Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 29/04/2026

Table of Contents
Today’s Open Interest Volume Analysis reflects a selective bullish undertone in index derivatives, but the conviction is far from broad-based — and that’s where traders need to stay alert.
In NIFTY 50 Futures, despite marginal OI build-up (+0.09%), the price rise with declining volume (-4.73%) signals weak participation, indicating that the up-move lacks aggressive institutional backing.
Options data adds another layer — PCR-OI rising sharply (0.788 → 0.932) and Put writing at 24200 (Max Pain zone) suggests strong near-term support, but heavy Call addition at 24300 caps upside, creating a tight range-bound battlefield (24200–24300) for weekly expiry.
In Bank Nifty, the divergence is more pronounced — while combined data shows “fresh longs,” both May & June futures indicate fresh short build-up, exposing distribution at higher levels rather than accumulation, which weakens bullish conviction.
Meanwhile, MIDCPNIFTY is showing clear signs of exhaustion, with long unwinding in near month and fresh shorts in next series, confirming that broader market participation is deteriorating beneath headline indices.
Overall, this Open Interest Volume Analysis suggests a market that is structurally supported but tactically fragile, where expiry dynamics and rollover flows are dominating over genuine trend-building activity.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24177.65 (0.758%)
Combined = May + June + July
Combined Fut Open Interest Change: 0.09%
Combined Fut Volume Change: -4.73%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 9% Previous 8%
NIFTY MAY Future closed at: 24252 (0.760%)
May Fut Premium 74.35 (Increased by 1.05 points)
May Fut Open Interest Change: -0.77%
May Fut Volume Change: -8.12%
May Fut Open Interest Analysis: Short Covering
NIFTY JUNE Future closed at: 24379.5 (0.735%)
June Fut Premium 201.85 (Decreased by -3.95 points)
June Fut Open Interest Change: 5.86%
June Fut Volume Change: 24.30%
June Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (5/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.932 (Increased from 0.788)
Put-Call Ratio (Volume): 0.884
Max Pain Level: 24200
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 24300
Highest PUT Addition: 24200
NIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.139 (Increased from 1.126)
Put-Call Ratio (Volume): 0.970
Max Pain Level: 24500
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 24000
Highest CALL Addition: 25500
Highest PUT Addition: 23500
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 55403.6 (0.006%)
Combined = May + June + July
Combined Fut Open Interest Change: 1.39%
Combined Fut Volume Change: -1.91%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 9% Previous 8%
BANKNIFTY MAY Future closed at: 55613.8 (-0.236%)
May Fut Premium 210.2 (Decreased by -134.65 points)
May Fut Open Interest Change: 0.5%
May Fut Volume Change: -2.8%
May Fut Open Interest Analysis: Fresh Short
BANKNIFTY JUNE Future closed at: 55853.4 (-0.208%)
June Fut Premium 449.8 (Decreased by -119.45 points)
June Fut Open Interest Change: 6.76%
June Fut Volume Change: -13.41%
June Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.914 (Decreased from 0.949)
Put-Call Ratio (Volume): 0.849
Max Pain Level: 56600
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 60000
Highest CALL Addition: 60000
Highest PUT Addition: 52000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13932.7 (-0.311%)
Combined = May + June + July
Combined Fut Open Interest Change: -0.50%
Combined Fut Volume Change: -33.61%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 2% Previous 2%
MIDCPNIFTY MAY Future closed at: 13953.25 (-0.645%)
May Fut Premium 20.55 (Decreased by -47.1 points)
May Fut Open Interest Change: -0.71%
May Fut Volume Change: -36.53%
May Fut Open Interest Analysis: Long Covering
MIDCPNIFTY JUNE Future closed at: 14000.9 (-0.472%)
June Fut Premium 68.2 (Decreased by -23 points)
June Fut Open Interest Change: 10.44%
June Fut Volume Change: 90.60%
June Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.038 (Increased from 1.032)
Put-Call Ratio (Volume): 0.798
Max Pain Level: 14000
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13500
Highest CALL Addition: 15400
Highest PUT Addition: 12500
SENSEX Monthly Expiry (30/04/2026) Future
SENSEX Spot closed at: 77,496.36 (0.793%)
SENSEX Monthly Future closed at: 77,516.20 (0.739%)
Premium: 19.84 (Decreased by -40.5 points)
Open Interest Change: -19.89%
Volume Change: 62.15%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (30/04/2026) Option Analysis
Put-Call Ratio (OI): 0.906 (Increased from 0.808)
Put-Call Ratio (Volume): 0.978
Max Pain Level: 77500
Maximum CALL OI: 79000
Maximum PUT OI: 75000
Highest CALL Addition: 80500
Highest PUT Addition: 77500
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 2,468.42 Cr.
