NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 15/07/2026

Welcome back, traders! If you’ve been tracking the markets today, you already know the markets are subtly shifting gears. Our deep Open Interest Volume Analysis for the mid-July series reveals one dominant theme across the board: aggressive short covering in the current month coupled with confident fresh longs rolling into August. The bears are quietly unwinding their positions, but the options chain suggests we might face some near-term speed bumps before any massive breakout. Here is the big-picture breakdown of what the raw data is screaming at us:

The Bears Are Retreating: Across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX, July futures universally saw a drop in both open interest and volume alongside rising spot prices. This is textbook short covering—sellers are feeling the heat and buying back their positions.

August is Catching the Bids: Smart money isn’t just closing shorts; they are rolling long. Nifty and BankNifty August futures are seeing fresh long additions, while Midcap Nifty is the clear outperformer with a massive 12.36% spike in August OI.

The Expiry Tug-of-War: We are seeing a classic divergence in timelines. Weekly option writers are cautious and slightly bearish (Nifty weekly Put-Call Ratio dropping to 0.776), but the monthly writers are boldly bullish, pushing the monthly PCR up to 1.080.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24078.5 (0.110%)

Combined = July + August + September

Combined Fut Open Interest Change: -0.33%

Combined Fut Volume Change: -9.37%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 13% Previous 12%

NIFTY JULY Future closed at: 24067.8 (0.181%)

July Fut Discount -10.7 (Increased by 17.15 points)

July Fut Open Interest Change: -0.58%

July Fut Volume Change: -10.28%

July Fut Open Interest Analysis: Short Covering

NIFTY AUGUST Future closed at: 24167.6 (0.197%)

Aug Fut Discount 89.1 (Increased by 21.15 points)

Aug Fut Open Interest Change: 1.65%

Aug Fut Volume Change: -4.41%

Aug Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (21/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.776 (Decreased from 0.859)

Put-Call Ratio (Volume): 0.994

Max Pain Level: 24100

Maximum CALL Open Interest: 24200

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24200

Highest PUT Addition: 23000

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

Put-Call Ratio (Open Interest): 1.080 (Increased from 1.062)

Put-Call Ratio (Volume): 0.954

Max Pain Level: 24200

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24200

Highest PUT Addition: 24100

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57757.85 (0.514%)

Combined = July + August + September

Combined Fut Open Interest Change: -2.01%

Combined Fut Volume Change: -1.12%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 17% Previous 16%

BANKNIFTY JULY Future closed at: 57837.6 (0.520%)

July Fut Premium 79.75 (Increased by 3.85 points)

July Fut Open Interest Change: -2.7%

July Fut Volume Change: -2.3%

July Fut Open Interest Analysis: Short Covering

BANKNIFTY AUGUST Future closed at: 58132.8 (0.483%)

Aug Fut Premium 374.95 (Decreased by -15.95 points)

Aug Fut Open Interest Change: 0.43%

Aug Fut Volume Change: 6.27%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.851 (Decreased from 0.852)

Put-Call Ratio (Volume): 0.917

Max Pain Level: 58000

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 59000

Highest CALL Addition: 57000

Highest PUT Addition: 54500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14771.45 (0.400%)

Combined = July + August + September

Combined Fut Open Interest Change: -1.38%

Combined Fut Volume Change: 18.69%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 4% Previous 4%

MIDCPNIFTY JULY Future closed at: 14766.3 (0.364%)

July Fut Discount -5.15 (Decreased by -5.25 points)

July Fut Open Interest Change: -1.88%

July Fut Volume Change: 22.11%

July Fut Open Interest Analysis: Short Covering

MIDCPNIFTY AUGUST Future closed at: 14822.7 (0.473%)

Aug Fut Discount 51.25 (Increased by 11 points)

Aug Fut Open Interest Change: 12.36%

Aug Fut Volume Change: -0.56%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.024 (Increased from 0.954)

Put-Call Ratio (Volume): 1.004

Max Pain Level: 14700

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15100

Highest PUT Addition: 14600

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 77,185.43 (0.169%)

SENSEX Monthly Future closed at: 77,264.10 (0.162%)

Premium: 78.67 (Decreased by -5.69 points)

Open Interest Change: -1.14%

Volume Change: 84.19%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 0.738 (Decreased from 0.847)

Put-Call Ratio (Volume): 1.089

Max Pain Level: 77200

Maximum CALL OI: 78000

Maximum PUT OI: 76000

Highest CALL Addition: 77600

Highest PUT Addition: 76000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 735.83 Cr.

DIIs Net BUY: ₹ 704.93 Cr.

