NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/08/2026

If you’ve been watching the screens, you’ve probably felt the bearish pressure heavily weighing on the major indices, but conducting a thorough Open Interest Volume Analysis reveals the real story beneath the surface. We are witnessing aggressive rollovers and completely diverging sentiments depending on where you look. Here is what is actually happening behind the scenes:

The Broad Weakness: Both NIFTY (Spot at 24,219) and BANKNIFTY (Spot at 57,525) are feeling the heat, with their August futures sliding into a discount. This strongly indicates that the bulls are exhausted and actively unwinding their long positions before expiry.

Bears Pouncing on September: The biggest red flag? Traders aren’t just exiting longs. Our Open Interest Volume Analysis shows a massive surge of fresh short positions being built in the September series—NIFTY futures saw a staggering 51% OI jump alongside a 116% volume spike, while BANKNIFTY saw a 56% OI spike in September. The smart money is positioning for a broader market pullback.

The Midcap Rebellion: It’s not all doom and gloom! MIDCPNIFTY is acting as the lone wolf, flashing a beautiful bullish divergence. While the heavyweights bleed, midcaps are seeing robust short covering in August and an injection of fresh longs for September, backed by a dominant 73% rollover rate.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24219.05 (-0.136%)

Combined = August + September + October

Combined Fut Open Interest Change: 3.35%

Combined Fut Volume Change: 95.17%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 64% Previous 44%

NIFTY AUGUST Future closed at: 24209.6 (-0.315%)

Aug Fut Discount -9.45 (Decreased by -43.45 points)

Aug Fut Open Interest Change: -33.10%

Aug Fut Volume Change: 75.90%

Aug Fut Open Interest Analysis: Long Covering

NIFTY SEPTEMBER Future closed at: 24324.1 (-0.275%)

Sep Fut Discount 105.05 (Decreased by -34.05 points)

Sep Fut Open Interest Change: 51.64%

Sep Fut Volume Change: 116.79%

Sep Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.695 (Decreased from 1.078)

Put-Call Ratio (Volume): 1.078

Max Pain Level: 24200

Maximum CALL Open Interest: 24300

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24300

Highest PUT Addition: 24050

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57525.95 (-0.409%)

Combined = August + September + October

Combined Fut Open Interest Change: -0.88%

Combined Fut Volume Change: 25.24%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 64% Previous 41%

BANKNIFTY AUGUST Future closed at: 57437 (-0.493%)

Aug Fut Discount -88.95 (Decreased by -48.8 points)

Aug Fut Open Interest Change: -40.0%

Aug Fut Volume Change: 13.3%

Aug Fut Open Interest Analysis: Long Covering

BANKNIFTY SEPTEMBER Future closed at: 57756.4 (-0.496%)

Sep Fut Discount 230.45 (Decreased by -52 points)

Sep Fut Open Interest Change: 56.05%

Sep Fut Volume Change: 37.02%

Sep Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.702 (Decreased from 0.864)

Put-Call Ratio (Volume): 1.053

Max Pain Level: 57500

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 57500

Highest PUT Addition: 56000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14898.5 (0.155%)

Combined = August + September + October

Combined Fut Open Interest Change: -1.66%

Combined Fut Volume Change: -7.83%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 73% Previous 51%

MIDCPNIFTY AUGUST Future closed at: 14892.1 (0.122%)

Aug Fut Discount -6.4 (Decreased by -4.95 points)

Aug Fut Open Interest Change: -46.30%

Aug Fut Volume Change: -2.19%

Aug Fut Open Interest Analysis: Short Covering

MIDCPNIFTY SEPTEMBER Future closed at: 14896.8 (0.031%)

Sep Fut Discount -1.7 (Decreased by -18.45 points)

Sep Fut Open Interest Change: 40.89%

Sep Fut Volume Change: -13.60%

Sep Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.846 (Increased from 0.841)

Put-Call Ratio (Volume): 0.871

Max Pain Level: 14900

Maximum CALL Open Interest: 15200

Maximum PUT Open Interest: 14500

Highest CALL Addition: 14950

Highest PUT Addition: 14900

SENSEX Monthly Expiry (27/08/2026) Future

SENSEX Spot closed at: 77,369.11 (-0.221%)

SENSEX Monthly Future closed at: 77,476.45 (-0.328%)

Premium: 107.34 (Decreased by -83.13 points)

Open Interest Change: -2.97%

Volume Change: 6.18%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.771 (Decreased from 1.110)

Put-Call Ratio (Volume): 1.281

Max Pain Level: 77500

Maximum CALL OI: 77500

Maximum PUT OI: 75500

Highest CALL Addition: 77500

Highest PUT Addition: 77300

II & DII Cash Market Activity

FIIs Net BUY: ₹ 1,181.66 Cr.

DIIs Net BUY: ₹ 2,493.41 Cr.

