NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 1/02/2026

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Open Interest Volume Analysis

Open Interest Volume Analysis clearly signals aggressive risk-off positioning as NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX all witnessed simultaneous price decline + sharp OI expansion, a classic footprint of fresh short build-up by institutions.

The most important takeaway from today’s data is volume confirmation — futures volume jumped above 100% across most indices, which means today’s move is not panic selling by retailers, but decisive positioning by smart money.

NIFTY futures premium collapsed sharply, showing that bulls are unwilling to pay for carry, while weekly PCR dropped below 0.5, confirming short-term bearish sentiment dominance.

BANKNIFTY is the biggest red flag: OI + volume + rollover all rising together, which usually appears at the start of a directional downtrend, not at the end of one.

Options data strengthens this view — CALL writing is shifting higher, PUT writing is moving lower, indicating that market participants are rebuilding resistance zones and removing downside protection.

From an opening perspective, expect volatile and weak bias trade, where any gap-up is likely to be sold into unless futures OI starts unwinding.

In short: Today’s Open Interest Volume Analysis confirms that control has shifted to bears, and traders must focus more on risk management than bottom-fishing in the opening hour.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24825.45 (-1.956%)

Combined = February + March + April

Combined Fut Open Interest Change: 2.81%

Combined Fut Volume Change: 109.42%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 7%

NIFTY FEBRUARY Future closed at: 24853.5 (-2.215%)

February Fut Premium 28.05 (Decreased by -67.7 points)

February Fut Open Interest Change: 2.89%

February Fut Volume Change: 107.73%

February Fut Open Interest Analysis: Fresh Short

NIFTY March Future closed at: 25029.6 (-2.162%)

March Fut Premium 204.15 (Decreased by -58 points)

March Fut Open Interest Change: -1.32%

March Fut Volume Change: 130.30%

March Fut Open Interest Analysis: Long Covering

NIFTY Weekly Expiry (3/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.428 (Decreased from 0.762)

Put-Call Ratio (Volume): 0.954

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 23500

Highest CALL Addition: 26000

Highest PUT Addition: 23500

NIFTY Monthly Expiry (24/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.048 (Decreased from 1.117)

Put-Call Ratio (Volume): 0.926

Max Pain Level: 25500

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25000

Highest PUT Addition: 24500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58417.2 (-2.002%)

Combined = February + March + April

Combined Fut Open Interest Change: 8.46%

Combined Fut Volume Change: 137.09%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 9% Previous 8%

BANKNIFTY FEBRUARY Future closed at: 58701.4 (-2.015%)

February Fut Premium 284.2 (Decreased by -13.95 points)

February Fut Open Interest Change: 7.6%

February Fut Volume Change: 132.0%

February Fut Open Interest Analysis: Fresh Short

BANKNIFTY MARCH Future closed at: 59075.2 (-2.024%)

March Fut Premium 658 (Decreased by -27.35 points)

March Fut Open Interest Change: 12.66%

March Fut Volume Change: 202.40%

March Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (24/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.855 (Decreased from 1.053)

Put-Call Ratio (Volume): 0.895

Max Pain Level: 59600

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 59000

Highest PUT Addition: 56000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13020.25 (-2.834%)

Combined = February + March + April

Combined Fut Open Interest Change: 6.91%

Combined Fut Volume Change: 64.63%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 3% Previous 3%

MIDCPNIFTY FEBRUARY Future closed at: 13025.5 (-2.802%)

February Fut Premium5.25 (Increased by 4.35 points)

February Fut Open Interest Change: 7.00%

February Fut Volume Change: 62.29%

February Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY MARCH Future closed at: 13064.9 (-3.001%)

March Fut Premium44.65 (Decreased by -24.45 points)

March Fut Open Interest Change: 1.07%

March Fut Volume Change: 114.81%

March Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (24/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.270 (Decreased from 1.339)

Put-Call Ratio (Volume): 0.793

Max Pain Level: 13300

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 15000

Highest PUT Addition: 11600

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 80,722.94 (-1.880%)

SENSEX Monthly Future closed at: 81,245.05 (-2.001%)

Premium: 522.11 (Decreased by -112.36 points)

Open Interest Change: 14.02%

Volume Change: 83.42%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (5/02/2026) Option Analysis

Put-Call Ratio (OI): 0.467 (Decreased from 0.840)

Put-Call Ratio (Volume): 0.963

Max Pain Level: 81600

Maximum CALL OI: 85000

Maximum PUT OI: 78000

Highest CALL Addition: 85000

Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 588.34 Cr.

DIIs Net SELL: ₹ 682.73 Cr.

