NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/08/2026

A detailed Open Interest Volume Analysis reveals that bears took firm control across Dalal Street, creating a synchronized wave of fresh short positions and premium erosion across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX.

Broad-Based Fresh Shorts: Every major index logged price drops alongside notable spikes in Open Interest, indicating active short buildup rather than simple long unwinding.

Heavy Roll into Next Month: The September contracts for Nifty (+14.53% OI) and Bank Nifty (+16.53% OI) are already seeing aggressive institutional short accumulation with heavy volume surges.

Crushing Futures Premiums: Long basis took a beating as August futures premiums shrank drastically across the board (Nifty lost ~30 pts, Bank Nifty dropped ~167 pts of premium), confirming aggressive call writing and hedge buying.

Plunging PCRs Across the Board: Put-Call Ratios took a steep dive—NIFTY PCR fell to 0.815, MIDCPNIFTY to 0.874, BANKNIFTY to 0.696, and SENSEX collapsed to 0.632—highlighting widespread call writing and weak put support.

Max Pain Disconnect: Spot prices across all indices are currently trading below their respective Max Pain levels, keeping the immediate tone firmly tilted toward “Sell on Rallies.”

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24154.9 (-0.547%)

Combined = August + September + October

Combined Fut Open Interest Change: 3.96%

Combined Fut Volume Change: 5.63%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 17% Previous 16%

NIFTY AUGUST Future closed at: 24230.1 (-0.667%)

Aug Fut Premium 75.2 (Decreased by -29.85 points)

Aug Fut Open Interest Change: 2.04%

Aug Fut Volume Change: -2.57%

Aug Fut Open Interest Analysis: Fresh Short

NIFTY SEPTEMBER Future closed at: 24359.9 (-0.708%)

Sep Fut Premium2 05 (Decreased by -40.85 points)

Sep Fut Open Interest Change: 14.53%

Sep Fut Volume Change: 49.98%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY Monthly Expiry (25/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.815 (Decreased from 0.988)

Put-Call Ratio (Volume): 0.811

Max Pain Level: 24300

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24200

Highest PUT Addition: 23700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57262.4 (-0.409%)

Combined = August + September + October

Combined Fut Open Interest Change: 4.09%

Combined Fut Volume Change: -30.23%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 12% Previous 11%

BANKNIFTY AUGUST Future closed at: 57433.2 (-0.696%)

Aug Fut Premium 170.8 (Decreased by -167.2 points)

Aug Fut Open Interest Change: 2.3%

Aug Fut Volume Change: -32.9%

Aug Fut Open Interest Analysis: Fresh Short

BANKNIFTY SEPTEMBER Future closed at: 57791.6 (-0.665%)

Sep Fut Premium 529.2 (Decreased by -151.4 points)

Sep Fut Open Interest Change: 16.53%

Sep Fut Volume Change: -13.05%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (25/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.696 (Decreased from 0.829)

Put-Call Ratio (Volume): 0.898

Max Pain Level: 57600

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 60000

Highest PUT Addition: 55800

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14840.75 (-0.721%)

Combined = August + September + October

Combined Fut Open Interest Change: 2.19%

Combined Fut Volume Change: 25.71%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 6%

MIDCPNIFTY AUGUST Future closed at: 14872.95 (-0.902%)

Aug Fut Premium 32.2 (Decreased by -27.5 points)

Aug Fut Open Interest Change: 1.76%

Aug Fut Volume Change: 17.72%

Aug Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY SEPTEMBER Future closed at: 14939.55 (-0.908%)

Sep Fut Premium 98.8 (Decreased by -29.05 points)

Sep Fut Open Interest Change: 8.27%

Sep Fut Volume Change: 86.51%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (25/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.874 (Decreased from 1.023)

Put-Call Ratio (Volume): 0.901

Max Pain Level: 14900

Maximum CALL Open Interest: 15500

Maximum PUT Open Interest: 14500

Highest CALL Addition: 14900

Highest PUT Addition: 14850

SENSEX Monthly Expiry (27/08/2026) Future

SENSEX Spot closed at: 77,235.46 (-0.634%)

SENSEX Monthly Future closed at: 77,601.45 (-0.673%)

Premium: 365.99 (Decreased by -33.25 points)

Open Interest Change: 11.21%

Volume Change: -13.32%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (20/08/2026) Option Analysis

Put-Call Ratio (OI): 0.632 (Decreased from 0.903)

Put-Call Ratio (Volume): 1.049

Max Pain Level: 77500

Maximum CALL OI: 78000

Maximum PUT OI: 76000

Highest CALL Addition: 77500

Highest PUT Addition: 76000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,651.53 Cr.

