NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/03/2026

Today’s Open Interest Volume Analysis clearly indicates a liquidity-driven up move rather than aggressive conviction buying, as most indices witnessed short covering with sharp volume contraction (-25% to -45%).

While prices moved higher across NIFTY, BANKNIFTY, MIDCAP, and SENSEX, the drop in volumes alongside rising premiums suggests that the rally is position-adjustment driven, not fresh directional strength.

The Open Interest Volume Analysis also highlights a shift of positioning into next series (April) with selective fresh long build-up, but the lack of broad participation raises caution for follow-through upside.

NIFTY – Controlled Upside but Weak Participation – Market is balancing near 23600, not trending strongly – Upside is capped unless volumes return.

BANKNIFTY – Underlying Strength but Divergence Signals – Structure is bullish but not confirmed – Banking index lagging in conviction.

MIDCAP NIFTY – Strongest Segment (Risk-On Signal) – Midcaps showing true strength vs large caps – Early sign of risk appetite returning.

SENSEX – Classic Short Covering Bounce – Market is heavily balanced – Risk of sharp move if positioning unwinds.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23581.15 (0.736%)

Combined = March + April + May

Combined Fut Open Interest Change: -1.84%

Combined Fut Volume Change: -31.64%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 19% Previous 18%

NIFTY March Future closed at: 23617.4 (0.803%)

March Fut Premium 36.25 (Increased by 15.85 points)

March Fut Open Interest Change: -2.55%

March Fut Volume Change: -32.95%

March Fut Open Interest Analysis: Short Covering

NIFTY April Future closed at: 23767.4 (0.861%)

April Fut Premium 186.25 (Increased by 30.55 points)

April Fut Open Interest Change: 0.96%

April Fut Volume Change: -20.47%

April Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (24/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.984 (Increased from 0.794)

Put-Call Ratio (Volume): 0.873

Max Pain Level: 23600

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 21000

Highest CALL Addition: 25000

Highest PUT Addition: 21000

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

Put-Call Ratio (Open Interest): 1.103 (Increased from 1.070)

Put-Call Ratio (Volume): 1.017

Max Pain Level: 24500

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23500

Highest PUT Addition: 23500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 54876 (0.850%)

Combined = March + April + May

Combined Fut Open Interest Change: -0.66%

Combined Fut Volume Change: -31.98%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 33% Previous 32%

BANKNIFTY MARCH Future closed at: 54994.6 (0.802%)

March Fut Premium118.6 (Decreased by -24.8 points)

March Fut Open Interest Change: -1.7%

March Fut Volume Change: -26.9%

March Fut Open Interest Analysis: Short Covering

BANKNIFTY APRIL Future closed at: 55365 (0.778%)

April Fut Premium489 (Decreased by -35.4 points)

April Fut Open Interest Change: 2.11%

April Fut Volume Change: -43.58%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.789 (Increased from 0.752)

Put-Call Ratio (Volume): 0.775

Max Pain Level: 57000

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 51000

Highest CALL Addition: 54900

Highest PUT Addition: 50000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12736.3 (0.960%)

Combined = March + April + May

Combined Fut Open Interest Change: 2.11%

Combined Fut Volume Change: -34.33%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 6% Previous 6%

MIDCPNIFTY MARCH Future closed at: 12750.05 (1.040%)

March Fut Premium 13.75 (Increased by 10.15 points)

March Fut Open Interest Change: 1.90%

March Fut Volume Change: -32.99%

March Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY APRIL Future closed at: 12818.8 (0.953%)

April Fut Premium 82.5 (Decreased by 0 points)

April Fut Open Interest Change: 6.43%

April Fut Volume Change: -45.98%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.965 (Increased from 0.912)

Put-Call Ratio (Volume): 0.903

Max Pain Level: 13000

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 12000

Highest CALL Addition: 12750

Highest PUT Addition: 12700

SENSEX Monthly Expiry (25/03/2026) Future

SENSEX Spot closed at: 76,070.84 (0.752%)

SENSEX Monthly Future closed at: 76,174.90 (0.781%)

Premium: 104.06 (Increased by 22.51 points)

Open Interest Change: -5.77%

Volume Change: -25.36%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (19/03/2026) Option Analysis

Put-Call Ratio (OI): 1.333 (Increased from 1.218)

Put-Call Ratio (Volume): 1.032

Max Pain Level: 76000

Maximum CALL OI: 80000

Maximum PUT OI: 73000

Highest CALL Addition: 77500

Highest PUT Addition: 71000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 4,741.22 Cr.

DIIs Net BUY: ₹ 5,225.32 Cr.

