NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 10/07/2026

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Open Interest Volume Analysis

Today’s Open Interest Volume Analysis points to a clear shift in market positioning as aggressive short covering lifted all the major indices higher. NIFTY gained more than 1%, BANKNIFTY outperformed with a 1.39% rise, while MIDCPNIFTY and SENSEX also participated, showing that buying was broad-based rather than limited to a few heavyweight stocks.

The most important takeaway from this Open Interest Volume Analysis is that the rally was largely driven by bears covering their positions instead of aggressive fresh buying in the near-month futures. Combined futures open interest declined in NIFTY, BANKNIFTY and SENSEX despite higher prices, confirming short covering. However, August futures in both NIFTY and BANKNIFTY witnessed fresh long additions, suggesting traders are gradually shifting bullish exposure to the next series.

Options data became significantly stronger during the session. Weekly NIFTY PCR jumped sharply from 0.799 to 1.273, monthly PCR also improved, and the highest PUT addition shifted to the 24200 strike, exactly matching the Max Pain level. This indicates that 24200 has immediately become an important support where option writers are showing confidence.

BANKNIFTY also displayed improving sentiment as PCR moved closer to 1, while heavy PUT writing at 58000 strengthened the support base. MIDCPNIFTY continued to attract fresh long positions in the August contract, indicating that broader market participation remains healthy despite lower trading volumes.

Overall, this Open Interest Volume Analysis suggests that market sentiment has turned positive after the recent correction, but confirmation of a sustained uptrend will now depend on fresh long accumulation replacing short covering over the coming sessions.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24206.9 (1.019%)

Combined = July + August + September

Combined Fut Open Interest Change: -0.86%

Combined Fut Volume Change: -19.74%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 12% Previous 12%

NIFTY JULY Future closed at: 24241.9 (1.011%)

July Fut Premium 35 (Decreased by -1.5 points)

July Fut Open Interest Change: -1.36%

July Fut Volume Change: -19.46%

July Fut Open Interest Analysis: Short Covering

NIFTY AUGUST Future closed at: 24328.7 (0.988%)

Aug Fut Premium 121.8 (Decreased by -6.2 points)

Aug Fut Open Interest Change: 1.90%

Aug Fut Volume Change: -20.39%

Aug Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (14/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.273 (Increased from 0.799)

Put-Call Ratio (Volume): 0.941

Max Pain Level: 24200

Maximum CALL Open Interest: 24500

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24150

Highest PUT Addition: 24200

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

Put-Call Ratio (Open Interest): 1.136 (Increased from 1.103)

Put-Call Ratio (Volume): 1.140

Max Pain Level: 24200

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 23700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58045.9 (1.386%)

Combined = July + August + September

Combined Fut Open Interest Change: -2.48%

Combined Fut Volume Change: -9.61%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 15% Previous 14%

BANKNIFTY JULY Future closed at: 58200 (1.267%)

July Fut Premium 154.1 (Decreased by -65.45 points)

July Fut Open Interest Change: -3.0%

July Fut Volume Change: -9.1%

July Fut Open Interest Analysis: Short Covering

BANKNIFTY AUGUST Future closed at: 58484.4 (1.275%)

Aug Fut Premium 438.5 (Decreased by -57.25 points)

Aug Fut Open Interest Change: 1.21%

Aug Fut Volume Change: -20.15%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.943 (Increased from 0.850)

Put-Call Ratio (Volume): 0.825

Max Pain Level: 58000

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 59500

Highest PUT Addition: 58000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14820.9 (1.133%)

Combined = July + August + September

Combined Fut Open Interest Change: 0.22%

Combined Fut Volume Change: -37.63%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 3% Previous 3%

MIDCPNIFTY JULY Future closed at: 14854.15 (1.139%)

July Fut Premium 33.25 (Increased by 1.25 points)

July Fut Open Interest Change: -0.15%

July Fut Volume Change: -40.60%

July Fut Open Interest Analysis: Short Covering

MIDCPNIFTY AUGUST Future closed at: 14886.3 (1.082%)