FII Derivatives Activity

FII Trading Stats1.02.2630.01.2629.01.26
FII Cash (Provisional Data)-588.342,251.37-393.97
    
Index Future Open Interest Long Ratio11.71%12.10%12.29%
Index Future Volume Long Ratio41.38%41.58%38.52%
Call Option Open Interest Long Ratio42.96%45.42%43.49%
Call Option Volume Long Ratio49.53%50.16%50.00%
Put Option Open Interest Long Ratio65.74%65.35%64.87%
Put Option Volume Long Ratio50.25%50.39%49.76%
Stock Future Open Interest Long Ratio60.42%60.69%61.30%
Stock Future Volume Long Ratio45.87%45.67%45.15%
    
Index FuturesFresh ShortFresh ShortFresh Short
Index OptionsFresh ShortFresh LongFresh Short
    
Nifty FuturesFresh ShortFresh ShortFresh Short
Nifty OptionsFresh ShortFresh LongFresh Short
    
BankNifty FuturesLong CoveringFresh LongShort Covering
BankNifty OptionsFresh ShortFresh LongFresh Short
    
FinNifty FuturesFresh LongShort CoveringLong Covering
FinNifty OptionsFresh ShortFresh ShortFresh Long
    
MidcpNifty FuturesFresh LongShort CoveringShort Covering
MidcpNifty OptionsShort CoveringFresh LongFresh Long
    
NiftyNxt50 FuturesShort CoveringFresh ShortLong Covering
NiftyNxt50 OptionsFresh ShortFresh ShortFresh Long
    
Stock FuturesLong CoveringLong CoveringLong Covering
Stock OptionsFresh LongFresh ShortFresh Short

SENSEX Weekly Expiry (5/02/2026)

The SENSEX index closed at 80722.94. The SENSEX weekly expiry for FEBRUARY 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.467 against previous 0.840. The 85000CE option holds the maximum open interest, followed by the 86000CE and 83000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 83000CE and 84000CE options. On the other hand, open interest reductions were prominent in the 82000PE, 82100PE, and 82200PE options. Trading volume was highest in the 81000PE option, followed by the 82500CE and 80000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:05-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
80722.940.4670.8400.963
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,70,16,400        78,11,160           92,05,240
PUT:      79,44,880        65,61,920           13,82,960
Top CALL Open Interest:
StrikeOIOI ChangeVolume
85000      11,06,800          5,63,520        1,66,56,700
86000        8,74,180          3,34,540           96,65,220
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
85000      11,06,800          5,63,520        1,66,56,700
83000        7,98,220          5,09,180        1,75,70,580
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
92900              2,980              -9,100                 66,900
82200        2,57,500              -8,380           72,46,320
Top CALL Volume:
StrikeOIOI ChangeVolume
82500        7,58,060          3,31,240        1,80,39,300
83000        7,98,220          5,09,180        1,75,70,580
Top PUT Open Interest:
StrikeOIOI ChangeVolume
78000        5,82,640              47,780           92,00,760
77000        4,60,840              98,340           84,42,560
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
75000        3,60,660          1,94,900           58,01,420
80000        3,56,100          1,20,080        1,78,95,040
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
82000        2,16,180        -1,80,280        1,24,28,260
82100            73,420        -1,37,940           51,99,280
Top PUT Volume:
StrikeOIOI ChangeVolume
81000        2,19,000              52,280        2,03,22,460
80000        3,56,100          1,20,080        1,78,95,040

NIFTY Weekly Expiry (3/02/2026)

The NIFTY index closed at 24825.45. The NIFTY weekly expiry for FEBRUARY 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.428 against previous 0.762. The 26000CE option holds the maximum open interest, followed by the 26500CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25500CE and 26500CE options. On the other hand, open interest reductions were prominent in the 25300PE, 24900PE, and 25200PE options. Trading volume was highest in the 25000PE option, followed by the 25500CE and 24500PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:03-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,825.45                0.428                  0.762               0.954
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 28,30,81,630   14,47,58,380 13,83,23,250
 PUT: 12,11,57,335   11,02,85,565   1,08,71,770
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000    2,13,87,600         98,69,405       56,81,274
               26,500    1,91,54,590         87,62,065       24,73,223
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000    2,13,87,600         98,69,405       56,81,274
               25,500    1,61,66,670         94,96,695       62,97,402
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,550          8,56,895          -3,61,075         4,26,276
               27,300          7,69,405          -1,06,665         2,02,149
 Top CALL Volume:
 Strike OI OI Change Volume
               25,500    1,61,66,670         94,96,695       62,97,402
               26,000    2,13,87,600         98,69,405       56,81,274
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,500    1,25,83,675         57,60,625       16,38,948
               23,300    1,17,48,360         34,61,705       15,26,410
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,500    1,25,83,675         57,60,625       16,38,948
               23,300    1,17,48,360         34,61,705       15,26,410
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,300       22,51,925        -27,00,620       33,36,819
               24,900       20,00,245        -24,92,945       41,37,812
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,000       49,07,955        -19,56,695       71,21,679
               24,500       65,91,715            9,95,020       57,08,915

