NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 11/02/2026

Open Interest Volume Analysis for 11/02/2026 clearly shows that Indian indices are entering a selective accumulation phase, not a broad-based trending market.

NIFTY ended almost flat, but the rise in combined futures OI with declining volume is a classic signal of fresh longs entering cautiously, suggesting positional participants are building exposure but without urgency.

The sharp fall in NIFTY weekly PCR (OI) from 1.026 to 0.891 highlights aggressive CALL writing near 26000, confirming that upside is being capped in the near term despite long additions in futures.

BANKNIFTY tells a different story—short covering in February futures combined with fresh longs in March indicates a rollover-led bullish bias, especially as PCR (OI) rises above 1.12, hinting at improving sentiment in banking stocks.

MIDCPNIFTY remains the weakest link, where long covering at the index level and high volatility in March futures OI reflects rotational churn rather than directional confidence.

SENSEX derivatives show pure risk reduction, with sharp long unwinding and falling premium—signaling that smart money is trimming exposure rather than betting aggressively ahead of global and domestic cues.

Overall, today’s Open Interest Volume Analysis points to a range-bound market with stock-specific opportunities, where futures positioning and option writers are quietly dictating price behavior more than spot momentum.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25953.85 (0.072%)

Combined = February + March + April

Combined Fut Open Interest Change: 0.22%

Combined Fut Volume Change: -12.25%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 10% Previous 10%

NIFTY FEBRUARY Future closed at: 25994.2 (0.033%)

February Fut Premium 40.35 (Decreased by -10.1 points)

February Fut Open Interest Change: 0.04%

February Fut Volume Change: -10.19%

February Fut Open Interest Analysis: Fresh Long

NIFTY March Future closed at: 26151 (0.047%)

March Fut Premium 197.15 (Decreased by -6.4 points)

March Fut Open Interest Change: 1.46%

March Fut Volume Change: -21.13%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.891 (Decreased from 1.026)

Put-Call Ratio (Volume): 1.070

Max Pain Level: 25950

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 24500

Highest CALL Addition: 26000

Highest PUT Addition: 24500

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

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

Put-Call Ratio (Volume): 1.099

Max Pain Level: 25800

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26500

Highest PUT Addition: 26000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60745.35 (0.196%)

Combined = February + March + April

Combined Fut Open Interest Change: -0.19%

Combined Fut Volume Change: -3.19%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 11% Previous 11%

BANKNIFTY FEBRUARY Future closed at: 60809 (0.173%)

February Fut Premium 63.65 (Decreased by -13.95 points)

February Fut Open Interest Change: -0.4%

February Fut Volume Change: -4.7%

February Fut Open Interest Analysis: Short Covering

BANKNIFTY MARCH Future closed at: 61152 (0.177%)

March Fut Premium 406.65 (Decreased by -11.15 points)

March Fut Open Interest Change: 1.18%

March Fut Volume Change: 14.67%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.127 (Increased from 1.005)

Put-Call Ratio (Volume): 1.094

Max Pain Level: 60200

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 60800

Highest PUT Addition: 60000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13952.8 (-0.002%)

Combined = February + March + April

Combined Fut Open Interest Change: -0.73%

Combined Fut Volume Change: 17.59%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 5% Previous 4%

MIDCPNIFTY FEBRUARY Future closed at: 13950.2 (0.040%)

February Fut Discount -2.6 (Increased by 5.9 points)

February Fut Open Interest Change: -1.15%

February Fut Volume Change: 21.45%

February Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MARCH Future closed at: 14018.35 (0.067%)

March Fut Discount 65.55 (Increased by 9.75 points)

March Fut Open Interest Change: 8.55%

March Fut Volume Change: -21.17%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.182 (Decreased from 1.215)

Put-Call Ratio (Volume): 0.983

Max Pain Level: 13750

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: 84,233.64 (-0.048%)

SENSEX Monthly Future closed at: 84,427.95 (-0.101%)

Premium: 194.31 (Decreased by -45.37 points)

Open Interest Change: -8.19%

Volume Change: -12.33%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.900 (Decreased from 1.163)

Put-Call Ratio (Volume): 1.120

Max Pain Level: 84200

Maximum CALL OI: 84500

Maximum PUT OI: 84000

Highest CALL Addition: 84500

Highest PUT Addition: 82000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 943.81 Cr.

DIIs Net SELL: ₹ 125.36 Cr.

