Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 5/01/2026
Table of Contents
Markets took a breather today with NIFTY dipping 0.30% after last week’s fireworks, and this Open Interest Volume Analysis across combined futures (Jan+Feb+Mar) reveals the classic post-rally profit-taking—NIFTY shorts nibbling while others cover longs amid healthy volume pickup.
NIFTY combined futures flash fresh shorts: +1.08% OI rise on +25% volume with downside confirms bears testing support—January +1.05% leads the charge.
BANKNIFTY long unwind: -2.75% combined OI drop shows tactical covering, February shorts emerging—banks pausing after surge.
MIDCPNIFTY light covering: -1.10% combined OI on fading volume signals profit booking, February shorts adding caution.
SENSEX aggressive relief: -11.70% combined OI plunge confirms broad long unwind—premium decay accelerates.
PCR eases across options: NIFTY weekly falls to 0.966, max pain 26,250—call balance returns as puts unwind.
Volume confirms real moves: +25% average shows institutions active despite holiday fade—positioning shift underway.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 26250.3 (-0.297%)
Combined = January + February + March
Combined Fut Open Interest Change: 1.08%
Combined Fut Volume Change: 24.71%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 10% Previous 10%
NIFTY JANUARY Future closed at: 26331.3 (-0.469%)
January Fut Premium 81 (Decreased by -45.85 points)
January Fut Open Interest Change: 1.05%
January Fut Volume Change: 24.02%
January Fut Open Interest Analysis: Fresh Short
NIFTY FEBRUARY Future closed at: 26477.2 (-0.430%)
February Fut Premium 226.9 (Decreased by -36.05 points)
February Fut Open Interest Change: -0.60%
February Fut Volume Change: 37.15%
February Fut Open Interest Analysis: Long Covering
NIFTY Weekly Expiry (6/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.966 (Decreased from 1.668)
Put-Call Ratio (Volume): 1.016
Max Pain Level: 26250
Maximum CALL Open Interest: 26300
Maximum PUT Open Interest: 26000
Highest CALL Addition: 26300
Highest PUT Addition: 25700
NIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.054 (Decreased from 1.067)
Put-Call Ratio (Volume): 0.955
Max Pain Level: 26200
Maximum CALL Open Interest: 27000
Maximum PUT Open Interest: 26000
Highest CALL Addition: 26800
Highest PUT Addition: 26300
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 60044.2 (-0.177%)
Combined = January + February + March
Combined Fut Open Interest Change: -2.75%
Combined Fut Volume Change: 13.99%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 8% Previous 8%
BANKNIFTY JANUARY Future closed at: 60173 (-0.278%)
January Fut Premium 128.8 (Decreased by -61.25 points)
January Fut Open Interest Change: -3.1%
January Fut Volume Change: 15.1%
January Fut Open Interest Analysis: Long Covering
BANKNIFTY FEBRUARY Future closed at: 60502.6 (-0.311%)
February Fut Premium 458.4 (Decreased by -81.85 points)
February Fut Open Interest Change: 1.21%
February Fut Volume Change: 8.08%
February Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.098 (Decreased from 1.144)
Put-Call Ratio (Volume): 0.928
Max Pain Level: 59700
Maximum CALL Open Interest: 59500
Maximum PUT Open Interest: 59500
Highest CALL Addition: 60500
Highest PUT Addition: 58000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13968 (-0.114%)
Combined = January + February + March
Combined Fut Open Interest Change: -1.10%
Combined Fut Volume Change: -44.03%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 3% Previous 3%
MIDCPNIFTY JANUARY Future closed at: 14011.05 (-0.385%)
January Fut Premium 43.05 (Decreased by -38.1 points)
January Fut Open Interest Change: -1.40%
January Fut Volume Change: -45.33%
January Fut Open Interest Analysis: Long Covering
MIDCPNIFTY FEBRUARY Future closed at: 14074 (-0.410%)
February Fut Premium 106 (Decreased by -41.95 points)
February Fut Open Interest Change: 9.15%
February Fut Volume Change: -7.85%
February Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.126 (Increased from 1.048)
Put-Call Ratio (Volume): 1.134
Max Pain Level: 13950
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 14000
Highest CALL Addition: 14500
Highest PUT Addition: 13700
SENSEX Monthly Expiry (29/01/2026) Future
SENSEX Spot closed at: 85,439.62 (-0.376%)
SENSEX Monthly Future closed at: 85,827.30 (-0.440%)
Premium: 387.68 (Decreased by -57.01 points)
Open Interest Change: -11.70%
Volume Change: 16.34%
Open Interest Analysis: Long Covering
SENSEX Weekly Expiry (8/01/2026) Option Analysis
Put-Call Ratio (OI): 0.689 (Decreased from 1.323)
Put-Call Ratio (Volume): 1.059
Max Pain Level: 85500
Maximum CALL OI: 88000
Maximum PUT OI: 84000
Highest CALL Addition: 88000
Highest PUT Addition: 84000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 36.25 Cr.
