NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 21/08/2026

The headline numbers look incredibly quiet, but beneath the surface, institutional players are aggressively repositioning their portfolios. By relying on a strict Open Interest Volume Analysis, we can cut right through this surface-level noise and track exactly where the “smart money” is placing its bets for the next series. Here is a quick breakdown of the dominant themes our data is flashing today:

The Rollover Reality Check: Across the board, August futures are seeing massive unwinding. We are tracking heavy Long Covering in NIFTY and Midcap NIFTY, combined with sharp drops in premium, signaling that bulls are taking profits rather than carrying positions forward.

BankNifty’s Bullish Divergence: While the broader market cools down, BankNifty is aggressively breaking away. Our Open Interest Volume Analysis points to heavy Short Covering in August and a massive injection of Fresh Longs for September, making it the undeniable leader right now.

The Option Sellers’ Chokehold: If you look at the options data for NIFTY and SENSEX, the highest Call and Put additions are parked right on top of each other (24300 for NIFTY and 77600 for SENSEX). This is a classic indicator of a brutal tug-of-war where option writers are attempting to pin the market flat.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24252 (0.083%)

Combined = August + September + October

Combined Fut Open Interest Change: 0.29%

Combined Fut Volume Change: -33.41%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 44% Previous 35%

NIFTY AUGUST Future closed at: 24286 (-0.029%)

Aug Fut Premium 34 (Decreased by -27.15 points)

Aug Fut Open Interest Change: -14.56%

Aug Fut Volume Change: -34.32%

Aug Fut Open Interest Analysis: Long Covering

NIFTY SEPTEMBER Future closed at: 24391.1 (-0.006%)

Sep Fut Premium 139.1 (Decreased by -21.65 points)

Sep Fut Open Interest Change: 30.85%

Sep Fut Volume Change: -31.11%

Sep Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.078 (Decreased from 1.097)

Put-Call Ratio (Volume): 1.160

Max Pain Level: 24250

Maximum CALL Open Interest: 24300

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24300

Highest PUT Addition: 24300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57761.95 (0.463%)

Combined = August + September + October

Combined Fut Open Interest Change: 0.11%

Combined Fut Volume Change: 66.58%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 41% Previous 21%

BANKNIFTY AUGUST Future closed at: 57721.8 (0.144%)

Aug Fut Discount -40.15 (Decreased by -182.85 points)

Aug Fut Open Interest Change: -25.6%

Aug Fut Volume Change: 30.8%

Aug Fut Open Interest Analysis: Short Covering

BANKNIFTY SEPTEMBER Future closed at: 58044.4 (0.132%)

Sep Fut Discount 282.45 (Decreased by -189.45 points)

Sep Fut Open Interest Change: 108.62%

Sep Fut Volume Change: 175.60%

Sep Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.864 (Increased from 0.814)

Put-Call Ratio (Volume): 0.853

Max Pain Level: 57700

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 58500

Highest PUT Addition: 57700

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14875.45 (-0.011%)

Combined = August + September + October

Combined Fut Open Interest Change: 2.86%

Combined Fut Volume Change: 37.16%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 51% Previous 24%

MIDCPNIFTY AUGUST Future closed at: 14874 (-0.106%)

Aug Fut Discount -1.45 (Decreased by -14.15 points)

Aug Fut Open Interest Change: -34.01%

Aug Fut Volume Change: 23.68%

Aug Fut Open Interest Analysis: Long Covering

MIDCPNIFTY SEPTEMBER Future closed at: 14892.2 (-0.306%)

Sep Fut Premium 16.75 (Decreased by -44.05 points)

Sep Fut Open Interest Change: 122.23%

Sep Fut Volume Change: 53.65%

Sep Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.841 (Decreased from 0.864)

Put-Call Ratio (Volume): 0.913

Max Pain Level: 14900

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14500

Highest CALL Addition: 15200

Highest PUT Addition: 14500

SENSEX Monthly Expiry (27/08/2026) Future

SENSEX Spot closed at: 77,540.83 (0.004%)

SENSEX Monthly Future closed at: 77,731.30 (-0.071%)

Premium: 190.47 (Decreased by -58.56 points)

Open Interest Change: -2.49%

Volume Change: -55.90%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (27/08/2026) Option Analysis

Put-Call Ratio (OI): 1.110 (Decreased from 1.126)

Put-Call Ratio (Volume): 1.176

Max Pain Level: 77600

Maximum CALL OI: 77600

Maximum PUT OI: 77500

Highest CALL Addition: 77600

Highest PUT Addition: 77600

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 542.71 Cr.

DIIs Net BUY: ₹ 2,124.14 Cr.

