NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 7/04/2026

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Open Interest Volume Analysis

Today’s Open Interest Volume Analysis across NIFTY, BANKNIFTY, MIDCPNIFTY and SENSEX derivatives indicates that the market is moving higher, but the structure of the data suggests measured optimism rather than aggressive bullish conviction.

In NIFTY futures, Open Interest increased (+1.11%) while price moved up, confirming fresh long formation, but the decline in futures volume (-6.97%) and the sharp drop in premiums across April and May contracts signals that longs are being built cautiously rather than aggressively chased.

The Weekly Options PCR (OI) jump from 0.925 to 1.270 indicates strong PUT writing activity, especially at 20100, which suggests that traders are creating a short-term safety net below the market. However, the presence of heavy CALL addition at 24500 and large existing CALL OI at 25000 clearly shows that upside expectations are capped for now.

Meanwhile, the Monthly NIFTY options structure is far more balanced, with PCR (OI) at 0.961, signaling that the market is not decisively bullish for the broader April series. The Max Pain level at 23400, slightly above current spot, hints that derivatives positioning is leaning toward gradual upside but within a controlled range.

The BANKNIFTY derivatives data paints an even more cautious picture, where combined futures OI fell (-2.07%) with price stability, indicating short covering rather than fresh buying. Additionally, April futures show long unwinding, while May futures show fresh shorts, suggesting institutional traders are still hedging against a potential upside slowdown.

In MIDCPNIFTY, the data shows short covering in near contracts with strong volume expansion, indicating that recent bearish bets are being exited, but the premium collapse and mixed OI signals imply that traders are still not confident about sustained upside.

Finally, the SENSEX futures Open Interest Volume Analysis shows fresh long buildup, but again the sharp fall in premium (-229 points) reflects hesitation among traders to price in strong bullish momentum despite the index closing higher.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23123.65 (0.677%)

Combined = April + May + June

Combined Fut Open Interest Change: 1.11%

Combined Fut Volume Change: -6.97%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 12% Previous 11%

NIFTY April Future closed at: 23151.1 (0.408%)

April Fut Premium 27.45 (Decreased by -61.3 points)

April Fut Open Interest Change: 0.29%

April Fut Volume Change: -5.70%

April Fut Open Interest Analysis: Fresh Long

NIFTY MAY Future closed at: 23283.5 (0.419%)

May Fut Premium 159.85 (Decreased by -58.3 points)

May Fut Open Interest Change: 0.70%

May Fut Volume Change: -19.92%

May Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (13/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.270 (Increased from 0.925)

Put-Call Ratio (Volume): 1.048

Max Pain Level: 23000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 20100

Highest CALL Addition: 24500

Highest PUT Addition: 20100

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

Put-Call Ratio (Open Interest): 0.961 (Increased from 0.955)

Put-Call Ratio (Volume): 0.758

Max Pain Level: 23400

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24000

Highest PUT Addition: 21000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 52716.25 (0.204%)

Combined = April + May + June

Combined Fut Open Interest Change: -2.07%

Combined Fut Volume Change: -19.01%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 14% Previous 13%

BANKNIFTY APRIL Future closed at: 52872.8 (-0.044%)

April Fut Premium156.55 (Decreased by -130.55 points)

April Fut Open Interest Change: -2.8%

April Fut Volume Change: -17.4%

April Fut Open Interest Analysis: Long Covering

BANKNIFTY MAY Future closed at: 53105.2 (-0.027%)

May Fut Premium388.95 (Decreased by -121.75 points)

May Fut Open Interest Change: 2.40%

May Fut Volume Change: -36.59%

May Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.860 (Decreased from 0.865)

Put-Call Ratio (Volume): 0.667

Max Pain Level: 54000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 50000

Highest CALL Addition: 58000

Highest PUT Addition: 52700

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12620.85 (0.298%)

Combined = April + May + June

Combined Fut Open Interest Change: -0.53%

Combined Fut Volume Change: 37.53%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 3% Previous 3%

MIDCPNIFTY APRIL Future closed at: 12625.35 (0.029%)

April Fut Premium4.5 (Decreased by -33.95 points)

