NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 25/02/2026

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Open Interest Volume Analysis

Open Interest Volume Analysis for 25/02/2026 clearly signals a market in transition rather than conviction. Across NIFTY, MIDCPNIFTY, and SENSEX, we are seeing price upticks accompanied by declining futures open interest and volumes, which is a textbook indication of short covering, not fresh bullish aggression.

In NIFTY, the combined futures OI fell by 2.6% with a sharp 20.6% drop in volume, confirming that today’s upside was largely driven by unwinding of short positions, not fresh longs. The fall in futures premium across March and April further supports the view that traders are reluctant to carry aggressive bullish bets forward.

Options data reinforces the cautious tone. Weekly PCR remains sub-1 at 0.654, with maximum CALL OI at 25600 acting as an immediate supply zone, while Max Pain at 25500 suggests tight range-bound activity. Monthly PCR above 1 looks supportive on paper, but the heavy CALL writing at higher strikes (26000–26500) indicates that smart money is still betting against a runaway rally.

BANKNIFTY stands out as a clear weak link in today’s Open Interest Volume Analysis. Despite flat prices, combined futures OI rose by 8.31% while volumes fell, a classic sign of fresh short build-up. When price stagnates and OI rises, it usually hints that downside risk is being positioned quietly.

Overall, the derivatives data suggests that markets are being pushed higher by position adjustments, not by confidence, making risk management and cautious positioning essential at current levels.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25482.5 (0.228%)

Combined = March + April + May

Combined Fut Open Interest Change: -2.60%

Combined Fut Volume Change: -20.61%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 7% Previous 6%

NIFTY March Future closed at: 25628.8 (0.111%)

March Fut Premium 146.3 (Decreased by -29.35 points)

March Fut Open Interest Change: -3.22%

March Fut Volume Change: -21.44%

March Fut Open Interest Analysis: Short Covering

NIFTY April Future closed at: 25791.8 (0.089%)

April Fut Premium 309.3 (Decreased by -34.85 points)

April Fut Open Interest Change: 1.63%

April Fut Volume Change: -30.08%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.654 (Increased from 0.601)

Put-Call Ratio (Volume): 1.000

Max Pain Level: 25500

Maximum CALL Open Interest: 25600

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25600

Highest PUT Addition: 23100

NIFTY Monthly Expiry (30/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.309 (Decreased from 1.309)

Put-Call Ratio (Volume): 1.049

Max Pain Level: 25800

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26500

Highest PUT Addition: 25000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 61043.35 (-0.006%)

Combined = March + April + May

Combined Fut Open Interest Change: 8.31%

Combined Fut Volume Change: -26.77%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 7%

BANKNIFTY MARCH Future closed at: 61367.8 (-0.116%)

March Fut Premium 324.45 (Decreased by -67.45 points)

March Fut Open Interest Change: 3.5%

March Fut Volume Change: -32.7%

March Fut Open Interest Analysis: Fresh Short

BANKNIFTY APRIL Future closed at: 61715 (-0.114%)

April Fut Premium 671.65 (Decreased by -66.25 points)

April Fut Open Interest Change: 36.79%

April Fut Volume Change: 18.33%

April Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (30/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.081 (Decreased from 1.199)

Put-Call Ratio (Volume): 1.108

Max Pain Level: 61000

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 61000

Highest CALL Addition: 61600

Highest PUT Addition: 60000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13558.55 (0.817%)

Combined = March + April + May

Combined Fut Open Interest Change: -1.11%

Combined Fut Volume Change: -33.62%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 2% Previous 2%

MIDCPNIFTY MARCH Future closed at: 13625.15 (0.879%)

March Fut Premium 66.6 (Increased by 8.8 points)

March Fut Open Interest Change: -1.23%

March Fut Volume Change: -34.97%

March Fut Open Interest Analysis: Short Covering

MIDCPNIFTY APRIL Future closed at: 13688.55 (0.734%)

April Fut Premium 130 (Decreased by -10.1 points)

April Fut Open Interest Change: 2.23%

April Fut Volume Change: 2.37%

April Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.144 (Increased from 1.114)

Put-Call Ratio (Volume): 0.973

Max Pain Level: 13500

Maximum CALL Open Interest: 14700

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14700

Highest PUT Addition: 13000

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 82,276.07 (0.061%)

SENSEX Monthly Future closed at: 82,321.75 (-0.017%)

Premium: 45.68 (Decreased by -64.3 points)

Open Interest Change: -17.56%

Volume Change: 49.68%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (26/02/2026) Option Analysis

Put-Call Ratio (OI): 0.626 (Increased from 0.581)

Put-Call Ratio (Volume): 1.125

Max Pain Level: 82500

Maximum CALL OI: 83000

Maximum PUT OI: 79000

Highest CALL Addition: 83000

Highest PUT Addition: 81500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 2,991.64 Cr.

DIIs Net BUY: ₹ 5,118.57 Cr.