FII Derivatives Activity

FII Trading Stats	17.03.26	16.03.26	13.03.26
FII Cash (Provisional Data)	-4,741.22	-9,365.52	-10,716.64
Index Future Open Interest Long Ratio	12.59%	11.82%	9.93%
Index Future Volume Long Ratio	57.31%	57.23%	35.07%
Call Option Open Interest Long Ratio	42.50%	41.79%	42.11%
Call Option Volume Long Ratio	50.15%	50.05%	49.73%
Put Option Open Interest Long Ratio	64.75%	62.23%	63.86%
Put Option Volume Long Ratio	49.77%	49.89%	50.30%
Stock Future Open Interest Long Ratio	58.35%	58.48%	58.49%
Stock Future Volume Long Ratio	48.96%	50.38%	49.22%
Index Futures	Short Covering	Fresh Long	Fresh Short
Index Options	Long Covering	Long Covering	Fresh Short
Nifty Futures	Short Covering	Short Covering	Fresh Short
Nifty Options	Long Covering	Long Covering	Fresh Short
BankNifty Futures	Short Covering	Fresh Long	Fresh Long
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Long Covering	Fresh Long	Fresh Long
FinNifty Options	Fresh Long	Fresh Short	Short Covering
MidcpNifty Futures	Fresh Short	Fresh Short	Long Covering
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Options	Long Covering	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 (19/03/2026)

The BANKNIFTY index closed at 54876. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.789 against previous 0.752. The 61000CE option holds the maximum open interest, followed by the 60000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 50000PE option, with open interest additions also seen in the 54900CE and 55000PE options. On the other hand, open interest reductions were prominent in the 54500CE, 53000CE, and 54000CE options. Trading volume was highest in the 55000CE option, followed by the 54500CE and 54500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	19-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76070.84	1.333	1.218	1.032
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,59,14,880	91,13,080	68,01,800
PUT:	2,12,21,660	1,10,96,560	1,01,25,100
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	13,59,360	7,90,340	77,59,180
77500	11,02,960	8,72,700	1,34,46,660
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77500	11,02,960	8,72,700	1,34,46,660
80000	13,59,360	7,90,340	77,59,180
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
75000	1,13,700	-83,960	18,82,660
81000	2,98,060	-81,140	27,77,980
Top CALL Volume:
Strike	OI	OI Change	Volume
76000	7,01,680	2,92,260	2,33,81,700
77000	6,95,760	4,11,760	1,55,50,220
Top PUT Open Interest:
Strike	OI	OI Change	Volume
73000	12,95,360	8,71,380	1,53,86,360
71000	12,13,680	8,86,740	1,08,99,700
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
71000	12,13,680	8,86,740	1,08,99,700
73000	12,95,360	8,71,380	1,53,86,360
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
67000	3,61,400	-1,64,060	21,76,800
68400	1,30,480	-1,08,300	7,71,540
Top PUT Volume:
Strike	OI	OI Change	Volume
75500	5,58,820	3,58,440	1,76,61,080
73000	12,95,360	8,71,380	1,53,86,360

NIFTY Weekly Expiry (24/03/2026)

The NIFTY index closed at 23581.15. The NIFTY weekly expiry for MARCH 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.984 against previous 0.794. The 21000PE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 21000PE option, with open interest additions also seen in the 25000CE and 20950PE options. On the other hand, open interest reductions were prominent in the 23200CE, 23400CE, and 23300CE options. Trading volume was highest in the 24000CE option, followed by the 23500CE and 23500PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,581.15	0.984	0.794	0.873
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,82,77,765	3,21,49,975	2,61,27,790
PUT:	5,73,62,825	2,55,18,805	3,18,44,020
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	50,60,120	32,12,040	2,80,367
24,000	36,34,280	17,39,530	4,65,341
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	50,60,120	32,12,040	2,80,367
24,000	36,34,280	17,39,530	4,65,341
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,200	4,28,155	-3,08,815	46,984
23,400	9,61,220	-1,94,870	2,50,498
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	36,34,280	17,39,530	4,65,341
23,500	23,09,840	9,90,795	4,51,562
Top PUT Open Interest:
Strike	OI	OI Change	Volume
21,000	64,03,930	39,94,380	1,89,381
23,000	41,35,625	21,72,040	3,35,870
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
21,000	64,03,930	39,94,380	1,89,381
20,950	37,37,825	23,37,725	92,593
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,350	14,300	-14,235	463
21,450	3,47,360	-3,380	21,736
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	26,96,265	17,22,825	4,08,301
23,000	41,35,625	21,72,040	3,35,870

