NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/04/2026

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Open Interest Volume Analysis

Friday’s derivatives data for 17/04/2026 reflects a clear shift in sentiment across the broader market, and the Open Interest Volume Analysis across NIFTY, BANKNIFTY, MIDCPNIFTY and SENSEX indicates that traders were largely engaged in short covering along with selective fresh long build-up in next-month contracts.

NIFTY closing above 24,350 with a decline in combined futures open interest (-1.14%) and a sharp fall in volume (-23.35%) strongly suggests that bears were forced to unwind positions, resulting in a controlled upside move rather than aggressive fresh buying. This pattern in Open Interest Volume Analysis is typically seen when markets stabilize after recent volatility.

The April NIFTY futures witnessed short covering, while May futures showed mild fresh long addition, which is an early rollover signal indicating that traders are gradually shifting bullish exposure into the next series. At the same time, the weekly option PCR jumping from 0.866 to 1.018 shows improving sentiment with traders adding protective puts near 24,000–24,250 zones.

BANKNIFTY derivatives also confirmed the same structure where combined OI fell while prices moved higher, highlighting another session of short covering driven rally, but the strong fresh long addition in May futures (+11.07% OI) signals that institutional traders are preparing for continuation of the banking sector momentum in the upcoming series.

MIDCPNIFTY futures added further strength to the market narrative as short covering dominated the current month while fresh longs entered the next series, reinforcing the bullish undertone across midcaps.

Meanwhile, SENSEX futures showed sharp short covering with a big drop in volume, suggesting that traders were closing bearish bets rather than initiating aggressive new bullish positions — an important nuance revealed through Open Interest Volume Analysis.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24353.55 (0.648%)

Combined = April + May + June

Combined Fut Open Interest Change: -1.14%

Combined Fut Volume Change: -23.35%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 16% Previous 16%

NIFTY April Future closed at: 24368 (0.712%)

April Fut Premium 14.45 (Increased by 15.4 points)

April Fut Open Interest Change: -1.44%

April Fut Volume Change: -24.76%

April Fut Open Interest Analysis: Short Covering

NIFTY MAY Future closed at: 24500.4 (0.708%)

May Fut Premium 146.85 (Increased by 15.4 points)

May Fut Open Interest Change: 0.43%

May Fut Volume Change: -18.90%

May Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (21/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.018 (Increased from 0.866)

Put-Call Ratio (Volume): 0.827

Max Pain Level: 24250

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 26500

Highest PUT Addition: 24000

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

Put-Call Ratio (Open Interest): 1.158 (Increased from 1.061)

Put-Call Ratio (Volume): 1.086

Max Pain Level: 24050

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 21000

Highest CALL Addition: 26000

Highest PUT Addition: 21000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56565.7 (0.855%)

Combined = April + May + June

Combined Fut Open Interest Change: -1.39%

Combined Fut Volume Change: -18.22%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 24% Previous 22%

BANKNIFTY APRIL Future closed at: 56666.8 (0.814%)

April Fut Premium 101.1 (Decreased by -21.7 points)

April Fut Open Interest Change: -4.3%

April Fut Volume Change: -19.8%

April Fut Open Interest Analysis: Short Covering

BANKNIFTY MAY Future closed at: 56928.8 (0.791%)

May Fut Premium 363.1 (Decreased by -32.7 points)

May Fut Open Interest Change: 11.07%

May Fut Volume Change: -7.19%

May Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.955 (Increased from 0.876)

Put-Call Ratio (Volume): 0.899

Max Pain Level: 55800

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 59500

Highest PUT Addition: 56500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13838.85 (1.134%)

Combined = April + May + June

Combined Fut Open Interest Change: -2.87%

Combined Fut Volume Change: -5.74%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 5% Previous 5%

MIDCPNIFTY APRIL Future closed at: 13849.2 (1.228%)

April Fut Premium10.35 (Increased by 12.9 points)