FII Derivatives Activity

FII Trading Stats25.02.2624.02.2623.02.26
FII Cash (Provisional Data)2,991.64-102.533,483.70
    
Index Future Open Interest Long Ratio21.05%21.28%29.20%
Index Future Volume Long Ratio52.77%40.76%51.29%
Call Option Open Interest Long Ratio46.15%45.89%51.67%
Call Option Volume Long Ratio49.93%49.81%49.96%
Put Option Open Interest Long Ratio64.25%68.03%59.63%
Put Option Volume Long Ratio49.88%49.92%50.10%
Stock Future Open Interest Long Ratio59.45%59.40%59.51%
Stock Future Volume Long Ratio51.21%50.16%50.59%
    
Index FuturesShort CoveringLong CoveringFresh Long
Index OptionsFresh ShortLong CoveringFresh Long
    
Nifty FuturesShort CoveringLong CoveringFresh Long
Nifty OptionsFresh ShortLong CoveringFresh Long
    
BankNifty FuturesShort CoveringLong CoveringFresh Short
BankNifty OptionsFresh ShortLong CoveringFresh Short
    
FinNifty FuturesFresh ShortShort CoveringLong Covering
FinNifty OptionsFresh ShortLong CoveringShort Covering
    
MidcpNifty FuturesShort CoveringShort CoveringFresh Long
MidcpNifty OptionsFresh LongLong CoveringFresh Short
    
NiftyNxt50 FuturesFresh LongFresh ShortFresh Long
NiftyNxt50 OptionsFresh LongShort CoveringFresh Long
    
Stock FuturesFresh LongShort CoveringFresh Long
Stock OptionsFresh LongLong CoveringLong Covering

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

SENSEX weekly Expiry (26/02/2026)

The SENSEX index closed at 82276.07. The SENSEX weekly expiry for FEBRUARY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.626 against previous 0.581. The 83000CE option holds the maximum open interest, followed by the 85000CE and 84500CE options. Market participants have shown increased interest with significant open interest additions in the 83000CE option, with open interest additions also seen in the 85000CE and 81500PE options. On the other hand, open interest reductions were prominent in the 84800CE, 88000CE, and 90000CE options. Trading volume was highest in the 82000PE option, followed by the 83000CE and 82800CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:26-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
82276.070.6260.5811.125
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  4,85,15,560    2,74,65,800        2,10,49,760
PUT:  3,03,63,120    1,59,63,720        1,43,99,400
Top CALL Open Interest:
StrikeOIOI ChangeVolume
83000      33,03,440        17,62,400     12,90,84,700
85000      28,92,680        13,94,380        2,66,18,340
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
83000      33,03,440        17,62,400     12,90,84,700
85000      28,92,680        13,94,380        2,66,18,340
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
84800        5,02,400        -1,32,160           62,50,580
88000        7,30,040        -1,13,220           40,01,060
Top CALL Volume:
StrikeOIOI ChangeVolume
83000      33,03,440        17,62,400     12,90,84,700
82800      15,15,420          9,31,800     10,25,86,520
Top PUT Open Interest:
StrikeOIOI ChangeVolume
79000      18,85,940          5,48,800        2,00,85,180
80000      18,84,720          5,90,160        2,55,61,740
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
81500      16,89,500        11,93,020        8,29,27,380
79500      13,74,560          8,64,720        1,53,05,240
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
82600        2,26,180            -25,040        5,88,69,320
83400            18,240            -23,620              8,83,020
Top PUT Volume:
StrikeOIOI ChangeVolume
82000      13,22,720          6,31,920     13,64,07,500
82200        8,89,960          4,64,300     10,25,64,820

NIFTY Weekly Expiry (2/03/2026)

The NIFTY index closed at 25482.5. The NIFTY weekly expiry for MARCH 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.654 against previous 0.601. The 25600CE option holds the maximum open interest, followed by the 25700CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25600CE option, with open interest additions also seen in the 25700CE and 25650CE options. On the other hand, open interest reductions were prominent in the 25400CE, 27200CE, and 25900PE options. Trading volume was highest in the 25500PE option, followed by the 25600CE and 25600PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:02-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,482.50                0.654                  0.601               1.000
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 13,34,89,265      8,50,63,030   4,84,26,235
 PUT:    8,72,85,705      5,11,32,965   3,61,52,740
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,600       84,11,130         41,70,010       41,02,521
               25,700       82,68,715         36,00,155       29,54,383
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,600       84,11,130         41,70,010       41,02,521
               25,700       82,68,715         36,00,155       29,54,383
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,400       19,84,905          -5,56,985         8,79,541
               27,200       17,90,100          -2,40,370         1,22,660
 Top CALL Volume:
 Strike OI OI Change Volume
               25,600       84,11,130         41,70,010       41,02,521
               25,500       73,44,155            5,30,660       30,08,963
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500       60,34,535         19,98,165       43,49,589
               23,100       59,89,815         26,00,975         2,54,729
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,100       59,89,815         26,00,975         2,54,729
               25,500       60,34,535         19,98,165       43,49,589
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,900          3,83,240              -59,800             76,337
               26,100          3,11,480              -50,050               7,323
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       60,34,535         19,98,165       43,49,589
               25,600       28,10,340         13,74,685       35,06,726

