NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 27/03/2026

Today’s Open Interest Volume Analysis for 27/03/2026 clearly signals a sharp shift in derivatives positioning across major indices, with traders aggressively building fresh short positions amid rising rollover activity ahead of the 30 March monthly expiry.
The market witnessed a broad-based decline with NIFTY (-2.08%), BANKNIFTY (-2.66%), MIDCPNIFTY (-2.11%) and SENSEX (-2.24%), while derivatives data confirmed that the fall was not merely profit booking but active bearish positioning.
The combined futures Open Interest surge (NIFTY +9.56%, BANKNIFTY +8.31%, MIDCPNIFTY +11.36%) along with massive volume expansion indicates strong conviction among sellers. This is a classic price fall + OI rise = Fresh Short formation, which usually signals continuation risk on the downside unless strong short covering emerges.
Another important takeaway from today’s Open Interest Volume Analysis is the sharp jump in rollover levels — NIFTY rollover jumping to 64% from 44%, BANKNIFTY to 69% from 57%, and MIDCPNIFTY to 71% from 46%. High rollover combined with fresh shorts suggests institutional traders are carrying bearish bets into the next series rather than closing positions, which keeps the near-term bias fragile.
The options segment also reflects weakening sentiment. The NIFTY Put-Call Ratio (OI) sharply dropped to 0.881 from 1.243, showing aggressive call writing, particularly at 23000, which has emerged as an immediate resistance zone. Meanwhile, put additions at 21800 indicate traders expect the market to test lower levels.
Similar trends are visible in BANKNIFTY derivatives, where the PCR slipped to 0.814, confirming that call writers are gaining control. The 53000 strike saw the highest call addition, effectively forming a strong ceiling for the index. On the downside, 49000 holds the highest put addition, suggesting the lower range traders are watching for this expiry cycle.
MIDCPNIFTY derivatives are also aligning with the broader bearish structure. Fresh shorts in April futures (+74.99% OI) combined with PCR slipping to 0.962 signals cautious sentiment in midcap stocks as well. The options positioning indicates a 13100 resistance and 11600 support band, highlighting a wider risk zone for traders.
Meanwhile, SENSEX futures recorded an extraordinary surge in open interest (+494%) along with a large jump in volume (+357%), strongly pointing toward fresh short build-up by institutional traders. This reinforces the broader bearish derivatives structure seen across indices.
Overall, today’s Open Interest Volume Analysis suggests the market is entering the new series with increasing hedging activity, aggressive call writing, and growing downside bets, which traders must monitor carefully going into the expiry week.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 22819.6 (-2.089%)

Combined = March + April + May

Combined Fut Open Interest Change: 9.56%

Combined Fut Volume Change: 43.63%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 64% Previous 44%

NIFTY March Future closed at: 22816.6 (-2.075%)

March Fut Discount -3 (Increased by 3.45 points)

March Fut Open Interest Change: -30.30%

March Fut Volume Change: 15.71%

March Fut Open Interest Analysis: Long Covering

NIFTY April Future closed at: 22908.7 (-2.213%)

April Fut Discount 89.1 (Decreased by -31.65 points)

April Fut Open Interest Change: 69.92%

April Fut Volume Change: 99.39%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.881 (Decreased from 1.243)

Put-Call Ratio (Volume): 1.226

Max Pain Level: 23150

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 20000

Highest CALL Addition: 23000

Highest PUT Addition: 21800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 52274.6 (-2.669%)

Combined = March + April + May

Combined Fut Open Interest Change: 8.31%

Combined Fut Volume Change: 40.88%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 69% Previous 57%

BANKNIFTY MARCH Future closed at: 52271 (-2.717%)

March Fut Discount -3.6 (Decreased by -26.3 points)

March Fut Open Interest Change: -22.1%

March Fut Volume Change: 6.5%

March Fut Open Interest Analysis: Long Covering

BANKNIFTY APRIL Future closed at: 52546.6 (-2.836%)

April Fut Discount 272 (Decreased by -100.3 points)

April Fut Open Interest Change: 37.98%

April Fut Volume Change: 110.81%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.814 (Decreased from 0.840)

Put-Call Ratio (Volume): 1.024

Max Pain Level: 54300

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 49000

Highest CALL Addition: 53000

Highest PUT Addition: 49000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12517.3 (-2.119%)

Combined = March + April + May

Combined Fut Open Interest Change: 11.36%

Combined Fut Volume Change: 63.41%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 71% Previous 46%

MIDCPNIFTY MARCH Future closed at: 12510.05 (-2.097%)

March Fut Discount -7.25 (Increased by 3 points)

March Fut Open Interest Change: -41.09%

March Fut Volume Change: 41.40%

March Fut Open Interest Analysis: Long Covering

MIDCPNIFTY APRIL Future closed at: 12492 (-2.423%)

April Fut Discount -25.3 (Decreased by -39.15 points)

April Fut Open Interest Change: 74.99%

April Fut Volume Change: 97.77%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.962 (Decreased from 1.003)

