NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 27/08/2026

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Open Interest Volume Analysis

Welcome to today’s derivatives breakdown. If you are tracking market positioning, our Open Interest Volume Analysis for the 27th August 2026 session shows the headline indices closing under pressure, but the underlying data reveals a far more complex tug-of-war beneath the surface.

Headline Price Action vs. Positioning: NIFTY Spot slipped -0.483% to settle at 24,090.85, accompanied by a +6.23% combined futures open interest buildup on contracting volumes (-2.97%), pointing to tactical fresh short additions across September and October contracts.

Banking Sector Divergence: BANKNIFTY closed at 57,509.95 (-0.474%), yet its September futures saw long unwinding (-0.40% OI) alongside a sharp volume contraction of -34.20%, indicating a lack of aggressive selling conviction from institutional bears in the near month.

Broader Market Resilience: MIDCPNIFTY held virtually flat at 14,948.85 (+0.005%) with combined futures adding +2.24% fresh longs, while SENSEX futures saw massive volume expansion (+195.31%) and premium expansion (+116 points) even as the spot corrected to 76,933.59.

Derivatives Regime: While the surface trend looks decisively weak, our cross-segment Open Interest Volume Analysis highlights critical structural anomalies—particularly skewed Put-Call ratios and elevated Max Pain levels—that traders must navigate before blindly pressing the sell button.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24090.85 (-0.483%)

Combined = September + October + November

Combined Fut Open Interest Change: 6.23%

Combined Fut Volume Change: -2.97%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 9% Previous 8%

NIFTY SEPTEMBER Future closed at: 24281.9 (-0.603%)

Sep Fut Premium 191.05 (Decreased by -30.3 points)

Sep Fut Open Interest Change: 5.45%

Sep Fut Volume Change: -6.38%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY OCTOBER Future closed at: 24404.5 (-0.641%)

Oct Fut Premium 313.65 (Decreased by -40.6 points)

Oct Fut Open Interest Change: 4.16%

Oct Fut Volume Change: 8.47%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.593 (Decreased from 0.733)

Put-Call Ratio (Volume): 1.019

Max Pain Level: 24200

Maximum CALL Open Interest: 24300

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24200

Highest PUT Addition: 23800

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

Put-Call Ratio (Open Interest): 1.175 (Decreased from 1.203)

Put-Call Ratio (Volume): 0.838

Max Pain Level: 24400

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24300

Highest PUT Addition: 24300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57509.95 (-0.474%)

Combined = September + October + November

Combined Fut Open Interest Change: 0.06%

Combined Fut Volume Change: -34.18%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 6%

BANKNIFTY SEPTEMBER Future closed at: 57902.6 (-0.547%)

Sep Fut Premium 392.65 (Decreased by -44.8 points)

Sep Fut Open Interest Change: -0.4%

Sep Fut Volume Change: -34.2%

Sep Fut Open Interest Analysis: Long Covering

BANKNIFTY OCTOBER Future closed at: 58244.4 (-0.505%)

Oct Fut Premium 734.45 (Decreased by -22 points)

Oct Fut Open Interest Change: 3.32%

Oct Fut Volume Change: -43.34%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.096 (Decreased from 1.145)

Put-Call Ratio (Volume): 1.047

Max Pain Level: 57800

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 58000

Highest PUT Addition: 56000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14948.85 (0.005%)

Combined = September + October + November

Combined Fut Open Interest Change: 2.24%

Combined Fut Volume Change: -8.90%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 2% Previous 2%

MIDCPNIFTY SEPTEMBER Future closed at: 14986.8 (-0.260%)

Sep Fut Premium 37.95 (Decreased by -39.9 points)

Sep Fut Open Interest Change: 1.99%

Sep Fut Volume Change: -6.70%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY OCTOBER Future closed at: 15035.55 (-0.212%)

Oct Fut Premium 86.7 (Decreased by -32.8 points)