Aug Fut Premium 65.4 (Decreased by -6.8 points)

Aug Fut Open Interest Change: 9.71%

Aug Fut Volume Change: -8.33%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.062 (Increased from 0.986)

Put-Call Ratio (Volume): 0.767

Max Pain Level: 14600

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14500

Highest CALL Addition: 15200

Highest PUT Addition: 14800

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 77,569.39 (1.078%)

SENSEX Monthly Future closed at: 77,788.95 (1.035%)

Premium: 219.56 (Decreased by -31.02 points)

Open Interest Change: -6.58%

Volume Change: -54.61%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (16/07/2026) Option Analysis

Put-Call Ratio (OI): 1.344 (Increased from 0.874)

Put-Call Ratio (Volume): 0.943

Max Pain Level: 77500

Maximum CALL OI: 77500

Maximum PUT OI: 77500

Highest CALL Addition: 77500

Highest PUT Addition: 77500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 2,603.72 Cr.

DIIs Net BUY: ₹ 2,019.68 Cr.

FII Derivatives Activity

FII Trading Stats10.07.269.07.268.07.26
FII Cash (Provisional Data)2,603.72-532.861,962.80
    
Index Future Open Interest Long Ratio10.64%9.56%9.19%
Index Future Volume Long Ratio72.00%54.51%25.83%
Call Option Open Interest Long Ratio41.32%39.74%38.72%
Call Option Volume Long Ratio50.34%50.29%49.14%
Put Option Open Interest Long Ratio64.60%69.45%71.39%
Put Option Volume Long Ratio49.60%49.77%50.86%
Stock Future Open Interest Long Ratio54.53%54.20%54.11%
Stock Future Volume Long Ratio54.25%51.18%48.48%
    
Index FuturesShort CoveringFresh LongFresh Short
Index OptionsFresh ShortFresh LongFresh Long
    
Nifty FuturesShort CoveringFresh LongFresh Short
Nifty OptionsFresh ShortFresh LongFresh Long
    
BankNifty FuturesFresh LongFresh LongFresh Short
BankNifty OptionsLong CoveringFresh ShortLong Covering
    
FinNifty FuturesShort CoveringShort CoveringFresh Short
FinNifty OptionsFresh LongFresh LongFresh Short
    
MidcpNifty FuturesFresh LongFresh ShortLong Covering
MidcpNifty OptionsFresh LongFresh ShortShort Covering
    
NiftyNxt50 FuturesShort CoveringLong CoveringLong Covering
NiftyNxt50 OptionsFresh LongFresh LongFresh Short
    
Stock FuturesFresh LongFresh LongLong Covering
Stock OptionsFresh ShortFresh LongFresh Long

SENSEX weekly Expiry (16/07/2026)

The SENSEX index closed at 77569.39. The SENSEX weekly expiry for JULY 16, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.344 against previous 0.874. The 77500PE option holds the maximum open interest, followed by the 77500CE 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 77400PE and 77500CE options. On the other hand, open interest reductions were prominent in the 77000CE, 76800CE, and 77100CE options. Trading volume was highest in the 77500PE option, followed by the 77500CE and 77400PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:16-07-2026
Index SpotPCR OIPrev PCR OIPCR VOL
77569.391.3440.8740.943
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      96,25,500        49,77,020           46,48,480
PUT:  1,29,39,140        43,51,380           85,87,760
Top CALL Open Interest:
StrikeOIOI ChangeVolume
77500        9,47,820          7,44,840        2,29,19,760
81000        8,13,160          4,39,400           41,92,220
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
77500        9,47,820          7,44,840        2,29,19,760
81000        8,13,160          4,39,400           41,92,220
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
77000        2,44,040        -1,72,780           26,71,940
76800            48,020            -95,340              4,69,960
Top CALL Volume:
StrikeOIOI ChangeVolume
77500        9,47,820          7,44,840        2,29,19,760
78000        5,72,200          2,99,320        1,33,05,420
Top PUT Open Interest:
StrikeOIOI ChangeVolume
77500      10,82,700          9,83,860        2,34,55,400
75000        8,14,960          5,65,500           47,72,780
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
77500      10,82,700          9,83,860        2,34,55,400
77400        7,79,440          7,62,840        1,47,25,060
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
76600            93,600            -37,400           24,22,300
76800        1,43,300            -12,320           34,11,460
Top PUT Volume:
StrikeOIOI ChangeVolume
77500      10,82,700          9,83,860        2,34,55,400
77400        7,79,440          7,62,840        1,47,25,060

