Mumbai | September 25, 2025 (09:20 IST) — Derivatives traders concentrated activity in NIFTY option strikes between 25,000 and 25,200 on Thursday morning, highlighting the tight range markets are pricing in ahead of the September 30 monthly expiry.
Top contracts by premium turnover showed a clear preference for strikes near the 25,000 mark, where both calls and puts drew significant participation. This indicates a tussle between bulls and bears, with traders using these levels as anchors for their hedges.
Heavy Turnover at Key Strikes
According to NSE data:
- NIFTY 25,100 Call (C): LTP ₹109.50, Vol 4,51,074, Premium Turnover ₹33,698.61 lakh, OI 1,47,584
- NIFTY 25,000 Call (C): LTP ₹173.65, Vol 2,51,622, Premium Turnover ₹29,598.30 lakh, OI 92,744
- NIFTY 25,100 Put (P): LTP ₹88.80, Vol 3,39,647, Premium Turnover ₹25,842.89 lakh, OI 1,25,589
- NIFTY 25,000 Put (P): LTP ₹53.15, Vol 4,52,750, Premium Turnover ₹21,633.53 lakh, OI 2,17,359
- NIFTY 25,200 Call (C): LTP ₹63.40, Vol 3,38,319, Premium Turnover ₹20,436.44 lakh, OI 1,45,025
The data shows puts dominating at 25,000 and calls active at 25,100–25,200, effectively defining the provisional expiry range.
Range Mapping Ahead of Expiry
Market participants often track option positioning to map provisional trading bands. The current structure suggests:
- Support zone: 24,900–25,100, where put OI is clustered.
- Resistance zone: 25,300–25,500, where calls start to dominate.
The balance between call and put writing indicates traders are preparing for range-bound moves unless a decisive breakout emerges in the next few sessions.
By the Numbers (as of 09:20 IST)
What to Watch
- OI build-up: A rising OI with stable prices often signals fresh short or long positioning.
- Delta hedging: Watch for volatility near the 25,000 round figure as option writers hedge.
- Expiry day dynamics: A break below 24,900 or above 25,300 with rising OI could determine expiry-week direction.
Market Takeaway
The 25,000–25,200 cluster has emerged as the fulcrum of NIFTY options activity, shaping expiry-week expectations. Unless fresh catalysts push the index out of this range, markets may stay range-bound, with sharp moves reserved for expiry day adjustments.