FII Derivatives Activity

FII Trading Stats	11.02.26	10.02.26	9.02.26
FII Cash (Provisional Data)	943.81	69.45	2,254.64
Index Future Open Interest Long Ratio	22.14%	21.69%	18.96%
Index Future Volume Long Ratio	52.50%	67.82%	58.51%
Call Option Open Interest Long Ratio	50.53%	51.10%	50.71%
Call Option Volume Long Ratio	49.90%	49.93%	50.31%
Put Option Open Interest Long Ratio	58.72%	61.47%	58.31%
Put Option Volume Long Ratio	49.63%	49.72%	49.87%
Stock Future Open Interest Long Ratio	60.08%	60.17%	60.30%
Stock Future Volume Long Ratio	49.34%	48.43%	50.84%
Index Futures	Fresh Long	Fresh Long	Short Covering
Index Options	Fresh Short	Long Covering	Fresh Long
Nifty Futures	Fresh Long	Fresh Long	Short Covering
Nifty Options	Fresh Short	Long Covering	Fresh Long
BankNifty Futures	Fresh Long	Short Covering	Fresh Long
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Fresh Long	Fresh Long
FinNifty Options	Short Covering	Fresh Short	Fresh Short
MidcpNifty Futures	Long Covering	Short Covering	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Long	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Short	Fresh Short	Fresh Long
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 84233.64. The SENSEX weekly expiry for FEBRUARY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.900 against previous 1.163. The 84500CE option holds the maximum open interest, followed by the 85000CE and 84000PE options. Market participants have shown increased interest with significant open interest additions in the 84500CE option, with open interest additions also seen in the 84600CE and 84400CE options. On the other hand, open interest reductions were prominent in the 86900CE, 79000PE, and 87000CE options. Trading volume was highest in the 84000PE option, followed by the 84200PE and 84500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	12-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84233.64	0.900	1.163	1.120
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,62,43,660	2,03,13,360	1,59,30,300
PUT:	3,26,10,040	2,36,34,180	89,75,860
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84500	24,75,180	13,41,440	12,63,48,980
85000	21,09,780	7,47,880	6,33,06,140
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84500	24,75,180	13,41,440	12,63,48,980
84600	17,97,260	12,37,980	7,28,08,400
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
86900	1,09,760	-2,22,540	51,06,660
87000	18,70,040	-84,240	1,66,09,900
Top CALL Volume:
Strike	OI	OI Change	Volume
84500	24,75,180	13,41,440	12,63,48,980
84300	15,60,900	8,69,780	10,85,91,740
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84000	20,61,560	6,21,520	14,12,99,180
82000	20,55,660	10,37,740	1,62,38,840
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82000	20,55,660	10,37,740	1,62,38,840
83900	12,66,960	7,85,180	7,01,51,320
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79000	6,22,620	-89,060	41,37,660
80900	70,800	-74,700	32,75,280
Top PUT Volume:
Strike	OI	OI Change	Volume
84000	20,61,560	6,21,520	14,12,99,180
84200	14,47,060	7,79,200	12,71,95,400

NIFTY Weekly Expiry (17/02/2026)

The NIFTY index closed at 25953.85. The NIFTY weekly expiry for FEBRUARY 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.891 against previous 1.026. The 26000CE option holds the maximum open interest, followed by the 27000CE and 27500CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 27000CE and 24500PE options. On the other hand, open interest reductions were prominent in the 25500CE, 26500PE, and 25000CE 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
25,953.85	0.891	1.026	1.070
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,32,98,315	6,42,58,090	4,90,40,225
PUT:	10,09,74,315	6,59,54,915	3,50,19,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,14,35,190	55,53,860	42,36,441
27,000	94,82,655	35,53,550	5,92,158
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,14,35,190	55,53,860	42,36,441
27,000	94,82,655	35,53,550	5,92,158
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	6,48,895	-1,37,605	30,692
25,000	2,26,590	-36,465	3,883
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,14,35,190	55,53,860	42,36,441
25,950	44,97,090	26,36,270	25,04,212
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,500	70,56,010	34,66,710	3,33,138
25,900	61,89,430	27,56,585	38,28,709
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	70,56,010	34,66,710	3,33,138
25,900	61,89,430	27,56,585	38,28,709
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	3,42,745	-53,885	19,150
24,000	51,59,960	-26,845	2,63,234
Top PUT Volume:
Strike	OI	OI Change	Volume
25,900	61,89,430	27,56,585	38,28,709
26,000	59,72,135	26,93,405	36,66,210