Put-Call Ratio (Volume): 1.000

Max Pain Level: 12700

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 11500

Highest CALL Addition: 13100

Highest PUT Addition: 11600

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 73,583.22 (-2.245%)

SENSEX Monthly Future closed at: 74,236.05 (-2.253%)

Premium: 652.83 (Decreased by -21.22 points)

Open Interest Change: 494.48%

Volume Change: 357.50%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (2/04/2026) Option Analysis

Put-Call Ratio (OI): 0.938 (Decreased from 1.396)

Put-Call Ratio (Volume): 1.131

Max Pain Level: 74500

Maximum CALL OI: 79000

Maximum PUT OI: 65100

Highest CALL Addition: 79000

Highest PUT Addition: 65100

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 4,367.30 Cr.

DIIs Net BUY: ₹ 3,566.15 Cr.

FII Derivatives Activity

FII Trading Stats	27.03.26	25.03.26	24.03.26
FII Cash (Provisional Data)	-4,367.30	-1,805.37	-8,009.56
Index Future Open Interest Long Ratio	15.4%	14.55%	13.80%
Index Future Volume Long Ratio	42.9%	53.92%	48.39%
Call Option Open Interest Long Ratio	43.9%	42.09%	40.20%
Call Option Volume Long Ratio	50.1%	50.44%	49.92%
Put Option Open Interest Long Ratio	61.8%	62.30%	63.93%
Put Option Volume Long Ratio	50.0%	49.78%	49.72%
Stock Future Open Interest Long Ratio	56.3%	56.69%	56.84%
Stock Future Volume Long Ratio	49.4%	49.92%	49.89%
Index Futures	Fresh Short	Short Covering	Fresh Short
Index Options	Fresh Long	Fresh Long	Long Covering
Nifty Futures	Fresh Short	Short Covering	Fresh Short
Nifty Options	Fresh Long	Fresh Long	Long Covering
BankNifty Futures	Fresh Short	Fresh Long	Long Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Long	Fresh Short
FinNifty Options	Long Covering	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Long	Long Covering	Fresh Short
NiftyNxt50 Futures	Long Covering	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Short	Short Covering
Stock Futures	Long Covering	Fresh Short	Fresh Short
Stock Options	Long Covering	Short Covering	Long 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

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (2/04/2026)

The SENSEX index closed at 73583.22. The SENSEX weekly expiry for APRIL 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.938 against previous 1.396. The 65100PE option holds the maximum open interest, followed by the 79000CE and 70000PE options. Market participants have shown increased interest with significant open interest additions in the 79000CE option, with open interest additions also seen in the 65100PE and 78000CE options. On the other hand, open interest reductions were prominent in the 75500PE, 75300PE, and 75200PE options. Trading volume was highest in the 74000PE option, followed by the 80000CE and 68000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	02-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
73583.22	0.938	1.396	1.131
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	82,81,560	29,46,480	53,35,080
PUT:	77,71,120	41,14,560	36,56,560
Top CALL Open Interest:
Strike	OI	OI Change	Volume
79000	5,67,420	4,86,740	37,22,700
75500	5,17,500	-720	24,06,400
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
79000	5,67,420	4,86,740	37,22,700
78000	3,56,080	2,78,800	26,36,140
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81000	1,47,320	-20,320	21,04,800
75600	3,86,260	-16,160	7,73,600
Top CALL Volume:
Strike	OI	OI Change	Volume
80000	5,12,700	1,11,140	51,44,720
74500	2,31,900	2,17,140	42,75,700
Top PUT Open Interest:
Strike	OI	OI Change	Volume
65100	6,16,900	4,45,620	19,40,660
70000	5,44,280	18,380	43,90,320
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
65100	6,16,900	4,45,620	19,40,660
67000	2,69,180	2,14,940	25,29,960
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
75500	4,16,860	-78,600	7,04,380
75300	41,160	-69,000	3,13,460
Top PUT Volume:
Strike	OI	OI Change	Volume
74000	2,35,200	89,100	66,82,460
68000	3,96,100	1,00,620	45,89,140

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 22819.6. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.881 against previous 1.243. 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 23000CE option, with open interest additions also seen in the 23500CE and 23200CE options. On the other hand, open interest reductions were prominent in the 23300PE, 23000PE, and 23200PE options. Trading volume was highest in the 23000PE option, followed by the 23000CE and 22900PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,819.60	0.881	1.243	1.226
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,07,25,320	11,64,74,805	4,42,50,515
PUT:	14,15,80,830	14,47,90,160	-32,09,330
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	99,15,535	22,12,400	13,79,024
25,000	89,93,195	7,79,030	7,00,605
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,000	83,37,010	53,01,645	33,35,560
23,500	83,00,760	35,85,855	21,38,317
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	15,12,810	-5,34,040	43,941
25,100	8,40,385	-4,55,455	95,376
Top CALL Volume:
Strike	OI	OI Change	Volume
23,000	83,37,010	53,01,645	33,35,560
23,500	83,00,760	35,85,855	21,38,317
Top PUT Open Interest:
Strike	OI	OI Change	Volume
20,000	1,46,24,325	-4,41,545	5,29,085
22,000	93,95,570	14,63,875	19,24,200
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
21,800	45,02,550	20,47,240	8,01,327
22,000	93,95,570	14,63,875	19,24,200
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,300	8,50,395	-21,00,345	2,84,193
23,000	56,94,030	-14,97,845	41,14,130
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	56,94,030	-14,97,845	41,14,130
22,900	19,46,945	-1,44,040	30,37,807