April Fut Open Interest Change: -0.69%

April Fut Volume Change: 41.96%

April Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MAY Future closed at: 12669.5 (0.196%)

May Fut Premium48.65 (Decreased by -12.8 points)

May Fut Open Interest Change: 4.28%

May Fut Volume Change: -10.22%

May Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.047 (Increased from 1.005)

Put-Call Ratio (Volume): 0.764

Max Pain Level: 12500

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 11500

Highest CALL Addition: 13500

Highest PUT Addition: 11500

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 74,616.58 (0.688%)

SENSEX Monthly Future closed at: 74,907.75 (0.376%)

Premium: 291.17 (Decreased by -229.18 points)

Open Interest Change: 0.90%

Volume Change: -11.96%

Open Interest Analysis: Fresh Long

SENSEX Weekly Expiry (9/04/2026) Option Analysis

Put-Call Ratio (OI): 1.508 (Increased from 1.467)

Put-Call Ratio (Volume): 0.916

Max Pain Level: 74000

Maximum CALL OI: 77000

Maximum PUT OI: 64900

Highest CALL Addition: 77000

Highest PUT Addition: 71000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 8,692.11 Cr.

DIIs Net BUY: ₹ 7,979.50 Cr.

FII Derivatives Activity

FII Trading Stats7.04.266.04.262.04.26
FII Cash (Provisional Data)-8,692.11-8,167.17-9,931.13
    
Index Future Open Interest Long Ratio18.44%17.55%16.84%
Index Future Volume Long Ratio57.91%49.54%47.85%
Call Option Open Interest Long Ratio38.21%39.62%38.37%
Call Option Volume Long Ratio50.20%50.09%50.04%
Put Option Open Interest Long Ratio64.90%61.26%63.03%
Put Option Volume Long Ratio49.78%49.96%49.68%
Stock Future Open Interest Long Ratio57.25%57.33%57.24%
Stock Future Volume Long Ratio49.04%51.21%51.52%
    
Index FuturesShort CoveringFresh ShortFresh Short
Index OptionsShort CoveringFresh LongFresh Short
    
Nifty FuturesShort CoveringFresh ShortFresh Short
Nifty OptionsShort CoveringFresh LongFresh Short
    
BankNifty FuturesLong CoveringFresh LongLong Covering
BankNifty OptionsFresh ShortFresh ShortFresh Long
    
FinNifty FuturesFresh LongShort CoveringFresh Long
FinNifty OptionsFresh ShortFresh ShortFresh Long
    
MidcpNifty FuturesShort CoveringFresh LongFresh Short
MidcpNifty OptionsFresh LongFresh LongFresh Short
    
NiftyNxt50 FuturesShort CoveringShort CoveringFresh Long
NiftyNxt50 OptionsFresh LongFresh LongFresh Long
    
Stock FuturesFresh ShortFresh LongFresh Long
Stock OptionsFresh LongFresh LongFresh Long

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 (9/04/2026)

The SENSEX index closed at 74616.58. The SENSEX weekly expiry for APRIL 9, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.508 against previous 1.467. The 64900PE 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 77000CE option, with open interest additions also seen in the 71000PE and 64900PE options. On the other hand, open interest reductions were prominent in the 67000PE, 73000CE, and 71500PE options. Trading volume was highest in the 77000CE option, followed by the 74000CE and 69000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:09-04-2026
Index SpotPCR OIPrev PCR OIPCR VOL
74616.581.5081.4670.916
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,32,05,900        81,77,860           50,28,040
PUT:  1,99,20,320    1,19,97,380           79,22,940
Top CALL Open Interest:
StrikeOIOI ChangeVolume
77000      12,75,080          9,04,900        1,56,99,540
78000      10,86,840          4,88,780        1,05,87,100
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
77000      12,75,080          9,04,900        1,56,99,540
78000      10,86,840          4,88,780        1,05,87,100
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
73000        1,63,700            -96,420              7,46,240
82000        1,09,040            -34,620              5,35,780
Top CALL Volume:
StrikeOIOI ChangeVolume
77000      12,75,080          9,04,900        1,56,99,540
74000        4,24,980              96,500        1,23,07,780
Top PUT Open Interest:
StrikeOIOI ChangeVolume
64900      15,31,060          6,47,620           29,17,000
71000      12,50,560          8,70,260           89,32,740
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
71000      12,50,560          8,70,260           89,32,740
64900      15,31,060          6,47,620           29,17,000
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
67000        5,84,120        -1,03,080           48,48,240
71500        3,92,800            -83,580           47,64,260
Top PUT Volume:
StrikeOIOI ChangeVolume
69000        8,90,080          4,20,800        1,09,72,080
70000        8,97,560          4,86,780           97,14,020

