Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 27/04/2026
Table of Contents
oday’s Open Interest Volume Analysis for 27/04/2026 reflects a structurally bullish undertone, but not without clear signs of distribution and caution beneath the surface.
NIFTY is showing Fresh Long build-up in the combined futures with a sharp jump in rollover (62%), indicating positional traders are carrying longs forward — however, the April series unwinding (-32.75% OI) confirms that this strength is largely rollover-driven rather than aggressive fresh buying.
On the options front, the sharp rise in PCR (0.971 from 0.679) combined with Max Pain at 24100 (near spot) suggests a controlled expiry environment rather than a trending breakout setup.
BANKNIFTY, despite Fresh Long signals, is underperforming with weaker OI expansion and falling premium — a classic sign of lack of conviction in banking heavyweights, which is a red flag for broader market sustainability.
MIDCPNIFTY is the outperformer with strong price action and PCR above 1.19, but the steep drop in volume (-52%) hints at low participation rallies — often vulnerable to sharp reversals.
Meanwhile, SENSEX short covering with rising PCR (>1) indicates temporary relief rather than structural strength.
Overall, this Open Interest Volume Analysis suggests that while bulls are active, the market is increasingly dependent on rollover mechanics and selective participation — not broad-based strength.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24092.7 (0.815%)
Combined = April + May + June
Combined Fut Open Interest Change: 1.88%
Combined Fut Volume Change: 26.89%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 62% Previous 42%
NIFTY April Future closed at: 24120.1 (0.825%)
April Fut Premium 27.4 (Increased by 2.55 points)
April Fut Open Interest Change: -32.75%
April Fut Volume Change: 14.64%
April Fut Open Interest Analysis: Short Covering
NIFTY MAY Future closed at: 24209.7 (0.760%)
May Fut Premium 117 (Decreased by -12.05 points)
May Fut Open Interest Change: 57.58%
May Fut Volume Change: 47.93%
May Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.971 (Increased from 0.679)
Put-Call Ratio (Volume): 0.963
Max Pain Level: 24100
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 24000
Highest CALL Addition: 25350
Highest PUT Addition: 24000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 56264.3 (0.311%)
Combined = April + May + June
Combined Fut Open Interest Change: 0.52%
Combined Fut Volume Change: 8.05%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 65% Previous 49%
BANKNIFTY APRIL Future closed at: 56348.6 (0.253%)
April Fut Premium 84.3 (Decreased by -32.55 points)
April Fut Open Interest Change: -30.9%
April Fut Volume Change: -8.9%
April Fut Open Interest Analysis: Short Covering
BANKNIFTY MAY Future closed at: 56607.6 (0.274%)
May Fut Premium 343.3 (Decreased by -19.75 points)
May Fut Open Interest Change: 36.57%
May Fut Volume Change: 39.03%
May Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.894 (Decreased from 0.906)
Put-Call Ratio (Volume): 0.988
Max Pain Level: 56100
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 54000
Highest CALL Addition: 56800
Highest PUT Addition: 55200
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13932.05 (1.459%)
Combined = April + May + June
Combined Fut Open Interest Change: 1.30%
Combined Fut Volume Change: -52.25%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 65% Previous 53%
MIDCPNIFTY APRIL Future closed at: 13951.5 (1.325%)
April Fut Premium 19.45 (Decreased by -17.9 points)
April Fut Open Interest Change: -24.77%
April Fut Volume Change: -55.48%
April Fut Open Interest Analysis: Short Covering
MIDCPNIFTY MAY Future closed at: 13982.3 (1.692%)
May Fut Premium 50.25 (Increased by 32.3 points)
May Fut Open Interest Change: 23.64%
May Fut Volume Change: -49.35%
May Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.198 (Increased from 1.065)
Put-Call Ratio (Volume): 1.067
Max Pain Level: 13850
Maximum CALL Open Interest: 14500
Maximum PUT Open Interest: 13900
Highest CALL Addition: 14150
Highest PUT Addition: 13900
SENSEX Monthly Expiry (30/04/2026) Future
SENSEX Spot closed at: 77,303.63 (0.834%)
SENSEX Monthly Future closed at: 77,432.25 (0.862%)
Premium: 128.62 (Increased by 22.28 points)
Open Interest Change: -16.20%
Volume Change: -21.29%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (30/04/2026) Option Analysis
Put-Call Ratio (OI): 1.091 (Increased from 0.797)
Put-Call Ratio (Volume): 1.000
Max Pain Level: 77400
Maximum CALL OI: 81000
Maximum PUT OI: 74000
Highest CALL Addition: 77300
Highest PUT Addition: 73000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 1,151.48 Cr.
DIIs Net BUY: ₹ 4,123.92 Cr.
