NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/04/2026

Today’s Open Interest Volume Analysis clearly signals a shift in market sentiment from neutral-to-bullish towards cautious bearish, especially in NIFTY 50 and BSE SENSEX, where price decline coupled with rising Open Interest (Fresh Shorts) indicates aggressive short build-up at higher levels.
In NIFTY, the sharp drop in PCR (1.168 → 0.949) along with heavy CALL writing at 24400 (highest addition) suggests that upside is getting capped near immediate resistance, while simultaneous PUT addition at the same strike reflects a battle zone forming around 24400 (Max Pain)—this is a classic sign of indecision with bearish bias.
The divergence between April (long covering) and May (massive fresh short OI +21.47%) futures confirms that smart money is rolling over bearish bets forward, not just exiting longs—this is a structurally negative signal in Open Interest Volume Analysis.
NIFTY Bank adds to the caution: despite long unwinding in near contracts, fresh shorts in May series + rising premium indicate bearish positioning at higher levels, while weak PCR and CALL addition at 57500 reinforce overhead supply pressure.
Interestingly, NIFTY Midcap Select shows relative resilience with fresh long build-up, but declining PCR and aggressive CALL writing at 15000 warn that upside may be limited unless broader indices support—this divergence often precedes broader market consolidation or pullback.
Overall, across indices, falling prices + rising OI + declining PCR + CALL concentration at near strikes create a confluence in Open Interest Volume Analysis that strongly hints at short-term distribution rather than accumulation, making this a phase where traders should avoid aggressive longs near resistance.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24378.1 (-0.808%)

Combined = April + May + June

Combined Fut Open Interest Change: 2.26%

Combined Fut Volume Change: -4.51%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 20% Previous 18%

NIFTY April Future closed at: 24381.2 (-0.827%)

April Fut Premium 3.1 (Decreased by -4.8 points)

April Fut Open Interest Change: -1.06%

April Fut Volume Change: -8.73%

April Fut Open Interest Analysis: Long Covering

NIFTY MAY Future closed at: 24510.4 (-0.833%)

May Fut Premium 132.3 (Decreased by -7.3 points)

May Fut Open Interest Change: 21.47%

May Fut Volume Change: 14.36%

May Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.949 (Decreased from 1.168)

Put-Call Ratio (Volume): 1.032

Max Pain Level: 24400

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24400

Highest PUT Addition: 24400

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57124.45 (-0.431%)

Combined = April + May + June

Combined Fut Open Interest Change: -1.36%

Combined Fut Volume Change: -7.01%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 29% Previous 26%

BANKNIFTY APRIL Future closed at: 57147 (-0.396%)

April Fut Premium 22.55 (Increased by 20 points)

April Fut Open Interest Change: -4.9%

April Fut Volume Change: -5.6%

April Fut Open Interest Analysis: Long Covering

BANKNIFTY MAY Future closed at: 57468.6 (-0.354%)

May Fut Premium 344.15 (Increased by 42.8 points)

May Fut Open Interest Change: 7.40%

May Fut Volume Change: -11.44%

May Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.995 (Decreased from 1.120)

Put-Call Ratio (Volume): 1.041

Max Pain Level: 56400

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 55000

Highest CALL Addition: 57500

Highest PUT Addition: 57600

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13939.8 (0.146%)

Combined = April + May + June

Combined Fut Open Interest Change: 0.00%

Combined Fut Volume Change: -11.91%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 14% Previous 12%

MIDCPNIFTY APRIL Future closed at: 13939.8 (0.091%)

April Fut Discount 0 (Decreased by -7.7 points)

April Fut Open Interest Change: -1.76%

April Fut Volume Change: 3.27%

April Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MAY Future closed at: 13979.9 (0.019%)

May Fut Discount 40.1 (Decreased by -17.75 points)

May Fut Open Interest Change: 12.12%

May Fut Volume Change: -34.46%

May Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.100 (Decreased from 1.195)

Put-Call Ratio (Volume): 1.114

Max Pain Level: 13650

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 15000

Highest PUT Addition: 13700

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 78,516.49 (-0.955%)

SENSEX Monthly Future closed at: 78,605.50 (-0.969%)

Premium: 89.01 (Decreased by -12.61 points)

Open Interest Change: 1.58%

Volume Change: 12.68%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.781 (Decreased from 1.495)

Put-Call Ratio (Volume): 1.028

Max Pain Level: 78600

Maximum CALL OI: 80000

Maximum PUT OI: 77000

Highest CALL Addition: 80000

Highest PUT Addition: 77000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,078.36 Cr.

DIIs Net SELL: ₹ 1,048.17 Cr.

