NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 3/07/2026

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Open Interest Volume Analysis

Welcome to today’s Open Interest Volume Analysis for 3 July 2026, where we decode what futures positioning, option chain data, rollover trends and institutional activity are indicating for the next trading session.

The derivatives data points to a divergent market, with NIFTY witnessing mild short covering, while BANKNIFTY and MIDCPNIFTY continue to attract fresh short positions, showing that traders remain selective instead of aggressively bullish.

Although NIFTY managed to close higher, the declining futures open interest along with rising volumes suggests that the rally was largely driven by short covering rather than aggressive fresh buying. At the same time, fresh long positions are gradually shifting into the August series, indicating confidence beyond the near-term expiry.

The options data paints a more balanced picture. Weekly traders aggressively built positions at the 24300 strike, with both CALL and PUT writers active, while 24200 Max Pain continues to act as the market’s equilibrium level. Monthly data, however, remains comparatively stronger as the Put-Call Ratio improved, suggesting that positional traders are still maintaining a cautiously bullish outlook despite near-term resistance.

Open Interest Volume Analysis also highlights an important divergence across indices. While NIFTY remains relatively resilient, BANKNIFTY continues to face selling pressure through fresh shorts and weakening option sentiment. MIDCPNIFTY also remains under pressure with continued short build-up, indicating that broader market participation is still lacking. This divergence makes stock-specific opportunities more attractive than aggressive index bets until leadership becomes broader.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24270.85 (0.394%)

Combined = July + August + September

Combined Fut Open Interest Change: -0.56%

Combined Fut Volume Change: 13.66%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 9% Previous 9%

NIFTY JULY Future closed at: 24352.7 (0.361%)

July Fut Premium 81.85 (Decreased by -7.45 points)

July Fut Open Interest Change: -1.01%

July Fut Volume Change: 12.78%

July Fut Open Interest Analysis: Short Covering

NIFTY AUGUST Future closed at: 24445.2 (0.374%)

Aug Fut Premium 174.35 (Decreased by -3.95 points)

Aug Fut Open Interest Change: 1.85%

Aug Fut Volume Change: 11.56%

Aug Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (07/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.997 (Decreased from 1.335)

Put-Call Ratio (Volume): 1.049

Max Pain Level: 24200

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24300

Highest PUT Addition: 24300

NIFTY Monthly Expiry (28/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.136 (Increased from 1.119)

Put-Call Ratio (Volume): 1.171

Max Pain Level: 24200

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24300

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57938.5 (-0.161%)

Combined = July + August + September

Combined Fut Open Interest Change: 2.62%

Combined Fut Volume Change: -3.40%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 9% Previous 92%

BANKNIFTY JULY Future closed at: 58221 (-0.731%)

July Fut Premium 282.5 (Decreased by -335.45 points)

July Fut Open Interest Change: 1128.7%

July Fut Volume Change: 899.0%

July Fut Open Interest Analysis: Fresh Short

BANKNIFTY AUGUST Future closed at: 58533.2 (0.313%)

Aug Fut Premium 594.7 (Increased by 275.75 points)

Aug Fut Open Interest Change: -90.66%

Aug Fut Volume Change: -91.14%

Aug Fut Open Interest Analysis: Short Covering

BANKNIFTY Monthly Expiry  (28/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.850 (Decreased from 0.871)

Put-Call Ratio (Volume): 0.907

Max Pain Level: 58100

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 59000

Highest PUT Addition: 59000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14545.9 (-0.188%)

Combined = July + August + September

Combined Fut Open Interest Change: 1.43%

Combined Fut Volume Change: -66.25%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 2% Previous 2%

MIDCPNIFTY JULY Future closed at: 14591.75 (-0.404%)

July Fut Premium 45.85 (Decreased by -31.85 points)

July Fut Open Interest Change: 1.38%

July Fut Volume Change: -67.43%

July Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY AUGUST Future closed at: 14636.95 (-0.360%)

