Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 9/07/2026
Table of Contents
After Wednesday’s sharp decline, Thursday’s derivatives data points to short covering instead of aggressive fresh buying, making today’s recovery constructive but not yet a confirmed trend reversal.
Our Open Interest Volume Analysis shows that NIFTY, BANKNIFTY and SENSEX July futures witnessed short covering, while August contracts attracted fresh long positions, indicating that traders are gradually shifting bullish bets to the next series rather than chasing the current expiry.
Option data also improved. Weekly PCR (OI) for NIFTY jumped from 0.605 to 0.799, monthly PCR remained above 1.10, and Max Pain shifted higher, suggesting that bearish pressure has eased considerably after yesterday’s panic selling.
However, the sharp decline in futures volumes across all major indices indicates that today’s rise was driven more by short sellers exiting positions than by strong institutional buying. Open Interest Volume Analysis therefore suggests that bulls have regained some control, but they still need fresh long additions with higher participation to confirm that a sustainable uptrend has resumed.
Going into the next session, traders should avoid becoming overly aggressive on either side. The derivatives setup has clearly improved, but confirmation from higher volumes and continued fresh long build-up remains essential before expecting a sustained breakout.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23962.8 (0.338%)
Combined = July + August + September
Combined Fut Open Interest Change: -1.13%
Combined Fut Volume Change: -47.58%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 12% Previous 11%
NIFTY JULY Future closed at: 23999.3 (0.364%)
July Fut Premium 36.5 (Increased by 6.35 points)
July Fut Open Interest Change: -1.78%
July Fut Volume Change: -45.35%
July Fut Open Interest Analysis: Short Covering
NIFTY AUGUST Future closed at: 24090.8 (0.347%)
Aug Fut Premium 128 (Increased by 2.65 points)
Aug Fut Open Interest Change: 3.60%
Aug Fut Volume Change: -55.07%
Aug Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (14/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.799 (Increased from 0.605)
Put-Call Ratio (Volume): 0.912
Max Pain Level: 24050
Maximum CALL Open Interest: 24500
Maximum PUT Open Interest: 23600
Highest CALL Addition: 24700
Highest PUT Addition: 23600
NIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.103 (Increased from 1.091)
Put-Call Ratio (Volume): 0.955
Max Pain Level: 24200
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 24000
Highest CALL Addition: 25000
Highest PUT Addition: 23500
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 57252.45 (0.899%)
Combined = July + August + September
Combined Fut Open Interest Change: 0.05%
Combined Fut Volume Change: -53.56%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 14% Previous 13%
BANKNIFTY JULY Future closed at: 57472 (0.916%)
July Fut Premium 219.55 (Increased by 11.55 points)
July Fut Open Interest Change: -1.4%
July Fut Volume Change: -53.2%
July Fut Open Interest Analysis: Short Covering
BANKNIFTY AUGUST Future closed at: 57748.2 (0.903%)
Aug Fut Premium 495.75 (Increased by 6.75 points)
Aug Fut Open Interest Change: 11.71%
Aug Fut Volume Change: -55.78%
Aug Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.850 (Increased from 0.807)
Put-Call Ratio (Volume): 0.889
Max Pain Level: 58000
Maximum CALL Open Interest: 59000
Maximum PUT Open Interest: 59000
Highest CALL Addition: 57500
Highest PUT Addition: 57500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14654.8 (1.635%)
Combined = July + August + September
Combined Fut Open Interest Change: 1.82%
Combined Fut Volume Change: -43.04%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 3% Previous 3%
MIDCPNIFTY JULY Future closed at: 14686.8 (1.736%)
July Fut Premium 32 (Increased by 14.95 points)
July Fut Open Interest Change: 1.66%
July Fut Volume Change: -42.99%
July Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY AUGUST Future closed at: 14727 (1.626%)
Aug Fut Premium 72.2 (Decreased by -0.05 points)
Aug Fut Open Interest Change: 7.80%
Aug Fut Volume Change: -43.60%
Aug Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.986 (Increased from 0.865)
Put-Call Ratio (Volume): 0.873
Max Pain Level: 14550
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 13500
Highest CALL Addition: 16000
Highest PUT Addition: 14500
SENSEX Monthly Expiry (30/07/2026) Future
SENSEX Spot closed at: 76,741.82 (0.311%)
SENSEX Monthly Future closed at: 76,992.40 (0.305%)
Premium: 250.58 (Decreased by -4.42 points)
Open Interest Change: -10.02%
Volume Change: -16.38%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (16/07/2026) Option Analysis
Put-Call Ratio (OI): 0.874 (Increased from 0.857)
Put-Call Ratio (Volume): 0.879
Max Pain Level: 77000
Maximum CALL OI: 77000
Maximum PUT OI: 76500
Highest CALL Addition: 77000
Highest PUT Addition: 77000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 532.86 Cr.