FII Derivatives Activity

FII Trading Stats	22.04.26	21.04.26	20.04.26
FII Cash (Provisional Data)	-2,078.36	-1,918.99	-1,059.93
Index Future Open Interest Long Ratio	21.72%	22.66%	20.71%
Index Future Volume Long Ratio	36.11%	74.39%	51.96%
Call Option Open Interest Long Ratio	40.91%	43.46%	42.54%
Call Option Volume Long Ratio	48.74%	50.10%	49.76%
Put Option Open Interest Long Ratio	63.39%	62.83%	60.02%
Put Option Volume Long Ratio	50.70%	49.49%	49.85%
Stock Future Open Interest Long Ratio	56.63%	57.15%	56.96%
Stock Future Volume Long Ratio	47.17%	51.87%	48.58%
Index Futures	Fresh Short	Short Covering	Short Covering
Index Options	Fresh Short	Long Covering	Fresh Short
Nifty Futures	Fresh Short	Short Covering	Short Covering
Nifty Options	Fresh Short	Long Covering	Fresh Short
BankNifty Futures	Long Covering	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Long Covering
FinNifty Options	Fresh Long	Fresh Long	Long Covering
MidcpNifty Futures	Fresh Short	Short Covering	Long Covering
MidcpNifty Options	Fresh Long	Fresh Short	Long Covering
NiftyNxt50 Futures	Long Covering	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Fresh Long	Short Covering
Stock Futures	Fresh Short	Fresh Long	Long Covering
Stock Options	Fresh Short	Fresh Long	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 (23/04/2026)

The SENSEX index closed at 78516.49. The SENSEX weekly expiry for APRIL 23, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.781 against previous 1.495. The 80000CE option holds the maximum open interest, followed by the 77000PE and 81000CE options. Market participants have shown increased interest with significant open interest additions in the 80000CE option, with open interest additions also seen in the 79000CE and 80500CE options. On the other hand, open interest reductions were prominent in the 79000PE, 72000PE, and 79200PE options. Trading volume was highest in the 79000CE option, followed by the 78500PE and 78000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	23-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
78516.49	0.781	1.495	1.028
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,00,64,140	1,28,12,380	1,72,51,760
PUT:	2,34,69,200	1,91,51,180	43,18,020
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	20,90,000	15,86,580	5,61,29,620
81000	17,17,780	6,79,500	2,49,14,720
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
80000	20,90,000	15,86,580	5,61,29,620
79000	16,03,000	12,95,780	8,66,83,860
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82300	85,580	-64,320	10,99,180
82700	44,340	-61,760	7,65,980
Top CALL Volume:
Strike	OI	OI Change	Volume
79000	16,03,000	12,95,780	8,66,83,860
79500	12,46,640	7,94,380	6,03,08,500
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77000	17,43,800	9,77,380	4,06,69,340
76000	13,43,320	2,75,940	1,68,23,140
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
77000	17,43,800	9,77,380	4,06,69,340
76500	13,29,400	5,33,080	2,25,68,280
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79000	2,71,720	-4,59,360	2,50,95,620
72000	1,47,540	-4,08,180	15,97,800
Top PUT Volume:
Strike	OI	OI Change	Volume
78500	9,11,880	3,70,600	8,19,83,160
78000	10,83,600	3,34,020	7,65,54,860

NIFTY Monthly Expiry (28/04/2026)

The NIFTY index closed at 24378.1. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.949 against previous 1.168. The 26000CE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 24400CE option, with open interest additions also seen in the 25000CE and 24500CE options. On the other hand, open interest reductions were prominent in the 24500PE, 24600PE, and 24550PE options. Trading volume was highest in the 24400PE option, followed by the 24400CE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,378.10	0.949	1.168	1.032
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,85,05,845	9,05,23,225	3,79,82,620
PUT:	12,19,71,070	10,57,26,270	1,62,44,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,27,50,530	23,47,865	3,56,120
25,000	99,89,395	32,45,450	9,92,533
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,400	53,03,155	33,67,260	19,12,096
25,000	99,89,395	32,45,450	9,92,533
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	31,27,020	-2,39,525	89,274
23,500	11,96,910	-2,15,020	13,087
Top CALL Volume:
Strike	OI	OI Change	Volume
24,400	53,03,155	33,67,260	19,12,096
24,500	77,95,970	31,22,405	18,77,282
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	78,38,480	2,18,270	3,67,977
24,000	77,53,525	3,58,865	13,12,700
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,400	50,71,885	20,35,280	21,47,903
22,000	72,65,570	14,21,680	2,12,789
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	47,20,105	-9,14,550	12,23,572
24,600	12,82,970	-5,36,835	2,58,478
Top PUT Volume:
Strike	OI	OI Change	Volume
24,400	50,71,885	20,35,280	21,47,903
24,000	77,53,525	3,58,865	13,12,700