FII Derivatives Activity

FII Trading Stats	15.07.26	14.07.26	13.07.26
FII Cash (Provisional Data)	-735.83	-739.69	-3,062.27
Index Future Open Interest Long Ratio	8.36%	8.37%	10.03%
Index Future Volume Long Ratio	56.41%	29.88%	49.13%
Call Option Open Interest Long Ratio	39.93%	41.31%	42.61%
Call Option Volume Long Ratio	49.32%	49.02%	50.22%
Put Option Open Interest Long Ratio	69.45%	71.99%	63.39%
Put Option Volume Long Ratio	50.03%	50.02%	49.88%
Stock Future Open Interest Long Ratio	53.68%	53.89%	54.46%
Stock Future Volume Long Ratio	47.59%	44.03%	49.09%
Index Futures	Short Covering	Long Covering	Long Covering
Index Options	Fresh Short	Long Covering	Short Covering
Nifty Futures	Short Covering	Fresh Short	Short Covering
Nifty Options	Fresh Short	Long Covering	Short Covering
BankNifty Futures	Short Covering	Long Covering	Long Covering
BankNifty Options	Short Covering	Fresh Short	Short Covering
FinNifty Futures	Short Covering	Fresh Short	Short Covering
FinNifty Options	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Long	Short Covering	Long Covering
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Short
Stock Futures	Fresh Short	Long Covering	Fresh Short
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (16/07/2026)

The SENSEX index closed at 77185.43. The SENSEX weekly expiry for JULY 16, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.738 against previous 0.847. The 78000CE option holds the maximum open interest, followed by the 77500CE and 79000CE options. Market participants have shown increased interest with significant open interest additions in the 77600CE option, with open interest additions also seen in the 77500CE and 78000CE options. On the other hand, open interest reductions were prominent in the 72500PE, 74000PE, and 73000PE options. Trading volume was highest in the 77000PE option, followed by the 77500CE and 78000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	16-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77185.43	0.738	0.847	1.089
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,92,53,260	2,51,40,900	1,41,12,360
PUT:	2,89,80,380	2,12,84,320	76,96,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	25,85,280	11,55,180	12,05,99,540
77500	24,28,720	12,48,220	13,56,48,200
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77600	20,46,060	14,98,720	10,49,18,480
77500	24,28,720	12,48,220	13,56,48,200
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81000	9,24,820	-1,74,360	69,76,960
77000	8,33,400	-1,44,760	3,87,96,060
Top CALL Volume:
Strike	OI	OI Change	Volume
77500	24,28,720	12,48,220	13,56,48,200
78000	25,85,280	11,55,180	12,05,99,540
Top PUT Open Interest:
Strike	OI	OI Change	Volume
76000	19,95,260	9,53,120	7,22,64,280
76500	15,89,300	8,82,340	9,29,78,580
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
76000	19,95,260	9,53,120	7,22,64,280
76500	15,89,300	8,82,340	9,29,78,580
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
72500	1,81,820	-3,40,280	44,48,520
74000	12,58,760	-3,31,800	2,06,58,620
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	15,71,880	6,54,020	13,57,02,380
76500	15,89,300	8,82,340	9,29,78,580

NIFTY Weekly Expiry (21/07/2026)

The NIFTY index closed at 24078.5. The NIFTY weekly expiry for JULY 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.776 against previous 0.859. The 24200CE 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 24200CE option, with open interest additions also seen in the 24150CE and 24500CE options. On the other hand, open interest reductions were prominent in the 22700PE, 22800PE, and 21700PE options. Trading volume was highest in the 24200CE option, followed by the 24200PE and 24100CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	21-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,078.50	0.776	0.859	0.994
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,86,94,875	7,94,73,550	3,92,21,325
PUT:	9,21,02,790	6,82,38,300	2,38,64,490
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,200	89,78,710	46,96,315	30,14,703
25,000	73,60,860	13,86,905	6,36,168
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,200	89,78,710	46,96,315	30,14,703
24,150	41,22,690	26,46,410	13,99,638
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,300	20,410	-7,085	285
23,750	34,125	-3,120	6,826
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	89,78,710	46,96,315	30,14,703
24,100	68,18,565	7,92,805	20,94,905
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	70,36,120	21,56,830	6,03,277
24,000	59,36,190	11,77,670	20,35,216
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	70,36,120	21,56,830	6,03,277
23,300	58,07,880	17,23,670	5,07,772
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,700	9,94,630	-2,35,040	1,71,884
22,800	15,92,760	-2,04,945	1,97,907
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	29,50,610	11,42,960	21,27,029
24,000	59,36,190	11,77,670	20,35,216

