Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 19/03/2026
Table of Contents
Today’s market crash wasn’t just about price damage — the real story lies beneath the surface in the Open Interest Volume Analysis, which clearly signals aggressive positioning shifts across indices.
With NIFTY plunging -3.26% and BANKNIFTY down -3.38%, the sharp spike in volumes along with selective Open Interest build-up confirms that this is not panic unwinding alone — fresh shorts have actively entered the system, especially in far-month contracts.
The divergence between near-month long covering and next-month short build-up is a critical insight from today’s Open Interest Volume Analysis, indicating that traders are rolling over bearish bets rather than exiting the market.
Options data further validates this — with a steep fall in PCR and aggressive CALL writing at key resistance levels, the market structure has clearly shifted from “buy on dips” to “sell on rise” mode in the short term.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23002.15 (-3.262%)
Combined = March + April + May
Combined Fut Open Interest Change: 1.45%
Combined Fut Volume Change: 47.88%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 22% Previous 19%
NIFTY March Future closed at: 23054.8 (-3.035%)
March Fut Premium 52.65 (Increased by 54.05 points)
March Fut Open Interest Change: -1.94%
March Fut Volume Change: 36.67%
March Fut Open Interest Analysis: Long Covering
NIFTY April Future closed at: 23198.4 (-3.028%)
April Fut Premium 196.25 (Increased by 51.35 points)
April Fut Open Interest Change: 18.74%
April Fut Volume Change: 101.95%
April Fut Open Interest Analysis: Fresh Short
NIFTY Weekly Expiry (24/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.710 (Decreased from 1.060)
Put-Call Ratio (Volume): 0.911
Max Pain Level: 23300
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 21000
Highest CALL Addition: 23300
Highest PUT Addition: 20850
NIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.084 (Decreased from 1.177)
Put-Call Ratio (Volume): 0.998
Max Pain Level: 24200
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 19000
Highest CALL Addition: 23500
Highest PUT Addition: 22000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 53451 (-3.389%)
Combined = March + April + May
Combined Fut Open Interest Change: -1.30%
Combined Fut Volume Change: 50.08%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 37% Previous 34%
BANKNIFTY MARCH Future closed at: 53603.8 (-3.271%)
March Fut Premium 152.8 (Increased by 62.65 points)
March Fut Open Interest Change: -6.4%
March Fut Volume Change: 48.7%
March Fut Open Interest Analysis: Long Covering
BANKNIFTY APRIL Future closed at: 53950.4 (-3.306%)
April Fut Premium 499.4 (Increased by 30.65 points)
April Fut Open Interest Change: 11.88%
April Fut Volume Change: 49.44%
April Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.787 (Decreased from 0.898)
Put-Call Ratio (Volume): 0.867
Max Pain Level: 56000
Maximum CALL Open Interest: 59000
Maximum PUT Open Interest: 51000
Highest CALL Addition: 56000
Highest PUT Addition: 50000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 12517 (-3.571%)
Combined = March + April + May
Combined Fut Open Interest Change: -0.70%
Combined Fut Volume Change: 8.56%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 9% Previous 7%
MIDCPNIFTY MARCH Future closed at: 12520.75 (-3.463%)
March Fut Premium 3.75 (Increased by 14.4 points)
March Fut Open Interest Change: -3.25%
March Fut Volume Change: -3.02%
March Fut Open Interest Analysis: Long Covering
MIDCPNIFTY APRIL Future closed at: 12605.05 (-3.268%)
April Fut Premium 88.05 (Increased by 37.75 points)
April Fut Open Interest Change: 34.21%
April Fut Volume Change: 107.99%
April Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.054 (Decreased from 1.146)
Put-Call Ratio (Volume): 0.884
Max Pain Level: 13000
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 12000
Highest CALL Addition: 12700
Highest PUT Addition: 11100
SENSEX Monthly Expiry (25/03/2026) Future
SENSEX Spot closed at: 74,207.24 (-3.255%)
SENSEX Monthly Future closed at: 74,274.95 (-3.212%)
Premium: 67.71 (Increased by 32.24 points)
Open Interest Change: -0.85%
Volume Change: 53.48%
Open Interest Analysis: Long Covering
SENSEX Weekly Expiry (25/03/2026) Option Analysis
Put-Call Ratio (OI): 0.768 (Decreased from 1.117)
Put-Call Ratio (Volume): 0.881
Max Pain Level: 75100
Maximum CALL OI: 79000
Maximum PUT OI: 74000
Highest CALL Addition: 77500
Highest PUT Addition: 74000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 7,558.19 Cr.
