NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 21/01/2026

Hey traders, diving into today’s Open Interest Volume Analysis for January 21, 2026, the markets are flashing some serious caution signals across the board—NIFTY Futures saw combined OI drop by 0.50% alongside a whopping 71.64% volume surge, screaming long covering as big players unwind positions ahead of expiry.

BANKNIFTY’s combined OI jumped 12.95% with 81.31% volume explosion, pure fresh short buildup that’s got bears piling in.

MIDCPNIFTY’s mild 2.87% OI rise and 70.44% volume spike also points to fresh shorts dominating. Rollover stats are up too—NIFTY at 27% from 19%, BANKNIFTY at 29% from 21%—showing traders rolling over but with heavy short bias in combined data; this Open Interest Volume Analysis yells volatility ahead, so watch those premiums crashing as sentiment sours.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25157.5 (-0.297%)

Combined = January + February + March

Combined Fut Open Interest Change: -0.50%

Combined Fut Volume Change: 71.64%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 27% Previous 19%

NIFTY JANUARY Future closed at: 25178.2 (-0.321%)

January Fut Premium 20.7 (Decreased by -6 points)

January Fut Open Interest Change: -10.47%

January Fut Volume Change: 62.19%

January Fut Open Interest Analysis: Long Covering

NIFTY FEBRUARY Future closed at: 25309.2 (-0.349%)

February Fut Premium 151.7 (Decreased by -13.7 points)

February Fut Open Interest Change: 53.57%

February Fut Volume Change: 127.52%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.674 (Increased from 0.583)

Put-Call Ratio (Volume): 1.041

Max Pain Level: 25350

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25200

Highest PUT Addition: 23500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58800.3 (-1.017%)

Combined = January + February + March

Combined Fut Open Interest Change: 12.95%

Combined Fut Volume Change: 81.31%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 29% Previous 21%

BANKNIFTY JANUARY Future closed at: 58855.8 (-1.054%)

January Fut Premium 55.5 (Decreased by -23.3 points)

January Fut Open Interest Change: 1.1%

January Fut Volume Change: 57.7%

January Fut Open Interest Analysis: Fresh Short

BANKNIFTY FEBRUARY Future closed at: 59201.6 (-1.031%)

February Fut Premium 401.3 (Decreased by -12.9 points)

February Fut Open Interest Change: 72.92%

February Fut Volume Change: 182.77%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.659 (Decreased from 0.761)

Put-Call Ratio (Volume): 0.976

Max Pain Level: 59400

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58500

Highest CALL Addition: 59000

Highest PUT Addition: 58500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13155.05 (-1.149%)

Combined = January + February + March

Combined Fut Open Interest Change: 2.87%

Combined Fut Volume Change: 70.44%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 14% Previous 9%

MIDCPNIFTY JANUARY Future closed at: 13141.2 (-1.289%)

January Fut Discount -13.85 (Decreased by -18.8 points)

January Fut Open Interest Change: -2.35%

January Fut Volume Change: 56.94%

January Fut Open Interest Analysis: Long Covering

MIDCPNIFTY FEBRUARY Future closed at: 13182.05 (-1.354%)

February Fut Discount 27 (Decreased by -28.05 points)

February Fut Open Interest Change: 56.99%

February Fut Volume Change: 130.64%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.659 (Decreased from 0.681)

Put-Call Ratio (Volume): 0.887

Max Pain Level: 13500

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13600

Highest PUT Addition: 12600

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 81,909.63 (-0.330%)

SENSEX Monthly Future closed at: 82,104.65 (-0.366%)

Premium: 195.02 (Decreased by -30.81 points)

Open Interest Change: -7.22%

Volume Change: 119.82%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (22/01/2026) Option Analysis

Put-Call Ratio (OI): 0.837 (Increased from 0.489)

Put-Call Ratio (Volume): 1.021

Max Pain Level: 82100

Maximum CALL OI: 84000

Maximum PUT OI: 79000

Highest CALL Addition: 82000

Highest PUT Addition: 79000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,787.66 Cr.

DIIs Net BUY: ₹ 4,520.47 Cr.