DIIs Net BUY: ₹ 2,057.79 Cr.
FII Derivatives Activity
| FII Trading Stats | 9.07.26 | 8.07.26 | 7.07.26 |
| FII Cash (Provisional Data) | -532.86 | 1,962.80 | 393.19 |
| Index Future Open Interest Long Ratio | 9.56% | 9.19% | 10.75% |
| Index Future Volume Long Ratio | 54.51% | 25.83% | 56.91% |
| Call Option Open Interest Long Ratio | 39.74% | 38.72% | 39.53% |
| Call Option Volume Long Ratio | 50.29% | 49.14% | 48.87% |
| Put Option Open Interest Long Ratio | 69.45% | 71.39% | 72.33% |
| Put Option Volume Long Ratio | 49.77% | 50.86% | 50.32% |
| Stock Future Open Interest Long Ratio | 54.20% | 54.11% | 54.26% |
| Stock Future Volume Long Ratio | 51.18% | 48.48% | 52.53% |
| Index Futures | Fresh Long | Fresh Short | Short Covering |
| Index Options | Fresh Long | Fresh Long | Long Covering |
| Nifty Futures | Fresh Long | Fresh Short | Short Covering |
| Nifty Options | Fresh Long | Fresh Long | Long Covering |
| BankNifty Futures | Fresh Long | Fresh Short | Long Covering |
| BankNifty Options | Fresh Short | Long Covering | Fresh Short |
| FinNifty Futures | Short Covering | Fresh Short | Fresh Long |
| FinNifty Options | Fresh Long | Fresh Short | Long Covering |
| MidcpNifty Futures | Fresh Short | Long Covering | Fresh Long |
| MidcpNifty Options | Fresh Short | Short Covering | Fresh Short |
| NiftyNxt50 Futures | Long Covering | Long Covering | Short Covering |
| NiftyNxt50 Options | Fresh Long | Fresh Short | Fresh Short |
| Stock Futures | Fresh Long | Long Covering | Short Covering |
| Stock Options | Fresh Long | Fresh Long | Fresh Long |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (16/07/2026)
The SENSEX index closed at 76741.82. The SENSEX weekly expiry for JULY 16, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.874 against previous 0.857. The 77000CE option holds the maximum open interest, followed by the 78500CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 77000CE option, with open interest additions also seen in the 80000CE and 77000PE options. On the other hand, open interest reductions were prominent in the 77600CE, 78000PE, and 77800PE options. Trading volume was highest in the 77000CE option, followed by the 77000PE and 76500PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 16-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 76741.82 | 0.874 | 0.857 | 0.879 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 49,77,020 | 20,63,000 | 29,14,020 |
| PUT: | 43,51,380 | 17,68,840 | 25,82,540 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 4,16,820 | 3,08,080 | 38,34,100 |
| 78500 | 3,83,020 | 1,43,000 | 12,09,920 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 4,16,820 | 3,08,080 | 38,34,100 |
| 80000 | 3,76,360 | 2,70,100 | 11,22,700 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77600 | 57,560 | -16,860 | 6,74,480 |
| 80100 | 14,280 | -20 | 51,520 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 4,16,820 | 3,08,080 | 38,34,100 |
| 77500 | 2,02,980 | 80,660 | 19,06,480 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 76500 | 3,24,220 | 1,94,240 | 20,08,160 |
| 77000 | 3,23,100 | 2,38,500 | 34,73,140 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 3,23,100 | 2,38,500 | 34,73,140 |
| 76500 | 3,24,220 | 1,94,240 | 20,08,160 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 78000 | 97,800 | -14,960 | 1,23,040 |
| 77800 | 15,440 | -6,080 | 32,500 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 3,23,100 | 2,38,500 | 34,73,140 |
| 76500 | 3,24,220 | 1,94,240 | 20,08,160 |
NIFTY Weekly Expiry (14/07/2026)
The NIFTY index closed at 23962.8. The NIFTY weekly expiry for JULY 14, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.799 against previous 0.605. The 24500CE option holds the maximum open interest, followed by the 24200CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 23600PE option, with open interest additions also seen in the 23000PE and 24000PE options. On the other hand, open interest reductions were prominent in the 25500CE, 23900CE, and 25700CE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 24100CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 14-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,962.80 | 0.799 | 0.605 | 0.912 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,34,70,720 | 15,08,83,785 | 25,86,935 |
