NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 31/08/2026

To figure out what the institutional players are really planning, we have to dive deep into our daily Open Interest Volume Analysis, and today’s data is showing a massive split personality across the major indices.

On one hand, we have the NIFTY and SENSEX flashing warning signs as aggressive bears pile in with “Fresh Shorts.”

On the flip side, BANKNIFTY is completely bucking the trend with massive “Short Covering” and fresh long build-ups, while MIDCPNIFTY traders are frantically booking profits via “Long Unwinding” on crazy high volumes. Let’s break down exactly what this tug-of-war means for your trading screens this week!

NSE & BSE F&O Market Signals

NIFTY Future analysis

“NIFTY Future Analysis

NIFTY Spot closed at: 24080.4 (-0.394%)

Combined = September + October + November

Combined Fut Open Interest Change: 3.01%

Combined Fut Volume Change: 31.49%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 10% Previous 9%

NIFTY SEPTEMBER Future closed at: 24251.4 (-0.372%)

Sep Fut Premium 171 (Increased by 4.75 points)

Sep Fut Open Interest Change: 2.33%

Sep Fut Volume Change: 37.13%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY OCTOBER Future closed at: 24367.9 (-0.354%)

Oct Fut Premium 287.5 (Increased by 8.75 points)

Oct Fut Open Interest Change: 8.57%

Oct Fut Volume Change: -10.84%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.804 (Increased from 0.776)

Put-Call Ratio (Volume): 1.059

Max Pain Level: 24100

Maximum CALL Open Interest: 24500

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24100

Highest PUT Addition: 24000

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

Put-Call Ratio (Open Interest): 1.162 (Increased from 1.158)

Put-Call Ratio (Volume): 0.888

Max Pain Level: 24400

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24600

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58024.95 (0.919%)

Combined = September + October + November

Combined Fut Open Interest Change: -1.09%

Combined Fut Volume Change: 21.35%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 7% Previous 7%

BANKNIFTY SEPTEMBER Future closed at: 57887.2 (0.049%)

Sep Fut Discount -137.75 (Decreased by -500.45 points)

Sep Fut Open Interest Change: -1.6%

Sep Fut Volume Change: 18.9%

Sep Fut Open Interest Analysis: Short Covering

BANKNIFTY OCTOBER Future closed at: 58216.2 (0.060%)

Oct Fut Discount 191.25 (Decreased by -493.65 points)

Oct Fut Open Interest Change: 8.37%

Oct Fut Volume Change: 40.72%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.121 (Increased from 1.111)

Put-Call Ratio (Volume): 0.936

Max Pain Level: 57700

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 59000

Highest PUT Addition: 55000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 15028.6 (0.414%)

Combined = September + October + November

Combined Fut Open Interest Change: -4.82%

Combined Fut Volume Change: 205.75%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 2% Previous 2%

MIDCPNIFTY SEPTEMBER Future closed at: 14968.2 (-0.491%)

Sep Fut Discount -60.4 (Decreased by -135.7 points)

Sep Fut Open Interest Change: -4.93%

Sep Fut Volume Change: 194.06%

Sep Fut Open Interest Analysis: Long Covering

MIDCPNIFTY OCTOBER Future closed at: 15032.4 (-0.356%)

Oct Fut Premium 3.8 (Decreased by -115.65 points)

Oct Fut Open Interest Change: -4.39%

Oct Fut Volume Change: 493.10%

Oct Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 1.089 (Increased from 1.050)

Put-Call Ratio (Volume): 0.942

Max Pain Level: 15000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14800

Highest PUT Addition: 14900

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 76,957.27 (-0.398%)

SENSEX Monthly Future closed at: 77,674.30 (-0.364%)

Premium: 717.03 (Increased by 23.09 points)

Open Interest Change: 4.62%

Volume Change: -13.42%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 1.094 (Increased from 1.022)

Put-Call Ratio (Volume): 1.087

Max Pain Level: 77200

Maximum CALL OI: 78000

Maximum PUT OI: 77000

Highest CALL Addition: 77000

Highest PUT Addition: 76800

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 7,985.88 Cr.

DIIs Net BUY: ₹ 4,588.88 Cr.

FII Derivatives Activity

FII Trading Stats	31.08.26	28.08.26	27.08.26
FII Cash (Provisional Data)	-7,985.88	-5,039.80	-298.26
Index Future Open Interest Long Ratio	9.39%	9.63%	9.83%
Index Future Volume Long Ratio	38.96%	34.26%	29.06%
Call Option Open Interest Long Ratio	42.58%	41.18%	39.53%
Call Option Volume Long Ratio	50.03%	50.33%	49.60%
Put Option Open Interest Long Ratio	67.24%	70.59%	73.60%
Put Option Volume Long Ratio	49.76%	49.72%	50.95%
Stock Future Open Interest Long Ratio	54.43%	54.35%	54.30%
Stock Future Volume Long Ratio	51.09%	51.01%	47.01%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Short	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Short	Fresh Long
BankNifty Futures	Short Covering	Fresh Short	Long Covering
BankNifty Options	Fresh Long	Short Covering	Fresh Long
FinNifty Futures	Short Covering	Fresh Short	Fresh Short
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Short Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Futures	Long Covering	Long Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Long Covering
Stock Options	Fresh Short	Fresh Long	Fresh Short

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (3/09/2026)

