NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 30/03/2026

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Open Interest Volume Analysis

The Indian equity derivatives market saw heavy selling pressure on 30/03/2026, and a detailed Open Interest Volume Analysis clearly reveals that aggressive fresh short positions dominated across major indices like NIFTY, BANKNIFTY, and MIDCPNIFTY.


NIFTY and BANKNIFTY witnessed sharp declines of more than 2–3%, and the Open Interest Volume Analysis shows a massive spike in open interest along with strong volume expansion, which is a textbook signal of new short build-up by institutional traders rather than simple profit booking.

In NIFTY futures alone, combined open interest surged by 43.20% with volume up 56.20%, confirming that derivative traders are actively positioning for further downside risk. The same bearish structure is visible in BANKNIFTY where open interest jumped 37.66% with volume expansion of 64.44%, indicating strong participation from large market players.


The options market also reflects defensive positioning, as the Put-Call Ratio (PCR) dropped sharply in NIFTY weekly contracts from 0.909 to 0.767, which clearly indicates call writers gaining dominance and traders expecting resistance overhead.


Meanwhile, massive call additions around 23500 in NIFTY and 51000 in BANKNIFTY reinforce the idea that option writers are building a strong supply zone above current prices. At the same time, deep put additions around 20200 in NIFTY and 44000 in BANKNIFTY highlight the downside risk levels traders are hedging for.


The Open Interest Volume Analysis across indices therefore signals a clear shift in sentiment toward caution, with derivative traders preparing for continued volatility, lower supports, and potential downside extension if key levels fail to hold.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 22331.4 (-2.139%)

Combined = April + May + June

Combined Fut Open Interest Change: 43.20%

Combined Fut Volume Change: 56.20%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 10% Previous 12%

NIFTY April Future closed at: 22426.2 (-2.106%)

April Fut Premium 94.8 (Increased by 5.7 points)

April Fut Open Interest Change: 46.03%

April Fut Volume Change: 54.01%

April Fut Open Interest Analysis: Fresh Short

NIFTY MAY Future closed at: 22565.4 (-2.076%)

May Fut Premium 234 (Increased by 9.7 points)

May Fut Open Interest Change: 21.57%

May Fut Volume Change: 83.51%

May Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (7/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.767 (Decreased from 0.909)

Put-Call Ratio (Volume): 0.663

Max Pain Level: 23000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 20500

Highest CALL Addition: 23500

Highest PUT Addition: 20200

NIFTY Monthly Expiry (28/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.976 (Decreased from 1.000)

Put-Call Ratio (Volume): 0.783

Max Pain Level: 23500

Maximum CALL Open Interest: 23000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 22500

Highest PUT Addition: 25000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 50275.35 (-3.825%)

Combined = April + May + June

Combined Fut Open Interest Change: 37.66%

Combined Fut Volume Change: 64.44%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 16% Previous 20%

BANKNIFTY APRIL Future closed at: 50631.2 (-3.645%)

April Fut Premium 355.85 (Increased by 83.85 points)

April Fut Open Interest Change: 44.8%

April Fut Volume Change: 66.7%

April Fut Open Interest Analysis: Fresh Short

BANKNIFTY MAY Future closed at: 50872.2 (-3.752%)

May Fut Premium 596.85 (Increased by 16.25 points)

May Fut Open Interest Change: 9.42%

May Fut Volume Change: 45.33%

May Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (28/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.856 (Decreased from 0.861)

Put-Call Ratio (Volume): 0.670

Max Pain Level: 55000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 51000

Highest PUT Addition: 44000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12158.75 (-2.864%)

Combined = April + May + June

Combined Fut Open Interest Change: 16.10%

Combined Fut Volume Change: -4.19%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 3% Previous 2%

MIDCPNIFTY APRIL Future closed at: 12155.9 (-2.691%)

April Fut Discount -2.85 (Increased by 22.45 points)

April Fut Open Interest Change: 15.58%

April Fut Volume Change: -5.40%

April Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY MAY Future closed at: 12217.4 (-2.592%)