April Fut Open Interest Change: -3.15%

April Fut Volume Change: -4.77%

April Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MAY Future closed at: 13880.05 (1.223%)

May Fut Premium41.2 (Increased by 12.6 points)

May Fut Open Interest Change: 4.69%

May Fut Volume Change: -15.07%

May Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.211 (Decreased from 1.269)

Put-Call Ratio (Volume): 1.318

Max Pain Level: 13500

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13500

Highest CALL Addition: 14000

Highest PUT Addition: 13300

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 78,493.54 (0.647%)

SENSEX Monthly Future closed at: 78,631.80 (0.679%)

Premium: 138.26 (Increased by 25.19 points)

Open Interest Change: -7.16%

Volume Change: -70.36%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (23/04/2026) Option Analysis

Put-Call Ratio (OI): 1.282 (Increased from 0.995)

Put-Call Ratio (Volume): 0.781

Max Pain Level: 78300

Maximum CALL OI: 81000

Maximum PUT OI: 75000

Highest CALL Addition: 82000

Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 683.20 Cr.

DIIs Net SELL: ₹ 4,721.48 Cr.

FII Derivatives Activity

FII Trading Stats17.04.2616.04.2615.04.26
FII Cash (Provisional Data)683.2382.36666.15
    
Index Future Open Interest Long Ratio20.80%20.37%21.07%
Index Future Volume Long Ratio67.63%52.96%58.99%
Call Option Open Interest Long Ratio43.74%40.09%41.73%
Call Option Volume Long Ratio50.79%49.41%49.75%
Put Option Open Interest Long Ratio61.55%64.78%63.83%
Put Option Volume Long Ratio49.46%50.53%49.78%
Stock Future Open Interest Long Ratio57.10%57.03%57.15%
Stock Future Volume Long Ratio50.66%48.70%50.69%
    
Index FuturesShort CoveringShort CoveringShort Covering
Index OptionsFresh LongFresh ShortFresh Short
    
Nifty FuturesShort CoveringShort CoveringShort Covering
Nifty OptionsFresh LongFresh ShortFresh Short
    
BankNifty FuturesFresh LongLong CoveringShort Covering
BankNifty OptionsFresh LongFresh LongLong Covering
    
FinNifty FuturesFresh ShortFresh ShortShort Covering
FinNifty OptionsFresh LongFresh LongFresh Long
    
MidcpNifty FuturesFresh ShortShort CoveringShort Covering
MidcpNifty OptionsFresh ShortFresh LongFresh Short
    
NiftyNxt50 FuturesFresh LongFresh LongFresh Long
NiftyNxt50 OptionsFresh ShortFresh ShortFresh Long
    
Stock FuturesFresh LongFresh ShortFresh Short
Stock OptionsFresh ShortFresh ShortFresh 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

SENSEX weekly Expiry (23/04/2026)

The SENSEX index closed at 78493.54. The SENSEX weekly expiry for APRIL 23, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.282 against previous 0.995. The 75000PE option holds the maximum open interest, followed by the 81000CE and 78000PE options. Market participants have shown increased interest with significant open interest additions in the 75000PE option, with open interest additions also seen in the 78300PE and 78500PE options. On the other hand, open interest reductions were prominent in the 77900CE, 77500CE, and 77800CE options. Trading volume was highest in the 78000PE option, followed by the 78500CE and 78300CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:23-04-2026
Index SpotPCR OIPrev PCR OIPCR VOL
78493.541.2820.9950.781
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      73,61,220        36,83,500           36,77,720
PUT:      94,34,980        36,65,560           57,69,420
Top CALL Open Interest:
StrikeOIOI ChangeVolume
81000        5,45,520              81,840           67,72,580
82000        4,47,900          2,39,460           55,52,380
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
82000        4,47,900          2,39,460           55,52,380
78500        4,28,080          2,01,780           93,26,420
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
77900            45,700            -41,220           15,26,940
77500        1,00,820            -19,420              3,71,900
Top CALL Volume:
StrikeOIOI ChangeVolume
78500        4,28,080          2,01,780           93,26,420
78300        2,30,300          1,71,580           82,79,080
Top PUT Open Interest:
StrikeOIOI ChangeVolume
75000        7,00,840          4,42,900           42,31,260
78000        5,11,200          2,49,780           97,67,440
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
75000        7,00,840          4,42,900           42,31,260
78300        3,70,380          3,52,800           60,24,120
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
85000            23,720                  -720                       780
68300                  360                  -220                    6,980
Top PUT Volume:
StrikeOIOI ChangeVolume
78000        5,11,200          2,49,780           97,67,440
78200        2,72,240          2,30,620           61,48,380