FII Derivatives Activity

FII Trading Stats	24.08.26	21.08.26	20.08.26
FII Cash (Provisional Data)	1,181.66	-542.71	-583.36
Index Future Open Interest Long Ratio	9.90%	9.95%	9.33%
Index Future Volume Long Ratio	46.83%	51.25%	48.73%
Call Option Open Interest Long Ratio	44.66%	42.37%	41.30%
Call Option Volume Long Ratio	50.11%	50.23%	51.11%
Put Option Open Interest Long Ratio	66.62%	63.39%	64.43%
Put Option Volume Long Ratio	50.70%	49.87%	48.83%
Stock Future Open Interest Long Ratio	55.20%	55.14%	55.05%
Stock Future Volume Long Ratio	50.03%	50.17%	50.55%
Index Futures	Fresh Short	Fresh Long	Fresh Short
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Fresh Short	Fresh Long	Fresh Short
Nifty Options	Fresh Long	Fresh Long	Fresh Short
BankNifty Futures	Long Covering	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Short Covering
FinNifty Futures	Fresh Short	Fresh Short	Short Covering
FinNifty Options	Long Covering	Fresh Long	Fresh Short
MidcpNifty Futures	Short Covering	Fresh Short	Short Covering
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Short	Long Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Short Covering	Fresh Long	Fresh Long
Stock Options	Long Covering	Long Covering	Short Covering

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (27/08/2026)

The SENSEX index closed at 77369.11. The SENSEX weekly expiry for AUGUST 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.771 against previous 1.110. The 77500CE option holds the maximum open interest, followed by the 78000CE and 77700CE options. Market participants have shown increased interest with significant open interest additions in the 77500CE option, with open interest additions also seen in the 77400CE and 77300CE options. On the other hand, open interest reductions were prominent in the 77600PE, 77500PE, and 77700PE options. Trading volume was highest in the 77500PE option, followed by the 77300PE and 77500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	27-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77369.11	0.771	1.110	1.281
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,50,88,240	91,58,780	59,29,460
PUT:	1,16,26,740	1,01,61,840	14,64,900
Top CALL Open Interest:
Strike	OI	OI Change	Volume
77500	11,23,720	5,40,560	1,33,50,780
78000	9,42,820	3,52,240	1,08,01,060
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77500	11,23,720	5,40,560	1,33,50,780
77400	5,34,620	4,43,120	70,94,180
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
77600	6,87,180	-45,160	1,01,97,940
79100	1,12,040	-19,180	14,51,420
Top CALL Volume:
Strike	OI	OI Change	Volume
77500	11,23,720	5,40,560	1,33,50,780
77700	9,14,500	2,83,600	1,16,38,580
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75500	7,83,280	2,52,200	55,48,600
77500	7,04,780	-1,36,640	1,78,44,140
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
77300	5,98,220	3,29,820	1,62,48,000
76500	5,45,000	2,80,960	87,06,260
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
77600	2,95,220	-2,38,700	1,20,45,020
77500	7,04,780	-1,36,640	1,78,44,140
Top PUT Volume:
Strike	OI	OI Change	Volume
77500	7,04,780	-1,36,640	1,78,44,140
77300	5,98,220	3,29,820	1,62,48,000

NIFTY Monthly Expiry (25/08/2026)

The NIFTY index closed at 24219.05. The NIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.695 against previous 1.078. The 24300CE option holds the maximum open interest, followed by the 24200CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24300CE option, with open interest additions also seen in the 24200CE and 24250CE options. On the other hand, open interest reductions were prominent in the 23000PE, 24250PE, and 22500PE options. Trading volume was highest in the 24200PE option, followed by the 24300CE and 24200CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,219.05	0.695	1.078	1.078
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	22,05,58,585	17,60,62,900	4,44,95,685
PUT:	15,32,69,935	18,97,15,175	-3,64,45,240
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,300	2,16,23,160	81,53,340	69,36,175
24,200	1,65,44,450	76,97,170	59,73,736
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,300	2,16,23,160	81,53,340	69,36,175
24,200	1,65,44,450	76,97,170	59,73,736
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	20,80,455	-24,65,515	3,84,042
25,500	71,86,985	-17,69,690	3,84,909
Top CALL Volume:
Strike	OI	OI Change	Volume
24,300	2,16,23,160	81,53,340	69,36,175
24,200	1,65,44,450	76,97,170	59,73,736
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,62,70,410	-14,69,130	37,97,281
24,200	1,22,68,425	-27,79,530	83,07,507
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,050	49,24,530	15,62,990	26,68,285
24,150	72,24,295	11,78,385	59,25,684
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	63,43,350	-52,10,140	4,95,304
24,250	31,27,475	-37,27,815	51,55,005
Top PUT Volume:
Strike	OI	OI Change	Volume
24,200	1,22,68,425	-27,79,530	83,07,507
24,150	72,24,295	11,78,385	59,25,684

