NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 6/01/2026

Markets edged lower today with NIFTY off 0.27% amid fading volumes, but this Open Interest Volume Analysis across combined futures (Jan+Feb+Mar) tells a tale of divergent conviction—NIFTY and MIDCPNIFTY shorts building while BANKNIFTY longs press ahead, classic sector rotation amid range trading.

NIFTY combined futures load fresh shorts: +1.93% OI rise despite -18% volume confirms bears accumulating patiently—January/February both adding shorts steadily.

BANKNIFTY bucks downside: +7.39% combined OI explosion shows fresh long aggression continuing, premiums surging—banks defying pressure.

MIDCPNIFTY shorts intensify: +1.32% combined OI nibble signals bearish continuation, aligning with NIFTY caution.

SENSEX heavy short buildup: +12.86% OI warns broad market positioning turning defensive.

PCR tilts bullish overall: NIFTY weekly drops to 0.735, max pain 26,200—call strength emerging amid pullback.

Premium rebound key: January/February futures gaining traction suggests shorts paying up—bulls forcing costlier defense.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26178.7 (-0.273%)

Combined = January + February + March

Combined Fut Open Interest Change: 1.93%

Combined Fut Volume Change: -17.68%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 10% Previous 10%

NIFTY JANUARY Future closed at: 26285.1 (-0.175%)

January Fut Premium 106.4 (Increased by 25.4 points)

January Fut Open Interest Change: 1.58%

January Fut Volume Change: -16.18%

January Fut Open Interest Analysis: Fresh Short

NIFTY FEBRUARY Future closed at: 26427.7 (-0.187%)

February Fut Premium 249 (Increased by 22.1 points)

February Fut Open Interest Change: 5.00%

February Fut Volume Change: -33.39%

February Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (13/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.735 (Decreased from 0.818)

Put-Call Ratio (Volume): 0.875

Max Pain Level: 26200

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26200

Highest PUT Addition: 25500

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

Put-Call Ratio (Open Interest): 1.022 (Decreased from 1.054)

Put-Call Ratio (Volume): 0.975

Max Pain Level: 26200

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26500

Highest PUT Addition: 25800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60118.4 (0.124%)

Combined = January + February + March

Combined Fut Open Interest Change: 7.39%

Combined Fut Volume Change: -34.57%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 8% Previous 8%

BANKNIFTY JANUARY Future closed at: 60312.8 (0.232%)

January Fut Premium 194.4 (Increased by 65.6 points)

January Fut Open Interest Change: 7.5%

January Fut Volume Change: -33.9%

January Fut Open Interest Analysis: Fresh Long

BANKNIFTY FEBRUARY Future closed at: 60636.6 (0.221%)

February Fut Premium 518.2 (Increased by 59.8 points)

February Fut Open Interest Change: 5.44%

February Fut Volume Change: -44.18%

February Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.112 (Increased from 1.098)

Put-Call Ratio (Volume): 0.974

Max Pain Level: 59800

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59500

Highest CALL Addition: 60200

Highest PUT Addition: 60000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13957.1 (-0.078%)

Combined = January + February + March

Combined Fut Open Interest Change: 1.32%

Combined Fut Volume Change: -3.70%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 3% Previous 3%

MIDCPNIFTY JANUARY Future closed at: 14007.65 (-0.024%)

January Fut Premium 50.55 (Increased by 7.5 points)

January Fut Open Interest Change: 1.27%

January Fut Volume Change: -1.56%

January Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY FEBRUARY Future closed at: 14068.2 (-0.041%)

February Fut Premium 111.1 (Increased by 5.1 points)

February Fut Open Interest Change: 2.73%

February Fut Volume Change: -37.22%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.123 (Decreased from 1.126)

Put-Call Ratio (Volume): 1.100

Max Pain Level: 13950

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13800

Highest CALL Addition: 14500

Highest PUT Addition: 13600

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 85,063.34 (-0.440%)

SENSEX Monthly Future closed at: 85,547.75 (-0.326%)

Premium: 484.41 (Increased by 96.73 points)

Open Interest Change: 12.86%

Volume Change: 6.63%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (8/01/2026) Option Analysis

Put-Call Ratio (OI): 0.613 (Decreased from 0.689)

Put-Call Ratio (Volume): 0.996

Max Pain Level: 85100

Maximum CALL OI: 86000

Maximum PUT OI: 84500

Highest CALL Addition: 86000

Highest PUT Addition: 84500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 107.63 Cr.
DIIs Net BUY: ₹ 1,749.35 Cr.