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 52274.6. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.814 against previous 0.840. 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 49000PE option, with open interest additions also seen in the 53000CE and 52500CE options. On the other hand, open interest reductions were prominent in the 46500PE, 54000PE, and 58000CE options. Trading volume was highest in the 52500PE option, followed by the 52000PE and 54000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
52,274.60	0.814	0.840	1.024
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,83,37,465	1,79,80,155	3,57,310
PUT:	1,49,23,725	1,50,96,215	-1,72,490
Top CALL Open Interest:
Strike	OI	OI Change	Volume
61,000	8,63,580	-70,110	25,089
59,000	8,19,240	-1,19,670	35,704
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
53,000	6,20,010	3,34,140	2,75,140
52,500	4,46,195	2,04,330	2,19,121
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	4,32,210	-1,30,920	60,086
59,000	8,19,240	-1,19,670	35,704
Top CALL Volume:
Strike	OI	OI Change	Volume
54,000	6,90,060	93,210	2,89,149
53,000	6,20,010	3,34,140	2,75,140
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	6,89,790	3,34,350	1,49,539
59,000	6,41,490	-10,530	2,251
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
49,000	6,89,790	3,34,350	1,49,539
50,000	5,83,620	97,140	2,37,034
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
46,500	2,38,770	-1,57,140	24,010
54,000	2,68,440	-1,53,905	35,457
Top PUT Volume:
Strike	OI	OI Change	Volume
52,500	4,09,425	-79,680	3,63,790
52,000	4,25,670	-1,21,710	3,37,697

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 12517.3. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.962 against previous 1.003. The 11500PE option holds the maximum open interest, followed by the 13500CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 11600PE option, with open interest additions also seen in the 11500PE and 13100CE options. On the other hand, open interest reductions were prominent in the 67500CE, 67000CE, and 66000PE options. Trading volume was highest in the 12500PE option, followed by the 13000CE and 12000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,517.30	0.962	1.003	1.000
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	95,58,000	84,89,880	10,68,120
PUT:	91,98,600	85,17,360	6,81,240
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	9,23,400	15,240	14,673
14,000	8,75,400	-8,640	16,346
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,100	4,30,200	2,06,400	24,770
12,700	3,23,280	1,47,480	33,591
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,700	3,14,760	-1,08,720	5,487
13,800	2,03,160	-68,040	3,131
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	5,58,240	70,800	49,060
12,600	3,13,200	70,800	38,628
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,500	10,95,720	2,18,880	20,297
12,000	7,65,240	-13,080	47,026
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,600	5,97,120	4,92,360	12,663
11,500	10,95,720	2,18,880	20,297
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	5,44,920	-2,57,520	60,561
12,800	1,32,240	-95,280	5,610
Top PUT Volume:
Strike	OI	OI Change	Volume
12,500	5,44,920	-2,57,520	60,561
12,000	7,65,240	-13,080	47,026

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

The broader takeaway from this Open Interest Volume Analysis is that the derivatives market is clearly signaling rising bearish conviction across indices, supported by fresh shorts in April futures, falling Put-Call Ratios, and heavy call writing at key resistance strikes. This combination typically indicates that traders expect continued volatility and possible downside pressure in the near term.
While occasional short-covering bounces cannot be ruled out, especially due to the sharp fall and high rollover levels, the derivatives structure still favors sellers unless key resistance zones such as NIFTY 23000, BANKNIFTY 53000, and MIDCPNIFTY 13100 are decisively reclaimed. Until that happens, rallies may attract fresh supply from option writers.
Another important caution from this Open Interest Volume Analysis is the divergence between Max Pain levels and current prices — for example NIFTY Max Pain at 23150 and BANKNIFTY at 54300, both significantly above spot prices. This gap indicates the market is trading in a weak zone relative to the options equilibrium, which can keep pressure on indices unless strong institutional buying emerges.
Traders should also pay attention to the high rollover combined with fresh shorts, as it often leads to trend continuation in the early days of the new derivative series. This means downside risks cannot be ignored even after a sharp fall.
From a strategy perspective, disciplined traders may prefer selling on rise, hedged short positions, or cautious trading until clear signs of short covering appear in futures data or PCR begins to recover.
In summary, the latest Open Interest Volume Analysis reflects a derivatives market that is defensive, heavily hedged, and increasingly controlled by call writers, suggesting that risk management and cautious positioning remain essential as the market transitions into the April series.

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