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 24825.45. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.048 against previous 1.117. The 25500CE option holds the maximum open interest, followed by the 25000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 25500CE and 24500PE options. On the other hand, open interest reductions were prominent in the 26600CE, 25000PE, and 25400PE options. Trading volume was highest in the 25000PE option, followed by the 26000CE and 24000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,825.45                1.048                  1.117               0.926
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,37,43,440      3,91,25,385       46,18,055
 PUT:    4,58,55,550      4,36,98,915       21,56,635
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,500       54,14,370         10,92,195         1,84,250
               26,000       48,61,480               52,650         2,45,660
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000       35,02,460         12,04,710         1,46,666
               25,500       54,14,370         10,92,195         1,84,250
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,600          8,36,485          -4,76,060             55,567
               27,000       30,85,355          -1,24,930             77,252
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       48,61,480               52,650         2,45,660
               25,500       54,14,370         10,92,195         1,84,250
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       50,01,230          -4,36,800         2,72,544
               24,500       34,06,195            8,21,080         1,95,954
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,500       34,06,195            8,21,080         1,95,954
               23,500       26,74,750            6,67,030             83,789
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,000       50,01,230          -4,36,800         2,72,544
               25,400       19,98,880          -2,37,575             61,025
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,000       50,01,230          -4,36,800         2,72,544
               24,000       30,71,640            3,93,965         2,21,059

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 58417.2. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.855 against previous 1.053. The 60000CE option holds the maximum open interest, followed by the 60000PE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 61000CE and 56000PE options. On the other hand, open interest reductions were prominent in the 59500PE, 60000PE, and 59600PE options. Trading volume was highest in the 60000CE option, followed by the 59000PE and 58000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         58,417.20                0.855                  1.053               0.895
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,08,13,320         85,34,340       22,78,980
 PUT:       92,42,970         89,89,410         2,53,560
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       18,02,880            1,49,310         1,96,165
               62,000          6,36,780               92,190             97,509
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,000          4,70,970            1,84,590             76,736
               61,000          6,09,450            1,73,760         1,05,106
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,100          1,10,340              -41,610             38,746
               62,500          2,23,950              -23,580             44,149
 Top CALL Volume:
 Strike OI OI Change Volume
               60,000       18,02,880            1,49,310         1,96,165
               61,000          6,09,450            1,73,760         1,05,106
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       14,70,120          -1,05,720             65,869
               58,000          6,59,850              -29,550         1,14,676
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,000          3,90,840            1,56,540             68,819
               55,500          1,52,460               73,710             24,446
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               59,500          3,40,500          -1,49,910             93,460
               60,000       14,70,120          -1,05,720             65,869
 Top PUT Volume: 
 Strike OI OI Change Volume
               59,000          5,90,010                -1,620         1,51,781
               58,000          6,59,850              -29,550         1,14,676

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13020.25. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.270 against previous 1.339. The 13000PE option holds the maximum open interest, followed by the 12500PE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 15000CE option, with open interest additions also seen in the 14000CE and 13400CE options. On the other hand, open interest reductions were prominent in the 65900PE, 65900PE, and 65900CE options. Trading volume was highest in the 14000CE option, followed by the 13000PE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,020.25                1.270                  1.339               0.793
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       55,35,840         51,27,360         4,08,480
 PUT:       70,30,200         68,66,280         1,63,920
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500          7,37,400              -83,880             11,307
               14,000          6,32,760            1,04,280             27,477
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,000          3,52,440            1,33,200               4,177
               14,000          6,32,760            1,04,280             27,477
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,300          1,85,400          -1,62,600               5,901
               14,500          7,37,400              -83,880             11,307
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          6,32,760            1,04,280             27,477
               13,500          4,82,880               29,880             20,083
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       13,26,960                -9,000             20,830
               12,500          8,88,960               21,120             15,030
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               11,600          2,45,640               73,440               5,457
               13,100          2,36,880               50,880               9,233
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,300          1,90,320          -1,22,520             11,383
               12,900          1,32,360              -72,720               7,404
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,000       13,26,960                -9,000             20,830
               12,000          7,37,640               49,200             15,750

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

Open Interest Volume Analysis leaves no ambiguity — this is a fresh short market, not a correction, because price fall is backed by rising OI + explosive volume, especially in BANKNIFTY and SENSEX.

Weekly options show fear rising fast (PCR below 0.5 in NIFTY & SENSEX), while monthly options still show slow repositioning, meaning the market is preparing for more downside before stability.

Max Pain levels are far above current prices, which increases the probability of mean reversion rallies, but those rallies should be treated as sell-on-rise opportunities until OI unwinds.

MIDCPNIFTY’s aggressive short build-up suggests broader market weakness is not over, so stock-specific longs should be avoided unless they show relative strength + delivery support.

The key trigger to watch is OI reduction with price stability — only then can we say shorts are covering and the market is preparing for a base.

Actionable Trading Plan from Derivative Data:

✅ Intraday traders: Trade with trend, sell resistance, avoid long carry trades.

⚠️ Positional traders: Wait for OI unwinding before building longs.

🛑 Options traders: Prefer call spreads / bear spreads over naked selling.

👀 Investors: Stay patient — derivatives are still pricing in downside risk.

Final word: Until Open Interest Volume Analysis shows short covering instead of short building, the market remains in a sell-on-rise regime and discipline will outperform prediction.

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

Disclaimer

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.


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