DIIs Net BUY: ₹ 1,764.07 Cr.
FII Derivatives Activity
| FII Trading Stats | 5.01.26 | 2.01.26 | 1.01.26 |
| FII Cash (Provisional Data) | -36.25 | 289.8 | -3,268.60 |
| Index Future Open Interest Long Ratio | 11.50% | 11.41% | 9.43% |
| Index Future Volume Long Ratio | 53.29% | 72.05% | 59.15% |
| Call Option Open Interest Long Ratio | 49.91% | 54.05% | 50.85% |
| Call Option Volume Long Ratio | 49.69% | 50.48% | 50.01% |
| Put Option Open Interest Long Ratio | 59.04% | 56.65% | 61.52% |
| Put Option Volume Long Ratio | 50.24% | 49.51% | 49.75% |
| Stock Future Open Interest Long Ratio | 62.84% | 63.26% | 63.28% |
| Stock Future Volume Long Ratio | 46.41% | 50.11% | 47.84% |
| Index Futures | Short Covering | Short Covering | Fresh Long |
| Index Options | Fresh Short | Fresh Short | Fresh Short |
| Nifty Futures | Short Covering | Short Covering | Short Covering |
| Nifty Options | Fresh Short | Fresh Short | Fresh Short |
| BankNifty Futures | Fresh Long | Fresh Long | Fresh Long |
| BankNifty Options | Fresh Long | Fresh Short | Fresh Long |
| FinNifty Futures | Short Covering | Long Covering | Fresh Long |
| FinNifty Options | Fresh Long | Fresh Long | Fresh Short |
| MidcpNifty Futures | Fresh Short | Fresh Long | Fresh Short |
| MidcpNifty Options | Fresh Long | Fresh Long | Fresh Long |
| NiftyNxt50 Futures | Short Covering | Short Covering | Short Covering |
| NiftyNxt50 Options | Fresh Short | Fresh Long | Fresh Long |
| Stock Futures | Fresh Short | Fresh Long | Fresh Short |
| Stock Options | Fresh Short | Fresh Long | 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 85439.62. The SENSEX weekly expiry for JANUARY 8, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.689 against previous 1.323. The 88000CE option holds the maximum open interest, followed by the 87000CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 88000CE option, with open interest additions also seen in the 86000CE and 85500CE options. On the other hand, open interest reductions were prominent in the 83000PE, 85300PE, and 85600PE options. Trading volume was highest in the 85500PE option, followed by the 86000CE and 85800CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 08-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 85439.62 | 0.689 | 1.323 | 1.059 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,53,77,760 | 89,08,940 | 64,68,820 |
| PUT: | 1,05,97,840 | 1,17,84,200 | -11,86,360 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 88000 | 11,35,740 | 6,60,620 | 61,38,160 |
| 87000 | 10,70,140 | 3,69,860 | 1,24,16,120 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 88000 | 11,35,740 | 6,60,620 | 61,38,160 |
| 86000 | 9,17,400 | 5,25,820 | 2,97,66,160 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 93000 | 2,44,160 | -1,61,500 | 10,34,540 |
| 90000 | 3,08,420 | -37,460 | 25,44,560 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 86000 | 9,17,400 | 5,25,820 | 2,97,66,160 |
| 85800 | 6,30,180 | 4,07,860 | 2,95,83,880 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 7,40,200 | 2,24,780 | 93,80,060 |
| 85500 | 7,10,960 | -1,59,960 | 3,60,78,280 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 7,40,200 | 2,24,780 | 93,80,060 |
| 84800 | 3,02,580 | 1,24,020 | 1,09,12,300 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 6,78,720 | -2,78,580 | 63,12,720 |
| 85300 | 3,54,780 | -2,71,280 | 1,90,51,600 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 85500 | 7,10,960 | -1,59,960 | 3,60,78,280 |
| 85700 | 2,43,820 | -1,22,960 | 2,78,85,160 |
NIFTY Weekly Expiry (6/01/2026)
