Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 27/07/2026
Table of Contents
The Expiry Setup: Welcome back, traders! As we navigate the final stretch of the July 2026 monthly expiry, the derivative desks are flashing a very clear, unified signal. Our deep Open Interest Volume Analysis for the broader market points to a classic, aggressive short-covering rally—meaning bears are frantically buying back their positions to cut losses.
Bulls Rolling Over Strong: What stands out the most isn’t just the July short unwinding; it’s the sheer confidence heading into the next series. We are seeing incredibly robust rollovers across the board (Nifty at 59% vs 47% previously, and Midcap Nifty at a massive 70%). This tells us that big players aren’t just closing trades—they are initiating fresh long positions for August.
A Tale of Two Sentiments: While Nifty (PCR spiking to 1.12) and Sensex are showing high-conviction bullish momentum with strong put writing at lower levels, BankNifty is acting as the odd one out. Let’s dive into exactly how you should position yourself based on these heavy data shifts.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23995.95 (0.961%)
Combined = July + August + September
Combined Fut Open Interest Change: -2.45%
Combined Fut Volume Change: -12.27%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 59% Previous 47%
NIFTY JULY Future closed at: 24028 (0.930%)
July Fut Premium 32.05 (Decreased by -7 points)
July Fut Open Interest Change: -24.71%
July Fut Volume Change: -7.85%
July Fut Open Interest Analysis: Short Covering
NIFTY AUGUST Future closed at: 24101.8 (0.952%)
Aug Fut Premium 105.85 (Decreased by -1.3 points)
Aug Fut Open Interest Change: 24.57%
Aug Fut Volume Change: -14.44%
Aug Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.120 (Increased from 0.825)
Put-Call Ratio (Volume): 0.974
Max Pain Level: 24000
Maximum CALL Open Interest: 24200
Maximum PUT Open Interest: 23000
Highest CALL Addition: 24050
Highest PUT Addition: 23900
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 57087.2 (0.694%)
Combined = July + August + September
Combined Fut Open Interest Change: -0.07%
Combined Fut Volume Change: -16.75%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 63% Previous 52%
BANKNIFTY JULY Future closed at: 57176.4 (0.584%)
July Fut Premium 89.2 (Decreased by -61.9 points)
July Fut Open Interest Change: -22.8%
July Fut Volume Change: -23.8%
July Fut Open Interest Analysis: Short Covering
BANKNIFTY AUGUST Future closed at: 57396.2 (0.542%)
Aug Fut Premium 309 (Decreased by -84.1 points)
Aug Fut Open Interest Change: 21.94%
Aug Fut Volume Change: -7.34%
Aug Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.734 (Decreased from 0.802)
Put-Call Ratio (Volume): 0.970
Max Pain Level: 57200
Maximum CALL Open Interest: 58000
Maximum PUT Open Interest: 57000
Highest CALL Addition: 57200
Highest PUT Addition: 57000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14572.9 (0.948%)
Combined = July + August + September
Combined Fut Open Interest Change: -0.83%
Combined Fut Volume Change: -40.62%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 70% Previous 58%
MIDCPNIFTY JULY Future closed at: 14590.75 (0.884%)
July Fut Premium 17.85 (Decreased by -8.95 points)
July Fut Open Interest Change: -29.26%
July Fut Volume Change: -42.66%
July Fut Open Interest Analysis: Short Covering
MIDCPNIFTY AUGUST Future closed at: 14646.3 (1.050%)
Aug Fut Premium 73.4 (Increased by 15.3 points)
Aug Fut Open Interest Change: 19.71%
Aug Fut Volume Change: -39.29%
Aug Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.907 (Increased from 0.820)
Put-Call Ratio (Volume): 0.975
Max Pain Level: 14525
Maximum CALL Open Interest: 14800
Maximum PUT Open Interest: 14000
Highest CALL Addition: 14575
Highest PUT Addition: 14500
SENSEX Monthly Expiry (30/07/2026) Future
SENSEX Spot closed at: 76,835.78 (1.020%)
SENSEX Monthly Future closed at: 76,990.10 (0.946%)
Premium: 154.32 (Decreased by -54.56 points)
Open Interest Change: -17.82%
Volume Change: -41.51%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (30/07/2026) Option Analysis
Put-Call Ratio (OI): 1.197 (Increased from 1.092)
Put-Call Ratio (Volume): 0.907
Max Pain Level: 76800
Maximum CALL OI: 80000
Maximum PUT OI: 75000
Highest CALL Addition: 78500
Highest PUT Addition: 76700
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 1,688.23 Cr.
DIIs Net BUY: ₹ 2,329.14 Cr.