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 23581.15. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.103 against previous 1.070. The 26000CE option holds the maximum open interest, followed by the 23000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 23500PE option, with open interest additions also seen in the 19000PE and 23000PE options. On the other hand, open interest reductions were prominent in the 23200PE, 25500CE, and 23300CE options. Trading volume was highest in the 23500PE option, followed by the 23000PE and 23500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,581.15	1.103	1.070	1.017
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,24,41,520	6,19,15,275	5,26,245
PUT:	6,88,95,870	6,62,40,285	26,55,585
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	60,24,760	-28,340	35,295
25,000	49,74,105	2,14,390	90,837
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,500	23,24,075	2,93,605	1,30,677
23,600	9,09,025	2,85,610	45,724
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	32,32,970	-2,14,760	45,086
23,300	5,75,185	-1,54,960	23,014
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	23,24,075	2,93,605	1,30,677
24,000	42,78,280	1,86,015	1,28,053
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	49,99,260	4,27,430	1,53,544
19,000	49,03,465	4,81,700	47,538
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	32,30,825	8,17,180	1,54,536
19,000	49,03,465	4,81,700	47,538
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,200	10,89,465	-2,78,395	37,788
26,500	9,29,110	-1,27,790	10,525
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	32,30,825	8,17,180	1,54,536
23,000	49,99,260	4,27,430	1,53,544

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 54876. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.789 against previous 0.752. The 61000CE option holds the maximum open interest, followed by the 60000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 50000PE option, with open interest additions also seen in the 54900CE and 55000PE options. On the other hand, open interest reductions were prominent in the 54500CE, 53000CE, and 54000CE options. Trading volume was highest in the 55000CE option, followed by the 54500CE and 54500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,876.00	0.789	0.752	0.775
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,81,73,820	1,81,47,030	26,790
PUT:	1,43,36,800	1,36,54,845	6,81,955
Top CALL Open Interest:
Strike	OI	OI Change	Volume
61,000	11,55,900	-5,340	35,442
60,000	10,72,280	-26,830	45,921
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,900	97,440	63,450	26,204
59,000	10,37,670	56,880	40,452
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
54,500	2,56,320	-78,750	1,09,730
53,000	70,410	-47,280	4,355
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	6,04,050	11,580	1,09,740
54,500	2,56,320	-78,750	1,09,730
Top PUT Open Interest:
Strike	OI	OI Change	Volume
51,000	8,46,030	59,790	53,441
59,000	7,06,590	-8,070	678
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	2,75,670	1,33,500	41,604
55,000	5,45,250	61,440	51,792
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
48,000	4,30,170	-23,910	31,115
58,500	2,64,035	-14,405	823
Top PUT Volume:
Strike	OI	OI Change	Volume
54,500	3,32,640	5,640	1,01,942
54,000	6,59,110	-12,095	85,817

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 12736.3. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.965 against previous 0.912. The 12000PE option holds the maximum open interest, followed by the 14000CE and 12500PE options. Market participants have shown increased interest with significant open interest additions in the 12700PE option, with open interest additions also seen in the 12200PE and 12750CE options. On the other hand, open interest reductions were prominent in the 71000CE, 66100CE, and 64000CE options. Trading volume was highest in the 13000CE option, followed by the 12600PE and 13200CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,736.30	0.965	0.912	0.903
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	69,78,120	68,16,840	1,61,280
PUT:	67,33,440	62,17,800	5,15,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	6,38,160	-69,000	2,635
13,500	6,04,440	-27,600	4,702
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,750	1,32,360	91,320	5,020
15,000	2,38,680	44,640	997
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	6,38,160	-69,000	2,635
12,600	86,520	-28,200	8,523
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	5,44,440	14,280	14,393
13,200	2,64,480	30,960	10,692
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	8,32,440	9,600	10,056
12,500	6,23,880	6,480	8,955
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,700	2,95,320	1,31,280	9,984
12,200	3,53,400	1,30,080	6,383
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,900	1,03,080	-1,44,120	8,025
13,000	2,77,680	-25,200	1,039
Top PUT Volume:
Strike	OI	OI Change	Volume
12,600	2,12,280	22,200	10,888
12,000	8,32,440	9,600	10,056

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

The overall Open Interest Volume Analysis suggests that the market is currently in a transition phase, where short covering is driving prices higher but conviction buying is still missing.

While selective fresh longs in April series and strength in MIDCAPS provide a bullish undertone, the sharp decline in volumes and strong resistance build-up at higher strikes indicate that the upside may remain gradual and capped.

From a practical standpoint, this Open Interest Volume Analysis signals a “buy on dips, not breakout” market, with high probability of range-bound expiry behavior unless fresh volume expansion confirms trend continuation.

Traders should stay cautious, agile, and avoid over-leveraged directional bets, as the current structure is fragile and prone to sudden reversals.

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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