NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 26/08/2026

If you want to track where the smart money is actually parking its capital, diving deep into Open Interest Volume Analysis is absolutely vital. Right now, we are seeing a stark divergence between a resilient banking sector and a surprisingly fatigued broader market. Let’s break down exactly what the derivative data is whispering to us ahead of the opening bell:

Nifty’s Bearish Grip: The Nifty spot slipped (-0.52%), but the real story is in the futures. We are seeing a classic “Fresh Short” buildup—Open Interest (OI) jumped nearly 4.9% while prices fell. However, the 50% drop in volume tells me this isn’t panic selling; it’s a calculated, steady distribution by the bears. The weekly Put-Call Ratio (PCR) crashing from 1.159 to 0.733 confirms that call writers are aggressively capping the upside at 24400-24500.

BankNifty’s Defiant Strength: While the broader market bleeds, BankNifty is the lone wolf adding “Fresh Longs.” Spot prices ticked up (+0.46%) alongside a 1.37% OI increase. The massive highest call addition way up at 61000 suggests that option writers aren’t terrified of immediate upside resistance, leaving the door open for the bulls to take charge if the 57800 max pain level holds as solid support.

Midcap & Sensex Warning Signs: Midcap Nifty is mirroring the benchmark with fresh short formations, but Sensex is throwing a different curveball entirely ahead of its weekly expiry. With Sensex OI dropping 8.45% alongside falling prices and rising volumes, we are witnessing aggressive “Long Covering.” Bulls are abandoning ship and liquidating their positions, pushing the PCR down to a heavily bearish 0.671.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24207.75 (-0.521%)

Combined = September + October + November

Combined Fut Open Interest Change: 4.90%

Combined Fut Volume Change: -50.21%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 8% Previous 8%

NIFTY SEPTEMBER Future closed at: 24429.1 (-0.174%)

Sep Fut Premium 221.35 (Increased by 84.2 points)

Sep Fut Open Interest Change: 4.60%

Sep Fut Volume Change: -50.81%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY OCTOBER Future closed at: 24562 (-0.115%)

Oct Fut Premium 354.25 (Increased by 98.4 points)

Oct Fut Open Interest Change: 2.81%

Oct Fut Volume Change: -62.72%

Oct Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (01/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.733 (Decreased from 1.159)

Put-Call Ratio (Volume): 1.162

Max Pain Level: 24300

Maximum CALL Open Interest: 24500

Maximum PUT Open Interest: 24200

Highest CALL Addition: 24400

Highest PUT Addition: 23900

NIFTY Monthly Expiry (29/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.203 (Decreased from 1.237)

Put-Call Ratio (Volume): 1.093

Max Pain Level: 24500

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24500

Highest PUT Addition: 24500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57783.75 (0.469%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.37%

Combined Fut Volume Change: -32.27%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 6% Previous 5%

BANKNIFTY SEPTEMBER Future closed at: 58221.2 (0.655%)

Sep Fut Premium 437.45 (Increased by 109.45 points)

Sep Fut Open Interest Change: 0.6%

Sep Fut Volume Change: -35.5%

Sep Fut Open Interest Analysis: Fresh Long

BANKNIFTY OCTOBER Future closed at: 58540.2 (0.622%)

Oct Fut Premium 756.45 (Increased by 92.05 points)

Oct Fut Open Interest Change: 8.44%

Oct Fut Volume Change: 4.17%

Oct Fut Open Interest Analysis: Fresh Long

BANKNIFTY Monthly Expiry  (29/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.145 (Decreased from 1.153)

Put-Call Ratio (Volume): 0.964

Max Pain Level: 57800

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 61000

Highest PUT Addition: 58000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14948.05 (-0.352%)

Combined = September + October + November

Combined Fut Open Interest Change: 3.69%

Combined Fut Volume Change: -64.34%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 2% Previous 2%

MIDCPNIFTY SEPTEMBER Future closed at: 15025.9 (-0.065%)

