volume |
24,800 | 29,16,750 | 11,61,900 | 2,59,611 |
23,000 | 54,37,800 | 10,75,275 | 95,150 |
Top PUT Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
25,000 | 37,82,850 | -73,125 | 1,57,681 |
23,700 | 8,47,050 | -47,250 | 40,508 |
Top PUT Volume: | |||
Strike | OI | OI Change | Volume |
24,800 | 29,16,750 | 11,61,900 | 2,59,611 |
24,500 | 58,23,225 | 5,76,225 | 2,16,621 |
SENSEX Weekly Expiry (27/05/2025)
The SENSEX index closed at 81596.63. The SENSEX weekly expiry for May 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.657 against previous 0.771. The 85000CE option holds the maximum open interest, followed by the 86000CE and 85500CE options. Market participants have shown increased interest with significant open interest additions in the 86000CE option, with open interest additions also seen in the 89000CE and 65600PE options. On the other hand, open interest reductions were prominent in the 70000PE, 82000PE, and 81200CE options. Trading volume was highest in the 81500PE option, followed by the 85000CE and 82000CE options, indicating active trading in these strikes.
SENSEX | Weekly | Expiry: | 27-05-2025 |
Index Spot | PCR OI | Prev PCR OI | PCR VOL |
81596.63 | 0.657 | 0.771 | 0.742 |
Total Open Interest Change in all CALLs & PUTs: | |||
Current | Prior | Net Ch | |
CALL: | 62,26,720 | 24,67,989 | 37,58,731 |
PUT: | 40,91,920 | 19,02,580 | 21,89,340 |
Top CALL Open Interest: | |||
Strike | OI | OI Change | Volume |
85000 | 5,25,700 | 1,70,160 | 79,44,920 |
86000 | 4,54,960 | 3,15,820 | 69,14,560 |
Top CALL Open Interest addition: | |||
Strike | OI | OI Change | Volume |
86000 | 4,54,960 | 3,15,820 | 69,14,560 |
89000 | 2,70,600 | 2,27,140 | 10,24,780 |
Top CALL Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
81200 | 18,260 | -2,340 | 10,31,700 |
81300 | 43,340 | -340 | 20,62,660 |
Top CALL Volume: | |||
Strike | OI | OI Change | Volume |
85000 | 5,25,700 | 1,70,160 | 79,44,920 |
82000 | 2,27,240 | 46,480 | 72,27,440 |
Top PUT Open Interest: | |||
Strike | OI | OI Change | Volume |
78000 | 2,46,040 | 1,32,260 | 28,72,700 |
78500 | 2,29,080 | 83,080 | 24,01,360 |
Top PUT Open Interest addition: | |||
Strike | OI | OI Change | Volume |
65600 | 2,08,620 | 2,05,800 | 7,57,000 |
75500 | 2,00,720 | 1,93,300 | 13,80,460 |
Top PUT Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
70000 | 46,340 | -61,560 | 9,17,520 |
82000 | 1,25,380 | -4,580 | 28,55,460 |
Top PUT Volume: | |||
Strike | OI | OI Change | Volume |
81500 | 1,72,620 | 87,860 | 88,13,900 |
81000 | 1,93,600 | 20,360 | 59,50,800 |
BANKNIFTY Monthly Expiry (29/05/2025)
The BANKNIFTY index closed at 55075.1. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.760 against previous 0.742. The 63000CE option holds the maximum open interest, followed by the 60000CE and 55000PE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 58500CE and 40500PE options. On the other hand, open interest reductions were prominent in the 55500CE, 55000PE, and 60500CE options. Trading volume was highest in the 55000PE option, followed by the 55000CE and 55500CE options, indicating active trading in these strikes.
