Oquilia Markets Lab

Market X-Ray, 25 September 2026

Name: Oquilia Market X-Ray, 25 September 2026: end-of-day positions in India's equity derivatives market
Creator: Oquilia Markets Lab

Who is positioned how in India’s futures and options market, read from NSE’s own end-of-day files and explained. Free, every trading evening. This is Friday, 25 September 2026.

POLICYBZR -4.40% · OI +30.3%ICICIPRULI -0.39% · OI +15.4%BLUESTARCO +2.82% · OI -15.3%IREDA +3.39% · OI -15.2%WAAREEENER +1.09% · OI -14.7%ZYDUSLIFE +1.72% · OI +13.8%KAYNES +3.88% · OI -13.1%MAZDOCK +0.31% · OI +12.0%ANGELONE -1.08% · OI +9.6%LAURUSLABS -1.53% · OI +8.9%DLF +1.08% · OI +8.5%PAYTM -3.80% · OI +7.5%BAJAJHLDNG +1.60% · OI -7.3%SONACOMS +0.87% · OI +7.3%BDL -1.16% · OI -7.2%BOSCHLTD +0.74% · OI +7.2%

NSE close · 25 Sept

Updates after 7.15 pm on trading days

Foreign investors were net short 3,12,001 index futures contracts, against 3,09,822 short on 24 Sept.
Of 210 F&O stocks, 19 saw long unwinding, 40 short build-up, 43 short covering and 58 long build-up.
Nifty options expiring 29 Sept: put-call ratio 0.93; the most call open interest is at 24,000 and the most put open interest at 23,000.
4 stocks are in the F&O ban: LICHSGFIN, KAYNES, SAIL, MANAPPURAM.

Positioning

Who is positioned how

Index futures held by each kind of trader at the close, in contracts: long minus short. The line is the last 2 sessions.

Foreign investors (FII)

net index futures; −2,179 on the day

11% long89% short

Index options, net: calls −2,40,969, puts +6,83,783

Domestic institutions (DII)

net index futures; −875 on the day

54% long46% short

Index options, net: calls +10,398, puts +78,667

Brokers' own trading (Pro)

net index futures; +4,766 on the day

75% long25% short

Index options, net: calls +57,077, puts +1,79,961

Clients (retail and others)

net index futures; −1,712 on the day

82% long18% short

Index options, net: calls +1,73,495, puts −9,42,410

Build-up

Every F&O stock, at a glance

Each tile is a stock's futures: the price change on the day and the change in open interest across all expiries. Together they say whether positions were being opened or closed. Tap a colour to filter, a tile for its numbers.

Find a stockOrder by

210/210 stocks

Tap a tile for its numbers.

Options

Where the option positions are

NIFTYexpiry 29 Sept · close 23,141Puts to the left, calls to the rightput-call ratio

23,750
23,700
23,650
23,600
23,550
23,500
23,450
23,400
23,350
23,300
23,250
23,200
23,150
23,100
23,050
23,000
22,950
22,900
22,850
22,800
22,750
22,700
22,650
22,600
22,550

Most call open interest: 24,000 (1,56,09,815). Most put open interest: 23,000 (1,44,34,665). Boxed: the strike nearest the close.

BANKNIFTYexpiry 29 Sept · close 55,580Puts to the left, calls to the rightput-call ratio

56,800
56,700
56,600
56,500
56,400
56,300
56,200
56,100
56,000
55,900
55,800
55,700
55,600
55,500
55,400
55,300
55,200
55,100
55,000
54,900
54,800
54,700
54,600
54,500
54,400

Most call open interest: 57,500 (19,60,290). Most put open interest: 57,500 (11,88,240). Boxed: the strike nearest the close.

Position limits

Close to the F&O ban

Open interest as a share of each stock’s market-wide position limit. Above 95% NSE bans fresh positions; the ban lifts when it falls below 80%.

BANDHANBNK92.9%
LICHSGFINIn ban
KAYNESIn ban
SAILIn ban
INOXWIND83.9%
MANAPPURAMIn ban
AMBUJACEM81.9%
CROMPTON81.5%
PATANJALI78.5%
LICI77.1%
CANBK75.9%
IREDA71.7%
NMDC71.7%
IDEA68.8%
NBCC66.6%

Delivery

Where buyers took delivery

F&O stocks with the highest share of shares traded that were taken into demat accounts rather than squared off the same day (turnover above Rs 100 crore).

Stock	Delivery	Price	Rs cr
KOTAKBANK	73.3%	-0.25%	733
BHARTIARTL	72.6%	-0.58%	854
PFC	72.3%	-0.40%	291
APOLLOHOSP	71.4%	+0.01%	389
BAJFINANCE	69.0%	+1.52%	541
DIVISLAB	69.0%	+0.18%	373
LICI	67.3%	+0.75%	472
HINDPETRO	65.3%	+0.17%	174
TORNTPHARM	65.3%	+1.22%	192
M&M	65.0%	+1.75%	626
POWERGRID	64.4%	+1.16%	168
ETERNAL	64.3%	-0.15%	819
CUMMINSIND	64.0%	-0.56%	167
INDHOTEL	63.4%	-0.27%	112
INDUSTOWER	63.4%	-1.37%	111

How to read the X-Ray

Long build-up: price up, open interest up. New positions are being opened by buyers.
Short build-up: price down, open interest up. New positions are being opened by sellers.
Short covering: price up, open interest down. Sellers are closing positions.
Long unwinding: price down, open interest down. Buyers are closing positions.
Put-call ratio: open interest in puts divided by open interest in calls, across every strike of the expiry.
Participants: NSE splits open interest four ways: foreign portfolio investors (FII), domestic institutions such as mutual funds and insurers (DII), brokers trading on their own account (Pro), and everyone else (clients, mostly individuals).

Where the numbers come from

Every figure on this page is calculated from NSE’s public archive files for the session, published each evening: NSE participant-wise open interest, NSE F&O bhavcopy, NSE combined open interest and MWPL, NSE equity bhavcopy with delivery. The X-Ray updates after 7.15 pm on trading days.

What this is not

It is a reading of the exchange’s data, not advice: Oquilia is not a SEBI-registered adviser and says nothing here about what anyone should buy or sell. Positions change through the day and these are the closing figures. SEBI’s own studies found that most individual traders in equity derivatives lose money; see what a trade really costs in the True Cost Calculator.