DIIs Net BUY: ₹ 2,262.17 Cr.
FII Derivatives Activity
| FII Trading Stats | 29.04.26 | 28.04.26 | 27.04.26 |
| FII Cash (Provisional Data) | -2,468.42 | -2,103.74 | -1,151.48 |
| Index Future Open Interest Long Ratio | 12.61% | 13.08% | 19.47% |
| Index Future Volume Long Ratio | 49.42% | 40.39% | 49.38% |
| Call Option Open Interest Long Ratio | 36.55% | 35.86% | 42.93% |
| Call Option Volume Long Ratio | 49.80% | 49.72% | 50.13% |
| Put Option Open Interest Long Ratio | 67.12% | 69.95% | 60.49% |
| Put Option Volume Long Ratio | 49.86% | 50.10% | 49.70% |
| Stock Future Open Interest Long Ratio | 55.73% | 55.57% | 56.07% |
| Stock Future Volume Long Ratio | 50.66% | 48.32% | 50.43% |
| Index Futures | Long Covering | Long Covering | Fresh Short |
| Index Options | Fresh Short | Long Covering | Fresh Short |
| Nifty Futures | Short Covering | Long Covering | Fresh Short |
| Nifty Options | Fresh Short | Long Covering | Fresh Short |
| BankNifty Futures | Fresh Short | Long Covering | Fresh Long |
| BankNifty Options | Fresh Long | Long Covering | Fresh Short |
| FinNifty Futures | Fresh Short | Long Covering | Fresh Short |
| FinNifty Options | Fresh Long | Short Covering | Fresh Long |
| MidcpNifty Futures | Short Covering | Long Covering | Short Covering |
| MidcpNifty Options | Fresh Long | Long Covering | Long Covering |
| NiftyNxt50 Futures | Long Covering | Long Covering | Fresh Long |
| NiftyNxt50 Options | Long Covering | Short Covering | Fresh Long |
| Stock Futures | Fresh Long | Long Covering | Fresh Long |
| Stock Options | Fresh Short | Long Covering | Long 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 77496.36. The SENSEX weekly expiry for APRIL 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.906 against previous 0.808. The 79000CE option holds the maximum open interest, followed by the 80000CE and 75000PE options. Market participants have shown increased interest with significant open interest additions in the 77500PE option, with open interest additions also seen in the 76000PE and 80500CE options. On the other hand, open interest reductions were prominent in the 77000CE, 74400PE, and 70000PE options. Trading volume was highest in the 78000CE option, followed by the 77000PE and 77500PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 30-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 77496.36 | 0.906 | 0.808 | 0.978 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,89,23,920 | 2,10,40,840 | 78,83,080 |
| PUT: | 2,62,08,860 | 1,69,93,320 | 92,15,540 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 20,72,660 | 6,95,820 | 7,03,43,240 |
| 80000 | 19,13,860 | 4,17,880 | 3,25,07,440 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 80500 | 14,83,260 | 7,28,000 | 1,62,04,420 |
| 79000 | 20,72,660 | 6,95,820 | 7,03,43,240 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 3,81,540 | -6,39,500 | 1,12,14,960 |
| 77100 | 83,880 | -2,55,220 | 74,56,360 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 78000 | 15,77,320 | 4,78,360 | 11,31,65,760 |
| 78500 | 14,33,520 | 5,87,760 | 8,07,35,320 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 16,74,020 | 6,37,020 | 2,23,63,040 |
| 76000 | 15,20,980 | 7,49,740 | 4,13,11,500 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 10,28,160 | 7,77,720 | 9,36,35,640 |
| 76000 | 15,20,980 | 7,49,740 | 4,13,11,500 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 74400 | 1,93,880 | -2,85,460 | 29,42,420 |
| 70000 | 2,81,680 | -2,78,320 | 18,50,380 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 14,57,760 | 7,16,300 | 9,88,70,480 |
| 77500 | 10,28,160 | 7,77,720 | 9,36,35,640 |
NIFTY Weekly Expiry (5/05/2026)
The NIFTY index closed at 24177.65. The NIFTY weekly expiry for MAY 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.932 against previous 0.788. 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 24300CE option, with open interest additions also seen in the 24200PE and 24500CE options. On the other hand, open interest reductions were prominent in the 24000CE, 25200CE, and 24100CE options. Trading volume was highest in the 24300CE option, followed by the 24200PE and 24200CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 05-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,177.65 | 0.932 | 0.788 | 0.884 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 9,23,99,125 | 7,29,91,555 | 1,94,07,570 |