Sep Fut Premium 77.85 (Increased by 43.15 points)

Sep Fut Open Interest Change: 3.53%

Sep Fut Volume Change: -66.27%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY OCTOBER Future closed at: 15067.55 (-0.186%)

Oct Fut Premium 119.5 (Increased by 24.8 points)

Oct Fut Open Interest Change: 12.86%

Oct Fut Volume Change: 4.62%

Oct Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (29/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.057 (Decreased from 1.232)

Put-Call Ratio (Volume): 1.028

Max Pain Level: 15000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15100

Highest PUT Addition: 14000

SENSEX Monthly Expiry (27/08/2026) Future

SENSEX Spot closed at: 77,472.94 (-0.236%)

SENSEX Monthly Future closed at: 77,741.25 (-0.126%)

Premium: 268.31 (Increased by 85.4 points)

Open Interest Change: -8.45%

Volume Change: 27.75%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.671 (Decreased from 1.429)

Put-Call Ratio (Volume): 1.187

Max Pain Level: 77700

Maximum CALL OI: 78000

Maximum PUT OI: 77000

Highest CALL Addition: 78000

Highest PUT Addition: 76800

fII & DII Cash Market Activity

FIIs Net BUY: ₹ 502.63 Cr.

DIIs Net BUY: ₹ 6,425.16 Cr.

FII Derivatives Activity

FII Trading Stats	26.08.26	25.08.26	24.08.26
FII Cash (Provisional Data)	502.63	1,593.53	1,181.66
Index Future Open Interest Long Ratio	10.81%	10.29%	9.90%
Index Future Volume Long Ratio	45.71%	45.15%	46.83%
Call Option Open Interest Long Ratio	39.31%	38.52%	44.66%
Call Option Volume Long Ratio	49.38%	50.57%	50.11%
Put Option Open Interest Long Ratio	73.58%	75.23%	66.62%
Put Option Volume Long Ratio	50.09%	49.72%	50.70%
Stock Future Open Interest Long Ratio	54.52%	54.79%	55.20%
Stock Future Volume Long Ratio	46.53%	52.30%	50.03%
Index Futures	Fresh Short	Long Covering	Fresh Short
Index Options	Fresh Short	Short Covering	Fresh Long
Nifty Futures	Fresh Short	Long Covering	Fresh Short
Nifty Options	Fresh Short	Short Covering	Fresh Long
BankNifty Futures	Fresh Long	Long Covering	Long Covering
BankNifty Options	Fresh Long	Long Covering	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Fresh Short	Long Covering	Long Covering
MidcpNifty Futures	Fresh Short	Short Covering	Short Covering
MidcpNifty Options	Fresh Long	Long Covering	Fresh Long
NiftyNxt50 Futures	Fresh Short	Long Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Short Covering	Fresh Long
Stock Futures	Fresh Short	Short Covering	Short Covering
Stock Options	Fresh Short	Long Covering	Long Covering

The SENSEX index closed at 77472.94. The SENSEX weekly expiry for AUGUST 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.671 against previous 1.429. The 78000CE option holds the maximum open interest, followed by the 78500CE and 79000CE options. Market participants have shown increased interest with significant open interest additions in the 78000CE option, with open interest additions also seen in the 77900CE and 77800CE options. On the other hand, open interest reductions were prominent in the 77500PE, 75000PE, and 77300CE options. Trading volume was highest in the 78000CE option, followed by the 77500PE and 77600PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	27-08-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77472.94	0.671	1.429	1.187
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,34,81,920	1,66,97,520	2,67,84,400
PUT:	2,91,88,240	2,38,58,560	53,29,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	39,48,420	25,60,500	14,60,90,480
78500	23,77,740	13,70,580	7,38,77,620
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
78000	39,48,420	25,60,500	14,60,90,480
77900	20,69,600	17,82,860	8,48,23,880
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
77300	2,36,620	-1,38,480	30,92,740
77200	1,06,020	-85,700	12,53,060
Top CALL Volume:
Strike	OI	OI Change	Volume
78000	39,48,420	25,60,500	14,60,90,480
77800	21,03,100	16,94,500	9,09,79,400
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77000	19,80,240	3,47,500	7,43,66,720
76000	16,58,000	5,56,640	2,13,42,160
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
76800	13,76,660	8,52,180	2,55,26,640
76000	16,58,000	5,56,640	2,13,42,160
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
77500	13,85,180	-3,50,100	14,40,54,820
75000	11,98,580	-2,04,800	1,48,02,260
Top PUT Volume:
Strike	OI	OI Change	Volume
77500	13,85,180	-3,50,100	14,40,54,820
77600	8,52,400	1,27,920	12,50,79,600

