Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/04/2026
Table of Contents
Today’s Open Interest Volume Analysis clearly signals a risk-off undertone across indices, with aggressive fresh short build-up visible in NIFTY, MIDCPNIFTY, and SENSEX, while BANKNIFTY shows relative resilience but still lacks strong long conviction.
The sharp 4.03% rise in NIFTY combined OI with a 20.7% surge in volume confirms that sellers are actively participating rather than just profit booking — this is not passive decline, it’s directional bearish positioning.
Despite the fall, premium expansion in near and far month futures suggests rollover-driven distortion, not genuine bullish strength — especially with May series showing heavy short additions (59.78% OI spike in NIFTY May).
Options data further strengthens the bearish case: PCR (OI) falling to 0.679 in NIFTY and aggressive CALL writing at 24000 indicates that upside is being sold into, not chased.
Broader markets are even weaker — MIDCPNIFTY’s 11.93% OI spike with 142% volume expansion is a classic sign of strong short-side conviction, often seen before extended corrections.
Even though BANKNIFTY appears relatively stable, the shift to fresh shorts in May series + resistance clustering at 56000–56500 suggests that banks are not ready to lead the market upward yet.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23897.95 (-1.138%)
Combined = April + May + June
Combined Fut Open Interest Change: 4.03%
Combined Fut Volume Change: 20.70%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 42% Previous 29%
NIFTY April Future closed at: 23922.8 (-0.994%)
April Fut Premium 24.85 (Increased by 34.9 points)
April Fut Open Interest Change: -14.64%
April Fut Volume Change: 10.60%
April Fut Open Interest Analysis: Long Covering
NIFTY MAY Future closed at: 24027 (-0.952%)
May Fut Premium 129.05 (Increased by 44.2 points)
May Fut Open Interest Change: 59.78%
May Fut Volume Change: 33.48%
May Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.679 (Decreased from 0.833)
Put-Call Ratio (Volume): 1.024
Max Pain Level: 24000
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 24000
Highest PUT Addition: 23900
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 56089.75 (-0.382%)
Combined = April + May + June
Combined Fut Open Interest Change: -0.63%
Combined Fut Volume Change: 7.03%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 49% Previous 37%
BANKNIFTY APRIL Future closed at: 56206.6 (-0.244%)
April Fut Premium 116.85 (Increased by 77.65 points)
April Fut Open Interest Change: -19.8%
April Fut Volume Change: -5.2%
April Fut Open Interest Analysis: Long Covering
BANKNIFTY MAY Future closed at: 56452.8 (-0.292%)
May Fut Premium 363.05 (Increased by 49.65 points)
May Fut Open Interest Change: 36.62%
May Fut Volume Change: 43.85%
May Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.906 (Increased from 0.898)
Put-Call Ratio (Volume): 0.993
Max Pain Level: 56000
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 54000
Highest CALL Addition: 56000
Highest PUT Addition: 52500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13731.75 (-0.843%)
Combined = April + May + June
Combined Fut Open Interest Change: 11.93%
Combined Fut Volume Change: 142.58%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 53% Previous 24%
MIDCPNIFTY APRIL Future closed at: 13769.1 (-0.565%)
April Fut Premium 37.35 (Increased by 38.55 points)
April Fut Open Interest Change: -31.29%
April Fut Volume Change: 115.03%
April Fut Open Interest Analysis: Long Covering
MIDCPNIFTY MAY Future closed at: 13749.7 (-0.827%)
May Fut Premium 17.95 (Increased by 2.15 points)
May Fut Open Interest Change: 151.21%
May Fut Volume Change: 187.90%
May Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.065 (Increased from 1.056)
Put-Call Ratio (Volume): 0.987
Max Pain Level: 13700
Maximum CALL Open Interest: 14200
Maximum PUT Open Interest: 13000
Highest CALL Addition: 13800
Highest PUT Addition: 12800
SENSEX Monthly Expiry (30/04/2026) Future
SENSEX Spot closed at: 76,664.21 (-1.287%)
SENSEX Monthly Future closed at: 76,770.55 (-1.223%)
Premium: 106.34 (Increased by 49.19 points)
Open Interest Change: 0.62%
Volume Change: -58.61%
Open Interest Analysis: Fresh Short
SENSEX Weekly Expiry (30/04/2026) Option Analysis
Put-Call Ratio (OI): 0.797 (Decreased from 1.007)
Put-Call Ratio (Volume): 1.164
Max Pain Level: 77200
Maximum CALL OI: 80000
Maximum PUT OI: 74000
Highest CALL Addition: 80000
Highest PUT Addition: 74000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 8,827.87 Cr.
DIIs Net BUY: ₹ 4,700.71 Cr.