BANKNIFTY Monthly Expiry (28/04/2026)

The BANKNIFTY index closed at 57124.45. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.995 against previous 1.120. The 60000CE option holds the maximum open interest, followed by the 59000CE and 55000PE options. Market participants have shown increased interest with significant open interest additions in the 57500CE option, with open interest additions also seen in the 57400CE and 58000CE options. On the other hand, open interest reductions were prominent in the 54000PE, 53000PE, and 51500PE options. Trading volume was highest in the 57500CE option, followed by the 57000PE and 58000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,124.45	0.995	1.120	1.041
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,60,42,920	1,52,40,840	8,02,080
PUT:	1,59,62,160	1,70,65,560	-11,03,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	14,01,780	70,890	1,00,843
59,000	8,54,040	20,610	87,052
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,500	6,10,980	1,55,760	1,71,311
57,400	2,81,370	1,32,870	1,19,956
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
62,000	4,20,690	-1,06,830	19,939
60,200	92,820	-41,280	13,679
Top CALL Volume:
Strike	OI	OI Change	Volume
57,500	6,10,980	1,55,760	1,71,311
58,000	7,06,530	91,260	1,45,524
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	8,23,230	-41,100	1,15,234
52,000	7,81,320	-1,02,090	62,078
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,600	94,470	71,190	14,915
54,500	4,33,170	44,010	40,347
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
54,000	7,09,050	-1,33,890	81,188
53,000	5,83,830	-1,33,140	77,573
Top PUT Volume:
Strike	OI	OI Change	Volume
57,000	7,61,160	-50,850	1,61,714
57,300	1,47,720	-17,310	1,21,438

MIDCPNIFTY Monthly Expiry (28/04/2026)

The MIDCPNIFTY index closed at 13939.8. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.100 against previous 1.195. The 14000CE option holds the maximum open interest, followed by the 13000PE and 14500CE options. Market participants have shown increased interest with significant open interest additions in the 15000CE option, with open interest additions also seen in the 14700CE and 14400CE options. On the other hand, open interest reductions were prominent in the 71000CE, 67000CE, and 61000CE options. Trading volume was highest in the 14000CE option, followed by the 13900PE and 13900CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,939.80	1.100	1.195	1.114
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	75,56,280	63,51,240	12,05,040
PUT:	83,14,920	75,90,360	7,24,560
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	6,84,240	25,920	22,684
14,500	6,20,760	70,680	9,069
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,000	4,70,760	2,54,280	6,363
14,700	5,16,600	2,54,160	5,794
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,900	1,85,400	-1,02,240	16,268
14,800	1,11,120	-52,920	2,951
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	6,84,240	25,920	22,684
13,900	1,85,400	-1,02,240	16,268
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	6,78,240	67,200	12,037
12,500	5,63,160	-22,560	4,189
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,700	3,74,760	1,60,440	9,886
12,900	2,93,880	1,16,400	4,528
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,600	3,70,920	-1,16,040	12,702
12,850	17,880	-49,800	977
Top PUT Volume:
Strike	OI	OI Change	Volume
13,900	2,87,880	39,120	19,604
13,600	3,70,920	-1,16,040	12,702

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

The combined Open Interest Volume Analysis across NIFTY, BANKNIFTY, and SENSEX is clearly tilting bearish, but not in a panic mode—this is more of a controlled short build-up with rollover confirmation, which often leads to grinding downside or range-bound expiry traps rather than sharp crashes.
Key caution comes from synchronized signals: falling PCRs, fresh shorts in next series, resistance-based CALL writing (24400 NIFTY / 57500 BANKNIFTY / 80000 SENSEX), and premium erosion—all pointing towards limited upside and high probability of rejection on rallies.
Traders should treat 24400 (NIFTY) and 57500 (BANKNIFTY) as critical supply zones—unless these are convincingly broken with short covering + PCR expansion, rallies are likely to be sold into.
The only mild positive undertone is from MIDCPNIFTY, but without confirmation from frontline indices, it lacks conviction—this kind of divergence often fails or drags midcaps lower eventually.
Actionable approach:
Prefer sell-on-rise strategy rather than chasing longs
Watch for short covering signals (OI drop + price rise) before turning bullish
Be cautious near expiry as Max Pain magnet (24400 / 78600) can induce whipsaws
Bottom line: This Open Interest Volume Analysis is not signaling a breakdown yet, but it is clearly warning that bulls are losing control and bears are gradually gaining positioning strength—discipline and risk management are crucial here.

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