Oct Fut Open Interest Change: 13.60%

Oct Fut Volume Change: -37.50%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.077 (Increased from 1.057)

Put-Call Ratio (Volume): 0.991

Max Pain Level: 15000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15500

Highest PUT Addition: 14000

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 76,933.59 (-0.696%)

SENSEX Monthly Future closed at: 77,854.25 (-0.541%)

Premium: 920.66 (Increased by 116 points)

Open Interest Change: 126.72%

Volume Change: 195.31%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (03/09/2026) Option Analysis

Put-Call Ratio (OI): 0.877 (Decreased from 1.009)

Put-Call Ratio (Volume): 1.095

Max Pain Level: 77500

Maximum CALL OI: 78000

Maximum PUT OI: 75000

Highest CALL Addition: 77500

Highest PUT Addition: 77500

fII & DII Cash Market Activity

FIIs Net SELL: ₹ 298.26 Cr.

DIIs Net BUY: ₹ 4,977.17 Cr.

FII Derivatives Activity

FII Trading Stats27.08.2626.08.2625.08.26
FII Cash (Provisional Data)-298.26502.631,593.53
    
Index Future Open Interest Long Ratio9.83%10.81%10.29%
Index Future Volume Long Ratio29.06%45.71%45.15%
Call Option Open Interest Long Ratio39.53%39.31%38.52%
Call Option Volume Long Ratio49.60%49.38%50.57%
Put Option Open Interest Long Ratio73.60%73.58%75.23%
Put Option Volume Long Ratio50.95%50.09%49.72%
Stock Future Open Interest Long Ratio54.30%54.52%54.79%
Stock Future Volume Long Ratio47.01%46.53%52.30%
    
Index FuturesFresh ShortFresh ShortLong Covering
Index OptionsFresh LongFresh ShortShort Covering
    
Nifty FuturesFresh ShortFresh ShortLong Covering
Nifty OptionsFresh LongFresh ShortShort Covering
    
BankNifty FuturesLong CoveringFresh LongLong Covering
BankNifty OptionsFresh LongFresh LongLong Covering
    
FinNifty FuturesFresh ShortFresh ShortShort Covering
FinNifty OptionsFresh LongFresh ShortLong Covering
    
MidcpNifty FuturesShort CoveringFresh ShortShort Covering
MidcpNifty OptionsFresh LongFresh LongLong Covering
    
NiftyNxt50 FuturesLong CoveringFresh ShortLong Covering
NiftyNxt50 OptionsFresh ShortFresh LongShort Covering
    
Stock FuturesLong CoveringFresh ShortShort Covering
Stock OptionsFresh ShortFresh ShortLong Covering

SENSEX weekly Expiry (27/08/2026)

The SENSEX index closed at 76933.59. The SENSEX weekly expiry for SEPTEMBER 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.877 against previous 1.009. The 78000CE option holds the maximum open interest, followed by the 77500CE and 75000PE 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 79000CE options. On the other hand, open interest reductions were prominent in the 80500CE, 77800PE, and 76300PE options. Trading volume was highest in the 77000PE option, followed by the 77500CE and 77500PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:03-09-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76933.590.8771.0091.095
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      46,94,360        20,52,300           26,42,060
PUT:      41,17,640        20,71,600           20,46,040
Top CALL Open Interest:
StrikeOIOI ChangeVolume
78000        6,03,560          2,78,040           19,70,360
77500        4,99,940          3,88,060           23,48,080
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
77500        4,99,940          3,88,060           23,48,080
78000        6,03,560          2,78,040           19,70,360
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
80500        1,64,520            -56,240              6,58,120
81800              1,560                       –                      1,500
Top CALL Volume:
StrikeOIOI ChangeVolume
77500        4,99,940          3,88,060           23,48,080
78000        6,03,560          2,78,040           19,70,360
Top PUT Open Interest:
StrikeOIOI ChangeVolume
75000        4,37,780          1,68,560           14,36,280
77500        3,75,860          2,06,080           22,33,080
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
77500        3,75,860          2,06,080           22,33,080
75500        2,70,820          1,73,660           14,47,680
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
77800            50,920            -22,440              3,07,040
76300            30,780                  -940              2,94,120
Top PUT Volume:
StrikeOIOI ChangeVolume
77000        2,53,120          1,32,140           24,45,540
77500        3,75,860          2,06,080           22,33,080