FII Derivatives Activity
| FII Trading Stats | 24.04.26 | 23.04.26 | 22.04.26 |
| FII Cash (Provisional Data) | -8,827.87 | -3,254.71 | -2,078.36 |
| Index Future Open Interest Long Ratio | 19.28% | 20.80% | 21.72% |
| Index Future Volume Long Ratio | 44.46% | 45.70% | 36.11% |
| Call Option Open Interest Long Ratio | 42.66% | 40.02% | 40.91% |
| Call Option Volume Long Ratio | 50.20% | 49.52% | 48.74% |
| Put Option Open Interest Long Ratio | 63.43% | 64.03% | 63.39% |
| Put Option Volume Long Ratio | 50.09% | 50.40% | 50.70% |
| Stock Future Open Interest Long Ratio | 55.91% | 56.15% | 56.63% |
| Stock Future Volume Long Ratio | 49.73% | 49.27% | 47.17% |
| Index Futures | Fresh Short | Long Covering | Fresh Short |
| Index Options | Fresh Long | Fresh Short | Fresh Short |
| Nifty Futures | Fresh Short | Fresh Short | Fresh Short |
| Nifty Options | Fresh Long | Fresh Short | Fresh Short |
| BankNifty Futures | Long Covering | Long Covering | Long Covering |
| BankNifty Options | Fresh Short | Fresh Long | Fresh Short |
| FinNifty Futures | Fresh Short | Fresh Short | Fresh Short |
| FinNifty Options | Fresh Short | Fresh Short | Fresh Long |
| MidcpNifty Futures | Fresh Long | Fresh Short | Fresh Short |
| MidcpNifty Options | Fresh Short | Long Covering | Fresh Long |
| NiftyNxt50 Futures | Long Covering | Long Covering | Long Covering |
| NiftyNxt50 Options | Fresh Long | Short Covering | Fresh Short |
| Stock Futures | Long Covering | Long Covering | Fresh Short |
| Stock Options | Long Covering | Short Covering | 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 (30/04/2026)
The SENSEX index closed at 76664.21. The SENSEX weekly expiry for APRIL 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.797 against previous 1.007. The 80000CE option holds the maximum open interest, followed by the 74000PE 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 77500CE and 81000CE options. On the other hand, open interest reductions were prominent in the 77800PE, 77700PE, and 75000PE options. Trading volume was highest in the 76500PE option, followed by the 77000PE and 77000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 30-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 76664.21 | 0.797 | 1.007 | 1.164 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,00,16,680 | 46,16,440 | 54,00,240 |
| PUT: | 79,78,400 | 46,50,280 | 33,28,120 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 7,23,780 | 5,04,120 | 49,95,020 |
| 81000 | 6,95,160 | 3,02,080 | 50,14,300 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 7,23,780 | 5,04,120 | 49,95,020 |
| 77500 | 4,63,940 | 3,78,980 | 67,04,200 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77700 | 2,22,340 | -29,580 | 24,05,260 |
| 77900 | 91,920 | -25,760 | 16,84,920 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 3,24,500 | 2,79,320 | 68,45,160 |
| 77500 | 4,63,940 | 3,78,980 | 67,04,200 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 7,05,140 | 2,83,480 | 54,63,160 |
| 70000 | 5,08,920 | 1,67,900 | 29,80,280 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 7,05,140 | 2,83,480 | 54,63,160 |
| 77500 | 2,94,100 | 1,91,460 | 31,47,700 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77800 | 43,380 | -1,24,880 | 6,47,520 |
| 77700 | 54,940 | -67,420 | 7,26,360 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 76500 | 2,73,440 | 67,780 | 80,37,460 |
| 77000 | 2,73,180 | 47,780 | 77,72,060 |
NIFTY Monthly Expiry (28/04/2026)
The NIFTY index closed at 23897.95. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.679 against previous 0.833. The 25000CE option holds the maximum open interest, followed by the 24500CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 25000CE and 23900CE options. On the other hand, open interest reductions were prominent in the 24200PE, 21000PE, and 26000CE options. Trading volume was highest in the 23900PE option, followed by the 24000CE and 24000PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,897.95 | 0.679 | 0.833 | 1.024 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 20,00,36,980 | 16,07,77,110 | 3,92,59,870 |
| PUT: | 13,57,42,555 | 13,38,58,530 | 18,84,025 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,53,67,560 | 45,28,940 | 13,10,972 |
| 24,500 | 1,16,08,675 | 9,57,840 | 17,08,368 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 85,60,825 | 51,29,865 | 36,07,573 |
| 25,000 | 1,53,67,560 | 45,28,940 | 13,10,972 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,09,93,580 | -14,03,675 | 3,02,334 |
| 25,800 | 27,08,160 | -10,33,955 | 1,64,957 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 85,60,825 | 51,29,865 | 36,07,573 |
| 24,200 | 88,81,925 | 28,84,440 | 23,84,038 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 1,06,46,610 | 36,725 | 10,80,012 |
| 22,000 | 70,78,305 | 35,035 | 2,40,001 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,900 | 54,05,140 | 23,15,755 | 38,02,327 |
| 22,800 | 39,34,060 | 14,32,730 | 5,09,439 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 28,92,305 | -18,11,355 | 7,79,297 |
| 21,000 | 38,19,140 | -17,28,740 | 1,28,404 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,900 | 54,05,140 | 23,15,755 | 38,02,327 |