DIIs Net BUY: ₹ 2,579.31 Cr.

FII Derivatives Activity

FII Trading Stats	18.08.26	17.08.26	14.08.26
FII Cash (Provisional Data)	1,651.53	-2,535.10	508.12
Index Future Open Interest Long Ratio	10.40%	10.90%	11.21%
Index Future Volume Long Ratio	27.47%	35.29%	26.07%
Call Option Open Interest Long Ratio	39.82%	42.07%	39.76%
Call Option Volume Long Ratio	49.24%	50.30%	50.12%
Put Option Open Interest Long Ratio	73.84%	66.34%	67.11%
Put Option Volume Long Ratio	50.18%	50.03%	50.24%
Stock Future Open Interest Long Ratio	54.65%	54.85%	54.84%
Stock Future Volume Long Ratio	47.93%	50.49%	49.48%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Fresh Short	Fresh Short	Long Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Fresh Short	Fresh Short
FinNifty Options	Long Covering	Fresh Long	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Long	Short Covering	Long Covering
NiftyNxt50 Futures	Long Covering	Fresh Short	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Long Covering	Fresh Long	Long Covering
Stock Options	Long Covering	Fresh Short	Fresh Short

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (20/08/2026)

The SENSEX index closed at 77235.46. The SENSEX weekly expiry for AUGUST 20, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.632 against previous 0.903. The 78000CE option holds the maximum open interest, followed by the 77500CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 77500CE option, with open interest additions also seen in the 78000CE and 77400CE options. On the other hand, open interest reductions were prominent in the 77800PE, 77700PE, and 78000PE options. Trading volume was highest in the 77500PE option, followed by the 77500CE and 77400PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	20-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77235.46	0.632	0.903	1.049
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,63,88,700	1,30,93,640	1,32,95,060
PUT:	1,66,77,380	1,18,19,600	48,57,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	19,81,380	10,51,260	1,73,58,220
77500	18,95,040	16,71,480	2,84,90,940
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77500	18,95,040	16,71,480	2,84,90,940
78000	19,81,380	10,51,260	1,73,58,220
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
80800	32,780	-14,500	2,87,480
80600	1,20,900	-13,020	5,72,540
Top CALL Volume:
Strike	OI	OI Change	Volume
77500	18,95,040	16,71,480	2,84,90,940
77400	10,62,120	10,05,340	2,09,50,280
Top PUT Open Interest:
Strike	OI	OI Change	Volume
76000	12,30,680	5,58,800	86,71,440
75000	10,24,520	1,74,300	56,39,640
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
76000	12,30,680	5,58,800	86,71,440
74500	8,47,860	5,04,140	25,98,040
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
77800	1,63,940	-4,70,840	52,21,880
77700	1,71,280	-4,27,980	73,50,200
Top PUT Volume:
Strike	OI	OI Change	Volume
77500	8,76,800	1,10,420	2,93,16,620
77400	5,93,320	3,15,120	2,72,20,020

NIFTY Monthly Expiry (25/08/2026)

The NIFTY index closed at 24154.9. The NIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.815 against previous 0.988. The 25000CE option holds the maximum open interest, followed by the 24500CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24200CE option, with open interest additions also seen in the 24300CE and 25500CE options. On the other hand, open interest reductions were prominent in the 23300PE, 24500PE, and 24400PE options. Trading volume was highest in the 24200PE option, followed by the 24200CE and 24300CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,154.90	0.815	0.988	0.811
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,15,53,815	9,26,76,805	4,88,77,010
PUT:	11,53,96,255	9,16,04,630	2,37,91,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,38,77,370	32,85,360	3,60,135
24,500	1,20,83,955	30,81,065	4,07,251
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,200	69,25,880	54,37,640	5,03,567
24,300	79,67,245	48,14,680	4,53,723
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,300	8,36,420	-38,285	5,282
26,100	3,11,090	-37,375	3,376
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	69,25,880	54,37,640	5,03,567
24,300	79,67,245	48,14,680	4,53,723
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,14,10,685	11,13,450	3,78,295
23,000	88,36,750	21,14,385	1,62,532
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,700	70,99,365	28,35,235	2,79,748
24,200	67,94,970	23,69,055	5,64,365
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,300	13,11,115	-2,77,615	65,722
24,500	55,35,075	-1,84,470	84,300
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	67,94,970	23,69,055	5,64,365
24,000	1,14,10,685	11,13,450	3,78,295