NIFTY Weekly Expiry (1/09/2026)

The NIFTY index closed at 24090.85. The NIFTY weekly expiry for SEPTEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.593 against previous 0.733. The 24300CE option holds the maximum open interest, followed by the 24500CE and 24400CE options. Market participants have shown increased interest with significant open interest additions in the 24200CE option, with open interest additions also seen in the 25500CE and 24300CE options. On the other hand, open interest reductions were prominent in the 24350PE, 24300PE, and 24750CE options. Trading volume was highest in the 24200PE option, followed by the 24200CE and 24150PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:01-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,090.85                0.593                  0.733               1.019
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 18,51,13,370   12,76,99,520   5,74,13,850
 PUT: 10,97,76,225      9,36,31,720   1,61,44,505
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,300    1,32,16,450         43,70,665       22,17,212
               24,500    1,25,38,045         21,46,105       13,11,554
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,200       99,89,720         63,38,865       23,85,908
               25,500    1,19,46,480         55,24,025         4,95,866
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,750       29,48,075          -6,03,720         2,94,315
               26,000       40,17,325          -1,10,760         1,41,301
 Top CALL Volume:
 Strike OI OI Change Volume
               24,200       99,89,720         63,38,865       23,85,908
               24,300    1,32,16,450         43,70,665       22,17,212
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       71,05,670         14,70,755       16,98,841
               23,500       69,60,980         15,82,035         4,67,606
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,800       63,44,585         17,87,890         7,06,345
               22,500       60,35,510         17,49,280         1,55,846
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,350       16,60,100          -9,24,170         4,95,662
               24,300       49,42,600          -8,54,230       17,83,737
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,200       65,76,570            3,78,625       34,31,628
               24,150       35,26,250         12,00,680       23,80,385

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 24090.85. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.175 against previous 1.203. The 25000CE option holds the maximum open interest, followed by the 24000PE 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 24300PE options. On the other hand, open interest reductions were prominent in the 25300CE, 25200CE, and 24450PE options. Trading volume was highest in the 25000CE option, followed by the 24500CE and 24300CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,090.85                1.175                  1.203               0.838
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    5,08,92,220      4,71,48,870       37,43,350
 PUT:    5,97,92,655      5,67,27,775       30,64,880
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       57,97,350            3,25,390             66,134
               24,500       55,78,105            4,75,020             53,835
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,300       40,48,200            6,46,685             47,579
               24,200       26,05,785            6,15,095             44,164
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,300          8,42,205              -86,710             12,230
               25,200       11,30,415              -54,080             21,389
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       57,97,350            3,25,390             66,134
               24,500       55,78,105            4,75,020             53,835
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       56,11,350               84,630             45,058
               24,500       47,70,805            2,19,440             31,498
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,300       39,23,140            5,16,035             44,216
               23,000       45,29,460            3,62,895             32,725
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,450             94,185              -41,990               2,008
               25,000       22,25,880              -24,960               4,206
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       56,11,350               84,630             45,058
               24,300       39,23,140            5,16,035             44,216