FII Derivatives Activity
| FII Trading Stats | 27.04.26 | 24.04.26 | 23.04.26 |
| FII Cash (Provisional Data) | -1,151.48 | -8,827.87 | -3,254.71 |
| Index Future Open Interest Long Ratio | 19.47% | 19.28% | 20.80% |
| Index Future Volume Long Ratio | 49.38% | 44.46% | 45.70% |
| Call Option Open Interest Long Ratio | 42.93% | 42.66% | 40.02% |
| Call Option Volume Long Ratio | 50.13% | 50.20% | 49.52% |
| Put Option Open Interest Long Ratio | 60.49% | 63.43% | 64.03% |
| Put Option Volume Long Ratio | 49.70% | 50.09% | 50.40% |
| Stock Future Open Interest Long Ratio | 56.07% | 55.91% | 56.15% |
| Stock Future Volume Long Ratio | 50.43% | 49.73% | 49.27% |
| Index Futures | Fresh Short | Fresh Short | Long Covering |
| Index Options | Fresh Short | Fresh Long | Fresh Short |
| Nifty Futures | Fresh Short | Fresh Short | Fresh Short |
| Nifty Options | Fresh Short | Fresh Long | Fresh Short |
| BankNifty Futures | Fresh Long | Long Covering | Long Covering |
| BankNifty Options | Fresh Short | Fresh Short | Fresh Long |
| FinNifty Futures | Fresh Short | Fresh Short | Fresh Short |
| FinNifty Options | Fresh Long | Fresh Short | Fresh Short |
| MidcpNifty Futures | Short Covering | Fresh Long | Fresh Short |
| MidcpNifty Options | Long Covering | Fresh Short | Long Covering |
| NiftyNxt50 Futures | Fresh Long | Long Covering | Long Covering |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Short Covering |
| Stock Futures | Fresh Long | Long Covering | Long Covering |
| Stock Options | Long Covering | Long Covering | Short 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
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (30/04/2026)
The SENSEX index closed at 77303.63. The SENSEX weekly expiry for APRIL 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.091 against previous 0.797. The 74000PE option holds the maximum open interest, followed by the 81000CE and 73000PE options. Market participants have shown increased interest with significant open interest additions in the 73000PE option, with open interest additions also seen in the 74500PE and 77100PE options. On the other hand, open interest reductions were prominent in the 76800CE, 80000CE, and 76700CE options. Trading volume was highest in the 77000PE option, followed by the 77500CE and 77300CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 30-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 77303.63 | 1.091 | 0.797 | 1.000 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,00,99,940 | 1,00,16,680 | 83,260 |
| PUT: | 1,10,16,920 | 79,78,400 | 30,38,520 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 7,71,940 | 76,780 | 45,81,000 |
| 80000 | 5,98,380 | -1,25,400 | 61,34,780 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77300 | 2,48,920 | 1,70,780 | 93,35,380 |
| 82000 | 4,23,060 | 1,11,320 | 27,91,180 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 76800 | 84,220 | -1,27,780 | 15,25,440 |
| 80000 | 5,98,380 | -1,25,400 | 61,34,780 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 4,61,740 | -2,200 | 99,36,700 |
| 77300 | 2,48,920 | 1,70,780 | 93,35,380 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 8,43,140 | 1,38,000 | 72,07,300 |
| 73000 | 6,40,080 | 3,95,480 | 40,56,560 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 6,40,080 | 3,95,480 | 40,56,560 |
| 74500 | 5,66,800 | 2,95,020 | 41,69,460 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 76700 | 1,33,440 | -73,960 | 35,66,220 |
| 76600 | 97,340 | -35,760 | 29,53,700 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 4,66,920 | 1,93,740 | 1,24,08,500 |
| 77200 | 2,47,680 | 1,94,320 | 80,50,720 |
NIFTY Monthly Expiry (28/04/2026)
The NIFTY index closed at 24092.7. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.971 against previous 0.679. The 25000CE option holds the maximum open interest, followed by the 24000PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24100PE and 24050PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25500CE, and 25000CE options. Trading volume was highest in the 24000PE option, followed by the 24100CE and 24100PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,092.70 | 0.971 | 0.679 | 0.963 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 16,08,59,205 | 20,00,36,980 | -3,91,77,775 |
| PUT: | 15,61,79,595 | 13,57,42,555 | 2,04,37,040 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,17,52,065 | -36,15,495 | 15,27,613 |
| 24,500 | 1,06,75,080 | -9,33,595 | 25,35,929 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,350 | 33,62,255 | 20,77,465 | 1,98,362 |
| 24,100 | 69,76,450 | 20,29,040 | 77,78,461 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 59,45,290 | -50,48,290 | 3,64,004 |
| 25,500 | 59,87,800 | -48,02,200 | 7,70,770 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,100 | 69,76,450 | 20,29,040 | 77,78,461 |
| 24,200 | 72,06,420 | -16,75,505 | 53,96,897 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,13,46,075 | 51,14,005 | 85,30,811 |
| 23,000 | 1,04,97,175 | -1,49,435 | 13,81,775 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,13,46,075 | 51,14,005 | 85,30,811 |
| 24,100 | 66,39,685 | 45,79,185 | 59,47,528 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 51,49,300 | -19,29,005 | 1,84,391 |