NIFTY Weekly Expiry (14/07/2026)

The NIFTY index closed at 24206.9. The NIFTY weekly expiry for JULY 14, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.273 against previous 0.799. The 24500CE option holds the maximum open interest, followed by the 23000PE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24200PE option, with open interest additions also seen in the 24150PE and 24100PE options. On the other hand, open interest reductions were prominent in the 24000CE, 24100CE, and 25500CE options. Trading volume was highest in the 24200CE option, followed by the 24200PE and 24150PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:14-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,206.90                1.273                  0.799               0.941
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 14,24,27,935   15,34,70,720 -1,10,42,785
 PUT: 18,12,55,490   12,25,98,450   5,86,57,040
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,500    1,40,69,965            4,36,475       30,50,915
               24,200       94,05,435            4,34,785       75,67,286
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,150       44,78,305         21,73,145       34,62,333
               24,600       78,05,005         19,31,670       13,87,306
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       32,61,700        -46,20,200       10,38,532
               24,100       27,98,315        -29,12,845       24,44,672
 Top CALL Volume:
 Strike OI OI Change Volume
               24,200       94,05,435            4,34,785       75,67,286
               24,300       94,00,950            7,58,160       38,22,136
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000    1,22,44,245         39,69,940       10,06,753
               24,000    1,05,27,205         44,81,685       28,72,110
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,200    1,02,95,285         75,15,105       63,79,639
               24,150       79,10,175         71,52,275       45,39,113
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,600       68,30,005        -16,65,885         8,33,726
               23,250       15,15,670          -3,82,720         2,80,580
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,200    1,02,95,285         75,15,105       63,79,639
               24,150       79,10,175         71,52,275       45,39,113

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 24206.9. 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 1.103. The 25000CE option holds the maximum open interest, followed by the 24000PE 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 23700PE and 24100PE options. On the other hand, open interest reductions were prominent in the 24000CE, 24500CE, and 24300CE options. Trading volume was highest in the 24000PE option, followed by the 25000CE and 24200CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,206.90                1.136                  1.103               1.140
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,45,72,580      4,59,79,375     -14,06,795
 PUT:    5,06,41,305      5,07,10,595           -69,290
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       63,59,990            4,77,685             87,908
               24,000       46,85,265          -5,98,715             59,879
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000       63,59,990            4,77,685             87,908
               25,200       10,45,135            1,32,145             14,083
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       46,85,265          -5,98,715             59,879
               24,500       44,99,105          -5,47,755             80,924
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       63,59,990            4,77,685             87,908
               24,200       25,25,770          -2,68,125             80,939
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       59,65,895          -1,37,020         1,17,104
               23,500       39,19,565            1,95,195             64,255
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,700       16,35,855            3,64,975             37,330
               24,100       19,89,065            2,03,905             35,345
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,300       13,55,120          -3,30,655             34,250
               23,850          1,51,710          -2,20,025               9,465
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       59,65,895          -1,37,020         1,17,104
               24,200       26,26,065            1,59,120             73,248

