NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 10/02/2026

If we read today’s derivatives data purely through the lens of Open Interest Volume Analysis, the market is clearly transitioning from panic-driven shorts to selective risk-taking, rather than entering a full-blown bullish expansion phase.

NIFTY’s marginal spot up-move accompanied by falling futures open interest and declining volumes confirms short covering, not aggressive long build-up. This is crucial — rallies driven by short covering tend to stall near resistance zones unless fresh longs step in.

The shift of participation from February to March contracts, with March futures showing fresh long addition, signals that positional traders are rolling forward with cautious optimism, while short-term traders are booking profits.

Options data further strengthens this narrative — PCR moving above 1 in both weekly and monthly expiries indicates put writers gaining confidence, yet far OTM call writing at higher strikes (26500–27500) warns of supply overhead.

In simple terms, Open Interest Volume Analysis suggests stability, not euphoria — a market preparing for consolidation with an upward bias rather than a runaway rally.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25935.15 (0.262%)

Combined = February + March + April

Combined Fut Open Interest Change: -1.37%

Combined Fut Volume Change: -5.58%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 10% Previous 10%

NIFTY FEBRUARY Future closed at: 25985.6 (0.271%)

February Fut Premium 50.45 (Increased by 2.35 points)

February Fut Open Interest Change: -1.82%

February Fut Volume Change: -7.07%

February Fut Open Interest Analysis: Short Covering

NIFTY March Future closed at: 26138.7 (0.268%)

March Fut Premium 203.55 (Increased by 2.05 points)

March Fut Open Interest Change: 1.50%

March Fut Volume Change: 3.29%

March Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (17/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.026 (Increased from 0.988)

Put-Call Ratio (Volume): 0.956

Max Pain Level: 25900

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 24000

Highest CALL Addition: 27500

Highest PUT Addition: 24000

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

Put-Call Ratio (Open Interest): 1.190 (Increased from 1.184)

Put-Call Ratio (Volume): 1.097

Max Pain Level: 25800

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26500

Highest PUT Addition: 25900

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60626.4 (-0.071%)

Combined = February + March + April

Combined Fut Open Interest Change: -1.16%

Combined Fut Volume Change: -40.02%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 11% Previous 11%

BANKNIFTY FEBRUARY Future closed at: 60704 (-0.040%)

February Fut Premium 77.6 (Increased by 18.95 points)

February Fut Open Interest Change: -1.7%

February Fut Volume Change: -39.2%

February Fut Open Interest Analysis: Long Covering

BANKNIFTY MARCH Future closed at: 61044.2 (-0.039%)

March Fut Premium 417.8 (Increased by 18.95 points)

March Fut Open Interest Change: 2.76%

March Fut Volume Change: -47.55%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.005 (Decreased from 1.013)

Put-Call Ratio (Volume): 0.968

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 60700

Highest PUT Addition: 60500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13953.1 (0.609%)

Combined = February + March + April

Combined Fut Open Interest Change: -0.90%

Combined Fut Volume Change: -39.72%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 4% Previous 4%

MIDCPNIFTY FEBRUARY Future closed at: 13944.6 (0.570%)

February Fut Discount -8.5 (Decreased by -5.35 points)

February Fut Open Interest Change: -1.05%

February Fut Volume Change: -41.45%

February Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MARCH Future closed at: 14008.9 (0.549%)

March Fut Discount 55.8 (Decreased by -7.95 points)

March Fut Open Interest Change: 0.17%

March Fut Volume Change: -19.41%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.215 (Increased from 1.193)

Put-Call Ratio (Volume): 0.920

Max Pain Level: 13700

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14000

Highest PUT Addition: 14000

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 84,273.92 (0.248%)

SENSEX Monthly Future closed at: 84,513.60 (0.264%)

Premium: 239.68 (Increased by 14.03 points)

Open Interest Change: -2.14%

Volume Change: -8.44%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (12/02/2026) Option Analysis

Put-Call Ratio (OI): 1.163 (Increased from 1.052)

Put-Call Ratio (Volume): 0.944

Max Pain Level: 84200

Maximum CALL OI: 87000

Maximum PUT OI: 80000

Highest CALL Addition: 87000

Highest PUT Addition: 81000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 69.45 Cr.

DIIs Net BUY: ₹ 1,174.21 Cr.

