NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 31/12/2025

Markets capped 2025 with a solid 0.74% rally on NIFTY, and this Open Interest Volume Analysis across the fresh combined futures (January+February+March) reveals bullish conviction building post-expiry—short covering and fresh longs dominating as institutions position for the new year kickoff.

NIFTY combined futures turn bullish decisively: +1.68% OI bump despite -30% volume drop with strong upside confirms fresh long positioning—January/February both adding longs methodically.

BANKNIFTY longs accelerate: +7.88% combined OI growth shows banking sector conviction strengthening, February leading at +14.52%—year-end rotation complete.

MIDCPNIFTY joins risk-on party: +0.38% combined OI with volume up signals fresh long bias emerging, February +14.81% confirms midcap participation.

SENSEX short relief: -4.07% combined OI drop on volume surge marks covering, aligning with broad bullish flows.

PCR turns defensive across board: NIFTY weekly 1.354, monthly 1.070—put buying ramps with max pain 26,100-26,000 as smart money protects gains.

Consistent long bias everywhere: All major indices showing fresh long or covering action in combined books—textbook year-end bullish setup.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26129.6 (0.735%)

Combined = January + February + March

Combined Fut Open Interest Change: 1.68%

Combined Fut Volume Change: -30.32%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 9% Previous 8%

NIFTY JANUARY Future closed at: 26296.3 (0.680%)

January Fut Premium 166.7 (Decreased by -13.25 points)

January Fut Open Interest Change: 0.49%

January Fut Volume Change: -33.81%

January Fut Open Interest Analysis: Fresh Long

NIFTY FEBRUARY Future closed at: 26438 (0.684%)

February Fut Premium 308.4 (Decreased by -11.15 points)

February Fut Open Interest Change: 4.09%

February Fut Volume Change: -6.67%

February Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (6/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.354 (Increased from 0.755)

Put-Call Ratio (Volume): 0.872

Max Pain Level: 26100

Maximum CALL Open Interest: 26400

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26400

Highest PUT Addition: 26000

NIFTY Monthly Expiry (27/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.070 (Increased from 1.010)

Put-Call Ratio (Volume): 0.997

Max Pain Level: 26100

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26700

Highest PUT Addition: 25800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59581.85 (0.694%)

Combined = January + February + March

Combined Fut Open Interest Change: 7.88%

Combined Fut Volume Change: -0.55%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 6%

BANKNIFTY JANUARY Future closed at: 59883.6 (0.499%)

January Fut Premium 301.75 (Decreased by -113.2 points)

January Fut Open Interest Change: 6.5%

January Fut Volume Change: -2.7%

January Fut Open Interest Analysis: Fresh Long

BANKNIFTY FEBRUARY Future closed at: 60222.6 (0.491%)

February Fut Premium 640.75 (Decreased by -116.2 points)

February Fut Open Interest Change: 14.52%

February Fut Volume Change: 1.47%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY Monthly Expiry  (27/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.092 (Increased from 1.008)

Put-Call Ratio (Volume): 0.873

Max Pain Level: 59500

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59500

Highest CALL Addition: 62000

Highest PUT Addition: 59500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13777.25 (1.293%)

Combined = January + February + March

Combined Fut Open Interest Change: 0.38%

Combined Fut Volume Change: 8.24%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 3% Previous 2%

MIDCPNIFTY JANUARY Future closed at: 13841.3 (1.242%)

January Fut Premium 64.05 (Decreased by -6.05 points)

January Fut Open Interest Change: -0.16%

January Fut Volume Change: 7.22%

January Fut Open Interest Analysis: Short Covering

MIDCPNIFTY FEBRUARY Future closed at: 13915.8 (1.278%)

February Fut Premium 138.55 (Decreased by -0.3 points)

February Fut Open Interest Change: 14.81%

February Fut Volume Change: 17.02%

February Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.082 (Decreased from 1.169)

Put-Call Ratio (Volume): 0.958

Max Pain Level: 13800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14400

Highest PUT Addition: 13800

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 85,220.60 (0.644%)

SENSEX Monthly Future closed at: 85,815.55 (0.557%)

Premium: 594.95 (Decreased by -70.07 points)

Open Interest Change: -4.07%

Volume Change: 52.60%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (1/01/2026) Option Analysis

Put-Call Ratio (OI): 1.345 (Increased from 0.727)

Put-Call Ratio (Volume): 0.892

Max Pain Level: 85200

Maximum CALL OI: 85500

Maximum PUT OI: 85000

Highest CALL Addition: 85700

Highest PUT Addition: 85000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,597.38 Cr.
DIIs Net BUY: ₹ 6,759.64 Cr.