FII Derivatives Activity

FII Trading Stats	21.08.26	20.08.26	19.08.26
FII Cash (Provisional Data)	-542.71	-583.36	407.99
Index Future Open Interest Long Ratio	9.95%	9.33%	9.58%
Index Future Volume Long Ratio	51.25%	48.73%	26.66%
Call Option Open Interest Long Ratio	42.37%	41.30%	38.94%
Call Option Volume Long Ratio	50.23%	51.11%	48.85%
Put Option Open Interest Long Ratio	63.39%	64.43%	69.31%
Put Option Volume Long Ratio	49.87%	48.83%	49.35%
Stock Future Open Interest Long Ratio	55.14%	55.05%	54.71%
Stock Future Volume Long Ratio	50.17%	50.55%	50.73%
Index Futures	Fresh Long	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Long	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Short Covering	Short Covering	Fresh Short
BankNifty Options	Fresh Short	Short Covering	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Short	Short Covering	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Long
NiftyNxt50 Futures	Long Covering	Fresh Short	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Long Covering	Short Covering	Long Covering

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (27/08/2026)

The SENSEX index closed at 77540.83. The SENSEX weekly expiry for AUGUST 6, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.110 against previous 1.126. The 77500PE option holds the maximum open interest, followed by the 77600CE and 77700CE options. Market participants have shown increased interest with significant open interest additions in the 77600CE option, with open interest additions also seen in the 77700CE and 77600PE options. On the other hand, open interest reductions were prominent in the 82100CE, 84000PE, and 72100PE options. Trading volume was highest in the 77500PE option, followed by the 77600PE and 77500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	27-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77540.83	1.110	1.126	1.176
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	91,58,780	43,75,880	47,82,900
PUT:	1,01,61,840	49,25,120	52,36,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
77600	7,32,340	6,08,620	1,09,93,000
77700	6,30,900	5,46,600	90,54,500
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77600	7,32,340	6,08,620	1,09,93,000
77700	6,30,900	5,46,600	90,54,500
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82100	11,220	-10,740	2,15,140
74000	700	-60	120
Top CALL Volume:
Strike	OI	OI Change	Volume
77500	5,83,160	1,46,440	1,12,90,140
77600	7,32,340	6,08,620	1,09,93,000
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77500	8,41,420	3,28,240	1,82,79,680
77000	5,70,120	1,40,640	65,67,000
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
77600	5,33,920	4,16,920	1,61,50,460
77700	3,87,580	3,39,340	1,01,52,900
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
84000	3,260	-1,340	2,020
72100	2,360	-120	31,500
Top PUT Volume:
Strike	OI	OI Change	Volume
77500	8,41,420	3,28,240	1,82,79,680
77600	5,33,920	4,16,920	1,61,50,460

NIFTY Monthly Expiry (25/08/2026)

The NIFTY index closed at 24252. The NIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.078 against previous 1.097. The 24000PE option holds the maximum open interest, followed by the 24200PE and 24300CE options. Market participants have shown increased interest with significant open interest additions in the 24300CE option, with open interest additions also seen in the 24250CE and 24300PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25600CE, and 22000PE options. Trading volume was highest in the 24200PE option, followed by the 24250PE and 24300CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,252.00	1.078	1.097	1.160
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,60,62,900	16,33,71,715	1,26,91,185
PUT:	18,97,15,175	17,91,99,475	1,05,15,700
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,300	1,34,69,820	36,83,940	40,41,618
24,500	1,30,28,860	5,14,215	16,63,955
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,300	1,34,69,820	36,83,940	40,41,618
24,250	67,69,880	25,99,285	33,51,257
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	50,31,000	-13,40,625	1,15,409
25,600	34,57,220	-8,42,725	1,81,234
Top CALL Volume:
Strike	OI	OI Change	Volume
24,300	1,34,69,820	36,83,940	40,41,618
24,250	67,69,880	25,99,285	33,51,257
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,77,39,540	13,91,650	16,12,499
24,200	1,50,47,955	17,58,965	44,81,468
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,300	95,40,375	20,63,100	35,38,893
24,250	68,55,290	18,77,785	42,13,154
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	38,94,345	-7,58,745	98,187
23,800	74,17,280	-6,68,200	6,60,186
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	1,50,47,955	17,58,965	44,81,468
24,250	68,55,290	18,77,785	42,13,154

BANKNIFTY Monthly Expiry (25/08/2026)

