What the Index Derivatives Trend Today Reveals – 21 May 2025

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Index Derivatives Trend Today

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 Stats21.05.2520.05.2519.05.25
FII Cash (Provisional Data)2,201.79-10,016.10-525.95
Index Future Open Interest Long Ratio37.43%37.04%42.32%
Index Future Volume Long Ratio51.48%33.68%49.55%
Call Option Open Interest Long Ratio59.83%55.50%55.53%
Call Option Volume Long Ratio50.53%50.11%49.91%
Put Option Open Interest Long Ratio59.17%56.86%56.55%
Put Option Volume Long Ratio50.48%50.16%50.14%
Stock Future Open Interest Long Ratio65.07%64.91%65.37%
Stock Future Volume Long Ratio52.13%45.79%45.53%
    
Index FuturesFresh LongLong CoveringFresh Short
Index OptionsShort CoveringFresh LongFresh Long
    
Nifty FuturesShort CoveringLong CoveringLong Covering
Nifty OptionsShort CoveringFresh LongFresh Short
    
BankNifty FuturesFresh LongLong CoveringFresh Long
BankNifty OptionsLong CoveringFresh LongFresh Long
    
FinNifty FuturesFresh ShortFresh LongShort Covering
FinNifty OptionsShort CoveringShort CoveringFresh Short
    
MidcpNifty FuturesFresh ShortShort CoveringShort Covering
MidcpNifty OptionsShort CoveringLong CoveringFresh Short
    
NiftyNxt50 FuturesFresh LongShort CoveringFresh Long
NiftyNxt50 OptionsFresh LongLong CoveringFresh Short
    
Stock FuturesFresh LongLong CoveringLong Covering
Stock OptionsFresh ShortFresh ShortFresh 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.

NIFTYWeekly 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.

SENSEXWeeklyExpiry:27-05-2025
Index SpotPCR OIPrev PCR OIPCR VOL
81596.630.6570.7710.742
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet 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:
StrikeOIOI ChangeVolume
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:
StrikeOIOI ChangeVolume
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:
StrikeOIOI ChangeVolume
81200            18,260              -2,340           10,31,700
81300            43,340                  -340           20,62,660
Top CALL Volume:
StrikeOIOI ChangeVolume
85000        5,25,700          1,70,160           79,44,920
82000        2,27,240              46,480           72,27,440
Top PUT Open Interest:
StrikeOIOI ChangeVolume
78000        2,46,040          1,32,260           28,72,700
78500        2,29,080              83,080           24,01,360
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
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:
StrikeOIOI ChangeVolume
70000            46,340            -61,560              9,17,520
82000        1,25,380              -4,580           28,55,460
Top PUT Volume:
StrikeOIOI ChangeVolume
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

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.


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