| PUT: | 12,25,98,450 | 9,13,52,755 | 3,12,45,695 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 1,36,33,490 | 15,99,780 | 12,97,515 |
| 24,200 | 89,70,650 | -9,29,890 | 19,66,735 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,700 | 75,81,405 | 20,00,635 | 7,31,495 |
| 24,050 | 29,35,725 | 17,94,455 | 18,85,597 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 86,91,150 | -12,05,750 | 5,02,321 |
| 23,900 | 18,91,175 | -11,14,165 | 7,24,968 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 78,81,900 | 16,89,285 | 28,78,556 |
| 24,100 | 57,11,160 | 17,71,575 | 22,35,211 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,600 | 84,95,890 | 33,68,300 | 8,14,572 |
| 23,000 | 82,74,305 | 31,33,715 | 7,50,398 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,600 | 84,95,890 | 33,68,300 | 8,14,572 |
| 23,000 | 82,74,305 | 31,33,715 | 7,50,398 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 27,80,180 | -10,67,235 | 4,51,507 |
| 24,300 | 18,79,410 | -5,52,955 | 1,56,242 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 60,45,520 | 25,64,185 | 31,98,553 |
| 23,900 | 44,87,665 | 8,33,885 | 17,07,419 |
NIFTY Monthly Expiry (28/07/2026)
The NIFTY index closed at 23962.8. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.103 against previous 1.091. 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 25000CE option, with open interest additions also seen in the 23500PE and 23100PE options. On the other hand, open interest reductions were prominent in the 24000CE, 24200CE, and 24300PE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 24500CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,962.80 | 1.103 | 1.091 | 0.955 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 4,59,79,375 | 4,58,75,310 | 1,04,065 |
| PUT: | 5,07,10,595 | 5,00,29,460 | 6,81,135 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 58,82,305 | 3,93,705 | 75,320 |
| 24,000 | 52,83,980 | -2,17,295 | 1,17,286 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 58,82,305 | 3,93,705 | 75,320 |
| 24,300 | 23,63,595 | 2,10,600 | 40,704 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 52,83,980 | -2,17,295 | 1,17,286 |
| 24,200 | 27,93,895 | -1,97,275 | 47,098 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 52,83,980 | -2,17,295 | 1,17,286 |
| 24,500 | 50,46,860 | 1,51,190 | 97,403 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 61,02,915 | 94,900 | 1,34,394 |
| 23,000 | 38,95,775 | -1,00,815 | 72,269 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 37,24,370 | 3,42,095 | 66,778 |
| 23,100 | 8,05,155 | 2,88,665 | 18,493 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,300 | 16,85,775 | -1,58,990 | 12,472 |
| 24,500 | 24,07,860 | -1,20,900 | 22,018 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 61,02,915 | 94,900 | 1,34,394 |
| 23,000 | 38,95,775 | -1,00,815 | 72,269 |
BANKNIFTY Monthly Expiry (28/07/2026)
The BANKNIFTY index closed at 57252.45. 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 0.807. The 59000CE option holds the maximum open interest, followed by the 60000CE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 57500PE option, with open interest additions also seen in the 57500CE and 57200PE options. On the other hand, open interest reductions were prominent in the 60000CE, 58500CE, and 58000CE options. Trading volume was highest in the 60000CE option, followed by the 57000PE and 58000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 57,252.45 | 0.850 | 0.807 | 0.889 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,43,33,820 | 1,42,99,200 | 34,620 |
| PUT: | 1,21,82,970 | 1,15,32,510 | 6,50,460 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 20,43,360 | -34,200 | 66,797 |
| 60,000 | 16,06,980 | -1,88,520 | 1,03,255 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,500 | 4,30,770 | 1,49,640 | 77,070 |
| 62,000 | 7,06,590 | 82,200 | 29,654 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 16,06,980 | -1,88,520 | 1,03,255 |