FII Derivatives Activity

FII Trading Stats	21.01.26	20.01.26	19.01.26
FII Cash (Provisional Data)	-1,787.66	-2,938.33	-3,262.82
Index Future Open Interest Long Ratio	11.33%	9.18%	9.49%
Index Future Volume Long Ratio	48.50%	42.80%	46.86%
Call Option Open Interest Long Ratio	45.46%	47.07%	49.06%
Call Option Volume Long Ratio	49.76%	49.60%	49.89%
Put Option Open Interest Long Ratio	61.43%	64.67%	60.93%
Put Option Volume Long Ratio	49.99%	50.18%	49.94%
Stock Future Open Interest Long Ratio	61.12%	61.08%	61.22%
Stock Future Volume Long Ratio	50.30%	49.89%	48.26%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Short	Long Covering	Fresh Short
Nifty Futures	Fresh Long	Fresh Short	Long Covering
Nifty Options	Fresh Short	Long Covering	Fresh Short
BankNifty Futures	Fresh Short	Fresh Short	Fresh Short
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Long Covering	Fresh Long	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Fresh Short	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Short
Stock Options	Long Covering	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 (22/01/2026)

The SENSEX index closed at 81909.63. The SENSEX weekly expiry for JANUARY 22, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.837 against previous 0.489. The 84000CE option holds the maximum open interest, followed by the 83000CE and 79000PE options. Market participants have shown increased interest with significant open interest additions in the 79000PE option, with open interest additions also seen in the 78000PE and 79500PE options. On the other hand, open interest reductions were prominent in the 87000CE, 86000CE, and 82800PE options. Trading volume was highest in the 83000CE option, followed by the 81000PE and 82500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81909.63	0.837	0.489	1.021
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,90,19,440	3,17,56,540	72,62,900
PUT:	3,26,42,860	1,55,25,820	1,71,17,040
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	27,11,980	6,14,980	5,46,43,480
83000	23,50,280	6,50,200	15,52,78,240
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	11,03,940	8,92,120	12,97,55,320
83000	23,50,280	6,50,200	15,52,78,240
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87000	6,11,420	-3,67,280	55,83,780
86000	14,09,220	-1,69,700	1,38,40,720
Top CALL Volume:
Strike	OI	OI Change	Volume
83000	23,50,280	6,50,200	15,52,78,240
82500	13,09,380	4,61,420	14,54,56,820
Top PUT Open Interest:
Strike	OI	OI Change	Volume
79000	21,78,700	15,57,180	3,49,94,980
81000	19,45,900	9,82,240	14,80,86,500
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
79000	21,78,700	15,57,180	3,49,94,980
78000	16,89,480	13,98,100	2,09,41,700
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82800	1,18,880	-1,68,060	15,38,320
82700	59,220	-1,55,020	20,63,460
Top PUT Volume:
Strike	OI	OI Change	Volume
81000	19,45,900	9,82,240	14,80,86,500
81500	10,79,200	2,84,320	14,42,44,560

NIFTY Monthly Expiry (27/01/2026)

The NIFTY index closed at 25157.5. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.674 against previous 0.583. The 26000CE option holds the maximum open interest, followed by the 25500CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 23500PE option, with open interest additions also seen in the 25200CE and 25100CE options. On the other hand, open interest reductions were prominent in the 25500PE, 25600PE, and 26500CE options. Trading volume was highest in the 25000PE option, followed by the 25200PE and 25100PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,157.50	0.674	0.583	1.041
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,31,43,415	15,06,67,140	3,24,76,275
PUT:	12,35,01,885	8,78,66,675	3,56,35,210
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,47,17,170	15,48,105	16,26,981
25,500	1,13,70,125	7,17,470	32,65,004
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,200	57,29,880	42,06,215	42,32,181
25,100	33,22,020	30,69,495	20,04,042
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	98,25,790	-11,19,430	7,78,714
28,000	14,98,575	-6,70,930	1,03,686
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	57,29,880	42,06,215	42,32,181
25,300	58,61,830	27,03,025	38,70,300
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	88,66,455	11,29,635	57,27,196
24,000	81,96,370	29,27,795	11,21,182
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	65,53,430	65,53,430	8,87,690
24,000	81,96,370	29,27,795	11,21,182
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	32,65,535	-11,88,915	3,21,132
25,600	15,57,985	-11,23,070	91,171
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	88,66,455	11,29,635	57,27,196
25,200	55,93,250	17,94,780	51,21,882

BANKNIFTY Monthly Expiry (27/01/2026)