FII Derivatives Activity

FII Trading Stats	6.01.26	5.01.26	2.01.26
FII Cash (Provisional Data)	-107.63	-36.25	289.8
Index Future Open Interest Long Ratio	12.73%	11.50%	11.41%
Index Future Volume Long Ratio	57.68%	53.29%	72.05%
Call Option Open Interest Long Ratio	52.24%	49.91%	54.05%
Call Option Volume Long Ratio	49.61%	49.69%	50.48%
Put Option Open Interest Long Ratio	62.48%	59.04%	56.65%
Put Option Volume Long Ratio	49.91%	50.24%	49.51%
Stock Future Open Interest Long Ratio	62.45%	62.84%	63.26%
Stock Future Volume Long Ratio	45.31%	46.41%	50.11%
Index Futures	Fresh Long	Short Covering	Short Covering
Index Options	Short Covering	Fresh Short	Fresh Short
Nifty Futures	Fresh Short	Short Covering	Short Covering
Nifty Options	Short Covering	Fresh Short	Fresh Short
BankNifty Futures	Fresh Long	Fresh Long	Fresh Long
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Short Covering	Short Covering	Long Covering
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Futures	Long Covering	Short Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Fresh Short	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Long

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 85063.34. The SENSEX weekly expiry for JANUARY 8, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.613 against previous 0.689. The 86000CE option holds the maximum open interest, followed by the 85500CE and 86500CE options. Market participants have shown increased interest with significant open interest additions in the 86000CE option, with open interest additions also seen in the 85000CE and 84500PE options. On the other hand, open interest reductions were prominent in the 85500PE, 85400PE, and 85700PE options. Trading volume was highest in the 85000PE option, followed by the 85200PE and 85500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	08-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85063.34	0.613	0.689	0.996
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,91,65,560	1,53,77,760	1,37,87,800
PUT:	1,78,82,320	1,05,97,840	72,84,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
86000	21,62,440	12,45,040	2,41,89,700
85500	17,62,660	8,47,260	3,07,86,040
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	21,62,440	12,45,040	2,41,89,700
85000	11,81,600	10,01,880	2,38,75,500
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
88800	92,040	-1,33,780	12,11,140
88300	1,58,600	-1,03,240	13,23,060
Top CALL Volume:
Strike	OI	OI Change	Volume
85500	17,62,660	8,47,260	3,07,86,040
85300	9,04,540	7,24,380	2,62,83,340
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84500	13,57,120	9,60,740	2,35,01,260
84000	12,53,380	5,13,180	1,37,05,220
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84500	13,57,120	9,60,740	2,35,01,260
85000	12,34,800	6,40,340	4,67,78,060
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85500	4,38,920	-2,72,040	1,44,49,520
85400	2,07,060	-2,06,840	1,44,75,320
Top PUT Volume:
Strike	OI	OI Change	Volume
85000	12,34,800	6,40,340	4,67,78,060
85200	3,77,600	57,340	3,10,24,980

NIFTY Weekly Expiry (13/01/2026)

The NIFTY index closed at 26178.7. The NIFTY weekly expiry for JANUARY 13, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.735 against previous 0.818. The 26500CE option holds the maximum open interest, followed by the 27000CE and 25500PE options. Market participants have shown increased interest with significant open interest additions in the 25500PE option, with open interest additions also seen in the 26200CE and 25700PE options. On the other hand, open interest reductions were prominent in the 26500PE, 26300PE, and 26550PE options. Trading volume was highest in the 26200PE option, followed by the 26200CE and 26300CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	13-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,178.70	0.735	0.818	0.875
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,93,23,195	4,05,23,275	4,87,99,920
PUT:	6,56,32,645	3,31,36,805	3,24,95,840
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	74,01,875	41,03,710	5,30,992
27,000	67,64,355	33,93,715	3,39,939
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,200	62,08,800	44,90,850	6,80,627
26,500	74,01,875	41,03,710	5,30,992
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,650	37,765	-3,770	851
27,750	30,290	-650	788
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	62,08,800	44,90,850	6,80,627
26,300	61,44,905	24,70,325	6,08,590
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	66,89,800	48,64,405	2,84,471
25,700	55,51,130	42,46,840	2,19,503
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	66,89,800	48,64,405	2,84,471
25,700	55,51,130	42,46,840	2,19,503
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	6,73,270	-3,46,125	59,162
26,300	23,35,905	-53,430	4,11,420
Top PUT Volume:
Strike	OI	OI Change	Volume
26,200	49,44,615	26,50,700	7,85,733
26,100	33,77,595	16,03,095	5,38,670