| 24,000 | 62,32,070 | -7,41,195 | 34,15,803 |
BANKNIFTY Monthly Expiry (28/04/2026)
The BANKNIFTY index closed at 56089.75. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.906 against previous 0.898. The 60000CE option holds the maximum open interest, followed by the 59000CE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 56000CE option, with open interest additions also seen in the 56200CE and 56300CE options. On the other hand, open interest reductions were prominent in the 47000PE, 59700CE, and 56500PE options. Trading volume was highest in the 56000PE option, followed by the 56000CE and 56500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 56,089.75 | 0.906 | 0.898 | 0.993 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,72,69,260 | 1,69,71,900 | 2,97,360 |
| PUT: | 1,56,47,100 | 1,52,37,570 | 4,09,530 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 12,32,730 | -14,130 | 1,23,791 |
| 59,000 | 9,66,180 | 42,360 | 1,49,772 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 5,38,500 | 1,82,580 | 4,36,594 |
| 56,200 | 2,05,140 | 1,39,980 | 1,88,499 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,700 | 68,730 | -77,310 | 11,826 |
| 62,000 | 2,96,070 | -71,070 | 8,225 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 5,38,500 | 1,82,580 | 4,36,594 |
| 56,500 | 6,70,320 | 81,510 | 2,85,513 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 8,37,990 | 85,140 | 1,87,295 |
| 52,000 | 8,14,500 | 84,690 | 87,963 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 52,500 | 4,21,500 | 86,160 | 61,080 |
| 54,000 | 8,37,990 | 85,140 | 1,87,295 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 47,000 | 2,33,610 | -1,29,600 | 8,753 |
| 56,500 | 4,33,290 | -71,910 | 1,09,296 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 6,57,660 | 30,930 | 5,42,092 |
| 55,900 | 1,34,580 | 52,740 | 2,48,651 |
MIDCPNIFTY Monthly Expiry (28/04/2026)
The MIDCPNIFTY index closed at 13731.75. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.065 against previous 1.056. The 13000PE option holds the maximum open interest, followed by the 14200CE and 14500CE options. Market participants have shown increased interest with significant open interest additions in the 13800CE option, with open interest additions also seen in the 14200CE and 12800PE options. On the other hand, open interest reductions were prominent in the 70000PE, 71500CE, and 65000PE options. Trading volume was highest in the 14000CE option, followed by the 13700PE and 13800PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,731.75 | 1.065 | 1.056 | 0.987 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 87,89,040 | 79,34,760 | 8,54,280 |
| PUT: | 93,63,600 | 83,80,440 | 9,83,160 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,200 | 7,32,840 | 1,83,960 | 22,305 |
| 14,500 | 7,06,680 | 38,760 | 20,230 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 5,10,000 | 2,85,120 | 31,915 |
| 14,200 | 7,32,840 | 1,83,960 | 22,305 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 2,99,280 | -3,31,920 | 12,260 |
| 14,100 | 2,37,480 | -51,120 | 20,735 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,30,720 | 67,800 | 41,154 |
| 13,800 | 5,10,000 | 2,85,120 | 31,915 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 8,37,720 | -74,760 | 20,405 |
| 13,500 | 6,66,120 | 65,760 | 26,426 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,800 | 4,95,120 | 1,71,480 | 10,363 |
| 13,800 | 5,68,320 | 1,36,080 | 32,810 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 1,41,600 | -90,960 | 12,422 |
| 13,000 | 8,37,720 | -74,760 | 20,405 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,700 | 4,45,680 | 1,28,160 | 40,418 |
| 13,800 | 5,68,320 | 1,36,080 | 32,810 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The overall Open Interest Volume Analysis across indices is clearly tilted toward bearish continuation with intermittent short-covering bounces, not a structural reversal.
Traders should be cautious of false upside moves, especially near key resistance zones like NIFTY 24000–24200 and BANKNIFTY 56000–56500, where heavy CALL writing and fresh shorts are positioned.
The divergence between premium rise and OI structure is a red flag — it indicates rollover mechanics masking underlying weakness, a classic trap zone before volatility expansion.
With Max Pain levels acting as magnets (NIFTY 24000, BANKNIFTY 56000, MIDCPNIFTY 13700), expect expiry-driven whipsaws, but the broader bias remains sell-on-rise unless OI unwinds meaningfully.
Midcap weakness combined with institutional short build-up in index futures increases the probability of downside acceleration if supports break, making risk management critical.
Actionable approach:
Prefer sell-on-rise strategy over bottom fishing
Track OI unwinding + PCR recovery above 1 as early reversal signals
Stay light on positional longs until short covering is confirmed across all series, not just near month
Bottom line: This is not just a correction — derivatives data is hinting at controlled distribution, and until that changes, traders should stay defensive and tactically bearish.
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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