Aug Fut Premium 91.05 (Decreased by -25.55 points)

Aug Fut Open Interest Change: 2.12%

Aug Fut Volume Change: -4.60%

Aug Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (28/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.835 (Decreased from 0.868)

Put-Call Ratio (Volume): 0.937

Max Pain Level: 14500

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 15000

Highest PUT Addition: 13500

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 77,763.91 (0.338%)

SENSEX Monthly Future closed at: 78,128.90 (0.286%)

Premium: 364.99 (Decreased by -39.09 points)

Open Interest Change: 0.79%

Volume Change: -22.51%

Open Interest Analysis: Fresh Long

SENSEX Weekly Expiry (9/07/2026) Option Analysis

Put-Call Ratio (OI): 0.964 (Decreased from 1.149)

Put-Call Ratio (Volume): 1.070

Max Pain Level: 77900

Maximum CALL OI: 78000

Maximum PUT OI: 78000

Highest CALL Addition: 78000

Highest PUT Addition: 78000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,355.33 Cr.

DIIs Net SELL: ₹ 1,953.89 Cr.

FII Derivatives Activity

FII Trading Stats3.07.262.07.261.07.26
FII Cash (Provisional Data)1,355.33-311.82-1,140.50
    
Index Future Open Interest Long Ratio9.59%9.32%9.99%
Index Future Volume Long Ratio64.73%56.31%41.02%
Call Option Open Interest Long Ratio40.21%39.81%38.67%
Call Option Volume Long Ratio49.91%50.31%49.75%
Put Option Open Interest Long Ratio67.47%67.32%70.12%
Put Option Volume Long Ratio50.34%49.20%49.60%
Stock Future Open Interest Long Ratio53.84%53.78%53.53%
Stock Future Volume Long Ratio51.08%53.23%48.73%
    
Index FuturesShort CoveringShort CoveringFresh Short
Index OptionsFresh LongFresh ShortFresh Short
    
Nifty FuturesShort CoveringShort CoveringFresh Short
Nifty OptionsFresh LongFresh ShortFresh Short
    
BankNifty FuturesLong CoveringLong CoveringLong Covering
BankNifty OptionsFresh ShortFresh ShortFresh Long
    
FinNifty FuturesFresh ShortFresh LongFresh Long
FinNifty OptionsFresh ShortFresh ShortFresh Long
    
MidcpNifty FuturesFresh ShortFresh ShortFresh Long
MidcpNifty OptionsFresh ShortFresh ShortFresh Long
    
NiftyNxt50 FuturesFresh LongFresh ShortFresh Short
NiftyNxt50 OptionsFresh ShortFresh LongFresh Long
    
Stock FuturesFresh LongFresh LongFresh Short
Stock OptionsFresh ShortFresh LongFresh Short

SENSEX weekly Expiry (9/07/2026)

The SENSEX index closed at 77763.91. The SENSEX weekly expiry for JULY 9, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.964 against previous 1.149. The 78000CE option holds the maximum open interest, followed by the 78000PE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 78000CE option, with open interest additions also seen in the 78000PE and 78100CE options. On the other hand, open interest reductions were prominent in the 77500CE, 77600CE, and 77000CE options. Trading volume was highest in the 78000PE option, followed by the 78000CE and 77900PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:09-07-2026
Index SpotPCR OIPrev PCR OIPCR VOL
77763.910.9641.1491.070
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,09,51,860        43,64,900           65,86,960
PUT:  1,05,62,580        50,15,420           55,47,160
Top CALL Open Interest:
StrikeOIOI ChangeVolume
78000      13,23,840        10,27,520        2,35,74,160
80000        7,00,260          3,41,960           59,25,040
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
78000      13,23,840        10,27,520        2,35,74,160
78100        5,72,220          5,44,020        1,18,60,000
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
77500        2,38,800        -2,14,240           24,90,640
77600            91,920        -1,10,060           13,70,780
Top CALL Volume:
StrikeOIOI ChangeVolume
78000      13,23,840        10,27,520        2,35,74,160
78100        5,72,220          5,44,020        1,18,60,000
Top PUT Open Interest:
StrikeOIOI ChangeVolume
78000        7,47,960          6,28,180        2,42,21,760
75000        6,93,180          4,43,560           41,86,820
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
78000        7,47,960          6,28,180        2,42,21,760
76000        6,63,040          4,44,560           43,94,500
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
77200        1,38,880            -42,180           34,26,820
77300        1,67,220            -10,840           33,38,540
Top PUT Volume:
StrikeOIOI ChangeVolume
78000        7,47,960          6,28,180        2,42,21,760
77900        3,69,660          3,54,140        1,38,42,740