The BANKNIFTY index closed at 58800.3. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.659 against previous 0.761. The 60000CE option holds the maximum open interest, followed by the 59500CE and 61000CE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 67500CE and 59500CE options. On the other hand, open interest reductions were prominent in the 59500PE, 59000PE, and 60000PE options. Trading volume was highest in the 59000PE option, followed by the 60000CE and 58500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,800.30	0.659	0.761	0.976
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,79,00,370	1,54,30,110	24,70,260
PUT:	1,17,96,360	1,17,49,680	46,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	19,03,650	68,850	4,29,893
59,500	10,98,960	2,41,440	3,97,053
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	7,11,930	3,95,010	4,05,897
67,500	6,32,820	2,55,120	54,537
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,100	2,79,810	-98,790	1,03,031
62,000	7,99,620	-80,400	1,40,533
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	19,03,650	68,850	4,29,893
59,000	7,11,930	3,95,010	4,05,897
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,500	8,70,720	1,86,540	4,16,700
58,000	8,08,410	13,770	3,82,386
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,500	8,70,720	1,86,540	4,16,700
58,200	2,21,190	1,28,460	1,13,187
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	7,30,260	-3,40,050	1,83,633
59,000	6,56,040	-3,22,440	5,02,315
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	6,56,040	-3,22,440	5,02,315
58,500	8,70,720	1,86,540	4,16,700

MIDCPNIFTY Monthly Expiry (27/01/2026)

The MIDCPNIFTY index closed at 13155.05. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.659 against previous 0.681. The 14000CE option holds the maximum open interest, followed by the 13600CE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 13600CE option, with open interest additions also seen in the 13200CE and 12600PE options. On the other hand, open interest reductions were prominent in the 69000CE, 67000PE, and 68500PE options. Trading volume was highest in the 13000PE option, followed by the 13500CE and 13300CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,155.05	0.659	0.681	0.887
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,51,25,280	1,37,62,440	13,62,840
PUT:	99,65,040	93,65,760	5,99,280
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	15,13,680	-3,74,760	44,699
13,600	14,06,280	5,58,600	79,276
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,600	14,06,280	5,58,600	79,276
13,200	5,02,440	4,52,400	77,810
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	15,13,680	-3,74,760	44,699
14,100	5,92,080	-2,52,240	17,013
Top CALL Volume:
Strike	OI	OI Change	Volume
13,500	10,25,760	-15,000	1,11,921
13,300	4,43,520	2,51,880	87,333
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	11,04,480	1,41,600	1,30,936
12,800	9,38,040	2,96,040	70,277
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,600	4,26,000	3,21,840	30,553
12,800	9,38,040	2,96,040	70,277
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	3,32,640	-3,42,480	87,012
13,200	5,01,480	-2,80,560	83,222
Top PUT Volume:
Strike	OI	OI Change	Volume
13,000	11,04,480	1,41,600	1,30,936
13,100	3,32,640	-3,42,480	87,012

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

Wrapping up this Open Interest Volume Analysis, the combined futures data paints a bearish picture: long covering in NIFTY mixed with aggressive fresh shorts in BANKNIFTY and MIDCPNIFTY, fueled by massive volume changes (71-81%) that confirm real momentum shifts—not just noise. Premiums are tanking across months, PCRs tilting bearish (NIFTY OI at 0.674 up, BANKNIFTY volume near 1), and Max Pain levels like NIFTY’s 25350 suggest anchors but with OI clustering at OTM strikes (26000 CE, 25000 PE) hinting at downside protection.

NIFTY play: Stay out or go short Feb futures below 25300—long covering + low rollover screams no bounce; target 25000 spot with 25200 CE resistance.

BANKNIFTY alert: Fresh shorts everywhere (combined OI +13%), avoid longs entirely; sell 59000 CE or buy 58500 PE if spot cracks 58800, eyeing Max Pain 59400 as fakeout ceiling.

MIDCPNIFTY edge: Jan discount widening + Feb fresh shorts = discount hunting; short Feb above 13200, stop 13300, as 13500 Pain might cap any rebound.

Overall actionable: Scale into puts on all indices for 27th expiry—volume confirms conviction, but trail stops tight with SENSEX long covering adding broad market drag. Risk 0.5% per trade, and keep eyeing tomorrow’s US cues for rollover fireworks.

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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