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 58045.9. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.943 against previous 0.850. 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 58000PE option, with open interest additions also seen in the 57800PE and 57900PE options. On the other hand, open interest reductions were prominent in the 57500CE, 57000CE, and 58300CE options. Trading volume was highest in the 58000CE option, followed by the 58000PE and 60000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         58,045.90                0.943                  0.850               0.825
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,39,51,530      1,43,33,820       -3,82,290
 PUT:    1,31,61,510      1,21,82,970         9,78,540
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               59,000       20,16,750              -26,610             86,202
               60,000       16,40,220               33,240             89,338
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,500          4,18,080               71,220             35,014
               60,000       16,40,220               33,240             89,338
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,500          3,19,140          -1,11,630             31,749
               57,000          3,99,600              -71,670             16,646
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       13,46,880              -49,680         1,53,329
               60,000       16,40,220               33,240             89,338
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000       12,80,370            3,18,240         1,33,821
               59,000       12,31,140                -8,070               9,016
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               58,000       12,80,370            3,18,240         1,33,821
               57,800          1,77,630               98,280             46,809
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               53,500          2,11,050              -39,900             11,500
               52,500             88,110              -29,820               7,711
 Top PUT Volume: 
 Strike OI OI Change Volume
               58,000       12,80,370            3,18,240         1,33,821
               57,000          7,71,900               38,370             64,322

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14820.9. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.062 against previous 0.986. The 15000CE option holds the maximum open interest, followed by the 14500PE and 14000PE options. Market participants have shown increased interest with significant open interest additions in the 14800PE option, with open interest additions also seen in the 15200CE and 14700PE options. On the other hand, open interest reductions were prominent in the 73000CE, 82500PE, and 82500CE options. Trading volume was highest in the 14800CE option, followed by the 15000CE and 15200CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,820.90                1.062                  0.986               0.767
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       55,91,160         51,52,920         4,38,240
 PUT:       59,36,520         50,80,680         8,55,840
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          8,03,040               26,400             17,689
               15,500          5,28,240            1,01,280               5,101
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,200          4,88,880            2,18,400             12,421
               15,500          5,28,240            1,01,280               5,101
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,600          2,23,080              -54,840               2,303
               14,500          3,88,200              -50,160               2,116
 Top CALL Volume:
 Strike OI OI Change Volume
               14,800          3,36,240               70,440             18,411
               15,000          8,03,040               26,400             17,689
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,500          6,25,920               72,600               7,661
               14,000          6,09,480            1,21,680               6,425
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,800          2,89,440            2,28,360             10,986
               14,700          3,17,400            1,38,600               6,751
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,500          5,90,880              -50,400               1,972
               14,575             30,120                -6,120                   262
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,800          2,89,440            2,28,360             10,986
               14,500          6,25,920               72,600               7,661

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

This Open Interest Volume Analysis suggests that the bulls have regained short-term control, but the current rally is still primarily supported by short covering rather than aggressive fresh buying in the near-month contracts. A stronger bullish confirmation will come only when prices continue rising alongside meaningful open interest addition.

The rollover data shows normal migration into August contracts, while fresh long buildup in August NIFTY, BANKNIFTY and MIDCPNIFTY futures indicates that institutional traders are gradually positioning for further upside beyond the weekly expiry. This is a constructive signal for the medium-term trend.

Option writers have clearly shifted their focus toward defending NIFTY 24200, BANKNIFTY 58000, MIDCPNIFTY 14800, and SENSEX 77500, making these the key support zones to monitor. As long as these levels remain protected, every intraday dip is likely to attract buyers instead of panic selling.

On the upside, aggressive CALL writing near NIFTY 24150-24500, BANKNIFTY 59000-59500, and MIDCPNIFTY 15000-15200 indicates that the market may witness intermittent resistance and profit booking before attempting another breakout. A decisive move above these option resistance zones could trigger fresh momentum buying.
From a trading perspective, this Open Interest Volume Analysis continues to favor a buy-on-dips strategy instead of chasing sharp gap-up moves. Traders should closely monitor whether fresh long positions continue to build in futures. If open interest starts increasing along with rising prices, the current short-covering rally could evolve into a stronger and more sustainable bullish trend. Conversely, if prices rise while open interest keeps falling, the rally may lose momentum near the major option resistance levels.

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