NIFTY Weekly Expiry (13/04/2026)

The NIFTY index closed at 23123.65. The NIFTY weekly expiry for APRIL 13, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.270 against previous 0.925. The 20100PE option holds the maximum open interest, followed by the 21000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 20100PE option, with open interest additions also seen in the 21000PE and 22000PE options. On the other hand, open interest reductions were prominent in the 22500CE, 24150CE, and 22300CE options. Trading volume was highest in the 23000CE option, followed by the 23500CE and 21000PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:13-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
                    7.50                1.270                  0.925               1.048
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    5,17,60,150      2,94,37,005   2,23,23,145
 PUT:    6,57,30,795      2,72,30,775   3,85,00,020
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       44,46,325         19,94,785         1,40,655
               24,000       38,89,275         18,51,395         2,53,703
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,500       36,69,835         22,78,770         1,72,696
               25,000       44,46,325         19,94,785         1,40,655
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               22,500          4,75,930              -72,150             31,691
               24,150          1,69,325              -24,895             25,033
 Top CALL Volume:
 Strike OI OI Change Volume
               23,000       24,42,310         10,57,225         3,57,307
               23,500       29,34,620         11,18,715         3,14,361
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               20,100       61,39,835         36,47,995         1,43,879
               21,000       50,23,460         31,40,865         2,61,156
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               20,100       61,39,835         36,47,995         1,43,879
               21,000       50,23,460         31,40,865         2,61,156
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,550                   650                         –                         2
               25,550                   650                         –                         2
 Top PUT Volume: 
 Strike OI OI Change Volume
               21,000       50,23,460         31,40,865         2,61,156
               22,000       44,10,705         25,82,450         2,53,852

NIFTY Monthly Expiry (28/04/2026)

The NIFTY index closed at 23123.65. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.961 against previous 0.955. The 23000PE option holds the maximum open interest, followed by the 24000CE and 23000CE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 21000PE and 23000PE options. On the other hand, open interest reductions were prominent in the 22400PE, 22500PE, and 23500CE options. Trading volume was highest in the 23000CE option, followed by the 24000CE and 23000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
                    7.50                0.961                  0.955               0.758
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,74,02,550      4,67,66,330         6,36,220
 PUT:    4,55,70,005      4,46,84,835         8,85,170
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       48,17,345            3,85,775             88,305
               23,000       44,79,735              -55,445             94,859
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       48,17,345            3,85,775             88,305
               24,500       31,26,890            2,08,195             51,895
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               23,500       32,39,210          -1,26,750             49,482
               22,500       19,04,565              -76,765             27,347
 Top CALL Volume:
 Strike OI OI Change Volume
               23,000       44,79,735              -55,445             94,859
               24,000       48,17,345            3,85,775             88,305
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       49,64,180            2,41,800             67,222
               21,000       41,19,895            3,25,520             56,817
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               21,000       41,19,895            3,25,520             56,817
               23,000       49,64,180            2,41,800             67,222
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,400          5,78,370          -1,54,505               8,857
               22,500       33,32,615          -1,48,135             46,425
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,000       49,64,180            2,41,800             67,222
               21,000       41,19,895            3,25,520             56,817

BANKNIFTY Monthly Expiry (28/04/2026)

