Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 2/01/2026
Table of Contents
Markets powered higher today with NIFTY ripping 0.70% on explosive volume return, and this Open Interest Volume Analysis across combined futures (Jan+Feb+Mar) captures pure bullish fireworks—short covering in NIFTY meets aggressive fresh longs everywhere else as institutions vote confidence for Q1 rally.
NIFTY combined futures roar with short covering: -1.36% OI drop on +106% volume surge confirms bears folding fast, January leading unwind while February adds longs—momentum intact.
BANKNIFTY longs go ballistic: +5.70% combined OI explosion with volume doubling screams fresh positioning, February +13.19% seals banking leadership.
MIDCPNIFTY steals thunder: +16.35% combined OI blast on +161% volume marks midcaps surging back aggressively—January +16.63% is monster.
SENSEX flips bullish: +13.14% combined OI confirms fresh long conviction across benchmark.
PCR defensive but rallying: NIFTY weekly spikes to 1.668 yet price powers higher—max pain 26,300 suggests pinning potential amid put protection.
Premium decay fuels longs: Sharp theta bleed ignored by bulls piling in—classic strong hands signal.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 26328.55 (0.696%)
Combined = January + February + March
Combined Fut Open Interest Change: -1.36%
Combined Fut Volume Change: 106.21%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 10% Previous 9%
NIFTY JANUARY Future closed at: 26455.4 (0.628%)
January Fut Premium 126.85 (Decreased by -17 points)
January Fut Open Interest Change: -2.15%
January Fut Volume Change: 104.64%
January Fut Open Interest Analysis: Short Covering
NIFTY FEBRUARY Future closed at: 26591.5 (0.585%)
February Fut Premium 262.95 (Decreased by -27.4 points)
February Fut Open Interest Change: 2.46%
February Fut Volume Change: 136.29%
February Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (6/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.668 (Increased from 1.122)
Put-Call Ratio (Volume): 0.903
Max Pain Level: 26300
Maximum CALL Open Interest: 27000
Maximum PUT Open Interest: 26000
Highest CALL Addition: 27900
Highest PUT Addition: 26300
NIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.067 (Increased from 1.040)
Put-Call Ratio (Volume): 1.139
Max Pain Level: 26200
Maximum CALL Open Interest: 27000
Maximum PUT Open Interest: 26000
Highest CALL Addition: 26500
Highest PUT Addition: 26100
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 60150.95 (0.736%)
Combined = January + February + March
Combined Fut Open Interest Change: 5.70%
Combined Fut Volume Change: 104.74%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 8% Previous 7%
BANKNIFTY JANUARY Future closed at: 60341 (0.643%)
January Fut Premium 190.05 (Decreased by -54 points)
January Fut Open Interest Change: 4.7%
January Fut Volume Change: 95.9%
January Fut Open Interest Analysis: Fresh Long
BANKNIFTY FEBRUARY Future closed at: 60691.2 (0.681%)
February Fut Premium 540.25 (Decreased by -29 points)
February Fut Open Interest Change: 13.19%
February Fut Volume Change: 271.35%
February Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.144 (Increased from 1.098)
Put-Call Ratio (Volume): 0.839
Max Pain Level: 59600
Maximum CALL Open Interest: 59500
Maximum PUT Open Interest: 59500
Highest CALL Addition: 60300
Highest PUT Addition: 60000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13984 (1.014%)
Combined = January + February + March
Combined Fut Open Interest Change: 16.35%
Combined Fut Volume Change: 161.17%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 3% Previous 3%
MIDCPNIFTY JANUARY Future closed at: 14065.15 (1.194%)
January Fut Premium81.15 (Increased by 25.6 points)
January Fut Open Interest Change: 16.63%
January Fut Volume Change: 165.14%
January Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY FEBRUARY Future closed at: 14131.95 (1.177%)
February Fut Premium147.95 (Increased by 24.05 points)
February Fut Open Interest Change: 3.52%
February Fut Volume Change: 86.96%
February Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.048 (Decreased from 1.157)
Put-Call Ratio (Volume): 0.841
Max Pain Level: 13900
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13800
Highest CALL Addition: 14000
Highest PUT Addition: 14000
SENSEX Monthly Expiry (29/01/2026) Future
SENSEX Spot closed at: 85,762.01 (0.673%)
SENSEX Monthly Future closed at: 86,206.70 (0.536%)
Premium: 444.69 (Decreased by -114.06 points)
Open Interest Change: 13.14%
Volume Change: 2.41%
Open Interest Analysis: Fresh Long
SENSEX Weekly Expiry (8/01/2026) Option Analysis
Put-Call Ratio (OI): 1.323 (Increased from 0.891)
Put-Call Ratio (Volume): 0.782
Max Pain Level: 85600
Maximum CALL OI: 87000
Maximum PUT OI: 83000
Highest CALL Addition: 87000
Highest PUT Addition: 85500
FII & DII Cash Market Activity
FIIs Net BUY: ₹ 289.80 Cr.