NIFTY Weekly Expiry (21/04/2026)

The NIFTY index closed at 24353.55. The NIFTY weekly expiry for APRIL 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.018 against previous 0.866. The 25000CE option holds the maximum open interest, followed by the 23000PE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 24000PE and 26000CE options. On the other hand, open interest reductions were prominent in the 24200CE, 24400CE, and 24300CE options. Trading volume was highest in the 24300CE option, followed by the 24200PE and 24200CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:21-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,353.55                1.018                  0.866               0.827
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 13,60,77,565   12,36,33,185   1,24,44,380
 PUT: 13,85,52,570   10,71,09,990   3,14,42,580
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000    1,14,09,905         16,56,980       11,52,445
               25,500       92,62,955            9,02,590         6,12,340
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,500       58,43,175         52,46,280         1,70,970
               26,000       67,05,530         26,66,040         2,87,414
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,200       32,67,745        -28,46,870       32,88,640
               24,400       37,18,650        -23,18,160       27,31,417
 Top CALL Volume:
 Strike OI OI Change Volume
               24,300       39,65,130        -18,60,950       41,47,060
               24,200       32,67,745        -28,46,870       32,88,640
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000    1,03,79,980         16,13,495         7,27,295
               24,000       76,31,975         34,64,565       22,68,672
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       76,31,975         34,64,565       22,68,672
               24,300       44,18,375         25,48,910       28,20,995
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               21,000       21,96,025          -5,59,065             80,752
               21,500       28,13,785          -4,28,090         1,28,118
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,200       62,91,220         20,01,155       32,94,515
               24,300       44,18,375         25,48,910       28,20,995

NIFTY Monthly Expiry (28/04/2026)

The NIFTY index closed at 24353.55. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.158 against previous 1.061. The 26000CE 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 21000PE option, with open interest additions also seen in the 22500PE and 23500PE options. On the other hand, open interest reductions were prominent in the 24200CE, 24000CE, and 22000CE options. Trading volume was highest in the 25000CE option, followed by the 24500CE and 24000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,353.55                1.158                  1.061               1.086
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    6,07,00,315      5,59,52,520       47,47,795
 PUT:    7,02,88,920      5,93,48,250   1,09,40,670
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       58,93,680            7,44,705             87,165
               25,000       50,02,140            1,07,510         1,68,056
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       58,93,680            7,44,705             87,165
               25,300       16,67,185            7,06,030             55,779
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,200       13,84,045          -3,64,130             92,534
               24,000       34,81,920          -2,44,465             43,852
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       50,02,140            1,07,510         1,68,056
               24,500       39,69,420            1,29,805         1,33,917
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               21,000       55,89,350         20,12,335             89,386
               23,000       48,75,780            5,21,885             99,630
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               21,000       55,89,350         20,12,335             89,386
               22,500       46,16,300         10,08,540             86,625
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       15,32,960          -1,53,205               3,792
               24,200       20,93,195          -1,51,645         1,04,899
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       45,21,920            1,41,570         1,26,946
               23,500       40,76,475            7,93,130         1,08,072

BANKNIFTY Monthly Expiry (28/04/2026)