The BANKNIFTY index closed at 57761.95. The BANKNIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.864 against previous 0.814. The 58000CE option holds the maximum open interest, followed by the 60000CE and 57000PE options. Market participants have shown increased interest with significant open interest additions in the 57700PE option, with open interest additions also seen in the 57500PE and 58500CE options. On the other hand, open interest reductions were prominent in the 60000CE, 57500CE, and 57000PE options. Trading volume was highest in the 57700CE option, followed by the 57700PE and 58000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,761.95	0.864	0.814	0.853
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,72,35,330	1,78,29,960	-5,94,630
PUT:	1,48,86,150	1,45,05,300	3,80,850
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,000	21,81,450	-1,33,500	3,67,761
60,000	13,38,420	-3,51,270	78,722
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
58,500	12,11,310	1,25,250	1,87,315
58,400	2,95,140	1,00,740	91,483
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	13,38,420	-3,51,270	78,722
57,500	7,84,350	-1,76,160	2,48,542
Top CALL Volume:
Strike	OI	OI Change	Volume
57,700	7,91,580	13,260	4,58,176
58,000	21,81,450	-1,33,500	3,67,761
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,000	13,26,660	-1,44,720	2,02,813
57,500	10,05,210	1,33,950	3,54,035
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,700	5,56,470	2,20,980	3,69,322
57,500	10,05,210	1,33,950	3,54,035
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	13,26,660	-1,44,720	2,02,813
56,600	2,55,330	-72,720	49,940
Top PUT Volume:
Strike	OI	OI Change	Volume
57,700	5,56,470	2,20,980	3,69,322
57,500	10,05,210	1,33,950	3,54,035

MIDCPNIFTY Monthly Expiry (25/08/2026)

The MIDCPNIFTY index closed at 14875.45. The MIDCPNIFTY monthly expiry for AUGUST 25, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.841 against previous 0.864. The 15000CE option holds the maximum open interest, followed by the 15200CE and 15500CE options. Market participants have shown increased interest with significant open interest additions in the 15200CE option, with open interest additions also seen in the 14500PE and 14900CE options. On the other hand, open interest reductions were prominent in the 72500CE, 80600CE, and 80600CE options. Trading volume was highest in the 14800PE option, followed by the 14850PE and 14900CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,875.45	0.841	0.864	0.913
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,12,37,160	84,93,360	27,43,800
PUT:	94,54,560	73,35,960	21,18,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	15,37,800	1,11,480	32,667
15,200	15,33,840	9,74,280	23,754
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,200	15,33,840	9,74,280	23,754
14,900	8,41,920	2,41,440	33,655
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,700	1,80,480	-26,520	1,746
14,800	3,79,560	-11,760	20,169
Top CALL Volume:
Strike	OI	OI Change	Volume
14,900	8,41,920	2,41,440	33,655
15,000	15,37,800	1,11,480	32,667
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,500	11,76,480	3,63,960	16,850
14,800	7,95,120	1,94,520	40,164
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,500	11,76,480	3,63,960	16,850
14,800	7,95,120	1,94,520	40,164
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	7,13,760	-79,560	5,810
14,000	4,19,640	-69,480	4,882
Top PUT Volume:
Strike	OI	OI Change	Volume
14,800	7,95,120	1,94,520	40,164
14,850	4,36,200	1,60,560	34,812

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

To wrap things up, today’s Open Interest Volume Analysis proves that treating this as a “one-size-fits-all” market will likely burn your capital. We are looking at a highly fragmented environment where sector rotation is key. Based on the data, here is your clear reasoning and actionable feedback for the days ahead:

Hit the Brakes on Midcaps and NIFTY: NIFTY’s September series is seeing Fresh Shorts, and MIDCPNIFTY is even heavier with a staggering 122% OI jump on the short side alongside shrinking premiums. Actionable Feedback: Avoid aggressive naked longs here. If you are trading NIFTY, treat 24300 as a heavy resistance ceiling. For Midcaps, look for low-risk “sell-on-rise” setups.

Ride the BankNifty Momentum: BankNifty is the only major index displaying true strength. The 108% surge in September OI combined with a 175% volume spike screams that large institutions are building Fresh Longs for the upcoming month. Actionable Feedback: Adopt a “buy-on-dips” strategy for banking stocks. Use the max pain and highest put base at 57700 / 57000 as your structural support levels.

Play the Expiry Pin: With Call and Put writers aggressively defending the exact same strikes on SENSEX (77600) and NIFTY (24300), directional options buying will likely get crushed by theta decay. Actionable Feedback: Deploy non-directional, theta-harvesting strategies like Iron Condors or Short Straddles around these max pain levels, keeping strict stop-losses in case of a late-week breakout.

Ultimately, letting Open Interest Volume Analysis guide your execution takes the guesswork out of your trading. Keep your position sizing strict during this rollover week, respect the data, and trade safe!

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

Disclaimer

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