BANKNIFTY | Monthly | Expiry: | 29-05-2025 |
Index Spot | PCR OI | Prev PCR OI | PCR VOL |
55,075.10 | 0.760 | 0.742 | 0.949 |
Total Open Interest Change in all CALLs & PUTs: | |||
Current | Prior | Net Ch | |
CALL: | 2,71,12,050 | 2,75,88,309 | -4,76,259 |
PUT: | 2,06,05,770 | 2,04,75,600 | 1,30,170 |
Top CALL Open Interest: | |||
Strike | OI | OI Change | Volume |
63,000 | 22,73,520 | 15,060 | 70,823 |
60,000 | 21,18,660 | 2,91,660 | 94,122 |
Top CALL Open Interest addition: | |||
Strike | OI | OI Change | Volume |
60,000 | 21,18,660 | 2,91,660 | 94,122 |
58,500 | 6,17,520 | 1,07,940 | 68,566 |
Top CALL Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
55,500 | 13,46,130 | -1,83,360 | 2,32,053 |
60,500 | 7,21,080 | -1,04,850 | 25,248 |
Top CALL Volume: | |||
Strike | OI | OI Change | Volume |
55,000 | 9,80,070 | -91,710 | 3,51,209 |
55,500 | 13,46,130 | -1,83,360 | 2,32,053 |
Top PUT Open Interest: | |||
Strike | OI | OI Change | Volume |
55,000 | 16,90,560 | -1,21,920 | 4,44,822 |
54,000 | 11,91,000 | 26,760 | 1,63,922 |
Top PUT Open Interest addition: | |||
Strike | OI | OI Change | Volume |
40,500 | 11,76,090 | 77,280 | 29,372 |
51,500 | 4,13,220 | 75,750 | 60,313 |
Top PUT Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
55,000 | 16,90,560 | -1,21,920 | 4,44,822 |
48,000 | 3,71,880 | -96,690 | 24,683 |
Top PUT Volume: | |||
Strike | OI | OI Change | Volume |
55,000 | 16,90,560 | -1,21,920 | 4,44,822 |
53,000 | 10,95,150 | -59,700 | 1,74,515 |
FINNIFTY Monthly Expiry (29/05/2025)
The FINNIFTY index closed at 26339.65. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.710 against previous 0.627. The 27000CE option holds the maximum open interest, followed by the 29500CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26000PE option, with open interest additions also seen in the 25500PE and 25000PE options. On the other hand, open interest reductions were prominent in the 27500CE, 28500CE, and 29000CE options. Trading volume was highest in the 26500CE option, followed by the 27000CE and 26000PE options, indicating active trading in these strikes.
FINNIFTY | Monthly | Expiry: | 29-05-2025 |
Index Spot | PCR OI | Prev PCR OI | PCR VOL |
26,339.65 | 0.710 | 0.627 | 0.810 |
Total Open Interest Change in all CALLs & PUTs: | |||
Current | Prior | Net Ch | |
CALL: | 15,77,550 | 16,95,265 | -1,17,715 |
PUT: | 11,20,795 | 10,63,400 | 57,395 |
Top CALL Open Interest: | |||
Strike | OI | OI Change | Volume |
27,000 | 1,89,800 | -8,385 | 6,129 |
29,500 | 1,71,275 | 5,590 | 1,686 |
Top CALL Open Interest addition: | |||
Strike | OI | OI Change | Volume |
27,300 | 43,615 | 9,100 | 617 |
28,000 | 88,205 | 8,320 | 2,664 |
Top CALL Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
27,500 | 71,175 | -60,385 | 5,023 |
28,500 | 77,350 | -16,380 | 1,481 |
Top CALL Volume: | |||
Strike | OI | OI Change | Volume |
26,500 | 98,800 | -2,210 | 8,019 |
27,000 | 1,89,800 | -8,385 | 6,129 |
Top PUT Open Interest: | |||
Strike | OI | OI Change | Volume |
26,000 | 1,00,100 | 19,760 | 5,326 |
26,300 | 82,875 | 5,200 | 5,272 |
Top PUT Open Interest addition: | |||
Strike | OI | OI Change | Volume |
26,000 | 1,00,100 | 19,760 | 5,326 |
25,500 | 76,505 | 14,755 | 4,436 |
Top PUT Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
25,700 | 19,370 | -12,415 | 1,355 |
24,000 | 44,265 | -10,595 | 1,653 |
Top PUT Volume: | |||
Strike | OI | OI Change | Volume |
26,000 | 1,00,100 | 19,760 | 5,326 |
26,300 | 82,875 | 5,200 | 5,272 |
MIDCPNIFTY Monthly Expiry (29/05/2025)
The MIDCPNIFTY index closed at 12620.8. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.920 against previous 0.887. The 13500CE option holds the maximum open interest, followed by the 13000CE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 13500CE option, with open interest additions also seen in the 11000PE and 12600PE options. On the other hand, open interest reductions were prominent in the 67000CE, 64000CE, and 69700CE options. Trading volume was highest in the 13000CE option, followed by the 12600PE and 12600CE options, indicating active trading in these strikes.