DIIs Net BUY: ₹ 677.38 Cr.
FII Derivatives Activity
| FII Trading Stats | 2.01.26 | 1.01.26 | 31.12.25 |
| FII Cash (Provisional Data) | 289.8 | -3,268.60 | -3,597.38 |
| Index Future Open Interest Long Ratio | 11.41% | 9.43% | 8.86% |
| Index Future Volume Long Ratio | 72.05% | 59.15% | 46.12% |
| Call Option Open Interest Long Ratio | 54.05% | 50.85% | 50.93% |
| Call Option Volume Long Ratio | 50.48% | 50.01% | 50.49% |
| Put Option Open Interest Long Ratio | 56.65% | 61.52% | 62.84% |
| Put Option Volume Long Ratio | 49.51% | 49.75% | 49.93% |
| Stock Future Open Interest Long Ratio | 63.26% | 63.28% | 63.42% |
| Stock Future Volume Long Ratio | 50.11% | 47.84% | 54.22% |
| Index Futures | Short Covering | Fresh Long | Fresh Short |
| Index Options | Fresh Short | Fresh Short | Fresh Long |
| Nifty Futures | Short Covering | Short Covering | Fresh Short |
| Nifty Options | Fresh Short | Fresh Short | Fresh Long |
| BankNifty Futures | Fresh Long | Fresh Long | Fresh Long |
| BankNifty Options | Fresh Short | Fresh Long | Fresh Long |
| FinNifty Futures | Long Covering | Fresh Long | Fresh Short |
| FinNifty Options | Fresh Long | Fresh Short | Fresh Long |
| MidcpNifty Futures | Fresh Long | Fresh Short | Fresh Short |
| MidcpNifty Options | Fresh Long | Fresh Long | Fresh Long |
| NiftyNxt50 Futures | Short Covering | Short Covering | Fresh Long |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Long |
| Stock Futures | Fresh Long | Fresh Short | Fresh Long |
| Stock Options | Fresh Long | Fresh Short | Fresh Short |
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 (8/01/2026)
The SENSEX index closed at 85762.01. The SENSEX weekly expiry for JANUARY 8, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.323 against previous 0.891. The 83000PE option holds the maximum open interest, followed by the 85500PE and 87000CE options. Market participants have shown increased interest with significant open interest additions in the 85500PE option, with open interest additions also seen in the 83000PE and 87000CE options. On the other hand, open interest reductions were prominent in the 85300CE, 85200CE, and 85100CE options. Trading volume was highest in the 85500PE option, followed by the 85500CE and 85600CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 08-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 85762.01 | 1.323 | 0.891 | 0.782 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 89,08,940 | 43,28,000 | 45,80,940 |
| PUT: | 1,17,84,200 | 38,57,580 | 79,26,620 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 87000 | 7,00,280 | 4,75,000 | 69,03,900 |
| 87500 | 5,40,400 | 1,73,480 | 53,10,800 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 87000 | 7,00,280 | 4,75,000 | 69,03,900 |
| 93000 | 4,05,660 | 4,04,540 | 12,23,740 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 85300 | 93,040 | -1,72,460 | 65,99,040 |
| 85200 | 39,300 | -1,02,940 | 30,01,340 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 85500 | 4,27,340 | -30,140 | 1,77,57,500 |
| 85600 | 1,94,700 | 90,600 | 1,71,74,500 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 9,57,300 | 5,43,260 | 43,43,260 |
| 85500 | 8,70,920 | 6,08,280 | 1,89,65,700 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 85500 | 8,70,920 | 6,08,280 | 1,89,65,700 |
| 83000 | 9,57,300 | 5,43,260 | 43,43,260 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 88000 | 700 | -40 | 40 |
| 91000 | 1,240 | – | – |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 85500 | 8,70,920 | 6,08,280 | 1,89,65,700 |
| 85600 | 4,19,860 | 4,00,960 | 1,57,78,300 |
NIFTY Weekly Expiry (6/01/2026)