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 24078.5. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.080 against previous 1.062. 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 24200CE option, with open interest additions also seen in the 24100PE and 24100CE options. On the other hand, open interest reductions were prominent in the 24000PE, 26000PE, and 24000CE options. Trading volume was highest in the 24000PE option, followed by the 24500CE and 25000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,078.50	1.080	1.062	0.954
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,23,73,685	5,00,35,115	23,38,570
PUT:	5,65,47,790	5,31,22,615	34,25,175
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	69,91,595	1,85,770	1,15,187
24,000	53,51,385	-90,415	95,457
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,200	33,35,280	4,82,950	1,06,991
24,100	23,97,395	2,94,125	90,161
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	53,51,385	-90,415	95,457
25,200	10,80,365	-55,510	25,835
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	48,78,770	-45,955	1,24,775
25,000	69,91,595	1,85,770	1,15,187
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	62,23,815	-1,73,225	1,53,243
23,000	41,48,040	2,75,405	65,345
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,100	27,29,805	2,95,815	85,628
24,200	28,21,195	2,90,550	90,315
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	62,23,815	-1,73,225	1,53,243
26,000	23,04,770	-1,04,780	2,409
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	62,23,815	-1,73,225	1,53,243
24,200	28,21,195	2,90,550	90,315

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 57757.85. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.851 against previous 0.852. 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 54500PE option, with open interest additions also seen in the 57000CE and 59500CE options. On the other hand, open interest reductions were prominent in the 57500CE, 61000CE, and 58000CE options. Trading volume was highest in the 58000CE option, followed by the 58000PE and 59000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,757.85	0.851	0.852	0.917
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,53,18,840	1,52,92,380	26,460
PUT:	1,30,42,920	1,30,24,860	18,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	22,30,080	27,990	93,398
60,000	16,19,610	-27,360	89,841
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,000	4,91,370	1,13,760	33,738
59,500	4,86,510	55,380	44,390
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,500	4,16,670	-1,39,260	59,397
61,000	6,16,860	-60,630	42,462
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	13,72,890	-54,480	2,07,148
59,000	22,30,080	27,990	93,398
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,000	12,07,560	-52,500	13,805
58,000	10,18,200	27,120	1,58,405
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,500	3,39,120	1,14,480	27,883
57,900	1,40,400	46,440	47,911
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	12,07,560	-52,500	13,805
58,800	61,140	-51,180	10,400
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	10,18,200	27,120	1,58,405
57,500	5,03,550	-10,890	89,724

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14771.45. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.024 against previous 0.954. The 15000CE option holds the maximum open interest, followed by the 14000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 14600PE option, with open interest additions also seen in the 13000PE and 14800PE options. On the other hand, open interest reductions were prominent in the 77100CE, 72600CE, and 77000PE options. Trading volume was highest in the 15000CE option, followed by the 14800PE and 14800CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,771.45	1.024	0.954	1.004
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	57,62,400	56,81,640	80,760
PUT:	59,01,600	54,20,400	4,81,200
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,62,600	-98,760	14,751
15,500	5,16,960	13,320	2,221
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,100	1,95,960	73,440	3,760
14,600	2,51,880	61,440	1,654
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	7,62,600	-98,760	14,751
14,700	3,08,160	-73,440	4,948
Top CALL Volume:
Strike	OI	OI Change	Volume
15,000	7,62,600	-98,760	14,751
14,800	4,38,000	47,400	13,917
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	6,29,880	-9,720	4,908
13,500	5,50,440	-29,400	2,579
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,600	3,59,640	1,02,480	5,075
13,000	3,66,360	1,01,640	2,312
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	4,25,880	-43,320	6,110
13,500	5,50,440	-29,400	2,579
Top PUT Volume:
Strike	OI	OI Change	Volume
14,800	3,78,600	1,00,080	14,315
14,700	3,26,400	72,000	6,585

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

To wrap this up, our Open Interest Volume Analysis paints a picture of a market that has a solid bullish undercurrent but is trapped in a tight near-term range. The relentless unwinding of shorts combined with the forward rollover of long positions gives us a clear edge, provided we respect the option writers’ boundaries. Here is your actionable feedback and trading game plan for the coming sessions:

Nifty 50 Strategy: The market is pinned at the 24100 Max Pain level for this week. With the highest Call addition capping the upside at 24200 and massive Put OI support way down at 23000, do not chase gap-ups. Treat this as a “buy the dip” market and look for long entries closer to the 24000 psychological support.

BankNifty’s Big Squeeze: BankNifty is showing strong relative performance (up over 0.5%), but it’s heading straight into a massive wall. With both maximum Call and Put OI piled up evenly at the 59000 strike for the monthly expiry, a brutal tug-of-war is inevitable. Keep your sizing small and use 57000 as a strict trailing stop-loss for any long trades.

Midcap Nifty Momentum: This is where the aggressive money is hiding right now. The 12%+ jump in fresh August longs is a massive tell. Use any intraday dips towards the 14700 Max Pain base as an accumulation zone.

Sensex Expiry Action: For the immediate weekly expiry, the 77200 Max Pain level is acting as a literal magnet. With the PCR depressed at 0.738 and a heavy ceiling of Call writers at 78000, directional plays are risky. Consider non-directional theta-decay strategies (like short straddles or iron condors) anchored around the 77200 zone.

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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