Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/03/2026
Table of Contents
Today’s Open Interest Volume Analysis across index derivatives suggests that the sharp upside move on 24/03/2026 was largely driven by short covering followed by selective fresh long buildup, rather than a broad-based aggressive bullish positioning. NIFTY, BANKNIFTY, and MIDCPNIFTY all closed strongly higher, but the derivatives data shows a transition phase where bears covered positions while new longs cautiously entered the April series. The rise in rollover percentages, strong volume expansion, and mixed OI signals across series indicate that the market may be attempting a recovery after recent volatility. However, despite the bullish price action, the options positioning, extreme strike concentrations, and uneven PCR structures suggest that traders should remain cautious and avoid assuming a one-way rally immediately.
Reasons To Stay Cautious
Even though markets rallied strongly, the Open Interest Volume Analysis still highlights several caution signals.
Rally driven mainly by short covering.
PCR values not strongly bullish yet.
Heavy call writing near current levels.
Global volatility and macro risks remain elevated.
Volume expansion without strong OI buildup suggests traders are still uncertain.
This combination often produces volatile swings rather than a straight trend.
Actionable Trading Insights
For traders watching derivatives positioning:
NIFTY
Support: 22500 – 22200
Resistance: 23000 – 23500
BANKNIFTY
Support: 51500 – 51000
Resistance: 52600 – 55000
MIDCPNIFTY
Support: 12300 – 12150
Resistance: 12800 – 13300
Trading strategy:
Avoid chasing sharp rallies.
Watch OI buildup near resistance zones carefully.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 22912.4 (1.776%)
Combined = March + April + May
Combined Fut Open Interest Change: 0.07%
Combined Fut Volume Change: 25.90%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 33% Previous 27%
NIFTY March Future closed at: 22928.4 (1.837%)
March Fut Premium 16 (Increased by 13.75 points)
March Fut Open Interest Change: -9.18%
March Fut Volume Change: 23.76%
March Fut Open Interest Analysis: Short Covering
NIFTY April Future closed at: 23055.9 (1.800%)
April Fut Premium 143.5 (Increased by 7.95 points)
April Fut Open Interest Change: 32.91%
April Fut Volume Change: 49.17%
April Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.051 (Increased from 0.972)
Put-Call Ratio (Volume): 0.841
Max Pain Level: 23500
Maximum CALL Open Interest: 24000
Maximum PUT Open Interest: 20000
Highest CALL Addition: 23000
Highest PUT Addition: 20000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 52605.65 (2.271%)
Combined = March + April + May
Combined Fut Open Interest Change: -5.93%
Combined Fut Volume Change: 27.61%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 50% Previous 42%
BANKNIFTY MARCH Future closed at: 52707.6 (2.353%)
March Fut Premium 101.95 (Increased by 43.7 points)
March Fut Open Interest Change: -18.4%
March Fut Volume Change: 30.6%
March Fut Open Interest Analysis: Short Covering
BANKNIFTY APRIL Future closed at: 53039.4 (2.293%)
April Fut Premium 433.75 (Increased by 20.9 points)
April Fut Open Interest Change: 15.48%
April Fut Volume Change: 38.40%
April Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.754 (Increased from 0.733)
Put-Call Ratio (Volume): 0.768
Max Pain Level: 55000
Maximum CALL Open Interest: 61000
Maximum PUT Open Interest: 59000
Highest CALL Addition: 52600
Highest PUT Addition: 52500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 12532.4 (2.863%)
Combined = March + April + May
Combined Fut Open Interest Change: -1.09%
Combined Fut Volume Change: 94.14%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 27% Previous 13%
MIDCPNIFTY MARCH Future closed at: 12529.9 (2.974%)
March Fut Discount -2.5 (Increased by 13 points)
March Fut Open Interest Change: -17.48%
March Fut Volume Change: 90.53%
March Fut Open Interest Analysis: Short Covering
MIDCPNIFTY APRIL Future closed at: 12553.45 (2.775%)
April Fut Discount 21.05 (Decreased by -9.95 points)
April Fut Open Interest Change: 120.46%
April Fut Volume Change: 110.66%
April Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.989 (Increased from 0.916)
Put-Call Ratio (Volume): 0.962
Max Pain Level: 12800
Maximum CALL Open Interest: 13500
Maximum PUT Open Interest: 11500
Highest CALL Addition: 13300
Highest PUT Addition: 11500
SENSEX Monthly Expiry (25/03/2026) Future
SENSEX Spot closed at: 74,068.45 (1.887%)
SENSEX Monthly Future closed at: 74,111.80 (1.911%)
Premium: 43.35 (Increased by 17.34 points)
Open Interest Change: -22.49%
Volume Change: 4.72%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (25/03/2026) Option Analysis
Put-Call Ratio (OI): 1.297 (Increased from 0.771)
Put-Call Ratio (Volume): 0.929
Max Pain Level: 74000
Maximum CALL OI: 77000
Maximum PUT OI: 70000
Highest CALL Addition: 77000
Highest PUT Addition: 70000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 8,009.56 Cr.