NIFTY Weekly Expiry (7/07/2026)

The NIFTY index closed at 24270.85. The NIFTY weekly expiry for JULY 7, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.997 against previous 1.335. The 24000PE option holds the maximum open interest, followed by the 25000CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24300CE option, with open interest additions also seen in the 24350CE and 24400CE options. On the other hand, open interest reductions were prominent in the 22000PE, 24200CE, and 24100CE options. Trading volume was highest in the 24300PE option, followed by the 24300CE and 24400CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:07-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,270.85                0.997                  1.335               1.049
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 17,34,74,795   11,77,92,220   5,56,82,575
 PUT: 17,28,75,495   15,72,48,910   1,56,26,585
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000    1,20,71,475         29,18,175       12,41,586
               24,500    1,14,10,035         28,18,920       38,24,979
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,300    1,08,72,745         59,35,085       57,89,030
               24,350       75,46,500         54,49,210       49,79,130
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,200       49,67,365        -25,99,090       15,54,018
               24,100       19,71,125        -25,32,335         3,88,639
 Top CALL Volume:
 Strike OI OI Change Volume
               24,300    1,08,72,745         59,35,085       57,89,030
               24,400    1,13,74,675         49,42,600       52,57,012
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000    1,39,30,930         15,43,815       22,97,342
               23,900       95,80,090         11,29,440       11,00,447
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,300       62,39,025         48,87,220       68,88,138
               24,200       83,11,615         34,89,070       35,19,326
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,000       42,92,275        -26,25,935         2,47,033
               23,400       39,99,580        -21,75,290         7,56,685
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,300       62,39,025         48,87,220       68,88,138
               24,350       22,30,735         20,17,535       40,52,826

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 24270.85. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.136 against previous 1.119. The 24000PE option holds the maximum open interest, followed by the 25000CE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24400PE and 24300PE options. On the other hand, open interest reductions were prominent in the 24000CE, 22500PE, and 23000PE 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:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,270.85                1.136                  1.119               1.171
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,29,12,935      4,25,59,075         3,53,860
 PUT:    4,87,57,410      4,76,43,245       11,14,165
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       68,28,575          -2,31,400             88,438
               24,000       54,33,740          -9,54,005             43,974
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,300       11,74,420            3,02,120             39,277
               26,300          9,02,655            2,94,970             13,529
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       54,33,740          -9,54,005             43,974
               24,100       15,26,915          -2,73,390             17,504
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       68,28,575          -2,31,400             88,438
               24,500       40,32,470            1,65,750             73,858
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       70,47,105            5,87,600             97,204
               23,000       37,38,735          -3,59,450             48,734
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       70,47,105            5,87,600             97,204
               24,400          7,29,690            3,98,320             33,339
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,500       16,75,960          -4,42,000             27,875
               23,000       37,38,735          -3,59,450             48,734
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       70,47,105            5,87,600             97,204
               23,500       34,53,840          -2,90,290             57,629