NIFTY Monthly Expiry (27/01/2026)

The NIFTY index closed at 26178.7. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.022 against previous 1.054. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25800PE option, with open interest additions also seen in the 26500CE and 26200CE options. On the other hand, open interest reductions were prominent in the 26100PE, 26800CE, and 26400PE options. Trading volume was highest in the 26200PE option, followed by the 26000PE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,178.70	1.022	1.054	0.975
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,23,75,385	4,06,15,835	17,59,550
PUT:	4,33,15,740	4,28,24,535	4,91,205
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	54,18,660	96,265	71,178
26,500	43,94,325	5,30,920	72,770
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	43,94,325	5,30,920	72,770
26,200	22,42,045	4,71,965	70,288
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,800	23,10,880	-2,80,345	39,792
27,500	23,35,060	-1,76,085	20,576
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	43,94,325	5,30,920	72,770
27,000	54,18,660	96,265	71,178
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	64,36,300	-28,925	77,823
25,000	30,51,035	-64,935	17,559
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	18,19,285	5,96,245	40,518
25,900	14,83,170	4,16,780	34,562
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,100	19,04,565	-9,81,110	57,114
26,400	10,99,605	-2,32,830	24,892
Top PUT Volume:
Strike	OI	OI Change	Volume
26,200	26,23,010	1,74,850	80,037
26,000	64,36,300	-28,925	77,823

BANKNIFTY Monthly Expiry (27/01/2026)

The BANKNIFTY index closed at 60118.4. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.112 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 60400PE and 60300PE options. On the other hand, open interest reductions were prominent in the 57500PE, 53500PE, and 57400PE options. Trading volume was highest in the 60000PE option, followed by the 60200PE and 60000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,118.40	1.112	1.098	0.974
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,16,04,870	1,10,95,170	5,09,700
PUT:	1,28,98,920	1,21,80,960	7,17,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	14,23,860	-8,370	7,858
60,000	12,09,510	-18,660	93,310
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,200	2,83,740	59,520	92,975
63,000	7,33,530	58,020	25,409
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	12,09,510	-18,660	93,310
59,000	2,86,800	-17,790	5,419
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	12,09,510	-18,660	93,310
60,200	2,83,740	59,520	92,975
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	19,54,920	52,800	48,036
60,000	12,04,380	1,15,140	1,35,337
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
60,000	12,04,380	1,15,140	1,35,337
60,400	1,72,080	81,930	34,692
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,500	4,15,830	-42,000	15,703
53,500	22,320	-38,970	4,421
Top PUT Volume:
Strike	OI	OI Change	Volume
60,000	12,04,380	1,15,140	1,35,337
60,200	1,98,180	42,630	1,03,517

MIDCPNIFTY Monthly Expiry (27/01/2026)

The MIDCPNIFTY index closed at 13957.1. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.123 against previous 1.126. 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 13600PE option, with open interest additions also seen in the 14500CE and 15000CE options. On the other hand, open interest reductions were prominent in the 70500CE, 69900CE, and 69900PE options. Trading volume was highest in the 14000CE option, followed by the 14000PE and 13600PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,957.10	1.123	1.126	1.100
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	58,86,360	56,07,960	2,78,400
PUT:	66,11,280	63,16,320	2,94,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	8,22,480	18,240	19,655
14,500	8,06,520	64,680	10,480
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,500	8,06,520	64,680	10,480
15,000	4,53,720	48,600	3,073
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,500	94,440	-18,960	369
14,900	50,400	-17,040	1,043
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	8,22,480	18,240	19,655
14,500	8,06,520	64,680	10,480
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,800	6,38,880	43,800	6,003
14,000	6,27,960	27,000	19,502
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,600	5,13,960	1,92,000	13,110
13,800	6,38,880	43,800	6,003
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	5,10,720	-63,360	3,026
13,300	4,01,760	-40,320	4,943
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	6,27,960	27,000	19,502
13,600	5,13,960	1,92,000	13,110

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

Open Interest Volume Analysis reveals rotation play: BANKNIFTY longs vs NIFTY/MIDCPNIFTY shorts in combined books—26,000-26,400 range likely holds.

Actionable spread trades: Long BANKNIFTY/short NIFTY pairs targeting 60,300/26,000; buy BANKNIFTY dips 60,000 with 59,800 stops.

Trim midcaps aggressively: February shorts signal caution—focus banking relative strength.

Wednesday watch: BANKNIFTY OI acceleration = rotation leadership; NIFTY shorts + volume = 26,000 test—play the divergence!

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

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