The BANKNIFTY index closed at 56565.7. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.955 against previous 0.876. The 60000CE option holds the maximum open interest, followed by the 58000CE and 54000PE options. Market participants have shown increased interest with significant open interest additions in the 56500PE option, with open interest additions also seen in the 56000PE and 59500CE options. On the other hand, open interest reductions were prominent in the 58500CE, 61000CE, and 49000PE options. Trading volume was highest in the 56500CE option, followed by the 56000PE and 57000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         56,565.70                0.955                  0.876               0.899
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,58,66,790      1,56,49,170         2,17,620
 PUT:    1,51,57,680      1,37,03,940       14,53,740
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       14,79,870                -5,280             73,963
               58,000          8,16,030               30,060             79,234
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,500          3,59,640            1,05,870             32,909
               65,000          3,15,780               50,010               5,946
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               58,500          2,86,590              -92,850             40,525
               61,000          7,65,150              -48,270             51,051
 Top CALL Volume:
 Strike OI OI Change Volume
               56,500          6,48,390               49,500             99,269
               57,000          6,73,380              -26,430             92,356
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               54,000          8,02,770               88,470             56,548
               55,000          7,94,820                -2,310             56,729
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,500          5,21,910            1,49,820             62,193
               56,000          6,31,650            1,24,590             94,410
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               49,000          3,15,480              -44,970             28,125
               59,000          2,35,170              -27,240               3,590
 Top PUT Volume: 
 Strike OI OI Change Volume
               56,000          6,31,650            1,24,590             94,410
               56,500          5,21,910            1,49,820             62,193

MIDCPNIFTY Monthly Expiry (28/04/2026)

The MIDCPNIFTY index closed at 13838.85. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.211 against previous 1.269. The 14500CE option holds the maximum open interest, followed by the 13500PE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 13300PE option, with open interest additions also seen in the 13800PE and 13500PE options. On the other hand, open interest reductions were prominent in the 54000PE, 67000PE, and 64000PE options. Trading volume was highest in the 13300PE option, followed by the 13000PE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,838.85                1.211                  1.269               1.318
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       59,05,800         48,56,040       10,49,760
 PUT:       71,51,640         61,62,360         9,89,280
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500          5,69,400            1,04,160             10,128
               14,000          5,41,320            1,54,560             14,380
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,000          5,41,320            1,54,560             14,380
               14,300          4,83,840            1,41,120               9,585
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,700          1,88,760              -62,880               8,455
               14,100          1,32,480              -54,360               6,245
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          5,41,320            1,54,560             14,380
               13,800          2,39,640               15,360             13,173
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,500          5,64,600            1,58,880             11,469
               13,000          5,41,800              -22,200             15,066
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,300          4,17,600            2,62,200             25,035
               13,800          2,15,040            1,91,400             10,138
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,100          1,64,880          -2,98,920               8,962
               10,700             99,600              -57,840                   914
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,300          4,17,600            2,62,200             25,035
               13,000          5,41,800              -22,200             15,066

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

The overall Open Interest Volume Analysis across all major indices points toward a market that is gradually transitioning from defensive positioning to cautious bullishness, primarily driven by short covering and selective fresh longs in next-month futures contracts.

NIFTY’s option structure suggests strong support building around 24,000–24,250, while heavy call additions at 25,000 and above indicate that traders still expect range-bound consolidation before any major breakout attempt.

BANKNIFTY continues to display structural strength, with rollover-led fresh long positions in May futures hinting that banking stocks may remain the leadership sector in the near term.

MIDCAP participation through short covering further strengthens the broader market trend, while SENSEX derivatives highlight bearish position unwinding rather than aggressive speculative buying, which is generally a healthy sign for a sustainable uptrend.

From a trading perspective, the Open Interest Volume Analysis suggests a “buy-on-dip” strategy, with traders watching 24,200–24,250 as immediate NIFTY support and 24,600–24,800 as the next resistance band. Sustained strength above this zone could trigger another round of fresh long build-up in the upcoming rollover sessions.

Check Previous Day’s NSE & BSE Indices F&O Analysis

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