DIIs Net BUY: ₹ 5,867.15 Cr.
FII Derivatives Activity
| FII Trading Stats | 24.03.26 | 23.03.26 | 20.03.26 |
| FII Cash (Provisional Data) | -8,009.56 | -10,414.23 | -5,518.39 |
| Index Future Open Interest Long Ratio | 13.80% | 14.74% | 14.36% |
| Index Future Volume Long Ratio | 48.39% | 45.18% | 46.58% |
| Call Option Open Interest Long Ratio | 40.20% | 42.60% | 42.02% |
| Call Option Volume Long Ratio | 49.92% | 49.97% | 49.83% |
| Put Option Open Interest Long Ratio | 63.93% | 63.00% | 63.19% |
| Put Option Volume Long Ratio | 49.72% | 50.00% | 50.17% |
| Stock Future Open Interest Long Ratio | 56.84% | 56.88% | 56.99% |
| Stock Future Volume Long Ratio | 49.89% | 50.02% | 49.79% |
| Index Futures | Fresh Short | Fresh Short | Fresh Short |
| Index Options | Long Covering | Fresh Short | Fresh Short |
| Nifty Futures | Fresh Short | Fresh Short | Fresh Short |
| Nifty Options | Long Covering | Fresh Short | Fresh Long |
| BankNifty Futures | Long Covering | Fresh Short | Fresh Long |
| BankNifty Options | Fresh Short | Short Covering | Fresh Short |
| FinNifty Futures | Fresh Short | Long Covering | Fresh Long |
| FinNifty Options | Fresh Long | Fresh Long | Fresh Short |
| MidcpNifty Futures | Fresh Long | Fresh Long | Short Covering |
| MidcpNifty Options | Fresh Short | Short Covering | Fresh Long |
| NiftyNxt50 Futures | Fresh Short | Long Covering | Long Covering |
| NiftyNxt50 Options | Short Covering | Long Covering | Fresh Long |
| Stock Futures | Fresh Short | Short Covering | Fresh Long |
| Stock Options | Long Covering | Long Covering | 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 74068.45. The SENSEX weekly expiry for MARCH 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.297 against previous 0.771. The 70000PE option holds the maximum open interest, followed by the 77000CE and 71000PE options. Market participants have shown increased interest with significant open interest additions in the 70000PE option, with open interest additions also seen in the 71000PE and 77000CE options. On the other hand, open interest reductions were prominent in the 73500CE, 73000CE, and 72700CE options. Trading volume was highest in the 74000CE option, followed by the 75000CE and 76000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 25-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 74068.45 | 1.297 | 0.771 | 0.929 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,67,86,800 | 1,14,81,480 | 53,05,320 |
| PUT: | 2,17,77,900 | 88,50,160 | 1,29,27,740 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 14,97,160 | 11,35,940 | 1,89,12,680 |
| 78000 | 10,55,940 | 4,80,880 | 1,33,65,840 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 14,97,160 | 11,35,940 | 1,89,12,680 |
| 76000 | 9,70,740 | 5,47,860 | 2,34,19,420 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 73500 | 2,02,500 | -3,12,180 | 1,66,11,440 |
| 73000 | 2,96,300 | -2,51,040 | 37,00,180 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 5,76,700 | 3,65,240 | 2,54,42,820 |
| 75000 | 6,74,940 | 1,74,020 | 2,38,98,680 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 70000 | 15,99,080 | 11,90,060 | 1,97,85,120 |
| 71000 | 14,52,500 | 11,76,320 | 1,46,76,400 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 70000 | 15,99,080 | 11,90,060 | 1,97,85,120 |
| 71000 | 14,52,500 | 11,76,320 | 1,46,76,400 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 14,100 | -54,380 | 59,820 |
| 77000 | 28,480 | -51,840 | 1,02,960 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 73500 | 5,68,200 | 4,21,360 | 2,04,36,360 |
| 70000 | 15,99,080 | 11,90,060 | 1,97,85,120 |
NIFTY Monthly Expiry (30/03/2026)
The NIFTY index closed at 22912.4. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.051 against previous 0.972. The 20000PE option holds the maximum open interest, followed by the 24000CE and 22000PE options. Market participants have shown increased interest with significant open interest additions in the 20000PE option, with open interest additions also seen in the 20500PE and 23000PE options. On the other hand, open interest reductions were prominent in the 22600CE, 22500CE, and 24000PE options. Trading volume was highest in the 23000CE option, followed by the 23500CE and 22000PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 22,912.40 | 1.051 | 0.972 | 0.841 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 9,54,26,650 | 7,91,45,975 | 1,62,80,675 |
| PUT: | 10,03,30,205 | 7,69,01,955 | 2,34,28,250 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 64,38,150 | 10,42,025 | 4,12,934 |
| 25,000 | 59,50,430 | 7,74,630 | 2,12,783 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 46,44,765 | 15,94,155 | 6,15,631 |
| 22,900 | 18,58,935 | 14,02,895 | 2,85,583 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,600 | 6,73,010 | -3,71,670 | 74,714 |
| 22,500 | 16,63,675 | -3,01,665 | 86,237 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 46,44,765 | 15,94,155 | 6,15,631 |
| 23,500 | 52,64,090 | 11,36,785 | 5,17,615 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 20,000 | 1,19,58,650 | 47,24,630 | 3,18,571 |