BANKNIFTY Monthly Expiry (25/08/2026)

The BANKNIFTY index closed at 57262.4. The BANKNIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.696 against previous 0.829. The 58000CE option holds the maximum open interest, followed by the 60000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 57500CE and 58000CE options. On the other hand, open interest reductions were prominent in the 58000PE, 61500CE, and 57500PE options. Trading volume was highest in the 57500CE option, followed by the 57500PE and 57300PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,262.40	0.696	0.829	0.898
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,90,90,350	1,67,20,590	23,69,760
PUT:	1,32,81,300	1,38,63,870	-5,82,570
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,000	23,49,300	2,18,520	1,16,180
60,000	22,64,700	5,18,700	74,639
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,000	22,64,700	5,18,700	74,639
57,500	10,18,200	3,02,790	1,81,219
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
61,500	1,53,240	-83,640	10,883
59,100	84,420	-51,960	12,153
Top CALL Volume:
Strike	OI	OI Change	Volume
57,500	10,18,200	3,02,790	1,81,219
58,000	23,49,300	2,18,520	1,16,180
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	11,81,790	-2,15,580	46,389
57,000	9,91,530	-53,130	1,25,329
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,800	1,79,430	52,230	14,243
56,000	9,63,150	35,130	69,394
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	11,81,790	-2,15,580	46,389
57,500	6,42,840	-80,010	1,57,881
Top PUT Volume:
Strike	OI	OI Change	Volume
57,500	6,42,840	-80,010	1,57,881
57,300	2,15,730	-20,910	1,36,121

MIDCPNIFTY Monthly Expiry (25/08/2026)

The MIDCPNIFTY index closed at 14840.75. The MIDCPNIFTY monthly expiry for AUGUST 25, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.874 against previous 1.023. The 15500CE option holds the maximum open interest, followed by the 15000CE and 14500PE options. Market participants have shown increased interest with significant open interest additions in the 14900CE option, with open interest additions also seen in the 15600CE and 14850CE options. On the other hand, open interest reductions were prominent in the 74000PE, 72000PE, and 72000CE options. Trading volume was highest in the 14800PE option, followed by the 14900CE and 15000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,840.75	0.874	1.023	0.901
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	75,43,560	66,56,880	8,86,680
PUT:	65,90,280	68,06,880	-2,16,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,500	14,73,360	-59,520	11,076
15,000	12,20,640	1,45,200	16,522
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,900	6,24,240	2,72,640	17,394
15,600	4,15,200	2,53,560	7,884
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
16,000	3,97,680	-1,16,400	4,446
15,100	3,48,840	-88,320	9,168
Top CALL Volume:
Strike	OI	OI Change	Volume
14,900	6,24,240	2,72,640	17,394
15,000	12,20,640	1,45,200	16,522
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,500	8,34,480	-81,840	10,852
15,000	7,65,600	-1,91,760	8,075
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,850	1,77,360	1,28,280	6,932
14,700	3,84,960	73,320	8,007
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	7,65,600	-1,91,760	8,075
14,500	8,34,480	-81,840	10,852
Top PUT Volume:
Strike	OI	OI Change	Volume
14,800	3,82,680	-32,160	22,571
14,900	5,94,480	-3,480	13,452

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

Our comprehensive Open Interest Volume Analysis indicates that the market structure remains strictly under pressure heading into the upcoming weekly and monthly expiries. However, with Put-Call Ratios sliding near oversold territory, chasing aggressive short positions at intraday lows carries high risk.

Sell on Rise as the Primary Setup:

NIFTY: Immediate resistance sits firmly at 24,200 (heavy call addition) and 24,300. Trailing shorts should target downside supports at 24,000 and 23,700.

BANKNIFTY: Struggles below 57,600 keep the index vulnerable toward 57,000 and 55,800, with major call writing capping upside at 58,000–60,000.

MIDCPNIFTY & SENSEX: Midcap resistance is locked at 14,900 with downside risk to 14,500; Sensex faces heavy supply at 77,500 with next major put base at 76,000.

Actionable Trigger for Short-Covering:

Do not initiate fresh long trades unless the index climbs and sustains firmly above monthly Max Pain levels (24,300 for NIFTY, 57,600 for BANKNIFTY, 14,900 for MIDCPNIFTY, and 77,500 for SENSEX).

A sustained breakout above these Max Pain strike zones will force call writers to scramble, triggering a sharp short-covering squeeze. Until then, use technical pullbacks toward resistance zones to initiate fresh short trades with strict stop-losses.

Check Previous Day’s NSE & BSE Indices F&O Analysis

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