The NIFTY index closed at 26250.3. The NIFTY weekly expiry for JANUARY 6, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.966 against previous 1.668. The 26300CE option holds the maximum open interest, followed by the 26000PE and 26400CE options. Market participants have shown increased interest with significant open interest additions in the 26300CE option, with open interest additions also seen in the 26400CE and 26250CE options. On the other hand, open interest reductions were prominent in the 26300PE, 25500PE, and 25000PE options. Trading volume was highest in the 26300PE option, followed by the 26300CE and 26350CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 06-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,250.30 | 0.966 | 1.668 | 1.016 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 17,52,79,000 | 13,06,31,150 | 4,46,47,850 |
| PUT: | 16,93,91,495 | 21,79,18,480 | -4,85,26,985 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 1,79,19,005 | 96,60,105 | 1,32,68,966 |
| 26,400 | 1,59,72,645 | 85,42,105 | 1,10,33,214 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 1,79,19,005 | 96,60,105 | 1,32,68,966 |
| 26,400 | 1,59,72,645 | 85,42,105 | 1,10,33,214 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 98,97,680 | -21,50,915 | 11,53,053 |
| 27,500 | 32,29,265 | -21,30,830 | 3,67,610 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 1,79,19,005 | 96,60,105 | 1,32,68,966 |
| 26,350 | 1,36,98,750 | 65,91,195 | 1,18,73,599 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,71,59,415 | -5,27,150 | 36,88,073 |
| 26,200 | 1,35,00,045 | -24,65,320 | 1,06,75,945 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,700 | 81,55,225 | 7,57,575 | 12,61,421 |
| 24,300 | 11,07,145 | 4,33,160 | 62,707 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 67,51,680 | -65,44,005 | 1,39,51,978 |
| 25,500 | 66,70,365 | -40,11,085 | 15,00,421 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 67,51,680 | -65,44,005 | 1,39,51,978 |
| 26,200 | 1,35,00,045 | -24,65,320 | 1,06,75,945 |
NIFTY Monthly Expiry (27/01/2026)
The NIFTY index closed at 26250.3. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.054 against previous 1.067. 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 26800CE option, with open interest additions also seen in the 26300PE and 26300CE options. On the other hand, open interest reductions were prominent in the 25900PE, 26900CE, and 26450CE options. Trading volume was highest in the 26500CE option, followed by the 27000CE and 26000PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,250.30 | 1.054 | 1.067 | 0.955 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 4,06,15,835 | 3,91,92,920 | 14,22,915 |
| PUT: | 4,28,24,535 | 4,18,23,340 | 10,01,195 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 53,22,395 | 1,55,935 | 97,758 |
| 26,000 | 40,88,695 | 47,060 | 27,458 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,800 | 25,91,225 | 4,50,060 | 48,880 |
| 26,300 | 21,83,805 | 3,32,865 | 64,713 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,900 | 10,17,055 | -2,04,230 | 31,047 |
| 26,450 | 1,94,155 | -1,66,920 | 17,792 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 38,63,405 | 23,465 | 1,14,180 |
| 27,000 | 53,22,395 | 1,55,935 | 97,758 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 64,65,225 | 1,64,580 | 95,374 |
| 25,000 | 31,15,970 | 81,900 | 34,165 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 20,77,985 | 3,71,800 | 85,434 |
| 26,200 | 24,48,160 | 2,12,680 | 67,383 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,900 | 10,66,390 | -2,57,855 | 30,390 |
| 26,450 | 59,410 | -1,06,795 | 12,569 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 64,65,225 | 1,64,580 | 95,374 |
| 26,300 | 20,77,985 | 3,71,800 | 85,434 |
BANKNIFTY Monthly Expiry (27/01/2026)
The BANKNIFTY index closed at 60044.2. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.098 against previous 1.144. 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 60500CE option, with open interest additions also seen in the 62000CE and 63000CE options. On the other hand, open interest reductions were prominent in the 60000PE, 67500CE, and 59000CE options. Trading volume was highest in the 60000PE option, followed by the 60000CE and 60500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 60,044.20 | 1.098 | 1.144 | 0.928 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,10,95,170 | 1,05,10,440 | 5,84,730 |