May Fut Discount 58.65 (Increased by 33.4 points)

May Fut Open Interest Change: 40.72%

May Fut Volume Change: 46.04%

May Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (28/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.830 (Increased from 0.750)

Put-Call Ratio (Volume): 0.839

Max Pain Level: 12500

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 11000

Highest CALL Addition: 12700

Highest PUT Addition: 11000

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 71,947.55 (-2.223%)

SENSEX Monthly Future closed at: 72,644.30 (-2.144%)

Premium: 696.75 (Increased by 43.92 points)

Open Interest Change: -25.87%

Volume Change: 4.13%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 1.022 (Increased from 0.938)

Put-Call Ratio (Volume): 0.976

Max Pain Level: 73100

Maximum CALL OI: 75000

Maximum PUT OI: 65100

Highest CALL Addition: 75000

Highest PUT Addition: 65100

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 11,163.06 Cr.

DIIs Net BUY: ₹ 14,894.72 Cr.

FII Derivatives Activity

FII Trading Stats30.03.2627.03.2625.03.26
FII Cash (Provisional Data)-11,163.06-4,367.30-1,805.37
    
Index Future Open Interest Long Ratio15.13%15.4%14.55%
Index Future Volume Long Ratio41.54%42.9%53.92%
Call Option Open Interest Long Ratio34.96%43.9%42.09%
Call Option Volume Long Ratio49.75%50.1%50.44%
Put Option Open Interest Long Ratio70.47%61.8%62.30%
Put Option Volume Long Ratio50.15%50.0%49.78%
Stock Future Open Interest Long Ratio56.84%56.3%56.69%
Stock Future Volume Long Ratio52.81%49.4%49.92%
    
Index FuturesLong CoveringFresh ShortShort Covering
Index OptionsLong CoveringFresh LongFresh Long
    
Nifty FuturesLong CoveringFresh ShortShort Covering
Nifty OptionsLong CoveringFresh LongFresh Long
    
BankNifty FuturesLong CoveringFresh ShortFresh Long
BankNifty OptionsLong CoveringFresh LongFresh Short
    
FinNifty FuturesLong CoveringFresh ShortFresh Long
FinNifty OptionsShort CoveringLong CoveringFresh Short
    
MidcpNifty FuturesShort CoveringFresh LongFresh Long
MidcpNifty OptionsLong CoveringFresh LongLong Covering
    
NiftyNxt50 FuturesLong CoveringLong CoveringFresh Short
NiftyNxt50 OptionsShort CoveringFresh LongFresh Short
    
Stock FuturesShort CoveringLong CoveringFresh Short
Stock OptionsLong CoveringLong CoveringShort 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 (2/04/2026)

The SENSEX index closed at 71947.55. The SENSEX weekly expiry for APRIL 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.022 against previous 0.938. The 65100PE option holds the maximum open interest, followed by the 75000CE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 65100PE option, with open interest additions also seen in the 66000PE and 75000CE options. On the other hand, open interest reductions were prominent in the 74000PE, 79500CE, and 75600CE options. Trading volume was highest in the 72500PE option, followed by the 72500CE and 72000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:02-04-2026
Index SpotPCR OIPrev PCR OIPCR VOL
71947.551.0220.9380.976
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,47,01,640        82,81,560           64,20,080
PUT:  1,50,20,820        77,71,120           72,49,700
Top CALL Open Interest:
StrikeOIOI ChangeVolume
75000        9,97,680          6,62,780           64,87,060
78000        9,14,980          5,58,900           76,84,480
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
75000        9,97,680          6,62,780           64,87,060
78000        9,14,980          5,58,900           76,84,480
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
79500        1,00,940            -92,540           18,84,860
75600        2,94,500            -91,760           15,55,060
Top CALL Volume:
StrikeOIOI ChangeVolume
72500        5,44,200          5,18,000           91,10,320
78000        9,14,980          5,58,900           76,84,480
Top PUT Open Interest:
StrikeOIOI ChangeVolume
65100      30,69,580        24,52,680           64,47,220
66000        8,26,240          6,71,360           55,03,140
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
65100      30,69,580        24,52,680           64,47,220
66000        8,26,240          6,71,360           55,03,140
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
74000        1,40,500            -94,700              5,12,540
73700            31,060            -67,660              3,08,260
Top PUT Volume:
StrikeOIOI ChangeVolume
72500        3,81,420          2,69,060        1,14,08,620
72000        3,55,700          1,54,640           80,14,220