| 22,000 | 63,99,175 | 13,31,540 | 4,31,693 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 20,000 | 1,19,58,650 | 47,24,630 | 3,18,571 |
| 20,500 | 23,03,145 | 22,94,890 | 1,25,872 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 26,46,320 | -1,74,250 | 15,316 |
| 23,300 | 6,79,445 | -1,48,850 | 24,475 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 63,99,175 | 13,31,540 | 4,31,693 |
| 23,000 | 49,70,955 | 18,98,010 | 3,67,510 |
BANKNIFTY Monthly Expiry (30/03/2026)
The BANKNIFTY index closed at 52605.65. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.754 against previous 0.733. The 61000CE option holds the maximum open interest, followed by the 59000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 52500PE option, with open interest additions also seen in the 52200PE and 52600CE options. On the other hand, open interest reductions were prominent in the 50500PE, 51500PE, and 57000CE options. Trading volume was highest in the 52000PE option, followed by the 52500CE and 53000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 52,605.65 | 0.754 | 0.733 | 0.768 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,93,84,165 | 1,97,27,685 | -3,43,520 |
| PUT: | 1,46,06,455 | 1,44,60,780 | 1,45,675 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 9,88,320 | -6,210 | 30,909 |
| 59,000 | 9,69,840 | -36,990 | 37,332 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 52,600 | 1,84,110 | 1,45,440 | 49,408 |
| 52,500 | 3,33,640 | 1,18,385 | 1,71,456 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 5,88,495 | -1,04,400 | 93,163 |
| 51,500 | 1,05,270 | -86,010 | 19,795 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 52,500 | 3,33,640 | 1,18,385 | 1,71,456 |
| 53,000 | 4,03,140 | 16,890 | 1,45,776 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 6,71,970 | -1,980 | 505 |
| 48,000 | 6,21,060 | -2,460 | 89,209 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 52,500 | 4,37,870 | 1,81,500 | 1,20,322 |
| 52,200 | 2,00,070 | 1,67,040 | 75,939 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 50,500 | 2,76,480 | -2,10,090 | 63,354 |
| 51,500 | 3,94,290 | -1,22,730 | 86,587 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 5,55,960 | 1,36,620 | 1,98,130 |
| 51,000 | 5,79,630 | -52,950 | 1,32,528 |
MIDCPNIFTY Monthly Expiry (30/03/2026)
The MIDCPNIFTY index closed at 12532.4. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.989 against previous 0.916. The 11500PE option holds the maximum open interest, followed by the 13500CE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 11500PE option, with open interest additions also seen in the 13300CE and 13400CE options. On the other hand, open interest reductions were prominent in the 71000CE, 61000CE, and 63000PE options. Trading volume was highest in the 12000PE option, followed by the 13000CE and 12500CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 12,532.40 | 0.989 | 0.916 | 0.962 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 83,00,880 | 83,40,720 | -39,840 |
| PUT: | 82,07,400 | 76,38,480 | 5,68,920 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 7,87,320 | -2,640 | 12,453 |
| 14,000 | 5,74,560 | 600 | 3,406 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,300 | 4,20,960 | 1,43,160 | 7,194 |
| 13,400 | 3,04,080 | 1,41,840 | 8,869 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 4,61,280 | -2,25,600 | 25,907 |
| 13,700 | 4,35,120 | -97,080 | 4,034 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 4,61,280 | -2,25,600 | 25,907 |
| 12,500 | 3,52,560 | 77,160 | 24,983 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 11,500 | 8,86,800 | 1,91,280 | 15,866 |
| 12,000 | 7,03,680 | 25,560 | 26,094 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 11,500 | 8,86,800 | 1,91,280 | 15,866 |
| 12,500 | 5,84,160 | 1,15,680 | 17,414 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 11,400 | 2,48,280 | -1,31,040 | 7,423 |
| 11,200 | 1,18,320 | -1,24,440 | 6,789 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 7,03,680 | 25,560 | 26,094 |
| 12,500 | 5,84,160 | 1,15,680 | 17,414 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The latest Open Interest Volume Analysis clearly shows that the market’s sharp upside move was primarily driven by aggressive short covering followed by selective fresh long additions in the April series. While this shift in positioning indicates that traders are gradually turning constructive on the market, the derivatives data also highlights significant resistance zones, uneven PCR readings, and heavy call writing near current levels. This suggests that although the downside pressure has eased for now, the market may still experience volatile swings and resistance-driven pullbacks before any sustained trend develops. Traders should therefore remain cautious, track fresh OI buildup closely, and avoid over-leveraged directional bets until the market shows stronger conviction beyond key resistance levels.
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.