FII Derivatives Activity

FII Trading Stats	31.12.25	30.12.25	29.12.25
FII Cash (Provisional Data)	-3,597.38	-3,844.02	-2,759.89
Index Future Open Interest Long Ratio	8.86%	8.84%	13.65%
Index Future Volume Long Ratio	46.12%	46.04%	44.12%
Call Option Open Interest Long Ratio	50.93%	47.19%	49.33%
Call Option Volume Long Ratio	50.49%	50.08%	49.97%
Put Option Open Interest Long Ratio	62.84%	68.16%	61.73%
Put Option Volume Long Ratio	49.93%	50.15%	49.99%
Stock Future Open Interest Long Ratio	63.42%	63.15%	62.20%
Stock Future Volume Long Ratio	54.22%	53.98%	49.82%
Index Futures	Fresh Short	Long Covering	Fresh Short
Index Options	Fresh Long	Short Covering	Fresh Short
Nifty Futures	Fresh Short	Long Covering	Fresh Short
Nifty Options	Fresh Long	Short Covering	Fresh Long
BankNifty Futures	Fresh Long	Long Covering	Short Covering
BankNifty Options	Fresh Long	Short Covering	Long Covering
FinNifty Futures	Fresh Short	Fresh Long	Fresh Short
FinNifty Options	Fresh Long	Short Covering	Fresh Short
MidcpNifty Futures	Fresh Short	Long Covering	Fresh Long
MidcpNifty Options	Fresh Long	Long Covering	Long Covering
NiftyNxt50 Futures	Fresh Long	Short Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Long Covering	Long Covering
Stock Futures	Fresh Long	Short Covering	Long Covering
Stock Options	Fresh Short	Short Covering	Long Covering

Fresh Long: Net Buy with Increase in Open Interest
Fresh Short: Net Sell with Increase in Open Interest
Short Covering: Net Buy with Decrease in Open Interest
Long Covering: Net Sell with Decrease in Open Interest

NSE & BSE Option market Trends : Options Insights

SENSEX Weekly Expiry (1/01/2026)

The SENSEX index closed at 85220.6. The SENSEX weekly expiry for JANUARY 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.345 against previous 0.727. The 85000PE option holds the maximum open interest, followed by the 85500CE and 84900PE options. Market participants have shown increased interest with significant open interest additions in the 85000PE option, with open interest additions also seen in the 84900PE and 84800PE options. On the other hand, open interest reductions were prominent in the 85000CE, 84800CE, and 84700CE options. Trading volume was highest in the 85500CE option, followed by the 85000PE and 85300CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	01-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85220.6	1.345	0.727	0.892
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,85,56,260	2,15,68,100	69,88,160
PUT:	3,84,18,160	1,56,74,300	2,27,43,860
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85500	23,01,200	8,09,740	14,50,74,020
86000	22,73,800	8,51,400	6,53,00,000
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85700	13,66,560	8,65,460	7,13,45,020
86000	22,73,800	8,51,400	6,53,00,000
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85000	9,23,500	-6,29,400	10,54,03,560
84800	2,23,460	-4,39,420	4,73,57,200
Top CALL Volume:
Strike	OI	OI Change	Volume
85500	23,01,200	8,09,740	14,50,74,020
85300	14,16,880	6,78,600	12,39,04,340
Top PUT Open Interest:
Strike	OI	OI Change	Volume
85000	27,80,780	23,41,000	13,17,80,100
84900	22,74,260	20,69,860	10,03,06,700
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
85000	27,80,780	23,41,000	13,17,80,100
84900	22,74,260	20,69,860	10,03,06,700
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
83800	5,08,560	-1,81,700	93,76,300
83600	3,07,980	-17,180	61,72,480
Top PUT Volume:
Strike	OI	OI Change	Volume
85000	27,80,780	23,41,000	13,17,80,100
84800	18,44,060	14,02,320	11,23,04,760

NIFTY Weekly Expiry (6/01/2026)

The NIFTY index closed at 26129.6. The NIFTY weekly expiry for JANUARY 6, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.354 against previous 0.755. The 26000PE option holds the maximum open interest, followed by the 26100PE and 25900PE options. Market participants have shown increased interest with significant open interest additions in the 26000PE option, with open interest additions also seen in the 26100PE and 26050PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25900CE, and 25950CE options. Trading volume was highest in the 26000PE option, followed by the 26100CE and 26000CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	06-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,129.60	1.354	0.755	0.872
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,62,31,265	7,42,45,210	2,19,86,055
PUT:	13,02,64,030	5,60,37,475	7,42,26,555
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,400	76,87,550	43,61,695	14,55,528
26,500	68,99,295	26,10,920	13,31,868
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,400	76,87,550	43,61,695	14,55,528
26,600	56,92,505	27,24,150	8,24,822
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	43,86,980	-25,26,030	29,79,908
25,900	10,86,540	-10,63,790	5,59,181
Top CALL Volume:
Strike	OI	OI Change	Volume
26,100	41,48,040	-37,115	33,18,093
26,000	43,86,980	-25,26,030	29,79,908
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,35,86,690	87,38,730	39,91,397
26,100	79,70,105	58,14,770	25,00,347
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,35,86,690	87,38,730	39,91,397
26,100	79,70,105	58,14,770	25,00,347
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,900	31,460	-3,315	337
27,100	7,215	-455	28
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,35,86,690	87,38,730	39,91,397
26,100	79,70,105	58,14,770	25,00,347

