NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/07/2026

What a wild ride for the bulls today, but before you start popping champagne over that massive 1%+ rally in the large caps, we need to have a serious talk about what’s actually driving this move. Welcome back, traders! Applying our daily Open Interest Volume Analysis to the July 17, 2026 data reveals a classic “duck on the pond” scenario—calm and green on the surface, but violently detached underneath.

While the headline NIFTY and BANKNIFTY indices looked unstoppable today, the underlying derivatives data is flashing a few glaring warning signs that suggest this rally is built on very shaky ground. Let’s cut through the noise, spot the red flags, and look at the real footprints the smart money left behind before next week’s expiries.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24334.3 (1.086%)

Combined = July + August + September

Combined Fut Open Interest Change: -3.71%

Combined Fut Volume Change: 76.37%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 15% Previous 14%

NIFTY JULY Future closed at: 24321.7 (0.935%)

July Fut Discount -12.6 (Decreased by -36.25 points)

July Fut Open Interest Change: -5.19%

July Fut Volume Change: 72.39%

July Fut Open Interest Analysis: Short Covering

NIFTY AUGUST Future closed at: 24403 (0.878%)

Aug Fut Discount 68.7 (Decreased by -49.15 points)

Aug Fut Open Interest Change: 5.38%

Aug Fut Volume Change: 101.40%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.613 (Increased from 0.828)

Put-Call Ratio (Volume): 0.808

Max Pain Level: 24250

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24700

Highest PUT Addition: 24200

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

Put-Call Ratio (Open Interest): 1.127 (Increased from 1.072)

Put-Call Ratio (Volume): 0.808

Max Pain Level: 24200

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24200

Highest PUT Addition: 24200

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58521.4 (1.631%)

Combined = July + August + September

Combined Fut Open Interest Change: -1.78%

Combined Fut Volume Change: 153.98%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 18% Previous 18%

BANKNIFTY JULY Future closed at: 58533.8 (1.285%)

July Fut Premium 12.4 (Decreased by -196.35 points)

July Fut Open Interest Change: -0.9%

July Fut Volume Change: 166.8%

July Fut Open Interest Analysis: Short Covering

BANKNIFTY AUGUST Future closed at: 58790.6 (1.240%)

Aug Fut Premium 269.2 (Decreased by -219.35 points)

Aug Fut Open Interest Change: -6.71%

Aug Fut Volume Change: 102.81%

Aug Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.013 (Increased from 0.794)

Put-Call Ratio (Volume): 0.779

Max Pain Level: 58200

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: 14715.4 (-0.526%)

Combined = July + August + September

Combined Fut Open Interest Change: 4.39%

Combined Fut Volume Change: 61.95%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 4%

MIDCPNIFTY JULY Future closed at: 14740.6 (-0.361%)

July Fut Premium 25.2 (Increased by 24.4 points)

July Fut Open Interest Change: 2.99%

July Fut Volume Change: 47.80%

July Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY AUGUST Future closed at: 14779.6 (-0.356%)

Aug Fut Premium 64.2 (Increased by 25 points)

Aug Fut Open Interest Change: 35.48%

Aug Fut Volume Change: 202.59%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.958 (Decreased from 1.029)

Put-Call Ratio (Volume): 0.751

Max Pain Level: 14700

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14900

Highest PUT Addition: 14500

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 78,151.45 (1.250%)

SENSEX Monthly Future closed at: 78,078.70 (0.944%)

Discount: -72.75 (Decreased by -234.58 points)

Open Interest Change: -3.43%

Volume Change: -8.55%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (23/07/2026) Option Analysis

Put-Call Ratio (OI): 1.863 (Increased from 1.069)

Put-Call Ratio (Volume): 0.809

Max Pain Level: 77900

Maximum CALL OI: 80000

Maximum PUT OI: 77500

Highest CALL Addition: 77900

Highest PUT Addition: 78000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 376.41 Cr.

DIIs Net BUY: ₹ 1,017.89 Cr.

FII Derivatives Activity

FII Trading Stats	17.07.26	16.07.26	15.07.26
FII Cash (Provisional Data)	-376.41	-4,205.56	-735.83
Index Future Open Interest Long Ratio	11.01%	8.45%	8.36%
Index Future Volume Long Ratio	78.12%	69.76%	56.41%
Call Option Open Interest Long Ratio	47.20%	40.79%	39.93%
Call Option Volume Long Ratio	51.18%	50.16%	49.32%
Put Option Open Interest Long Ratio	61.71%	68.17%	69.45%
Put Option Volume Long Ratio	49.31%	49.83%	50.03%
Stock Future Open Interest Long Ratio	53.95%	53.80%	53.68%
Stock Future Volume Long Ratio	51.30%	51.38%	47.59%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Fresh Long	Long Covering	Short Covering
BankNifty Options	Long Covering	Fresh Long	Short Covering
FinNifty Futures	Fresh Long	Fresh Short	Short Covering
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Long Covering	Fresh Short	Fresh Short
MidcpNifty Options	Long Covering	Fresh Long	Fresh Long
NiftyNxt50 Futures	Short Covering	Fresh Long	Fresh Long
NiftyNxt50 Options	Long Covering	Long Covering	Fresh Short
Stock Futures	Short Covering	Fresh Long	Fresh Short
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (16/07/2026)