The BANKNIFTY index closed at 552716.25. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.860 against previous 0.865. The 60000CE option holds the maximum open interest, followed by the 58000CE and 55000CE options. Market participants have shown increased interest with significant open interest additions in the 58000CE option, with open interest additions also seen in the 56000CE and 52700PE options. On the other hand, open interest reductions were prominent in the 60000CE, 44000PE, and 52000CE options. Trading volume was highest in the 52000PE option, followed by the 53000CE and 55000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
                    5.30                0.860                  0.865               0.667
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,21,07,670      1,17,08,130         3,99,540
 PUT:    1,04,13,540      1,01,32,530         2,81,010
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       12,72,390          -1,10,160             37,275
               58,000          7,81,290            2,96,310             35,109
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               58,000          7,81,290            2,96,310             35,109
               56,000          5,25,210               72,150             38,497
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       12,72,390          -1,10,160             37,275
               52,000          4,47,210              -34,200             47,278
 Top CALL Volume:
 Strike OI OI Change Volume
               53,000          6,14,340               44,970             49,799
               55,000          7,19,970                -2,010             48,474
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               50,000          6,07,110               43,260             31,690
               52,000          6,01,440               12,120             57,003
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               52,700          1,01,250               54,660               9,989
               43,000             43,800               43,290               3,489
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               44,000          3,67,470              -36,870             19,182
               45,000          2,30,940              -29,160             18,013
 Top PUT Volume: 
 Strike OI OI Change Volume
               52,000          6,01,440               12,120             57,003
               50,000          6,07,110               43,260             31,690

MIDCPNIFTY Monthly Expiry (28/04/2026)

The MIDCPNIFTY index closed at 12620.85. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.047 against previous 1.005. The 11500PE option holds the maximum open interest, followed by the 11000PE 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 10700PE and 12000PE options. On the other hand, open interest reductions were prominent in the 61000PE, 73900PE, and 73900PE options. Trading volume was highest in the 13000CE option, followed by the 12500CE and 12500PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
                    1.40                1.047                  1.005               0.764
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       31,66,560         30,46,920         1,19,640
 PUT:       33,14,760         30,62,400         2,52,360
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,500          3,19,200               31,800               4,384
               13,000          3,02,520               27,480             10,550
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,500          3,19,200               31,800               4,384
               13,000          3,02,520               27,480             10,550
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               12,400             58,800              -33,240               1,967
               13,600             84,840              -12,120               1,348
 Top CALL Volume:
 Strike OI OI Change Volume
               13,000          3,02,520               27,480             10,550
               12,500          2,75,760                -9,240               8,116
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               11,500          6,27,840               88,800               3,549
               11,000          4,87,080                  4,440               4,386
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               11,500          6,27,840               88,800               3,549
               10,700          2,61,960               56,640               1,901
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,300             91,080              -33,600               1,718
               12,400             85,560              -21,240               2,994
 Top PUT Volume: 
 Strike OI OI Change Volume
               12,500          2,37,240               20,520               7,412
               11,000          4,87,080                  4,440               4,386

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

The overall Open Interest Volume Analysis for 7 April 2026 suggests that the market structure is supportive but fragile, with fresh longs emerging in index futures but lacking the strong volume confirmation typically seen in trending markets.

The sharp contraction in futures premiums across multiple indices is a key warning signal that traders are not willing to aggressively pay higher carry costs, which usually reflects uncertainty about the sustainability of the current rally.

Option positioning also highlights a clearly defined trading range, with strong PUT bases around 20100 (NIFTY), 50000 (BANKNIFTY) and 11500 (MIDCPNIFTY), while major CALL walls near 24000–25000 for NIFTY and 60000 for BANKNIFTY indicate upside supply zones where rallies may face resistance.

Another factor to watch closely is that BANKNIFTY—typically the market leader—is not showing aggressive bullish participation, as seen in short covering and fresh shorts in the May contract, which could limit index momentum unless banking stocks start contributing more strongly.

Traders should therefore treat the current setup as a cautiously bullish but range-bound environment, where support zones are being defended but upside follow-through remains uncertain.

From a trading perspective, buy-on-dip strategies may continue to work near strong PUT bases, but chasing rallies toward heavy CALL zones should be avoided, as the Open Interest Volume Analysis suggests that institutional positioning is still hedged and prepared for volatility rather than a straight breakout.

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.


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