NIFTY Weekly Expiry (7/04/2026)

The NIFTY index closed at 22331.4. The NIFTY weekly expiry for APRIL 7, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.767 against previous 0.909. The 20500PE option holds the maximum open interest, followed by the 21000PE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 20200PE option, with open interest additions also seen in the 20500PE and 23500CE options. On the other hand, open interest reductions were prominent in the 22800PE, 23100PE, and 22900PE options. Trading volume was highest in the 22500PE option, followed by the 24000CE and 20500PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:07-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         22,331.40                0.767                  0.909               0.663
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    6,03,27,995      3,10,09,225   2,93,18,770
 PUT:    4,62,51,270      2,81,83,025   1,80,68,245
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       38,80,695         21,72,625         2,89,499
               24,500       36,44,680         17,17,365         1,91,124
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,500       35,33,465         22,68,695         2,48,241
               24,000       38,80,695         21,72,625         2,89,499
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,400          1,22,135              -83,915             16,446
               25,300          2,97,050              -74,100             29,669
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       38,80,695         21,72,625         2,89,499
               22,500       23,86,865         21,19,455         2,73,629
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               20,500       49,04,900         27,37,345         2,85,373
               21,000       39,60,645         16,94,485         2,75,895
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               20,200       34,94,920         34,94,920         1,08,740
               20,500       49,04,900         27,37,345         2,85,373
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,800          4,78,725          -3,17,590             39,526
               23,100          4,14,635          -3,08,165             19,108
 Top PUT Volume: 
 Strike OI OI Change Volume
               22,500       24,59,405         11,51,215         3,52,221
               20,500       49,04,900         27,37,345         2,85,373

NIFTY Monthly Expiry (28/04/2026)

The NIFTY index closed at 22331.4. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.976 against previous 1.000. The 23000PE option holds the maximum open interest, followed by the 23000CE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 22500CE option, with open interest additions also seen in the 25000PE and 20500PE options. On the other hand, open interest reductions were prominent in the 23500PE, 23100PE, and 22800PE options. Trading volume was highest in the 22500PE option, followed by the 23000CE and 24000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         22,331.40                0.976                  1.000               0.783
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    3,90,80,600      3,27,44,660       63,35,940
 PUT:    3,81,51,035      3,27,45,960       54,05,075
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               23,000       37,77,475            6,14,185             77,162
               24,000       35,74,220            4,16,195             72,997
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               22,500       18,28,125         11,78,255             69,151
               23,000       37,77,475            6,14,185             77,162
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,500          4,56,690              -24,440               4,857
               22,900          2,13,395              -22,230               4,649
 Top CALL Volume:
 Strike OI OI Change Volume
               23,000       37,77,475            6,14,185             77,162
               24,000       35,74,220            4,16,195             72,997
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       46,42,885               16,770             61,976
               21,000       31,61,730            2,90,095             58,911
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,000       23,26,740            8,87,185             23,664
               20,500       10,14,130            8,79,710             37,469
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,500       16,48,660          -2,01,760             18,431
               23,100          6,58,580              -82,940               5,042
 Top PUT Volume: 
 Strike OI OI Change Volume
               22,500       24,28,985            6,91,080             89,988
               22,000       28,39,980               98,540             68,616

BANKNIFTY Monthly Expiry (28/04/2026)