DIIs Net BUY: ₹ 3,863.96 Cr.
FII Derivatives Activity
| FII Trading Stats | 19.03.26 | 18.03.26 | 17.03.26 |
| FII Cash (Provisional Data) | -7,558.19 | -2,714.35 | -4,741.22 |
| Index Future Open Interest Long Ratio | 14.14% | 14.12% | 12.59% |
| Index Future Volume Long Ratio | 48.25% | 64.65% | 57.31% |
| Call Option Open Interest Long Ratio | 41.86% | 42.70% | 42.50% |
| Call Option Volume Long Ratio | 49.67% | 49.90% | 50.15% |
| Put Option Open Interest Long Ratio | 63.51% | 62.62% | 64.75% |
| Put Option Volume Long Ratio | 50.39% | 49.85% | 49.77% |
| Stock Future Open Interest Long Ratio | 57.12% | 58.08% | 58.35% |
| Stock Future Volume Long Ratio | 42.82% | 47.21% | 48.96% |
| Index Futures | Long Covering | Short Covering | Short Covering |
| Index Options | Fresh Short | Fresh Short | Long Covering |
| Nifty Futures | Long Covering | Short Covering | Short Covering |
| Nifty Options | Fresh Long | Fresh Short | Long Covering |
| BankNifty Futures | Fresh Long | Fresh Long | Short Covering |
| BankNifty Options | Fresh Short | Fresh Long | Fresh Short |
| FinNifty Futures | Long Covering | Long Covering | Long Covering |
| FinNifty Options | Long Covering | Fresh Long | Fresh Long |
| MidcpNifty Futures | Short Covering | Fresh Long | Fresh Short |
| MidcpNifty Options | Fresh Short | Fresh Long | Fresh Long |
| NiftyNxt50 Futures | Short Covering | Fresh Short | Fresh Short |
| NiftyNxt50 Options | Long Covering | Fresh Long | Long Covering |
| Stock Futures | Long Covering | Fresh Short | Fresh Short |
| Stock Options | Fresh Long | 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 (25/03/2026)
The SENSEX index closed at 74207.24. The SENSEX weekly expiry for MARCH 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.768 against previous 1.117. The 79000CE option holds the maximum open interest, followed by the 75000CE and 77500CE options. Market participants have shown increased interest with significant open interest additions in the 77500CE option, with open interest additions also seen in the 75000CE and 79000CE options. On the other hand, open interest reductions were prominent in the 76500PE, 76000PE, and 83000PE options. Trading volume was highest in the 75000CE option, followed by the 75000PE and 74000PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 25-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 74207.24 | 0.768 | 1.117 | 0.881 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 45,05,260 | 18,51,780 | 26,53,480 |
| PUT: | 34,61,020 | 20,68,660 | 13,92,360 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 2,74,920 | 2,06,020 | 12,71,380 |
| 75000 | 2,71,180 | 2,26,360 | 22,14,880 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 2,68,620 | 2,32,180 | 7,68,380 |
| 75000 | 2,71,180 | 2,26,360 | 22,14,880 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 91,000 | -10,540 | 3,14,520 |
| 95000 | 8,180 | -1,520 | 2,260 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 2,71,180 | 2,26,360 | 22,14,880 |
| 76000 | 2,68,160 | 1,86,300 | 12,87,320 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 2,23,220 | 1,46,200 | 13,22,520 |
| 67000 | 1,87,660 | 54,620 | 3,19,300 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 2,23,220 | 1,46,200 | 13,22,520 |
| 73000 | 1,72,020 | 1,22,960 | 11,68,160 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 76500 | 86,000 | -39,280 | 99,940 |
| 76000 | 1,13,320 | -22,600 | 2,40,080 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 1,44,420 | 41,920 | 19,60,540 |
| 74000 | 2,23,220 | 1,46,200 | 13,22,520 |
NIFTY Weekly Expiry (24/03/2026)
The NIFTY index closed at 23002.15. The NIFTY weekly expiry for MARCH 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.710 against previous 1.060. The 21000PE option holds the maximum open interest, followed by the 25000CE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 23300CE option, with open interest additions also seen in the 23500CE and 23000CE options. On the other hand, open interest reductions were prominent in the 23500PE, 23700PE, and 23600PE options. Trading volume was highest in the 23000PE option, followed by the 23200PE and 23300CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 24-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,002.15 | 0.710 | 1.060 | 0.911 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 11,89,19,580 | 8,48,03,680 | 3,41,15,900 |