The NIFTY index closed at 26328.55. The NIFTY weekly expiry for JANUARY 6, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.668 against previous 1.122. The 26000PE option holds the maximum open interest, followed by the 26200PE and 26100PE options. Market participants have shown increased interest with significant open interest additions in the 26300PE option, with open interest additions also seen in the 26200PE and 26250PE options. On the other hand, open interest reductions were prominent in the 26200CE, 26150CE, and 26400CE options. Trading volume was highest in the 26300CE option, followed by the 26300PE and 26200PE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 06-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,328.55 | 1.668 | 1.122 | 0.903 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 13,06,31,150 | 13,57,33,325 | -51,02,175 |
| PUT: | 21,79,18,480 | 15,22,45,080 | 6,56,73,400 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 1,20,48,595 | 18,19,025 | 7,49,552 |
| 26,500 | 1,16,50,860 | 30,36,540 | 36,10,886 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 27,900 | 43,82,885 | 33,67,260 | 1,28,583 |
| 26,500 | 1,16,50,860 | 30,36,540 | 36,10,886 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,200 | 37,25,865 | -85,82,405 | 43,87,922 |
| 26,150 | 11,88,135 | -45,26,340 | 15,92,474 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 82,58,900 | -11,61,745 | 73,45,358 |
| 26,250 | 26,85,930 | -23,81,405 | 46,50,550 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,76,86,565 | 25,21,220 | 18,71,859 |
| 26,200 | 1,59,65,365 | 1,09,12,135 | 50,00,192 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 1,32,95,685 | 1,15,62,590 | 52,17,279 |
| 26,200 | 1,59,65,365 | 1,09,12,135 | 50,00,192 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,400 | 38,05,230 | -23,23,685 | 8,76,154 |
| 25,100 | 25,58,270 | -15,21,585 | 3,30,410 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 1,32,95,685 | 1,15,62,590 | 52,17,279 |
| 26,200 | 1,59,65,365 | 1,09,12,135 | 50,00,192 |
NIFTY Monthly Expiry (27/01/2026)
The NIFTY index closed at 26328.55. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.067 against previous 1.040. 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 26100PE option, with open interest additions also seen in the 26500CE and 26800CE options. On the other hand, open interest reductions were prominent in the 25500PE, 25800PE, and 26200CE options. Trading volume was highest in the 26000PE option, followed by the 26500CE and 27000CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,328.55 | 1.067 | 1.040 | 1.139 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 3,91,92,920 | 3,80,57,110 | 11,35,810 |
| PUT: | 4,18,23,340 | 3,95,96,505 | 22,26,835 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 51,66,460 | 2,02,995 | 77,172 |
| 26,000 | 40,41,635 | -4,40,765 | 30,768 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 38,39,940 | 6,26,990 | 95,667 |
| 26,800 | 21,41,165 | 5,37,875 | 37,059 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,200 | 15,31,010 | -5,01,605 | 49,401 |
| 26,000 | 40,41,635 | -4,40,765 | 30,768 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 38,39,940 | 6,26,990 | 95,667 |
| 27,000 | 51,66,460 | 2,02,995 | 77,172 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 63,00,645 | 4,67,545 | 99,036 |
| 25,000 | 30,34,070 | 25,740 | 29,495 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,100 | 26,99,255 | 9,50,560 | 53,475 |
| 26,400 | 13,67,925 | 5,05,180 | 37,247 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 26,56,615 | -5,58,870 | 47,051 |
| 25,800 | 12,62,690 | -5,57,635 | 44,016 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 63,00,645 | 4,67,545 | 99,036 |
| 26,200 | 22,35,480 | 1,06,665 | 63,929 |
BANKNIFTY Monthly Expiry (27/01/2026)
The BANKNIFTY index closed at 60150.95. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.144 against previous 1.098. 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 60000PE option, with open interest additions also seen in the 59000PE and 60100PE options. On the other hand, open interest reductions were prominent in the 59700CE, 59000CE, and 59700PE options. Trading volume was highest in the 60000CE option, followed by the 60000PE and 60500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 60,150.95 | 1.144 | 1.098 | 0.839 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,05,10,440 | 94,91,550 | 10,18,890 |