NIFTY Weekly Expiry (1/09/2026)

The NIFTY index closed at 24207.75. The NIFTY weekly expiry for SEPTEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.733 against previous 1.159. The 24500CE option holds the maximum open interest, followed by the 25000CE and 24300CE options. Market participants have shown increased interest with significant open interest additions in the 24400CE option, with open interest additions also seen in the 24300CE and 24500CE options. On the other hand, open interest reductions were prominent in the 23400PE, 24200PE, and 22000PE options. Trading volume was highest in the 24300PE option, followed by the 24300CE and 24400CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	01-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,207.75	0.733	1.159	1.162
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,76,99,520	6,98,83,255	5,78,16,265
PUT:	9,36,31,720	8,09,77,455	1,26,54,265
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,03,91,940	49,25,960	19,22,348
25,000	89,01,880	36,68,405	6,65,814
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,400	86,97,260	52,70,590	22,42,944
24,300	88,45,785	50,67,660	22,48,121
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	36,50,855	-1,70,105	5,73,479
23,900	2,15,215	-48,100	8,847
Top CALL Volume:
Strike	OI	OI Change	Volume
24,300	88,45,785	50,67,660	22,48,121
24,400	86,97,260	52,70,590	22,42,944
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,200	61,97,945	-11,27,555	18,48,955
24,300	57,96,830	13,78,975	35,87,638
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,900	46,04,340	25,03,085	6,64,200
23,700	43,13,010	16,06,020	5,60,501
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,400	19,55,915	-18,83,570	2,68,538
24,200	61,97,945	-11,27,555	18,48,955
Top PUT Volume:
Strike	OI	OI Change	Volume
24,300	57,96,830	13,78,975	35,87,638
24,350	25,84,270	12,40,525	22,29,174

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 24207.75. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.203 against previous 1.237. The 24000PE option holds the maximum open interest, followed by the 25000CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24500PE option, with open interest additions also seen in the 24500CE and 25500CE options. On the other hand, open interest reductions were prominent in the 24200PE, 24250PE, and 23800PE options. Trading volume was highest in the 24500CE option, followed by the 25000CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,207.75	1.203	1.237	1.093
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,71,48,870	4,31,43,075	40,05,795
PUT:	5,67,27,775	5,33,81,500	33,46,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	54,71,960	3,91,560	64,149
24,500	51,03,085	7,14,285	76,559
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,500	51,03,085	7,14,285	76,559
25,500	33,26,765	4,33,290	27,982
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	19,90,690	-35,490	24,294
23,500	4,91,270	-19,240	1,425
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	51,03,085	7,14,285	76,559
25,000	54,71,960	3,91,560	64,149
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	55,26,720	2,27,565	59,608
24,500	45,51,365	8,88,290	58,921
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	45,51,365	8,88,290	58,921
24,300	34,07,105	3,41,835	45,912
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	24,25,410	-1,82,390	44,665
24,250	2,52,655	-1,06,405	11,338
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	55,26,720	2,27,565	59,608
24,500	45,51,365	8,88,290	58,921

