NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/07/2026

Welcome back, traders! If you’re trying to decode the market’s next major move for July 20, 2026, diving deep into Open Interest Volume Analysis is absolutely non-negotiable right now. We are seeing some major structural shifts beneath the surface that cash charts just won’t show you. Here is the unfiltered, detailed breakdown of today’s F&O data:

Bulls Are Hitting the Exit: A core theme across Nifty, BankNifty, and Sensex July futures is aggressive Long Covering. Buyers are unwinding rather than rolling over, highlighted by sluggish rollovers (only 16% in Nifty and 21% in BankNifty). Even though futures premiums spiked (Nifty July premium jumped 33.6 points, BankNifty up 167.6 points), the shrinking volume and open interest tell us this is a lack of conviction, not fresh buying.

Bearish Alarm Bells (The Anti-Bull Flag): Our Open Interest Volume Analysis reveals a glaring red flag in the August series. BankNifty August futures saw a massive 27.11% spike in Open Interest coupled with a 50.90% surge in volume—a textbook Fresh Short buildup. Nifty August futures also printed fresh shorts, meaning big money is actively betting on a broader market breakdown.

Call Writers Are Taking Control: Put-Call Ratios (PCR) are dropping rapidly across the board. Nifty’s weekly PCR fell from 1.613 to 1.378, and Sensex took a steep nosedive from 1.863 to 1.204. This shows that call writers are aggressively stepping in to create heavy resistance walls at higher levels (specifically 24500 for Nifty and 80000 for Sensex).

Midcaps as the Lone Survivor: Midcap Nifty is completely bucking the broader bearish trend. It is the only index showing Fresh Longs in July futures alongside a rising PCR (1.069). Additionally, the massive 92.42% drop in August OI indicates fierce Short Covering, making this the only pocket with genuine bullish momentum.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24238.5 (-0.394%)

Combined = July + August + September

Combined Fut Open Interest Change: -2.62%

Combined Fut Volume Change: -39.67%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 16% Previous 15%

NIFTY JULY Future closed at: 24259.5 (-0.256%)

July Fut Premium 21 (Increased by 33.6 points)

July Fut Open Interest Change: -3.59%

July Fut Volume Change: -43.41%

July Fut Open Interest Analysis: Long Covering

NIFTY AUGUST Future closed at: 24352.5 (-0.207%)

Aug Fut Premium 114 (Increased by 45.3 points)

Aug Fut Open Interest Change: 4.28%

Aug Fut Volume Change: -7.50%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.378 (Decreased from 1.613)

Put-Call Ratio (Volume): 0.917

Max Pain Level: 24200

Maximum CALL Open Interest: 24500

Maximum PUT Open Interest: 24200

Highest CALL Addition: 24500

Highest PUT Addition: 23900

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

Put-Call Ratio (Open Interest): 1.085 (Decreased from 1.127)

Put-Call Ratio (Volume): 0.948

Max Pain Level: 24200

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24800

Highest PUT Addition: 23500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57945 (-0.985%)

Combined = July + August + September

Combined Fut Open Interest Change: 2.99%

Combined Fut Volume Change: 4.73%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 21% Previous 18%

BANKNIFTY JULY Future closed at: 58125 (-0.698%)

July Fut Premium 180 (Increased by 167.6 points)

July Fut Open Interest Change: -1.6%

July Fut Volume Change: -1.4%

July Fut Open Interest Analysis: Long Covering

BANKNIFTY AUGUST Future closed at: 58379.6 (-0.699%)

Aug Fut Premium 434.6 (Increased by 165.4 points)

Aug Fut Open Interest Change: 27.11%

Aug Fut Volume Change: 50.90%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.933 (Decreased from 1.013)

Put-Call Ratio (Volume): 0.826

Max Pain Level: 58000

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 58000

Highest PUT Addition: 55500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14779.7 (0.437%)

Combined = July + August + September

Combined Fut Open Interest Change: 4.68%

Combined Fut Volume Change: 0.00%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 5% Previous 6%

MIDCPNIFTY JULY Future closed at: 14822.15 (0.553%)

July Fut Premium 42.45 (Increased by 17.25 points)

July Fut Open Interest Change: 4.98%

July Fut Volume Change: 10.95%

July Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY AUGUST Future closed at: 14899.05 (0.808%)

Aug Fut Premium 119.35 (Increased by 55.15 points)

Aug Fut Open Interest Change: -92.42%

Aug Fut Volume Change: -91.27%

Aug Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.069 (Increased from 0.958)

Put-Call Ratio (Volume): 1.104

Max Pain Level: 14700

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15200

Highest PUT Addition: 14700

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 77,708.52 (-0.567%)

SENSEX Monthly Future closed at: 77,793.90 (-0.365%)

Premium: 85.38 (Increased by 158.13 points)

Open Interest Change: -7.90%

Volume Change: -28.75%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 1.204 (Decreased from 1.863)

Put-Call Ratio (Volume): 0.906

Max Pain Level: 77700

Maximum CALL OI: 80000

Maximum PUT OI: 77500

Highest CALL Addition: 80000

Highest PUT Addition: 74000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,121.04 Cr.