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 57938.5. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.850 against previous 0.871. The 60000CE option holds the maximum open interest, followed by the 58000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 59000PE and 58000CE options. On the other hand, open interest reductions were prominent in the 60000PE, 60000CE, and 61800CE options. Trading volume was highest in the 58000PE option, followed by the 58000CE and 59000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         57,938.50                0.850                  0.871               0.907
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,22,58,630      1,11,63,060       10,95,570
 PUT:    1,04,18,220         97,20,690         6,97,530
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       21,00,930          -1,19,220             67,252
               58,000       13,76,370            1,12,080         1,11,262
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,000       12,87,120            2,58,480             72,897
               58,000       13,76,370            1,12,080         1,11,262
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       21,00,930          -1,19,220             67,252
               61,800             34,710              -17,100               5,021
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       13,76,370            1,12,080         1,11,262
               59,000       12,87,120            2,58,480             72,897
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000       12,38,910               42,450         1,35,508
               60,000          9,53,760          -2,24,850             10,597
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               59,000          6,44,730            2,41,680             19,222
               56,000          4,86,720               78,870             34,925
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               60,000          9,53,760          -2,24,850             10,597
               53,000          4,49,370                -6,840             11,402
 Top PUT Volume: 
 Strike OI OI Change Volume
               58,000       12,38,910               42,450         1,35,508
               58,100          1,04,160               33,480             47,396

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14545.9. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.835 against previous 0.868. The 15000CE option holds the maximum open interest, followed by the 13500PE 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 16000CE and 15500CE options. On the other hand, open interest reductions were prominent in the 62000PE, 62000PE, and 62000CE options. Trading volume was highest in the 14600CE option, followed by the 14500PE and 15000CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,545.90                0.835                  0.868               0.937
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       42,15,240         37,19,880         4,95,360
 PUT:       35,20,560         32,27,640         2,92,920
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          7,23,960            1,21,920               6,086
               14,500          6,31,920                -4,200               4,639
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,000          7,23,960            1,21,920               6,086
               16,000          3,11,520               88,800               2,039
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,400          1,99,680              -19,200                   435
               15,700             46,560              -16,920                   397
 Top CALL Volume:
 Strike OI OI Change Volume
               14,600          3,20,760               48,840               7,116
               15,000          7,23,960            1,21,920               6,086
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,500          6,63,000               60,240               3,722
               14,500          6,02,160                     720               6,882
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,500          6,63,000               60,240               3,722
               13,600             52,680               42,600                   931
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,650             47,040                -6,240                   742
               14,375                4,320                -3,240                     82
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,500          6,02,160                     720               6,882
               14,600          2,10,240                -1,200               5,953

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

Today’s Open Interest Volume Analysis suggests that the overall market structure remains cautiously bullish but far from one-sided. NIFTY’s rise was supported mainly by short covering instead of strong fresh long additions, which means buyers still need to prove their strength above immediate resistance levels.

Option writers have clearly identified 24200-24300 as the immediate battleground for NIFTY, while 24000 continues to be the strongest positional support and 25000 remains the major resistance zone. A sustained move above the heavy call writing zone would be needed to trigger the next leg of the uptrend.

BANKNIFTY deserves close attention because persistent fresh short build-up in futures, combined with a weakening Put-Call Ratio, indicates that banking stocks are still lagging the broader market. Unless BANKNIFTY starts witnessing short covering or fresh long additions, NIFTY’s upside could remain limited.

MIDCPNIFTY also continues to show fresh short formation, suggesting that risk appetite in the broader market has not fully returned. This supports a selective trading approach rather than chasing every breakout.

From a trading perspective, the derivatives setup still favours a buy-on-dips strategy in NIFTY, but only while it holds above the major support zone around 24200-24000. A decisive breakout above 24300 followed by sustained buying can attract fresh longs and extend the rally. On the other hand, failure to hold above Max Pain and renewed short additions in futures would increase the probability of profit booking in the coming sessions.

Overall, Open Interest Volume Analysis continues to favour a cautiously optimistic outlook, with traders advised to monitor changes in futures open interest and option writing before taking aggressive directional positions.

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

Disclaimer

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