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25953.85. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.184 against previous 1.190. The 26500CE option holds the maximum open interest, followed by the 26000CE and 25500PE options. Market participants have shown increased interest with significant open interest additions in the 26000PE option, with open interest additions also seen in the 26500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 25500PE, 23500PE, and 25400PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,953.85	1.184	1.190	1.099
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,79,22,420	4,54,85,765	24,36,655
PUT:	5,67,34,665	5,41,20,820	26,13,845
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	55,82,395	4,80,545	89,928
26,000	53,81,090	4,37,905	1,80,887
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	55,82,395	4,80,545	89,928
26,000	53,81,090	4,37,905	1,80,887
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,450	3,02,965	-94,575	29,228
25,800	16,35,855	-66,040	33,473
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	53,81,090	4,37,905	1,80,887
26,500	55,82,395	4,80,545	89,928
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	51,28,825	-2,42,710	85,174
25,000	48,88,130	1,70,365	66,648
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	41,73,650	5,45,545	1,74,423
25,800	23,08,670	3,21,100	82,202
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	51,28,825	-2,42,710	85,174
23,500	18,25,460	-1,48,265	10,330
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	41,73,650	5,45,545	1,74,423
25,500	51,28,825	-2,42,710	85,174

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60745.35. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.127 against previous 1.005. 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 60000PE option, with open interest additions also seen in the 60500PE and 60700PE options. On the other hand, open interest reductions were prominent in the 60500CE, 62600CE, and 59800PE options. Trading volume was highest in the 60500PE option, followed by the 60700PE and 60700CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,745.35	1.127	1.005	1.094
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,34,89,230	1,33,92,480	96,750
PUT:	1,52,08,560	1,34,54,940	17,53,620
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	15,06,450	9,540	29,791
61,000	8,28,780	28,050	94,454
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,800	3,52,620	57,420	77,316
62,500	6,22,710	51,480	24,271
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,500	6,63,540	-31,410	1,14,485
62,600	49,320	-27,600	5,427
Top CALL Volume:
Strike	OI	OI Change	Volume
60,700	5,31,960	31,560	1,31,996
60,500	6,63,540	-31,410	1,14,485
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	22,07,280	1,86,600	98,107
58,000	9,58,890	1,03,110	28,258
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
60,000	22,07,280	1,86,600	98,107
60,500	8,14,260	1,80,270	1,52,182
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,800	1,50,510	-26,130	14,472
59,500	5,11,710	-12,540	31,542
Top PUT Volume:
Strike	OI	OI Change	Volume
60,500	8,14,260	1,80,270	1,52,182
60,700	5,66,340	1,60,440	1,45,449

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13952.8. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.182 against previous 1.215. The 14500CE option holds the maximum open interest, followed by the 13000PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 14000CE option, with open interest additions also seen in the 14000PE and 14500CE options. On the other hand, open interest reductions were prominent in the 67500CE, 67000CE, and 72500PE options. Trading volume was highest in the 14000CE option, followed by the 13900PE and 13950CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,952.80	1.182	1.215	0.983
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	68,60,760	65,40,720	3,20,040
PUT:	81,11,760	79,49,400	1,62,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	11,36,400	60,360	9,764
14,000	7,95,720	1,19,400	23,806
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	7,95,720	1,19,400	23,806
14,500	11,36,400	60,360	9,764
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,850	59,760	-30,240	981
13,600	1,35,960	-10,560	256
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	7,95,720	1,19,400	23,806
13,950	1,03,800	18,360	12,057
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	11,22,600	25,560	5,167
13,500	4,75,680	15,120	7,291
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	4,36,560	1,05,360	11,545
12,000	4,67,160	47,280	960
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,200	3,07,800	-45,600	4,839
13,800	4,42,680	-20,040	7,442
Top PUT Volume:
Strike	OI	OI Change	Volume
13,900	2,73,960	17,400	12,805
14,000	4,36,560	1,05,360	11,545

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

Open Interest Volume Analysis confirms that this is not a breakout market yet—it is a market of controlled risk-taking and selective conviction.

NIFTY shows fresh long buildup, but heavy CALL OI and declining volumes warn traders to avoid chasing upside beyond 26000 unless volumes expand decisively.

BANKNIFTY stands out as relatively stronger, with rollover-driven strength and improving PCR—making it the better candidate for buy-on-dips rather than index-wide longs.

MIDCPNIFTY remains vulnerable, as long covering and option data suggest mean reversion trades are safer than directional bets.

SENSEX derivative data is a red flag—long unwinding with falling premiums typically precedes either consolidation or corrective phases, not rallies.

Actionable takeaway:

Positional traders should respect option writers’ zones (Max Pain & OI walls)

Intraday traders should trade with futures OI direction, not spot noise

Swing traders must wait for volume confirmation, especially in NIFTY.

Until volumes expand meaningfully, Open Interest Volume Analysis favors disciplined, level-based trading—not emotional positioning.

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

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