| 58,500 | 7,79,970 | -59,340 | 52,806 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 16,06,980 | -1,88,520 | 1,03,255 |
| 58,000 | 13,96,560 | -59,160 | 77,630 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 12,39,210 | -17,370 | 3,689 |
| 58,000 | 9,62,130 | -31,650 | 26,890 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,500 | 4,93,020 | 2,07,420 | 61,527 |
| 57,200 | 1,41,360 | 93,990 | 62,236 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 48,000 | 62,940 | -58,290 | 5,404 |
| 58,000 | 9,62,130 | -31,650 | 26,890 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 7,33,530 | 23,190 | 95,122 |
| 57,200 | 1,41,360 | 93,990 | 62,236 |
MIDCPNIFTY Monthly Expiry (28/07/2026)
The MIDCPNIFTY index closed at 14654.8. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.986 against previous 0.865. The 15000CE option holds the maximum open interest, followed by the 13500PE and 14500PE options. Market participants have shown increased interest with significant open interest additions in the 16000CE option, with open interest additions also seen in the 14500PE and 14600PE options. On the other hand, open interest reductions were prominent in the 75000CE, 75000PE, and 75000CE options. Trading volume was highest in the 15000CE option, followed by the 14500PE and 14600PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,654.80 | 0.986 | 0.865 | 0.873 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 51,52,920 | 50,25,960 | 1,26,960 |
| PUT: | 50,80,680 | 43,46,520 | 7,34,160 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 7,76,640 | 48,960 | 26,745 |
| 14,500 | 4,38,360 | -1,68,480 | 8,038 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 16,000 | 3,20,760 | 1,57,200 | 2,814 |
| 15,300 | 2,41,680 | 67,080 | 3,021 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 4,38,360 | -1,68,480 | 8,038 |
| 14,600 | 2,77,920 | -36,960 | 10,258 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 7,76,640 | 48,960 | 26,745 |
| 14,600 | 2,77,920 | -36,960 | 10,258 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 6,41,280 | 47,280 | 3,844 |
| 14,500 | 5,53,320 | 1,39,080 | 11,398 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 5,53,320 | 1,39,080 | 11,398 |
| 14,600 | 3,32,040 | 1,30,680 | 10,490 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 4,13,040 | -24,120 | 1,819 |
| 14,200 | 82,800 | -10,920 | 3,108 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 5,53,320 | 1,39,080 | 11,398 |
| 14,600 | 3,32,040 | 1,30,680 | 10,490 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Open Interest Volume Analysis continues to paint a cautiously positive picture for the broader market. The combination of short covering in July futures, fresh long build-up in August contracts, rising PCRs and improving Max Pain levels indicates that market sentiment has stabilized after Wednesday’s sharp correction.
NIFTY’s monthly option chain remains supportive with PCR above 1, while BANKNIFTY and MIDCPNIFTY also witnessed healthy improvement in positioning. The rollover data is gradually increasing, showing that participants are beginning to shift positions into the next expiry with a mildly bullish bias.
The biggest missing piece is volume confirmation. Futures volumes dropped sharply across NIFTY, BANKNIFTY and MIDCPNIFTY, suggesting that today’s recovery lacked broad institutional conviction. Until Open Interest Volume Analysis starts showing fresh long additions accompanied by rising trading volumes, every rally should be viewed as a recovery within a still-fragile market rather than the beginning of a powerful uptrend.
Traders should therefore maintain a cautious bullish stance. Buying on dips remains the preferred strategy while key support levels hold, but fresh aggressive longs should ideally be initiated only after a convincing breakout supported by expanding volumes and continued fresh long build-up in futures. Patience is likely to offer better risk-reward than chasing momentum at current levels.
Check Previous Day’s NSE & BSE Indices F&O Analysis
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