FII Derivatives Activity
| FII Trading Stats | 27.07.26 | 24.07.26 | 23.07.26 |
| FII Cash (Provisional Data) | -1,688.23 | -3,892.77 | -2,999.23 |
| Index Future Open Interest Long Ratio | 8.78% | 8.63% | 7.79% |
| Index Future Volume Long Ratio | 51.90% | 47.02% | 44.85% |
| Call Option Open Interest Long Ratio | 43.01% | 42.02% | 39.87% |
| Call Option Volume Long Ratio | 50.18% | 50.35% | 49.31% |
| Put Option Open Interest Long Ratio | 63.63% | 65.59% | 67.88% |
| Put Option Volume Long Ratio | 49.73% | 49.92% | 50.03% |
| Stock Future Open Interest Long Ratio | 54.76% | 54.14% | 53.93% |
| Stock Future Volume Long Ratio | 51.08% | 50.27% | 50.40% |
| Index Futures | Short Covering | Fresh Short | Fresh Short |
| Index Options | Fresh Short | Fresh Long | Fresh Short |
| Nifty Futures | Short Covering | Fresh Short | Fresh Short |
| Nifty Options | Fresh Short | Fresh Long | Fresh Short |
| BankNifty Futures | Fresh Long | Fresh Long | Fresh Short |
| BankNifty Options | Fresh Short | Fresh Long | Fresh Short |
| FinNifty Futures | Fresh Short | Fresh Short | Fresh Short |
| FinNifty Options | Fresh Long | Fresh Long | Fresh Long |
| MidcpNifty Futures | Fresh Long | Fresh Short | Long Covering |
| MidcpNifty Options | Short Covering | Fresh Short | Fresh Long |
| NiftyNxt50 Futures | Fresh Short | Short Covering | Fresh Short |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Long |
| Stock Futures | Fresh Long | Short Covering | Short Covering |
| Stock Options | Long Covering | Long Covering | Short Covering |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (30/07/2026)
The SENSEX index closed at 76835.78. The SENSEX weekly expiry for JULY 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.197 against previous 1.092. The 80000CE option holds the maximum open interest, followed by the 75000PE and 78500CE options. Market participants have shown increased interest with significant open interest additions in the 76700PE option, with open interest additions also seen in the 76800PE and 76600PE options. On the other hand, open interest reductions were prominent in the 76100CE, 76000CE, and 76300CE options. Trading volume was highest in the 77000CE option, followed by the 76700PE and 76700CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 30-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 76835.78 | 1.197 | 1.092 | 0.907 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,27,38,960 | 99,00,720 | 28,38,240 |
| PUT: | 1,52,45,660 | 1,08,11,720 | 44,33,940 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 9,08,420 | -64,400 | 36,61,880 |
| 78500 | 8,35,840 | 3,76,240 | 56,48,440 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 78500 | 8,35,840 | 3,76,240 | 56,48,440 |
| 81000 | 7,37,280 | 3,65,620 | 24,86,440 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 76100 | 63,920 | -2,85,780 | 13,11,120 |
| 76000 | 2,54,940 | -2,27,800 | 14,65,120 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 7,02,500 | 1,42,140 | 1,72,33,060 |
| 76700 | 2,01,120 | 99,920 | 1,49,37,660 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 8,72,900 | 4,32,740 | 61,12,920 |
| 76000 | 7,79,400 | 1,52,080 | 86,27,940 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 76700 | 5,58,880 | 5,32,560 | 1,52,14,600 |
| 76800 | 4,75,200 | 4,48,720 | 1,06,14,040 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 75600 | 2,37,640 | -1,18,100 | 28,45,780 |
| 74100 | 75,920 | -99,600 | 10,85,500 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 76700 | 5,58,880 | 5,32,560 | 1,52,14,600 |
| 76500 | 6,18,880 | 4,20,700 | 1,34,77,240 |
NIFTY Monthly Expiry (28/07/2026)
The NIFTY index closed at 23995.95. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.120 against previous 0.825. The 24200CE 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 23900PE option, with open interest additions also seen in the 24000PE and 23950PE options. On the other hand, open interest reductions were prominent in the 23800CE, 25000CE, and 25200CE options. Trading volume was highest in the 24000CE option, followed by the 23900PE and 23950PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,995.95 | 1.120 | 0.825 | 0.974 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 17,11,77,630 | 20,15,67,860 | -3,03,90,230 |
| PUT: | 19,16,57,310 | 16,63,11,470 | 2,53,45,840 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 1,47,38,490 | 14,87,785 | 39,67,068 |
| 24,000 | 1,24,69,015 | -10,10,165 | 1,01,62,515 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,050 | 62,41,560 | 22,81,630 | 47,81,865 |
| 24,250 | 58,64,040 | 19,19,255 | 17,16,058 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,800 | 20,06,290 | -52,36,205 | 15,12,850 |
| 25,000 | 1,18,55,285 | -31,93,970 | 7,58,461 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,24,69,015 | -10,10,165 | 1,01,62,515 |
| 23,950 | 37,26,840 | 7,58,290 | 74,24,485 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 1,40,62,945 | 8,41,360 | 13,86,067 |
| 24,000 | 1,35,67,970 | 88,80,235 | 70,20,028 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,900 | 1,23,55,005 | 91,80,340 | 83,12,324 |
| 24,000 | 1,35,67,970 | 88,80,235 | 70,20,028 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 29,16,225 | -18,99,625 | 1,72,030 |