| PUT: | 8,44,42,475 | 8,99,21,325 | -54,78,850 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 84,79,315 | 16,49,115 | 6,78,513 |
| 24,000 | 67,88,210 | 24,42,700 | 10,05,665 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,300 | 43,19,055 | 37,31,975 | 18,34,380 |
| 23,500 | 44,36,510 | 29,39,950 | 12,77,695 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,400 | 8,40,580 | -12,13,355 | 1,79,879 |
| 25,200 | 24,19,040 | -7,09,475 | 2,77,772 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,300 | 43,19,055 | 37,31,975 | 18,34,380 |
| 23,200 | 26,92,625 | 23,92,195 | 13,54,956 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 21,000 | 87,16,500 | 14,30,715 | 6,07,970 |
| 23,000 | 65,27,365 | 10,28,885 | 19,08,410 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 20,850 | 18,69,660 | 18,69,660 | 92,467 |
| 22,000 | 56,53,050 | 15,62,340 | 8,86,460 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 16,02,055 | -31,85,065 | 3,88,551 |
| 23,700 | 6,88,155 | -29,37,870 | 1,45,375 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 65,27,365 | 10,28,885 | 19,08,410 |
| 23,200 | 17,08,980 | -3,48,660 | 19,06,730 |
NIFTY Monthly Expiry (30/03/2026)
The NIFTY index closed at 23002.15. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.084 against previous 1.177. The 26000CE option holds the maximum open interest, followed by the 19000PE and 22000PE options. Market participants have shown increased interest with significant open interest additions in the 23500CE option, with open interest additions also seen in the 22000PE and 23200CE options. On the other hand, open interest reductions were prominent in the 23500PE, 23000PE, and 23800PE options. Trading volume was highest in the 23000PE option, followed by the 24000CE and 23500CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,002.15 | 1.084 | 1.177 | 0.998 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 6,57,64,455 | 6,53,44,075 | 4,20,380 |
| PUT: | 7,13,07,400 | 7,68,93,865 | -55,86,465 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 54,94,590 | -3,73,685 | 38,647 |
| 24,000 | 47,56,365 | 5,03,375 | 1,94,995 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 30,04,495 | 9,90,535 | 1,88,491 |
| 23,200 | 11,44,325 | 6,99,140 | 99,244 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 43,52,335 | -8,11,645 | 98,405 |
| 26,000 | 54,94,590 | -3,73,685 | 38,647 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 47,56,365 | 5,03,375 | 1,94,995 |
| 23,500 | 30,04,495 | 9,90,535 | 1,88,491 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 19,000 | 54,92,090 | 35,070 | 71,474 |
| 22,000 | 51,61,020 | 8,66,900 | 1,68,025 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 51,61,020 | 8,66,900 | 1,68,025 |
| 21,500 | 17,26,075 | 3,21,425 | 70,584 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 22,33,530 | -14,93,310 | 1,12,378 |
| 23,000 | 39,04,165 | -14,35,480 | 2,42,948 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 39,04,165 | -14,35,480 | 2,42,948 |
| 22,000 | 51,61,020 | 8,66,900 | 1,68,025 |
BANKNIFTY Monthly Expiry (30/03/2026)
The BANKNIFTY index closed at 53451. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.787 against previous 0.898. The 59000CE option holds the maximum open interest, followed by the 61000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 56000CE option, with open interest additions also seen in the 59000CE and 54000CE options. On the other hand, open interest reductions were prominent in the 55000PE, 54000PE, and 54500PE options. Trading volume was highest in the 54000PE option, followed by the 54000CE and 56000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 53,451.00 | 0.787 | 0.898 | 0.867 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,89,71,770 | 1,75,84,385 | 13,87,385 |