The SENSEX index closed at 78151.45. The SENSEX weekly expiry for JULY 23, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.863 against previous 1.069. The 77500PE option holds the maximum open interest, followed by the 75000PE and 77000PE options. Market participants have shown increased interest with significant open interest additions in the 78000PE option, with open interest additions also seen in the 77800PE and 73500PE options. On the other hand, open interest reductions were prominent in the 77400CE, 77200CE, and 77300CE options. Trading volume was highest in the 78000CE option, followed by the 77500PE and 78000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	23-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
78151.45	1.863	1.069	0.809
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	77,51,280	43,05,820	34,45,460
PUT:	1,44,37,820	46,04,040	98,33,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	5,08,420	75,960	1,01,71,240
78000	4,20,220	1,93,860	1,87,67,420
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77900	3,14,220	2,87,220	1,10,84,600
77800	3,15,480	2,55,900	1,02,53,300
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
77400	82,320	-1,46,760	24,79,940
77200	54,540	-1,12,900	10,63,000
Top CALL Volume:
Strike	OI	OI Change	Volume
78000	4,20,220	1,93,860	1,87,67,420
77900	3,14,220	2,87,220	1,10,84,600
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77500	8,27,660	5,05,320	1,17,47,500
75000	7,32,180	3,59,840	48,78,080
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
78000	6,65,820	6,04,920	1,13,04,500
77800	5,85,260	5,70,120	91,25,020
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82000	9,720	-20	80
79800	140	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
77500	8,27,660	5,05,320	1,17,47,500
78000	6,65,820	6,04,920	1,13,04,500

NIFTY Weekly Expiry (21/07/2026)

The NIFTY index closed at 24334.3. The NIFTY weekly expiry for JULY 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.613 against previous 0.828. The 23000PE option holds the maximum open interest, followed by the 24000PE and 24200PE options. Market participants have shown increased interest with significant open interest additions in the 24200PE option, with open interest additions also seen in the 24000PE and 24300PE options. On the other hand, open interest reductions were prominent in the 24100CE, 24200CE, and 24150CE 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:	21-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,334.30	1.613	0.828	0.808
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,96,31,200	13,09,08,895	-1,12,77,695
PUT:	19,29,23,510	10,83,69,235	8,45,54,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,02,62,395	13,59,410	20,76,956
24,700	82,96,990	19,75,220	20,12,664
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,700	82,96,990	19,75,220	20,12,664
25,000	1,02,62,395	13,59,410	20,76,956
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,100	29,05,825	-46,67,780	15,56,612
24,200	50,64,800	-41,57,790	47,16,521
Top CALL Volume:
Strike	OI	OI Change	Volume
24,300	61,14,355	18,980	56,68,872
24,200	50,64,800	-41,57,790	47,16,521
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,43,37,570	52,84,370	12,28,650
24,000	1,25,83,220	61,37,560	28,94,237
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,200	1,24,60,435	94,40,080	49,29,936
24,000	1,25,83,220	61,37,560	28,94,237
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,300	61,98,855	-3,91,495	8,70,333
22,850	7,17,145	-1,39,100	1,27,233
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	1,24,60,435	94,40,080	49,29,936
24,100	1,02,41,270	42,76,090	31,97,697

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 24334.3. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.127 against previous 1.072. The 25000CE option holds the maximum open interest, followed by the 24000PE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 24200PE option, with open interest additions also seen in the 24300PE and 24200CE options. On the other hand, open interest reductions were prominent in the 24000CE, 24100CE, and 24500CE options. Trading volume was highest in the 25000CE option, followed by the 24500CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,334.30	1.127	1.072	0.808
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,05,21,175	5,66,51,335	38,69,840
PUT:	6,81,82,270	6,07,36,650	74,45,620
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	70,65,890	1,32,015	2,97,642
24,500	48,67,070	-4,27,505	2,37,929
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,200	46,07,655	9,83,450	2,01,140
24,700	23,81,210	6,71,775	1,23,815
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	41,64,160	-8,95,310	86,296
24,100	19,94,070	-6,13,015	88,534
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	70,65,890	1,32,015	2,97,642
24,500	48,67,070	-4,27,505	2,37,929
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	69,70,405	8,64,565	2,11,058
23,000	48,89,625	6,26,405	80,243
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,200	42,99,360	13,10,790	2,03,913
24,300	25,63,145	12,58,400	1,32,769
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,050	5,03,360	-2,33,545	28,335
22,500	19,83,670	-2,21,130	29,901
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	69,70,405	8,64,565	2,11,058
24,200	42,99,360	13,10,790	2,03,913