| PUT: | 1,21,80,960 | 1,20,26,130 | 1,54,830 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 14,32,230 | -16,080 | 14,719 |
| 60,000 | 12,28,170 | 13,560 | 1,11,048 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,500 | 4,97,250 | 1,11,390 | 1,03,209 |
| 62,000 | 7,54,440 | 97,620 | 65,485 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 67,500 | 1,60,200 | -73,050 | 5,803 |
| 59,000 | 3,04,590 | -39,480 | 7,003 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 12,28,170 | 13,560 | 1,11,048 |
| 60,500 | 4,97,250 | 1,11,390 | 1,03,209 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 19,02,120 | -9,630 | 58,265 |
| 59,000 | 11,08,860 | -16,890 | 62,835 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 58,000 | 7,67,070 | 76,620 | 35,134 |
| 60,200 | 1,55,550 | 46,980 | 85,106 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 10,89,240 | -78,150 | 1,51,410 |
| 59,700 | 2,27,460 | -39,120 | 26,778 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 10,89,240 | -78,150 | 1,51,410 |
| 60,200 | 1,55,550 | 46,980 | 85,106 |
MIDCPNIFTY Monthly Expiry (27/01/2026)
The MIDCPNIFTY index closed at 13968. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.126 against previous 1.048. The 14000CE option holds the maximum open interest, followed by the 14500CE and 14000PE options. Market participants have shown increased interest with significant open interest additions in the 13700PE option, with open interest additions also seen in the 13400PE and 14500CE options. On the other hand, open interest reductions were prominent in the 69500PE, 69900PE, and 66400CE options. Trading volume was highest in the 14000PE option, followed by the 14000CE and 13700PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,968.00 | 1.126 | 1.048 | 1.134 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 56,07,960 | 56,32,080 | -24,120 |
| PUT: | 63,16,320 | 59,00,280 | 4,16,040 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,04,240 | -86,640 | 24,651 |
| 14,500 | 7,41,840 | 86,880 | 13,111 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 7,41,840 | 86,880 | 13,111 |
| 14,100 | 2,52,240 | 53,760 | 8,268 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,04,240 | -86,640 | 24,651 |
| 14,200 | 4,34,400 | -66,840 | 14,432 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,04,240 | -86,640 | 24,651 |
| 14,200 | 4,34,400 | -66,840 | 14,432 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,00,960 | 62,280 | 24,973 |
| 13,800 | 5,95,080 | -9,840 | 6,898 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,700 | 4,44,480 | 1,06,320 | 22,298 |
| 13,400 | 3,06,000 | 88,200 | 4,124 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 2,59,680 | -37,320 | 10,064 |
| 13,600 | 3,21,960 | -37,080 | 6,462 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,00,960 | 62,280 | 24,973 |
| 13,700 | 4,44,480 | 1,06,320 | 22,298 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Open Interest Volume Analysis reads healthy consolidation: NIFTY shorts test while others cover—26,200 support key before next leg.
Actionable pullback buys: Scoop NIFTY 26,200 with 26,000 stops targeting 26,600; BANKNIFTY/MIDCPNIFTY spreads favor longs—premium decay opportunity.
Trim aggressively: Last week’s longs book 50% profits; watch February shorts for directional clues.
Tuesday pivot: Volume + OI unwind = bounce resumption; fresh shorts pile = 26,000 test—scale back in on weakness!
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FII / FPI trading activity in Capital Market Segment
NSE Derivatives Raw Data
BSE Derivatives Raw Data
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