BANKNIFTY Monthly Expiry (25/08/2026)

The BANKNIFTY index closed at 57525.95. The BANKNIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.702 against previous 0.864. The 58000CE option holds the maximum open interest, followed by the 57500CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 57500CE option, with open interest additions also seen in the 57800CE and 57600CE options. On the other hand, open interest reductions were prominent in the 58000PE, 60000CE, and 55000PE options. Trading volume was highest in the 57300PE option, followed by the 57400PE and 57000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,525.95	0.702	0.864	1.053
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,13,56,280	1,72,35,330	41,20,950
PUT:	1,50,02,160	1,48,86,150	1,16,010
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,000	23,88,180	2,06,730	7,54,105
57,500	15,73,260	7,88,910	7,19,391
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,500	15,73,260	7,88,910	7,19,391
57,800	10,63,890	5,63,610	5,93,883
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	11,81,730	-1,56,690	1,61,684
59,300	1,06,500	-57,000	63,863
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	23,88,180	2,06,730	7,54,105
57,500	15,73,260	7,88,910	7,19,391
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,000	12,44,880	-81,780	7,64,554
56,000	12,21,960	2,45,550	2,15,576
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,000	12,21,960	2,45,550	2,15,576
57,300	5,16,060	2,15,280	7,85,741
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	6,29,640	-3,23,400	1,57,104
55,000	5,59,230	-1,45,020	1,26,417
Top PUT Volume:
Strike	OI	OI Change	Volume
57,300	5,16,060	2,15,280	7,85,741
57,400	4,26,480	1,13,730	7,71,858

MIDCPNIFTY Monthly Expiry (25/08/2026)

The MIDCPNIFTY index closed at 14898.5. The MIDCPNIFTY monthly expiry for AUGUST 25, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.846 against previous 0.841. The 15200CE option holds the maximum open interest, followed by the 14900CE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 14950CE option, with open interest additions also seen in the 14900PE and 14700PE options. On the other hand, open interest reductions were prominent in the 77600CE, 72500PE, and 77400CE options. Trading volume was highest in the 14900CE option, followed by the 14900PE and 14950CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,898.50	0.846	0.841	0.871
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,12,09,080	1,12,37,160	-28,080
PUT:	94,83,960	94,54,560	29,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,200	14,26,320	-1,07,520	35,207
14,900	12,76,680	4,34,760	1,13,052
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,950	7,53,120	5,05,200	78,957
14,900	12,76,680	4,34,760	1,13,052
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,500	10,95,840	-3,21,240	18,290
15,000	12,72,600	-2,65,200	62,470
Top CALL Volume:
Strike	OI	OI Change	Volume
14,900	12,76,680	4,34,760	1,13,052
14,950	7,53,120	5,05,200	78,957
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,500	10,73,160	-1,03,320	16,071
14,700	9,82,560	4,58,520	36,117
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,900	9,60,000	4,68,120	92,269
14,700	9,82,560	4,58,520	36,117
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	2,59,080	-1,60,560	5,209
14,200	3,90,240	-1,47,840	5,333
Top PUT Volume:
Strike	OI	OI Change	Volume
14,900	9,60,000	4,68,120	92,269
14,800	6,83,760	-1,11,360	58,996

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

So, how exactly do we trade this setup heading into the 25th and 27th expiries? The data is screaming caution for the major indices, but there are still clear, actionable pockets of opportunity if you know where to look. A reliable Open Interest Volume Analysis points to a classic “sell on rise” environment for the heavyweights, while midcaps offer a solid hiding space for the bulls. Here is your actionable game plan:

NIFTY Trade Plan: With the Put-Call Ratio (PCR) plunging to a bearish 0.695 and aggressive call writing capping the upside at 24,300, a breakout looks highly unlikely. Look for low-risk shorting opportunities on any bounce toward 24,300. The Max Pain sits perfectly at 24,200, so expect choppy, range-bound expiry action pinning around this level, with a floor near 24,000.

BANKNIFTY Warning: The bears are fiercely defending the 57,500 zone (highest call addition). Unless we see a convincing close above 57,500, avoid taking fresh longs entirely. Your downside targets sit around the massive 57,000 put base.

SENSEX Reality Check: We are seeing clear long covering and heavy premium decay (down over 83 points). Treat any relief rally toward the 77,500 Max Pain and Call OI peak as a bull trap.

The Midcap Long Play: If you want to buy, stick to MIDCPNIFTY. Our Open Interest Volume Analysis confirms this is where the actual underlying strength lies. Look to accumulate on intraday dips near the 14,900 Max Pain support, keeping your eyes on the 15,200 resistance zone for profit booking. Maintain strict stop-losses, and trade the data, not your emotions!

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