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 58521.4. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.013 against previous 0.794. The 59000CE option holds the maximum open interest, followed by the 60000CE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 58000PE option, with open interest additions also seen in the 57000PE and 58500PE options. On the other hand, open interest reductions were prominent in the 58000CE, 59000CE, and 57500CE 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
58,521.40	1.013	0.794	0.779
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,55,24,970	1,65,98,460	-10,73,490
PUT:	1,57,26,000	1,31,85,750	25,40,250
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	21,50,310	-2,11,620	1,46,892
60,000	17,74,050	-32,160	1,65,825
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,500	6,43,140	1,08,690	79,006
58,700	2,83,710	79,080	38,860
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	12,00,900	-3,11,100	2,06,444
59,000	21,50,310	-2,11,620	1,46,892
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	12,00,900	-3,11,100	2,06,444
60,000	17,74,050	-32,160	1,65,825
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	13,59,780	3,92,940	2,02,532
59,000	11,93,850	-11,040	18,136
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,000	13,59,780	3,92,940	2,02,532
57,000	9,72,720	1,93,200	96,729
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,500	4,03,770	-79,680	47,202
59,000	11,93,850	-11,040	18,136
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	13,59,780	3,92,940	2,02,532
57,000	9,72,720	1,93,200	96,729

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14715.4. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.958 against previous 1.029. The 15000CE option holds the maximum open interest, followed by the 14000PE and 15500CE options. Market participants have shown increased interest with significant open interest additions in the 14900CE option, with open interest additions also seen in the 14700CE and 14800CE options. On the other hand, open interest reductions were prominent in the 77300CE, 77300CE, and 77300CE options. Trading volume was highest in the 15000CE option, followed by the 14800CE and 14700CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,715.40	0.958	1.029	0.751
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	67,09,320	61,03,680	6,05,640
PUT:	64,26,720	62,82,000	1,44,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,81,080	23,760	22,209
15,500	5,97,480	45,480	5,242
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,900	4,22,880	2,03,160	11,827
14,700	4,70,880	1,54,560	17,098
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
16,000	2,19,480	-1,22,040	3,212
15,100	2,92,320	-33,600	10,096
Top CALL Volume:
Strike	OI	OI Change	Volume
15,000	7,81,080	23,760	22,209
14,800	5,88,000	1,47,720	21,536
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	7,19,520	39,240	7,019
13,500	5,53,800	12,120	1,441
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,500	4,88,400	43,440	10,627
14,000	7,19,520	39,240	7,019
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,800	4,03,560	-60,120	11,395
15,000	1,38,720	-11,640	1,490
Top PUT Volume:
Strike	OI	OI Change	Volume
14,600	3,50,520	-1,680	16,715
14,700	3,75,960	8,040	15,720

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

So, what is the ultimate verdict? When we run a deeper Open Interest Volume Analysis across the board, the data screams that today’s massive large-cap surge was fueled almost entirely by trapped bears running for the exits, not by a fresh wave of bullish conviction.

Here is the clear reasoning, the major red flags we’ve spotted, and your actionable game plan for the next session:

Red Flag 1: The Discount Disconnect: Despite jumping over 1%, both NIFTY and SENSEX July futures actually closed at a discount to the spot market (Nifty at -12.6, Sensex at -72.75). When futures lag the cash market during a heavy uptrend, it’s a massive tell that institutions aren’t confident enough to pay a premium for the days ahead.

Red Flag 2: The BankNifty Premium Crush: BANKNIFTY was the star of the show, soaring 1.63%. Yet, if you look at the futures, the premium absolutely collapsed by roughly 200 points across July and August. Paired with a drop in OI on massive volume, this confirms the rally was pure short covering. There is zero evidence of fresh institutional longs stepping up.

Red Flag 3: The Midcap Meltdown (Divergence): Here is your biggest warning sign. While large caps squeezed higher, MIDCPNIFTY actively broke down, seeing aggressive Fresh Shorts with a staggering 35% OI spike in August futures on 202% volume growth. The broader market is explicitly rejecting today’s large-cap rally.

Actionable Feedback — Protect Your Capital: Do not chase today’s highs with fresh capital. With the NIFTY and SENSEX Put-Call Ratios severely stretched (spiking to 1.613 and 1.863 respectively), the market is heavily overbought and sitting on a powder keg of aggressive put writing.

Actionable Feedback — The Trade Plan: Use any morning gap-ups to book profits on your existing long positions. If you are deploying new capital, pivot your radar to shorting Midcaps on minor bounces (target the 14700 Max Pain level), or stick to range-bound, non-directional strategies on the NIFTY until we see actual fresh long buildups replace this short-covering exhaustion.

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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