DIIs Net BUY: ₹ 1,312.03 Cr.

FII Derivatives Activity

FII Trading Stats	20.07.26	17.07.26	16.07.26
FII Cash (Provisional Data)	-1,121.04	-376.41	-4,205.56
Index Future Open Interest Long Ratio	9.37%	11.01%	8.45%
Index Future Volume Long Ratio	44.96%	78.12%	69.76%
Call Option Open Interest Long Ratio	43.89%	47.20%	40.79%
Call Option Volume Long Ratio	49.49%	51.18%	50.16%
Put Option Open Interest Long Ratio	62.31%	61.71%	68.17%
Put Option Volume Long Ratio	50.08%	49.31%	49.83%
Stock Future Open Interest Long Ratio	53.97%	53.95%	53.80%
Stock Future Volume Long Ratio	50.01%	51.30%	51.38%
Index Futures	Long Covering	Short Covering	Short Covering
Index Options	Long Covering	Fresh Long	Fresh Short
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Long Covering	Fresh Long	Fresh Short
BankNifty Futures	Long Covering	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Long Covering	Fresh Long
FinNifty Futures	Short Covering	Fresh Long	Fresh Short
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Fresh Short	Long Covering	Fresh Short
MidcpNifty Options	Long Covering	Long Covering	Fresh Long
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Long Covering	Long Covering
Stock Futures	Short Covering	Short Covering	Fresh Long
Stock Options	Fresh Long	Fresh Long	Fresh Short

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (23/07/2026)

The SENSEX index closed at 77708.52. The SENSEX weekly expiry for JULY 23, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.204 against previous 1.863. The 80000CE option holds the maximum open interest, followed by the 79500CE and 77500PE options. Market participants have shown increased interest with significant open interest additions in the 80000CE option, with open interest additions also seen in the 79500CE and 77600CE options. On the other hand, open interest reductions were prominent in the 78000PE, 77900PE, and 77800PE options. Trading volume was highest in the 77500PE option, followed by the 78000CE and 77500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	23-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77708.52	1.204	1.863	0.906
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,20,31,600	77,51,280	42,80,320
PUT:	1,44,86,380	1,44,37,820	48,560
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	11,91,860	6,83,440	89,45,260
79500	10,05,080	6,69,240	99,84,660
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
80000	11,91,860	6,83,440	89,45,260
79500	10,05,080	6,69,240	99,84,660
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
78100	1,91,440	-72,920	67,37,200
78200	2,49,580	-35,160	80,97,740
Top CALL Volume:
Strike	OI	OI Change	Volume
78000	6,14,260	1,94,040	1,81,86,400
77500	6,01,400	2,10,660	1,80,60,640
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77500	9,71,180	1,43,520	2,38,58,280
74000	8,99,860	2,82,160	42,79,740
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
74000	8,99,860	2,82,160	42,79,740
77700	6,56,240	2,28,220	1,45,64,900
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
78000	3,74,580	-2,91,240	53,63,280
77900	2,18,160	-2,33,240	36,76,560
Top PUT Volume:
Strike	OI	OI Change	Volume
77500	9,71,180	1,43,520	2,38,58,280
77600	5,77,320	1,25,280	1,60,64,260

NIFTY Weekly Expiry (21/07/2026)

The NIFTY index closed at 24238.5. The NIFTY weekly expiry for JULY 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.378 against previous 1.613. The 24200PE option holds the maximum open interest, followed by the 24000PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24500CE option, with open interest additions also seen in the 24250CE and 23900PE options. On the other hand, open interest reductions were prominent in the 23000PE, 22500PE, and 24800CE options. Trading volume was highest in the 24200CE option, followed by the 24200PE and 24250CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	21-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,238.50	1.378	1.613	0.917
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,05,81,230	11,96,31,200	1,09,50,030
PUT:	17,99,87,990	19,29,23,510	-1,29,35,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,15,38,670	49,18,615	50,76,940
24,300	87,92,160	26,77,805	76,16,350
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,500	1,15,38,670	49,18,615	50,76,940
24,250	62,20,045	33,71,095	78,27,291
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	50,05,130	-29,28,120	12,82,746
25,000	83,25,525	-19,36,870	14,97,303
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	65,85,930	15,21,130	1,07,28,547
24,250	62,20,045	33,71,095	78,27,291
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,200	1,34,11,060	9,50,625	1,04,10,708
24,000	1,29,09,715	3,26,495	52,36,474
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,900	80,89,900	29,19,930	25,60,334
23,950	59,92,610	24,84,430	19,98,962
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	90,44,230	-52,93,340	8,75,100
22,500	31,65,240	-33,58,615	2,14,703
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	1,34,11,060	9,50,625	1,04,10,708
24,150	1,02,30,870	20,29,105	65,02,080