| PUT: | 1,49,35,075 | 1,57,90,575 | -8,55,500 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 11,52,180 | 1,81,380 | 73,341 |
| 61,000 | 10,89,720 | -6,210 | 37,878 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 10,13,160 | 2,42,400 | 1,43,604 |
| 59,000 | 11,52,180 | 1,81,380 | 73,341 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 9,02,610 | -1,12,790 | 58,120 |
| 59,500 | 2,62,230 | -74,430 | 24,415 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 4,19,670 | 1,61,760 | 1,72,497 |
| 56,000 | 10,13,160 | 2,42,400 | 1,43,604 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 51,000 | 7,44,570 | 20,460 | 1,09,033 |
| 59,000 | 6,88,260 | -5,670 | 686 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 4,74,240 | 1,52,640 | 1,02,495 |
| 49,000 | 1,69,140 | 1,12,260 | 47,575 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 4,90,410 | -2,39,760 | 45,798 |
| 54,000 | 6,02,680 | -2,18,005 | 1,86,332 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 6,02,680 | -2,18,005 | 1,86,332 |
| 53,000 | 5,24,190 | -66,900 | 1,20,477 |
MIDCPNIFTY Monthly Expiry (30/03/2026)
The MIDCPNIFTY index closed at 12517. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.054 against previous 1.146. The 12000PE option holds the maximum open interest, followed by the 12500PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 11100PE option, with open interest additions also seen in the 12700CE and 13100CE options. On the other hand, open interest reductions were prominent in the 66000CE, 63500PE, and 67400PE options. Trading volume was highest in the 13100CE option, followed by the 12500PE and 12000PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 12,517.00 | 1.054 | 1.146 | 0.884 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 72,50,160 | 70,77,600 | 1,72,560 |
| PUT: | 76,39,560 | 81,08,160 | -4,68,600 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,94,680 | -6,960 | 4,013 |
| 13,500 | 6,42,240 | 1,320 | 10,630 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,700 | 2,31,840 | 98,400 | 13,925 |
| 13,100 | 2,96,760 | 95,160 | 27,428 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 3,10,920 | -1,32,960 | 4,688 |
| 13,700 | 2,57,160 | -62,640 | 4,859 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,100 | 2,96,760 | 95,160 | 27,428 |
| 13,000 | 5,85,600 | -19,560 | 15,849 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 8,29,440 | -74,760 | 17,210 |
| 12,500 | 8,02,560 | -2,60,880 | 20,503 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 11,100 | 2,14,440 | 1,48,680 | 4,538 |
| 12,400 | 3,38,040 | 88,080 | 9,447 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 8,02,560 | -2,60,880 | 20,503 |
| 13,000 | 2,94,600 | -1,30,560 | 5,244 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 8,02,560 | -2,60,880 | 20,503 |
| 12,000 | 8,29,440 | -74,760 | 17,210 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The Open Interest Volume Analysis clearly highlights that the market has transitioned from a corrective phase into a structured bearish trend, with strong evidence of fresh short build-up in next-month futures across NIFTY, BANKNIFTY, and MIDCAP indices.
The combination of long covering in near-month contracts and aggressive short positioning in April series, along with falling PCR and heavy CALL writing, confirms that smart money is positioning for further downside rather than expecting a quick rebound.
Until key resistance zones like NIFTY 23300 and BANKNIFTY 56000 are reclaimed, the strategy should remain sell on rise, as every bounce is likely to face supply pressure.
In this environment, the Open Interest Volume Analysis becomes crucial — because price alone may mislead, but derivatives data is clearly signaling that downside risk is still not fully priced in.
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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