MIDCPNIFTY | Monthly | Expiry: | 29-05-2025 |
Index Spot | PCR OI | Prev PCR OI | PCR VOL |
12,620.80 | 0.920 | 0.887 | 0.818 |
Total Open Interest Change in all CALLs & PUTs: | |||
Current | Prior | Net Ch | |
CALL: | 79,36,920 | 75,94,320 | 3,42,600 |
PUT: | 73,03,920 | 67,39,680 | 5,64,240 |
Top CALL Open Interest: | |||
Strike | OI | OI Change | Volume |
13,500 | 9,61,320 | 2,24,160 | 8,840 |
13,000 | 7,28,760 | -1,52,040 | 27,492 |
Top CALL Open Interest addition: | |||
Strike | OI | OI Change | Volume |
13,500 | 9,61,320 | 2,24,160 | 8,840 |
13,600 | 3,48,360 | 76,200 | 4,818 |
Top CALL Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
13,000 | 7,28,760 | -1,52,040 | 27,492 |
13,200 | 2,99,040 | -57,000 | 9,519 |
Top CALL Volume: | |||
Strike | OI | OI Change | Volume |
13,000 | 7,28,760 | -1,52,040 | 27,492 |
12,600 | 2,75,880 | 38,400 | 24,074 |
Top PUT Open Interest: | |||
Strike | OI | OI Change | Volume |
12,000 | 7,13,640 | 51,120 | 16,183 |
11,000 | 6,17,520 | 1,22,280 | 2,942 |
Top PUT Open Interest addition: | |||
Strike | OI | OI Change | Volume |
11,000 | 6,17,520 | 1,22,280 | 2,942 |
12,600 | 4,34,880 | 84,240 | 26,333 |
Top PUT Open Interest reduction: | |||
Strike | OI | OI Change | Volume |
12,300 | 2,73,960 | -27,840 | 7,021 |
12,350 | 67,440 | -9,000 | 1,714 |
Top PUT Volume: | |||
Strike | OI | OI Change | Volume |
12,600 | 4,34,880 | 84,240 | 26,333 |
12,500 | 3,96,480 | 20,520 | 20,751 |
Conclusion: How to Read the Index Derivatives Trend Today
The Index Derivatives Trend Today for 21 May 2025 paints a picture of a market at a crossroads. Despite minor spot gains, the steep drop in futures premiums across NIFTY, BANKNIFTY, and FINNIFTY suggests profit booking and pullback from aggressive bullish positions.
Open Interest reduction, especially in the frontline indices, indicates lack of strong commitment. On the other hand, PUT additions near key support levels show traders are gearing up for expiry-centric consolidation plays rather than directional breakouts.
Check Previous Day’s Nifty Indices F&O Analysis
FII / FPI trading activity in Capital Market Segment
NSE Derivatives Raw Data
BSE Derivatives Raw Data
Disclaimer
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