The BANKNIFTY index closed at 50275.35. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.856 against previous 0.861. The 60000CE option holds the maximum open interest, followed by the 60000PE and 55000CE options. Market participants have shown increased interest with significant open interest additions in the 51000CE option, with open interest additions also seen in the 44000PE and 47000PE options. On the other hand, open interest reductions were prominent in the 52000PE, 60000PE, and 61000CE options. Trading volume was highest in the 51000PE option, followed by the 55000CE and 50000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         50,275.35                0.856                  0.861               0.670
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       83,97,420         66,28,650       17,68,770
 PUT:       71,85,090         57,07,440       14,77,650
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       11,26,560               92,310             21,406
               55,000          5,53,170            1,50,210             34,951
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               51,000          3,09,900            2,75,430             30,432
               55,000          5,53,170            1,50,210             34,951
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               61,000          3,54,450              -31,440             10,566
               61,500             91,860              -12,060               2,024
 Top CALL Volume:
 Strike OI OI Change Volume
               55,000          5,53,170            1,50,210             34,951
               51,000          3,09,900            2,75,430             30,432
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000          6,33,810              -42,750               6,410
               59,000          5,13,060            1,04,490               4,215
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               44,000          2,38,890            2,17,230             17,232
               47,000          2,42,940            1,95,420             18,525
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               52,000          4,49,820              -85,980             17,594
               60,000          6,33,810              -42,750               6,410
 Top PUT Volume: 
 Strike OI OI Change Volume
               51,000          3,99,600            1,84,560             42,429
               50,000          3,54,240            1,51,260             30,954

MIDCPNIFTY Monthly Expiry (28/04/2026)

The MIDCPNIFTY index closed at 12158.75. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.830 against previous 0.750. The 11000PE option holds the maximum open interest, followed by the 12000PE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 11000PE option, with open interest additions also seen in the 12000PE and 12700CE options. On the other hand, open interest reductions were prominent in the 77000CE, 77000CE, and 77000PE options. Trading volume was highest in the 12000PE option, followed by the 11000PE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         12,158.75                0.830                  0.750               0.839
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       10,71,840            5,43,000         5,28,840
 PUT:          8,89,920            4,07,040         4,82,880
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,500          1,37,040               83,040               3,819
               13,000          1,24,080               51,360               2,108
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               12,700          1,06,440            1,00,440               2,025
               13,500          1,37,040               83,040               3,819
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               15,500             10,200                -2,040                   113
               12,675                4,080                    -600                       8
 Top CALL Volume:
 Strike OI OI Change Volume
               13,500          1,37,040               83,040               3,819
               12,500          1,06,320               33,840               2,371
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               11,000          2,51,040            2,18,400               4,370
               12,000          1,93,800            1,11,840               4,415
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               11,000          2,51,040            2,18,400               4,370
               12,000          1,93,800            1,11,840               4,415
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,525                   840                    -600                       9
               12,525                   840                    -600                       9
 Top PUT Volume: 
 Strike OI OI Change Volume
               12,000          1,93,800            1,11,840               4,415
               11,000          2,51,040            2,18,400               4,370

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

Summarizing the entire Open Interest Volume Analysis, the derivatives data strongly indicates that the market is currently under the control of aggressive short sellers, particularly in NIFTY, BANKNIFTY, and MIDCPNIFTY futures, where sharp price declines were accompanied by significant open interest expansion. This combination typically signals fresh bearish positioning rather than panic selling.


The options chain structure further strengthens the bearish undertone, as PCR values across indices remain below neutral levels, suggesting that call writers continue to dominate the market structure. With heavy call additions near NIFTY 23500 and BANKNIFTY 51000, these zones are likely to act as major resistance areas in the near term.


On the downside, strong put positioning around NIFTY 20200 and MIDCPNIFTY 11000 indicates where traders expect support, but the aggressive futures short build-up suggests these levels may be tested if selling pressure continues.


Interestingly, SENSEX futures showed long covering, which reflects that some institutional participants are reducing bullish exposure rather than building fresh shorts, indicating a broader risk-off environment across the market.


Overall, the Open Interest Volume Analysis signals a cautious to bearish short-term outlook, where traders should avoid aggressive long positions until short covering appears in futures data or PCR starts rising again. For now, derivatives positioning suggests that rallies are likely to face resistance and may be used by traders as opportunities to sell on rise rather than chase upside momentum.

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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