| PUT: | 1,20,26,130 | 1,04,26,170 | 15,99,960 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 14,48,310 | -42,690 | 27,088 |
| 60,000 | 12,14,610 | -17,400 | 1,73,141 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,300 | 1,52,190 | 85,800 | 40,706 |
| 65,000 | 2,62,650 | 82,980 | 15,342 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,700 | 1,15,680 | -87,540 | 19,566 |
| 59,000 | 3,44,070 | -63,900 | 10,431 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 12,14,610 | -17,400 | 1,73,141 |
| 60,500 | 3,85,860 | 60,330 | 74,330 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 19,11,750 | 50,190 | 58,800 |
| 60,000 | 11,67,390 | 4,53,960 | 1,46,249 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 11,67,390 | 4,53,960 | 1,46,249 |
| 59,000 | 11,25,750 | 2,13,930 | 62,990 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,700 | 2,66,580 | -61,650 | 33,830 |
| 57,000 | 3,92,070 | -52,050 | 23,978 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 11,67,390 | 4,53,960 | 1,46,249 |
| 59,000 | 11,25,750 | 2,13,930 | 62,990 |
MIDCPNIFTY Monthly Expiry (27/01/2026)
The MIDCPNIFTY index closed at 13984. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.048 against previous 1.157. The 14000CE option holds the maximum open interest, followed by the 14500CE and 13800PE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 14000CE and 14200CE options. On the other hand, open interest reductions were prominent in the 69000CE, 58000CE, and 58000PE options. Trading volume was highest in the 14000CE option, followed by the 14300CE and 14500CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,984.00 | 1.048 | 1.157 | 0.841 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 56,32,080 | 40,87,200 | 15,44,880 |
| PUT: | 59,00,280 | 47,27,880 | 11,72,400 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,90,880 | 2,90,280 | 19,886 |
| 14,500 | 6,54,960 | 1,22,760 | 14,820 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,90,880 | 2,90,280 | 19,886 |
| 14,200 | 5,01,240 | 2,70,480 | 12,687 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 3,42,840 | -70,920 | 4,000 |
| 13,700 | 2,07,600 | -37,680 | 1,022 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,90,880 | 2,90,280 | 19,886 |
| 14,300 | 2,36,400 | 87,240 | 16,350 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 6,04,920 | 75,960 | 7,410 |
| 13,000 | 5,81,280 | -38,880 | 6,680 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 5,38,680 | 3,42,840 | 14,315 |
| 13,900 | 2,97,000 | 2,01,600 | 10,283 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 4,24,920 | -1,07,520 | 13,842 |
| 12,800 | 3,00,120 | -54,120 | 2,911 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 5,38,680 | 3,42,840 | 14,315 |
| 13,500 | 4,24,920 | -1,07,520 | 13,842 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Open Interest Volume Analysis verdict: Bulls stampeding higher: Short covering + fresh longs dominate combined books everywhere—2026 rally accelerating hard.
Actionable momentum trades: Buy NIFTY/BANKNIFTY pullbacks to 26,300/60,000 with 26,200/59,800 stops targeting 26,800/61,000—MIDCPNIFTY offers explosive alpha.
Sector rocket ships: Load midcaps/BANKS heaviest; trail SENSEX longs loosely—breadth perfect.
Monday trigger: Volume sustain + OI growth = 27,000 dream; PCR 1.8+ pullback signal—ride aggressively but book half profits at targets!
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FII / FPI trading activity in Capital Market Segment
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BSE Derivatives Raw Data
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