| 22,600 | 8,83,415 | -15,88,015 | 2,22,742 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,900 | 1,23,55,005 | 91,80,340 | 83,12,324 |
| 23,950 | 99,83,025 | 86,72,105 | 74,65,095 |
BANKNIFTY Monthly Expiry (28/07/2026)
The BANKNIFTY index closed at 57087.2. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.734 against previous 0.802. The 58000CE option holds the maximum open interest, followed by the 59000CE and 57000CE options. Market participants have shown increased interest with significant open interest additions in the 57000PE option, with open interest additions also seen in the 57200CE and 57300CE options. On the other hand, open interest reductions were prominent in the 60000CE, 55500PE, and 56800CE options. Trading volume was highest in the 57000PE option, followed by the 57000CE and 57500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 57,087.20 | 0.734 | 0.802 | 0.970 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,08,31,850 | 2,07,65,220 | 66,630 |
| PUT: | 1,52,96,520 | 1,66,53,540 | -13,57,020 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 58,000 | 18,99,750 | 19,140 | 4,50,248 |
| 59,000 | 14,14,080 | -1,95,390 | 2,21,739 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,200 | 6,71,370 | 3,95,340 | 8,78,115 |
| 57,300 | 6,37,590 | 3,55,440 | 7,30,277 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 11,65,080 | -4,06,800 | 1,17,558 |
| 56,800 | 1,91,340 | -3,35,640 | 1,37,740 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 11,98,800 | 1,83,840 | 10,41,585 |
| 57,500 | 11,40,990 | 1,24,440 | 8,79,755 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 11,85,960 | 5,27,880 | 13,32,833 |
| 56,000 | 9,34,260 | -71,790 | 3,58,062 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 11,85,960 | 5,27,880 | 13,32,833 |
| 57,100 | 4,01,610 | 3,41,730 | 7,34,845 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,500 | 5,07,480 | -3,49,980 | 1,75,709 |
| 50,000 | 2,01,210 | -2,21,010 | 27,085 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 11,85,960 | 5,27,880 | 13,32,833 |
| 57,100 | 4,01,610 | 3,41,730 | 7,34,845 |
MIDCPNIFTY Monthly Expiry (28/07/2026)
The MIDCPNIFTY index closed at 14572.9. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.907 against previous 0.820. The 14800CE option holds the maximum open interest, followed by the 14000PE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 14500PE option, with open interest additions also seen in the 14550PE and 14450PE options. On the other hand, open interest reductions were prominent in the 78600CE, 72500CE, and 77600CE options. Trading volume was highest in the 14600CE option, followed by the 14500PE and 14550PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,572.90 | 0.907 | 0.820 | 0.975 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 93,00,000 | 1,06,31,160 | -13,31,160 |
| PUT: | 84,36,480 | 87,13,920 | -2,77,440 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,800 | 10,09,920 | -1,91,400 | 26,912 |
| 15,000 | 6,41,400 | -1,64,640 | 14,665 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,575 | 1,79,880 | 1,03,080 | 49,116 |
| 14,650 | 3,25,080 | 94,440 | 36,479 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 5,34,720 | -3,55,920 | 7,785 |
| 14,800 | 10,09,920 | -1,91,400 | 26,912 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,600 | 6,17,760 | 22,800 | 1,08,423 |
| 14,575 | 1,79,880 | 1,03,080 | 49,116 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,58,680 | -1,62,840 | 18,663 |
| 14,500 | 6,11,400 | 2,33,040 | 66,088 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 6,11,400 | 2,33,040 | 66,088 |
| 14,550 | 3,22,560 | 2,27,640 | 62,698 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 5,52,720 | -2,32,680 | 43,570 |
| 14,000 | 6,58,680 | -1,62,840 | 18,663 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 6,11,400 | 2,33,040 | 66,088 |
| 14,550 | 3,22,560 | 2,27,640 | 62,698 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Buy the Dips on Nifty & Midcaps: Based on our Open Interest Volume Analysis, the path of least resistance for Nifty is strictly upwards. With highest put additions at 23900 acting as a rock-solid floor and the Max Pain resting right at 24000, any intraday dip is a buying opportunity. Target the 24200 level, where call writers are currently defending. Midcaps share this exact bullish DNA—ride the momentum as long as it holds above 14500.
Exercise Caution with BankNifty: Don’t treat all indices the same this week. BankNifty is the glaring weak link; its Put-Call Ratio has actually decreased to 0.734, signaling caution and a lack of aggressive put writing. With Max Pain and highest call additions deadlocked at 57200, it’s a tight, restricted zone. Actionable feedback: Avoid aggressive naked longs in BankNifty until it decisively clears and sustains above 57200.
The Expiry Playbook: The premium decay across the board (Nifty July premiums dropped by 7 points, BankNifty by nearly 62 points) heavily favors option sellers this close to the 28th. If you are trading options, pivot toward credit spreads (like Bull Put Spreads on Nifty) rather than buying naked out-of-the-money calls, which will likely get crushed by theta decay. Follow the rollover money—it’s heavily leaning long, so keep your bearish hedges incredibly light.
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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