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 24238.5. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.085 against previous 1.127. 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 24800CE option, with open interest additions also seen in the 23500PE and 25500CE options. On the other hand, open interest reductions were prominent in the 24300PE, 24000PE, and 24200CE options. Trading volume was highest in the 24200CE option, followed by the 24200PE and 24000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,238.50	1.085	1.127	0.948
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,36,10,355	6,05,21,175	1,30,89,180
PUT:	7,98,80,450	6,81,82,270	1,16,98,180
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	83,27,475	12,61,585	2,36,689
24,500	56,82,040	8,14,970	2,46,701
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,800	38,68,800	17,04,365	1,91,340
25,500	38,61,065	13,35,295	83,197
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	43,95,885	-2,11,770	3,86,896
24,000	40,01,400	-1,62,760	86,333
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	43,95,885	-2,11,770	3,86,896
24,500	56,82,040	8,14,970	2,46,701
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	67,46,545	-2,23,860	2,51,935
23,000	59,97,810	11,08,185	1,37,080
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	53,00,230	13,76,635	2,20,181
23,000	59,97,810	11,08,185	1,37,080
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,300	21,80,815	-3,82,330	1,26,710
24,000	67,46,545	-2,23,860	2,51,935
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	44,24,030	1,24,670	3,23,049
24,000	67,46,545	-2,23,860	2,51,935

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 57945. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.933 against previous 1.013. 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 55500PE option, with open interest additions also seen in the 58000CE and 60000CE options. On the other hand, open interest reductions were prominent in the 57000PE, 58000PE, and 58500PE 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
57,945.00	0.933	1.013	0.826
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,62,38,520	1,55,24,970	7,13,550
PUT:	1,51,56,210	1,57,26,000	-5,69,790
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	21,78,180	27,870	1,62,549
60,000	19,59,420	1,85,370	1,59,543
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
58,000	14,06,880	2,05,980	2,53,803
60,000	19,59,420	1,85,370	1,59,543
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,500	4,09,590	-1,10,910	51,445
62,000	5,73,480	-69,780	23,033
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	14,06,880	2,05,980	2,53,803
59,000	21,78,180	27,870	1,62,549
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	11,77,680	-1,82,100	1,77,164
59,000	11,75,970	-17,880	11,012
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,500	6,59,130	2,51,490	59,604
56,000	7,99,890	1,30,080	78,816
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	7,51,500	-2,21,220	1,03,451
58,000	11,77,680	-1,82,100	1,77,164
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	11,77,680	-1,82,100	1,77,164
57,500	7,07,730	45,990	1,32,239

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14779.7. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.069 against previous 0.958. The 14000PE option holds the maximum open interest, followed by the 15000CE and 14700PE options. Market participants have shown increased interest with significant open interest additions in the 14700PE option, with open interest additions also seen in the 14800PE and 14500PE options. On the other hand, open interest reductions were prominent in the 77200CE, 78100CE, and 71400PE options. Trading volume was highest in the 14800CE option, followed by the 14500PE and 14700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,779.70	1.069	0.958	1.104
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	67,87,560	67,09,320	78,240
PUT:	72,53,520	64,26,720	8,26,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,68,720	-12,360	15,418
15,200	6,72,000	1,00,200	8,512
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,200	6,72,000	1,00,200	8,512
14,700	5,09,520	38,640	16,755
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,600	1,69,920	-87,360	3,047
16,000	1,85,400	-34,080	1,656
Top CALL Volume:
Strike	OI	OI Change	Volume
14,800	5,88,840	840	28,967
14,700	5,09,520	38,640	16,755
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	8,07,960	88,440	7,911
14,700	6,86,040	3,10,080	19,580
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,700	6,86,040	3,10,080	19,580
14,800	5,88,240	1,84,680	12,887
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	1,35,360	-2,66,400	3,074
13,700	1,91,160	-57,960	1,318
Top PUT Volume:
Strike	OI	OI Change	Volume
14,500	6,54,240	1,65,840	24,720
14,700	6,86,040	3,10,080	19,580

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

To wrap things up, the overall market texture is unmistakably cautious, and applying consistent Open Interest Volume Analysis is going to be your best defense against getting trapped. The data is screaming that the upside is heavily capped right now, so here is your actionable game plan:

Actionable Strategy for Nifty: With Max Pain resting exactly at 24200 and the highest fresh call additions creating a ceiling at 24500, any bounce towards the 24400–24500 zone is a high-probability “sell-on-rise” opportunity. Keep your trailing stop-losses incredibly tight if you are holding longs.

BankNifty Warning: Avoid catching a falling knife here. The aggressive fresh shorts in the August series mean BankNifty is highly vulnerable below the 58000 level. If 58000 (which is both Max Pain and Max Put OI) breaks with heavy volume, expect a swift and painful slide toward the highest put addition zone way down at 55500.

Where to Hide: If you absolutely must deploy capital on the long side, stick to the Midcap space. The data clearly supports buying the dips near the 14700 Max Pain level, as it’s the only index actively adding fresh long positions.

Final Takeaway: Trust the data, not hope. Let your daily Open Interest Volume Analysis guide your risk management this week—keep your position sizing light, don’t fight the fresh short additions, and respect those heavy Call resistance walls!

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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