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 57783.75. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.145 against previous 1.153. The 57500CE option holds the maximum open interest, followed by the 57500PE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 58000PE option, with open interest additions also seen in the 50000PE and 58300PE options. On the other hand, open interest reductions were prominent in the 57400CE, 57700CE, and 57400PE options. Trading volume was highest in the 58000PE option, followed by the 58000CE and 57900PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,783.75	1.145	1.153	0.964
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	98,80,410	81,26,550	17,53,860
PUT:	1,13,12,160	93,70,740	19,41,420
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,500	17,93,580	-19,650	31,824
58,000	10,71,600	51,930	1,03,010
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
61,000	5,44,440	1,60,800	38,614
58,300	1,95,660	1,55,580	22,972
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,400	77,850	-39,120	5,775
57,700	1,61,640	-38,430	12,197
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	10,71,600	51,930	1,03,010
60,000	7,61,520	1,28,940	56,754
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,500	17,43,210	46,470	49,658
58,000	11,12,010	2,79,600	1,07,512
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,000	11,12,010	2,79,600	1,07,512
50,000	4,11,390	2,03,070	16,714
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,400	3,04,230	-32,640	16,593
60,000	3,37,740	-10,950	3,338
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	11,12,010	2,79,600	1,07,512
57,900	1,67,460	1,37,970	61,714

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14948.05. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.057 against previous 1.232. The 14000PE option holds the maximum open interest, followed by the 15000PE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 15100CE and 16000CE options. On the other hand, open interest reductions were prominent in the 64700CE, 64700CE, and 64700PE options. Trading volume was highest in the 15000PE option, followed by the 15000CE and 14000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,948.05	1.057	1.232	1.028
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	20,52,120	11,71,560	8,80,560
PUT:	21,69,240	14,43,840	7,25,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	4,35,840	1,15,560	8,168
16,000	4,07,160	1,40,760	5,513
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,100	1,86,480	1,86,480	4,982
16,000	4,07,160	1,40,760	5,513
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,900	1,51,800	-18,240	806
14,875	6,480	-1,560	124
Top CALL Volume:
Strike	OI	OI Change	Volume
15,000	4,35,840	1,15,560	8,168
15,200	1,97,520	36,480	5,533
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	5,87,520	2,67,120	6,138
15,000	4,62,120	62,760	10,224
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	5,87,520	2,67,120	6,138
15,100	1,22,400	1,22,400	4,438
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,900	1,71,000	-47,640	2,721
14,875	8,640	-4,080	312
Top PUT Volume:
Strike	OI	OI Change	Volume
15,000	4,62,120	62,760	10,224
14,000	5,87,520	2,67,120	6,138

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

Wrapping up today’s market setup, your trading playbook needs to respect this clear sector rotation rather than fighting the tape. Based on our comprehensive Open Interest Volume Analysis, the market is currently a “sell-on-rise” for the broader indices but a “buy-on-dip” for the banking space. Here is your actionable, data-backed feedback to navigate today’s session:

Trade the BankNifty Relative Strength: Since BankNifty is the only index seeing fresh long interest, keep your long setups confined to banking stocks. Look to initiate long positions on intraday dips toward the 57800-58000 zone (where massive put additions are acting as a floor), keeping a strict stop loss just below the max pain level.

Fade the Nifty Rallies: With Nifty’s max pain sitting lower at 24300 and heavy call writing choking the 24400-24500 levels, do not buy Nifty breakouts today. Instead, use any intraday bounce toward 24400 as a low-risk opportunity to initiate short positions or buy put options, as the fresh short buildup suggests the ceiling is made of concrete.

Expiry Day Caution for Sensex: With long unwinding dominating Sensex and the PCR sitting heavily in oversold territory (0.671), expect volatile, sharp moves. If you are trading the Sensex expiry today, stick to non-directional strategies like Iron Condors or credit spreads between the rock-solid 77000 support and 78000 resistance, as premium decay will be your best friend.

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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