A set of $Fe_{1-x}Ni_{x}$ (x=0.10, 0.25, 0.30, 0.35, 0.50, 0.60, 0.75, 0.85) fine particles prepared by the gas evaporation technique was studied by $M"{o}ssbauer$, XRD and other techniques. The XRD and $M"{o}ssbauer$ patterns of the sample with x=0.10 ($Fe_{90}Ni_{10}$) were found to be exceptionally different, showing an austenite phase stability when the particles are quenched. This phase stability is quite different from that of the corresponding bulk alloy. Using binomial distrbution fits of the $M"{o}ssbauer$ spectra of the particles in terms of nearest and next nearest neighbour configurations around the Fe atoms, an analysis of this phase stability is given. The changes in the relative intensities of the resulting magnetic sextets are used to determine the increase in martensite following the austenite-martensite transformation process. The stable austenite can, therefore, be determined. This stability may be related to the oxide surface layer and the small number of atoms of these fine particles.