FII Derivatives Activity

FII Trading Stats	10.02.26	9.02.26	6.02.26
FII Cash (Provisional Data)	69.45	2,254.64	1,950.77
Index Future Open Interest Long Ratio	21.69%	18.96%	18.32%
Index Future Volume Long Ratio	67.82%	58.51%	39.79%
Call Option Open Interest Long Ratio	51.10%	50.71%	48.94%
Call Option Volume Long Ratio	49.93%	50.31%	50.20%
Put Option Open Interest Long Ratio	61.47%	58.31%	59.57%
Put Option Volume Long Ratio	49.72%	49.87%	50.11%
Stock Future Open Interest Long Ratio	60.17%	60.30%	60.19%
Stock Future Volume Long Ratio	48.43%	50.84%	47.47%
Index Futures	Fresh Long	Short Covering	Fresh Short
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Long	Short Covering	Fresh Short
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Short Covering	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Long	Short Covering
FinNifty Options	Fresh Short	Fresh Short	Short Covering
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Long Covering
NiftyNxt50 Futures	Short Covering	Fresh Long	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Short	Fresh Long	Long Covering
Stock Options	Fresh Short	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 (12/02/2026)

The SENSEX index closed at 84273.92. The SENSEX weekly expiry for FEBRUARY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.163 against previous 1.052. The 87000CE option holds the maximum open interest, followed by the 80000PE and 84000PE options. Market participants have shown increased interest with significant open interest additions in the 87000CE option, with open interest additions also seen in the 81000PE and 85000CE options. On the other hand, open interest reductions were prominent in the 84000CE, 88000CE, and 84100CE options. Trading volume was highest in the 84500CE option, followed by the 84400CE and 84300CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	12-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84273.92	1.163	1.052	0.944
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,03,13,360	1,23,49,280	79,64,080
PUT:	2,36,34,180	1,29,96,520	1,06,37,660
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87000	19,54,280	13,30,940	69,06,220
85000	13,61,900	7,24,540	1,72,51,300
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87000	19,54,280	13,30,940	69,06,220
85000	13,61,900	7,24,540	1,72,51,300
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
84000	4,72,980	-4,62,960	1,05,04,520
88000	7,13,380	-1,88,420	45,61,480
Top CALL Volume:
Strike	OI	OI Change	Volume
84500	11,33,740	5,66,620	2,55,79,380
84400	7,13,060	4,91,840	2,48,70,200
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	14,72,400	5,61,360	72,81,020
84000	14,40,040	4,71,720	2,13,03,260
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81000	12,19,020	8,31,280	57,20,560
82000	10,17,920	5,77,460	58,68,280
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79600	18,540	-18,160	2,15,120
73000	19,060	-12,000	2,16,900
Top PUT Volume:
Strike	OI	OI Change	Volume
84300	5,92,320	5,36,380	2,14,28,840
84000	14,40,040	4,71,720	2,13,03,260

NIFTY Weekly Expiry (17/02/2026)

The NIFTY index closed at 25935.15. The NIFTY weekly expiry for FEBRUARY 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.026 against previous 0.988. The 27500CE 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 27500CE option, with open interest additions also seen in the 27000CE and 24000PE options. On the other hand, open interest reductions were prominent in the 25850CE, 25800CE, and 25750CE options. Trading volume was highest in the 26000CE option, followed by the 25900PE and 26000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	17-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,935.15	1.026	0.988	0.956
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,42,58,090	2,90,44,405	3,52,13,685
PUT:	6,59,54,915	2,86,90,025	3,72,64,890
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	66,43,975	38,69,905	2,10,911
27,000	59,29,105	35,65,250	2,13,609
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,500	66,43,975	38,69,905	2,10,911
27,000	59,29,105	35,65,250	2,13,609
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,850	6,88,480	-62,205	78,779
25,800	15,17,945	-35,425	1,44,690
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	58,81,330	28,85,415	7,06,627
25,900	25,13,225	10,73,800	4,21,308
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	51,86,805	32,65,860	1,55,121
25,000	44,93,320	24,42,895	1,80,651
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	51,86,805	32,65,860	1,55,121
25,000	44,93,320	24,42,895	1,80,651
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,650	4,225	-195	62
27,100	910	-130	14
Top PUT Volume:
Strike	OI	OI Change	Volume
25,900	34,32,845	24,37,760	5,10,550
26,000	32,78,730	23,58,265	4,45,782

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25935.15. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.190 against previous 1.184. The 25500PE option holds the maximum open interest, followed by the 26500CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 25900PE and 26000PE options. On the other hand, open interest reductions were prominent in the 25500CE, 26000CE, and 25500PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 25900PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,935.15	1.190	1.184	1.097
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,54,85,765	4,42,08,320	12,77,445
PUT:	5,41,20,820	5,23,57,955	17,62,865
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	51,01,850	5,65,500	84,738
26,000	49,43,185	-4,44,860	1,81,401
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	51,01,850	5,65,500	84,738
27,000	41,11,835	4,11,775	44,208
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	21,15,295	-4,80,740	24,629
26,000	49,43,185	-4,44,860	1,81,401
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	49,43,185	-4,44,860	1,81,401
26,500	51,01,850	5,65,500	84,738
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	53,71,535	-4,13,595	88,728
25,000	47,17,765	1,65,685	60,674
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,900	15,07,805	5,17,725	91,342
26,000	36,28,105	4,53,375	1,31,723
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	53,71,535	-4,13,595	88,728
25,100	9,90,210	-2,22,885	29,693
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	36,28,105	4,53,375	1,31,723
25,900	15,07,805	5,17,725	91,342