NIFTY Monthly Expiry (27/01/2026)

The NIFTY index closed at 26129.6. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.070 against previous 1.010. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26700CE option, with open interest additions also seen in the 25800PE and 25700PE options. On the other hand, open interest reductions were prominent in the 26500CE, 26000CE, and 26100CE options. Trading volume was highest in the 26000PE option, followed by the 26500CE and 26000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,129.60	1.070	1.010	0.997
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,66,54,540	3,65,99,550	54,990
PUT:	3,92,15,995	3,69,49,185	22,66,810
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	46,81,040	2,11,250	77,900
26,000	46,13,115	-7,53,480	89,071
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,700	26,45,045	12,99,090	52,194
26,800	14,65,555	2,51,745	31,408
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	30,85,615	-8,46,560	90,152
26,000	46,13,115	-7,53,480	89,071
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	30,85,615	-8,46,560	90,152
26,000	46,13,115	-7,53,480	89,071
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	58,71,060	31,915	1,24,891
25,500	31,68,165	-2,96,400	63,203
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	17,94,650	6,25,820	41,188
25,700	14,24,995	3,70,305	39,202
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	31,68,165	-2,96,400	63,203
26,300	11,14,490	-2,30,620	39,287
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	58,71,060	31,915	1,24,891
26,100	19,24,065	-1,61,850	63,523

BANKNIFTY Monthly Expiry (27/01/2026)

The BANKNIFTY index closed at 59581.85. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.092 against previous 1.008. The 59500PE option holds the maximum open interest, followed by the 59500CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 59500PE option, with open interest additions also seen in the 59400PE and 62000CE options. On the other hand, open interest reductions were prominent in the 59100CE, 59000CE, and 61000CE options. Trading volume was highest in the 60000CE option, followed by the 59500PE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,581.85	1.092	1.008	0.873
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	87,80,130	70,88,280	16,91,850
PUT:	95,88,870	71,48,430	24,40,440
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	15,06,300	10,980	1,00,361
60,000	10,21,050	1,10,220	1,19,237
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
62,000	6,01,050	1,66,020	45,202
61,500	4,03,140	1,40,700	46,750
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,100	49,680	-61,560	13,572
59,000	4,07,370	-29,010	29,470
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	10,21,050	1,10,220	1,19,237
59,500	15,06,300	10,980	1,00,361
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	17,83,440	2,43,720	1,09,917
59,000	8,73,540	1,50,570	76,861
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,500	17,83,440	2,43,720	1,09,917
59,400	2,26,950	1,70,190	53,005
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,500	1,91,370	-16,680	14,392
55,300	9,600	-13,890	2,354
Top PUT Volume:
Strike	OI	OI Change	Volume
59,500	17,83,440	2,43,720	1,09,917
59,000	8,73,540	1,50,570	76,861

MIDCPNIFTY Monthly Expiry (27/01/2026)

The MIDCPNIFTY index closed at 13777.25. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.082 against previous 1.169. The 14000CE option holds the maximum open interest, followed by the 13000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13800PE option, with open interest additions also seen in the 14400CE and 14000CE options. On the other hand, open interest reductions were prominent in the 66400CE, 66400CE, and 66400CE options. Trading volume was highest in the 14000CE option, followed by the 13800CE and 13700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,777.25	1.082	1.169	0.958
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	36,47,520	22,24,800	14,22,720
PUT:	39,45,120	25,99,800	13,45,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	5,88,240	2,07,960	17,160
14,500	4,28,880	2,04,840	9,063
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,400	2,51,760	2,34,960	7,484
14,000	5,88,240	2,07,960	17,160
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,600	57,240	-70,320	2,638
13,500	1,03,320	-46,080	3,155
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	5,88,240	2,07,960	17,160
13,800	4,14,720	1,93,680	15,946
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	5,79,960	-1,03,200	10,431
13,500	5,45,040	43,680	10,387
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,800	4,43,040	3,12,000	14,968
13,300	3,13,080	1,86,840	6,163
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	5,79,960	-1,03,200	10,431
14,000	1,68,840	-12,120	2,527
Top PUT Volume:
Strike	OI	OI Change	Volume
13,700	3,27,000	1,13,280	14,983
13,800	4,43,040	3,12,000	14,968

Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us

Open Interest Volume Analysis screams 2026 bullish start: Fresh longs dominate combined futures across NIFTY, BANKNIFTY, MIDCPNIFTY while SENSEX covers—risk appetite roaring back.

Actionable New Year trades: Buy NIFTY/BANKNIFTY dips to 26,000 with 25,900 stops targeting 26,500; bull call spreads 26,100/26,400 perfect—momentum loves chasers.

Sector power: Load BANKNIFTY heaviest, rotate MIDCPNIFTY longs; skip SENSEX directionals till volume confirms.

January 2nd trigger: Volume explosion + OI continuation = 26,800 path clear; PCR spike above 1.4 = tactical pullback—ride the wave but trail profits tight!

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