| PUT: | 8,61,35,595 | 5,75,26,950 | 2,86,08,645 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 67,44,790 | 6,39,145 | 10,99,120 |
| 24,500 | 66,57,690 | 23,35,060 | 17,71,310 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,300 | 48,24,235 | 30,37,060 | 21,48,793 |
| 24,500 | 66,57,690 | 23,35,060 | 17,71,310 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 21,28,750 | -16,20,125 | 5,82,381 |
| 25,200 | 29,15,250 | -8,16,465 | 3,96,161 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,300 | 48,24,235 | 30,37,060 | 21,48,793 |
| 24,200 | 40,79,985 | 11,11,760 | 18,74,173 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 51,09,845 | -1,22,590 | 4,67,865 |
| 24,000 | 51,03,085 | 14,69,325 | 17,25,857 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 37,58,105 | 24,13,840 | 19,69,245 |
| 23,800 | 37,01,945 | 20,06,420 | 7,79,872 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,600 | 17,90,165 | -5,32,350 | 4,59,170 |
| 24,500 | 9,23,260 | -1,33,640 | 2,55,237 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 37,58,105 | 24,13,840 | 19,69,245 |
| 24,300 | 25,74,650 | 17,87,760 | 18,13,230 |
NIFTY Monthly Expiry (26/05/2026)
The NIFTY index closed at 24177.65. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.139 against previous 1.126. The 25000CE option holds the maximum open interest, followed by the 24000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 23500PE option, with open interest additions also seen in the 25500CE and 24000PE options. On the other hand, open interest reductions were prominent in the 23000PE, 24000CE, and 25000CE options. Trading volume was highest in the 24000PE option, followed by the 25000CE and 24500CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,177.65 | 1.139 | 1.126 | 0.970 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 3,25,99,190 | 3,19,97,745 | 6,01,445 |
| PUT: | 3,71,14,350 | 3,60,15,135 | 10,99,215 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 41,84,895 | -2,14,435 | 82,254 |
| 26,000 | 37,86,185 | 20,475 | 52,313 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 25,38,380 | 1,72,965 | 52,954 |
| 24,700 | 5,37,680 | 1,22,460 | 13,045 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 28,65,850 | -2,29,450 | 41,998 |
| 25,000 | 41,84,895 | -2,14,435 | 82,254 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 41,84,895 | -2,14,435 | 82,254 |
| 24,500 | 31,63,875 | 68,120 | 77,231 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 38,42,085 | 1,51,840 | 90,633 |
| 24,500 | 30,14,440 | 43,290 | 32,701 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 25,42,215 | 1,97,990 | 51,378 |
| 24,000 | 38,42,085 | 1,51,840 | 90,633 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 29,14,405 | -2,36,535 | 58,663 |
| 21,500 | 8,42,270 | -1,33,965 | 15,242 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 38,42,085 | 1,51,840 | 90,633 |
| 23,000 | 29,14,405 | -2,36,535 | 58,663 |
BANKNIFTY Monthly Expiry (26/05/2026)
The BANKNIFTY index closed at 55403.6. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.914 against previous 0.949. The 60000CE option holds the maximum open interest, followed by the 60000PE and 56000PE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 59000CE and 58500CE options. On the other hand, open interest reductions were prominent in the 55800PE, 50000CE, and 47000PE options. Trading volume was highest in the 56000CE option, followed by the 56000PE and 60000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 55,403.60 | 0.914 | 0.949 | 0.849 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,00,56,060 | 82,40,340 | 18,15,720 |
| PUT: | 91,91,640 | 78,17,430 | 13,74,210 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 19,15,560 | 2,18,910 | 72,174 |