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60626.4. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.005 against previous 1.013. The 60000PE option holds the maximum open interest, followed by the 60000CE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 60700CE option, with open interest additions also seen in the 61000CE and 60500PE options. On the other hand, open interest reductions were prominent in the 55000PE, 58000PE, and 60000CE options. Trading volume was highest in the 60700CE option, followed by the 60700PE and 61000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,626.40	1.005	1.013	0.968
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,33,92,480	1,26,96,390	6,96,090
PUT:	1,34,54,940	1,28,56,170	5,98,770
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	14,96,910	-32,910	26,336
61,000	8,00,730	1,05,030	90,869
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,700	5,00,400	1,14,540	1,32,674
61,000	8,00,730	1,05,030	90,869
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	14,96,910	-32,910	26,336
61,700	1,16,130	-22,860	10,384
Top CALL Volume:
Strike	OI	OI Change	Volume
60,700	5,00,400	1,14,540	1,32,674
61,000	8,00,730	1,05,030	90,869
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	20,20,680	35,970	71,221
58,000	8,55,780	-37,560	20,905
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
60,500	6,33,990	1,03,110	82,942
60,700	4,05,900	80,040	1,21,367
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	2,78,070	-45,180	8,902
58,000	8,55,780	-37,560	20,905
Top PUT Volume:
Strike	OI	OI Change	Volume
60,700	4,05,900	80,040	1,21,367
60,500	6,33,990	1,03,110	82,942

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13953.1. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.215 against previous 1.193. The 13000PE option holds the maximum open interest, followed by the 14500CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 13900PE and 14000CE options. On the other hand, open interest reductions were prominent in the 69500PE, 66000PE, and 67000PE options. Trading volume was highest in the 14000CE option, followed by the 13900CE and 13900PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,953.10	1.215	1.193	0.920
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	65,40,720	64,15,200	1,25,520
PUT:	79,49,400	76,55,520	2,93,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	10,76,040	-52,320	10,828
14,000	6,76,320	81,720	22,728
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	6,76,320	81,720	22,728
13,950	85,440	52,200	6,592
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,850	90,000	-70,920	2,059
14,500	10,76,040	-52,320	10,828
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	6,76,320	81,720	22,728
13,900	1,91,760	-3,120	13,363
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	10,97,040	62,040	6,815
12,500	4,82,160	-54,360	2,459
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	3,31,200	1,42,080	8,249
13,900	2,56,560	1,30,440	11,986
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	4,19,880	-1,25,640	2,741
13,400	3,85,560	-66,240	7,280
Top PUT Volume:
Strike	OI	OI Change	Volume
13,900	2,56,560	1,30,440	11,986
13,800	4,62,720	60,960	8,418

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

NIFTY & SENSEX:

Persistent short covering in futures, rising premiums, and improving PCRs indicate downside is getting protected near 25800–25900 (NIFTY) and 84200 (SENSEX).

However, heavy call OI at 26500–27500 means upside will be gradual, not vertical.

Action: Positional traders should stay long but trail stops aggressively; fresh longs are better only on OI-supported breakouts, not price-only moves.

BANKNIFTY:

The most cautious setup among all indices — long covering in near futures combined with fresh shorts in March clearly shows institutional hesitation.

Flat PCR near 1 and max pain at 60000 confirm a range-bound, mean-reverting structure.

Action: Prefer option selling strategies (iron condors / strangles) rather than directional bets until volume expansion returns.

MIDCPNIFTY:

Strongest internal structure today — short covering + improving PCR + fresh longs in March shows risk appetite returning selectively to midcaps.

Yet declining volumes warn that breakouts may lack follow-through.

Action: Bullish bias remains valid above 13700, but avoid leverage-heavy trades.

Big Picture Takeaway:

Today’s Open Interest Volume Analysis clearly favors “buy-on-dips” over “chase-the-rally” strategies.

The market is absorbing supply, not expanding aggressively, which makes patience and structure-based trading essential over the next few sessions.

👉 In summary:
This is a market where data-driven traders will outperform emotional traders. Watch OI + Volume together, not price alone — because right now, participation matters more than points.

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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