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 25482.5. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.309 against previous 1.309. The 25000PE option holds the maximum open interest, followed by the 26000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 25000PE and 25800CE options. On the other hand, open interest reductions were prominent in the 26000CE, 25500CE, and 26000PE options. Trading volume was highest in the 25500PE option, followed by the 26000CE and 25000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,482.50                1.309                  1.309               1.049
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,07,04,920      3,88,05,350       18,99,570
 PUT:    5,32,85,020      5,08,04,395       24,80,625
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       56,43,830          -2,48,750             83,423
               27,000       40,64,750               67,385             35,429
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,500       34,75,355            4,08,590             68,935
               25,800       15,55,645            3,01,470             35,089
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       56,43,830          -2,48,750             83,423
               25,500       24,62,200              -80,795             60,313
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       56,43,830          -2,48,750             83,423
               26,500       34,75,355            4,08,590             68,935
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       64,34,940            3,99,155             74,418
               26,000       47,18,695              -71,990             28,790
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,000       64,34,940            3,99,155             74,418
               25,500       37,32,495            2,80,020         1,05,462
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       47,18,695              -71,990             28,790
               23,000       26,53,335              -43,515             14,077
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       37,32,495            2,80,020         1,05,462
               25,000       64,34,940            3,99,155             74,418

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 61043.35. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.081 against previous 1.199. The 61000PE option holds the maximum open interest, followed by the 61000CE and 60000PE options. Market participants have shown increased interest with significant open interest additions in the 60000PE option, with open interest additions also seen in the 61600CE and 61200CE options. On the other hand, open interest reductions were prominent in the 61100PE, 56600PE, and 56100PE options. Trading volume was highest in the 61000PE option, followed by the 61000CE and 61200PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         61,043.35                1.081                  1.199               1.108
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       85,57,130         64,99,810       20,57,320
 PUT:       92,47,170         77,92,890       14,54,280
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               61,000       13,89,480               34,020             87,039
               61,500          5,27,715               93,775             75,232
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               61,600          1,80,840            1,33,980             27,179
               61,200          2,52,900            1,33,290             60,724
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,000             48,700                    -270                     44
               58,500             52,910                    -210                     70
 Top CALL Volume:
 Strike OI OI Change Volume
               61,000       13,89,480               34,020             87,039
               61,500          5,27,715               93,775             75,232
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               61,000       15,97,290               72,750         1,38,195
               60,000       10,23,790            1,42,625             65,246
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               60,000       10,23,790            1,42,625             65,246
               60,600          1,34,460               87,840             16,754
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               61,100          1,17,420                -5,040             47,299
               56,600                1,770                -2,340                   511
 Top PUT Volume: 
 Strike OI OI Change Volume
               61,000       15,97,290               72,750         1,38,195
               61,200          1,48,380               47,520             80,469

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13558.55. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.144 against previous 1.114. The 13000PE option holds the maximum open interest, followed by the 12500PE and 14700CE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 14700CE and 13500PE options. On the other hand, open interest reductions were prominent in the 80500CE, 80500CE, and 80500CE options. Trading volume was highest in the 14000CE option, followed by the 13500CE and 13500PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,558.55                1.144                  1.114               0.973
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       30,08,160         17,79,240       12,28,920
 PUT:       34,39,920         19,81,560       14,58,360
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,700          4,54,680            2,35,680               4,723
               13,500          3,15,960               74,040             14,806
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,700          4,54,680            2,35,680               4,723
               13,600          2,05,680            1,10,400               8,824
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,400             43,920              -51,120               1,562
               13,000             65,040              -15,240                   427
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          2,99,160               36,960             15,136
               13,500          3,15,960               74,040             14,806
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000          6,90,600            2,83,800             10,855
               12,500          4,55,040               17,640               7,004
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,000          6,90,600            2,83,800             10,855
               13,500          4,34,400            1,42,800             14,648
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,700             48,240                -7,320               1,450
               15,000                1,440                    -120                       1
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,500          4,34,400            1,42,800             14,648
               13,000          6,90,600            2,83,800             10,855

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

The Open Interest Volume Analysis for 25/02/2026 strongly argues against complacency. While headline indices show mild green closes, the underlying derivatives structure lacks broad-based strength.

NIFTY and MIDCPNIFTY rallies are fragile, driven mainly by short covering and selective long additions in far-month contracts, which historically tend to fade unless followed by volume expansion. Traders should treat 25500–25600 in NIFTY as a high-risk zone, given heavy CALL concentration.

BANKNIFTY remains the biggest concern, with persistent fresh short build-up across March and April futures. As long as prices remain below 61500–61700, any bounce should be viewed as a selling opportunity rather than a trend reversal.

SENSEX data shows long covering with rising volumes, indicating distribution rather than accumulation—another reason to avoid leveraged overnight longs.

Actionable takeaway:

Prefer intraday or very short-term trades

Avoid aggressive carry-forward positions

Hedge positional longs using options

Respect option-defined resistance and Max Pain levels

Until Open Interest and Volume start expanding together with price, the market remains technically vulnerable, and being cautious is not defensive—it is disciplined.

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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