| 56,000 | 7,95,090 | 70,560 | 89,890 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 19,15,560 | 2,18,910 | 72,174 |
| 59,000 | 5,33,820 | 1,06,500 | 47,172 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 54,120 | -4,380 | 316 |
| 62,500 | 34,860 | -3,540 | 3,167 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 7,95,090 | 70,560 | 89,890 |
| 60,000 | 19,15,560 | 2,18,910 | 72,174 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 11,54,220 | 50,100 | 4,056 |
| 56,000 | 8,32,710 | 5,340 | 79,658 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 3,55,710 | 74,250 | 29,584 |
| 55,600 | 91,860 | 70,050 | 33,587 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,800 | 63,390 | -27,240 | 35,556 |
| 47,000 | 40,860 | -3,780 | 3,334 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 8,32,710 | 5,340 | 79,658 |
| 55,500 | 3,34,950 | 51,450 | 70,523 |
MIDCPNIFTY Monthly Expiry (26/05/2026)
The MIDCPNIFTY index closed at 13932.7. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.038 against previous 1.032. The 13500PE option holds the maximum open interest, followed by the 14000CE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 15400CE option, with open interest additions also seen in the 12500PE and 14500CE options. On the other hand, open interest reductions were prominent in the 58800CE, 58800CE, and 58800PE options. Trading volume was highest in the 14500CE option, followed by the 15000CE and 14000CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,932.70 | 1.038 | 1.032 | 0.798 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 25,40,280 | 15,58,800 | 9,81,480 |
| PUT: | 26,37,720 | 16,08,960 | 10,28,760 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 4,00,800 | 96,600 | 9,350 |
| 15,000 | 3,70,920 | 1,45,920 | 9,556 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 15,400 | 3,08,760 | 1,73,520 | 4,358 |
| 14,500 | 3,43,560 | 1,51,680 | 14,023 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 67,560 | -39,360 | 1,886 |
| 14,700 | 1,29,000 | -6,240 | 2,530 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 3,43,560 | 1,51,680 | 14,023 |
| 15,000 | 3,70,920 | 1,45,920 | 9,556 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 4,05,480 | 1,37,280 | 6,165 |
| 12,500 | 3,66,720 | 1,61,640 | 4,304 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 3,66,720 | 1,61,640 | 4,304 |
| 13,500 | 4,05,480 | 1,37,280 | 6,165 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 11,500 | 45,360 | -2,880 | 256 |
| 12,275 | 1,800 | -480 | 27 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 3,46,920 | 43,320 | 9,202 |
| 13,000 | 2,55,480 | 15,240 | 7,617 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Summing up this Open Interest Volume Analysis, the market is currently in a controlled bullish structure but lacks momentum confirmation, making it a trader’s market rather than a positional investor’s comfort zone.
BANKNIFTY remains the key risk factor, as persistent fresh short build-up in both series signals institutional hedging or outright bearish bets, increasing the probability of sudden downside volatility if support breaks.
MIDCAP weakness is a red flag — historically, sustained rallies are backed by broader participation, and the current long unwinding + fresh shorts combo indicates risk-off sentiment building under the surface.
Traders should adopt a “buy on dips near support” approach but avoid chasing breakouts without volume confirmation, as false breakouts are highly probable in such low-volume environments.
Keep a close watch on PCR behavior and Call writing shifts, because any aggressive unwinding of Calls above 24300 could trigger a short-covering rally, while sustained Call addition will keep markets range-bound or slightly bearish.
The key caution from this Open Interest Volume Analysis: this is not a clean bullish trend — it is a rollover-driven, liquidity-light rally, and such phases often precede sharp, unexpected moves on either side.
Check Previous Day’s NSE & BSE Indices F&O Analysis
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