| 22,800 | 20,14,155 | -19,19,905 | 3,15,222 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,13,46,075 | 51,14,005 | 85,30,811 |
| 24,100 | 66,39,685 | 45,79,185 | 59,47,528 |
BANKNIFTY Monthly Expiry (28/04/2026)
The BANKNIFTY index closed at 56264.3. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.894 against previous 0.906. 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 55200PE option, with open interest additions also seen in the 55300PE and 56300PE options. On the other hand, open interest reductions were prominent in the 52000PE, 50000PE, and 61000CE options. Trading volume was highest in the 56000PE option, followed by the 56500CE and 56300CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 56,264.30 | 0.894 | 0.906 | 0.988 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,73,87,010 | 1,72,69,260 | 1,17,750 |
| PUT: | 1,55,40,900 | 1,56,47,100 | -1,06,200 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 11,13,840 | -1,18,890 | 99,619 |
| 59,000 | 9,76,380 | 10,200 | 1,70,120 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,800 | 4,35,120 | 1,63,470 | 2,86,023 |
| 56,400 | 2,80,590 | 1,44,270 | 5,17,454 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 4,43,130 | -1,63,020 | 33,990 |
| 59,500 | 3,36,840 | -1,37,940 | 87,075 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,500 | 7,91,460 | 1,21,140 | 7,70,929 |
| 56,300 | 3,36,120 | 87,510 | 6,88,402 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 8,34,120 | -3,870 | 1,78,790 |
| 55,000 | 8,07,420 | 82,530 | 4,65,964 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 55,200 | 3,15,150 | 2,12,700 | 1,58,209 |
| 55,300 | 2,60,130 | 1,86,870 | 1,62,753 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 4,76,580 | -3,37,920 | 65,050 |
| 50,000 | 4,09,230 | -1,75,950 | 17,847 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 6,70,470 | 12,810 | 9,74,000 |
| 56,200 | 2,59,590 | 85,410 | 5,40,546 |
MIDCPNIFTY Monthly Expiry (28/04/2026)
The MIDCPNIFTY index closed at 13932.05. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.198 against previous 1.065. The 14500CE option holds the maximum open interest, followed by the 14000CE and 13900PE options. Market participants have shown increased interest with significant open interest additions in the 13900PE option, with open interest additions also seen in the 13850PE and 13875PE options. On the other hand, open interest reductions were prominent in the 70000CE, 71000CE, and 69000PE options. Trading volume was highest in the 14000CE option, followed by the 13800PE and 13900CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,932.05 | 1.198 | 1.065 | 1.067 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 85,37,880 | 87,89,040 | -2,51,160 |
| PUT: | 1,02,31,920 | 93,63,600 | 8,68,320 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 8,41,680 | 1,35,000 | 20,226 |
| 14,000 | 7,25,520 | 94,800 | 1,21,201 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,150 | 2,50,080 | 1,86,840 | 17,310 |
| 14,500 | 8,41,680 | 1,35,000 | 20,226 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 2,49,000 | -2,61,000 | 25,838 |
| 14,700 | 3,64,200 | -1,83,120 | 9,739 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 7,25,520 | 94,800 | 1,21,201 |
| 13,900 | 4,42,200 | 81,480 | 78,723 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 6,21,240 | 4,79,640 | 75,518 |
| 13,500 | 5,51,160 | -1,14,960 | 40,665 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 6,21,240 | 4,79,640 | 75,518 |
| 13,850 | 3,59,280 | 3,13,440 | 47,713 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 5,13,840 | -3,23,880 | 15,091 |
| 12,800 | 2,82,240 | -2,12,880 | 6,084 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 5,04,720 | -63,600 | 84,833 |
| 13,900 | 6,21,240 | 4,79,640 | 75,518 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
This Open Interest Volume Analysis clearly points toward a range-bound to mildly bullish setup into expiry, but with multiple caution signals that traders should not ignore.
NIFTY’s heavy Call OI at 25000 and resistance build-up at 25350, along with Put concentration at 24000, defines a broad 24000–25000 range — but the lack of aggressive Put writing beyond ATM signals hesitation from smart money.
BANKNIFTY’s weak OI expansion and falling premium despite price rise is a divergence — suggesting rallies may face selling pressure near 56800–57000 zones.
MIDCAP strength without volume support increases the probability of profit booking-driven volatility, especially post-expiry.
The biggest concern remains: rising PCR driven more by short covering than fresh Put writing, which is not a sustainable bullish signal.
Traders should avoid chasing highs and instead focus on “buy on dips near support (24000 NIFTY / 55200 BANKNIFTY)” with strict risk management, while being prepared for sudden volatility spikes around expiry.
Bottom line — the market is bullish on the surface but fragile underneath, and this is exactly where disciplined execution matters most.
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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