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 57509.95. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.096 against previous 1.145. The 57500CE option holds the maximum open interest, followed by the 57500PE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 58000CE option, with open interest additions also seen in the 57800CE and 57600CE options. On the other hand, open interest reductions were prominent in the 58300PE, 61000CE, and 56700CE options. Trading volume was highest in the 58000CE option, followed by the 58000PE and 57800PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         57,509.95                1.096                  1.145               1.047
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,07,55,750         98,80,410         8,75,340
 PUT:    1,17,88,200      1,13,12,160         4,76,040
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,500       18,29,550               35,970             30,585
               58,000       12,68,580            1,96,980             92,383
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               58,000       12,68,580            1,96,980             92,383
               57,800          2,88,750            1,12,710             47,755
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               61,000          4,65,810              -78,630             24,062
               56,700             25,710              -40,260               2,693
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       12,68,580            1,96,980             92,383
               57,800          2,88,750            1,12,710             47,755
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,500       17,63,550               20,340             50,844
               58,000       11,51,760               39,750             85,918
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,000          6,72,780               86,340             31,648
               54,500          1,26,780               63,810             10,336
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               58,300             97,800              -82,290               9,830
               58,200             85,200              -35,940             13,559
 Top PUT Volume: 
 Strike OI OI Change Volume
               58,000       11,51,760               39,750             85,918
               57,800          1,76,100                -4,950             65,143

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14948.85. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.077 against previous 1.057. 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 15500CE and 15000PE options. On the other hand, open interest reductions were prominent in the 66800PE, 66800PE, and 66800PE options. Trading volume was highest in the 15000CE option, followed by the 14000PE and 15000PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,948.85                1.077                  1.057               0.991
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       25,98,840         20,52,120         5,46,720
 PUT:       27,99,960         21,69,240         6,30,720
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          5,14,440               78,600               8,189
               16,000          3,95,400              -11,760               1,833
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,500          2,68,440            1,66,680               4,846
               15,300          1,26,720            1,01,880               4,619
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               15,050             39,600              -13,800                   876
               16,000          3,95,400              -11,760               1,833
 Top CALL Volume:
 Strike OI OI Change Volume
               15,000          5,14,440               78,600               8,189
               15,500          2,68,440            1,66,680               4,846
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000          7,95,720            2,08,200               7,585
               15,000          5,83,320            1,21,200               7,508
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,000          7,95,720            2,08,200               7,585
               15,000          5,83,320            1,21,200               7,508
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,900          1,60,320              -10,680               3,630
               15,050             28,800                -5,040                   621
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,000          7,95,720            2,08,200               7,585
               15,000          5,83,320            1,21,200               7,508

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

The surface-level data screams bearish continuation, but diving deeper into the Open Interest Volume Analysis reveals several high-probability warning flags against initiating aggressive fresh short positions at current levels:

Extreme Weekly PCR Oversold Territory: NIFTY’s weekly Put-Call Ratio (OI) has plummeted to 0.593 (down from 0.733). Historically, sub-0.60 PCR readings signal heavily stretched short positions and option skew, leaving late short sellers vulnerable to violent, mean-reverting short-covering spikes.

Max Pain Gravity Pulls Higher Across the Board: Spot levels across every major index are trading noticeably below their respective Max Pain strikes (NIFTY Weekly at 24,200 vs. 24,090 spot; BANKNIFTY at 57,800 vs. 57,509 spot; SENSEX at 77,500 vs. 76,933 spot). This gap suggests option writers will fight to pull spot prices higher into expiry.

Firm Strike Congestion at Key Floors: Maximum Put Open Interest remains anchored at 24,000 for NIFTY and 57,500 for BANKNIFTY, setting up immediate, high-density demand zones where downside momentum is likely to stall.

Actionable Execution Plan:

Avoid shorting into key support (24,000 NIFTY / 57,500 BANKNIFTY) or chasing breakdowns where the risk-reward ratio is skewed negatively.

Look for tactical intraday bounce plays toward the Max Pain clusters (24,200–24,250 zone on NIFTY).

If you hold short bias, wait for failed pullbacks near heavy Call addition zones (24,200–24,300) rather than taking fresh shorts at the bottom of the current range.

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

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.


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