The SENSEX index closed at 76957.27. The SENSEX weekly expiry for SEPTEMBER 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.094 against previous 1.022. The 77000PE option holds the maximum open interest, followed by the 78000CE and 75000PE options. Market participants have shown increased interest with significant open interest additions in the 77000CE option, with open interest additions also seen in the 76800PE and 78500CE options. On the other hand, open interest reductions were prominent in the 77500PE, 77100PE, and 79700CE options. Trading volume was highest in the 77000PE option, followed by the 77000CE and 76900PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	03-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76957.27	1.094	1.022	1.087
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,17,01,880	85,98,680	31,03,200
PUT:	1,27,96,720	87,89,000	40,07,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	9,06,560	2,69,960	1,30,17,240
80000	7,39,360	1,69,540	42,34,700
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77000	6,43,920	4,24,580	2,20,80,880
78500	5,89,380	3,02,860	72,59,520
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
79700	40,220	-1,03,960	7,67,520
80800	22,600	-48,580	4,32,900
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	6,43,920	4,24,580	2,20,80,880
77500	6,45,140	70,080	1,45,03,300
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77000	9,59,780	2,95,200	3,14,79,840
75000	8,43,900	1,62,780	62,40,980
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
76800	5,64,880	4,11,620	1,99,80,340
77000	9,59,780	2,95,200	3,14,79,840
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
77500	2,87,980	-2,31,840	40,39,380
77100	2,68,960	-1,39,540	1,32,67,220
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	9,59,780	2,95,200	3,14,79,840
76900	4,96,440	2,94,920	2,16,93,080

NIFTY Weekly Expiry (1/09/2026)

The NIFTY index closed at 24080.4. The NIFTY weekly expiry for SEPTEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.804 against previous 0.776. The 24500CE option holds the maximum open interest, followed by the 24000PE and 24300CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24100CE and 24050PE options. On the other hand, open interest reductions were prominent in the 25500CE, 22500PE, and 24200PE options. Trading volume was highest in the 24000PE option, followed by the 24050PE and 24100PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	01-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,080.40	0.804	0.776	1.059
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	19,61,34,965	18,15,20,495	1,46,14,470
PUT:	15,76,80,055	14,08,61,175	1,68,18,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,70,01,530	41,39,980	24,99,631
24,300	1,45,73,065	14,94,415	45,21,751
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,100	99,95,505	51,38,380	86,31,448
24,500	1,70,01,530	41,39,980	24,99,631
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	60,79,775	-36,78,090	3,40,758
24,750	27,74,005	-17,41,285	5,34,801
Top CALL Volume:
Strike	OI	OI Change	Volume
24,100	99,95,505	51,38,380	86,31,448
24,200	1,25,99,015	35,09,025	66,12,183
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,60,24,385	57,62,380	1,19,47,246
24,100	1,01,80,170	2,63,900	86,64,178
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,60,24,385	57,62,380	1,19,47,246
24,050	85,19,355	45,34,010	97,81,675
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,500	40,84,600	-25,28,240	2,19,814
24,200	56,17,560	-23,61,450	28,04,711
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	1,60,24,385	57,62,380	1,19,47,246
24,050	85,19,355	45,34,010	97,81,675

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 24080.4. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.162 against previous 1.158. 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 24600CE option, with open interest additions also seen in the 24300CE and 24000PE options. On the other hand, open interest reductions were prominent in the 24500PE, 24200PE, and 26000CE options. Trading volume was highest in the 24000PE option, followed by the 24500CE and 25000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,080.40	1.162	1.158	0.888
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,31,12,750	5,18,12,360	13,00,390
PUT:	6,16,96,940	6,00,14,995	16,81,945
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	62,83,420	2,00,525	60,286
24,500	53,01,205	-38,415	65,123
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,600	15,92,630	4,86,720	26,102
24,300	42,27,795	2,74,885	53,264
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	39,08,245	-1,11,215	19,669
25,200	9,48,805	-52,195	14,759
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	53,01,205	-38,415	65,123
25,000	62,83,420	2,00,525	60,286
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	59,82,480	2,41,910	78,688
23,000	49,49,045	1,74,730	32,043
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	59,82,480	2,41,910	78,688
23,500	41,02,085	2,41,020	51,175
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	39,83,720	-4,00,595	25,038
24,200	25,33,245	-1,82,130	50,810
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	59,82,480	2,41,910	78,688
23,500	41,02,085	2,41,020	51,175

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 58024.95. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.121 against previous 1.111. The 57500PE option holds the maximum open interest, followed by the 57500CE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 55000PE option, with open interest additions also seen in the 54000PE and 57300PE options. On the other hand, open interest reductions were prominent in the 57600CE, 58000PE, and 58300PE options. Trading volume was highest in the 58000CE option, followed by the 57500PE and 57500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,024.95	1.121	1.111	0.936
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,16,76,810	1,11,37,740	5,39,070
PUT:	1,30,92,900	1,23,70,530	7,22,370
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,500	18,83,130	9,030	82,137
58,000	12,42,150	31,470	97,645
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	8,17,950	51,600	41,351
58,500	6,06,690	44,970	51,198
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,600	1,65,150	-21,960	26,926
57,800	2,85,180	-8,910	33,334
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	12,42,150	31,470	97,645
57,500	18,83,130	9,030	82,137
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,500	19,21,980	55,800	96,745
58,000	10,51,740	-20,250	38,518
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	6,20,220	66,540	26,738
54,000	6,32,460	57,990	20,229
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	10,51,740	-20,250	38,518
58,300	59,670	-14,550	1,923
Top PUT Volume:
Strike	OI	OI Change	Volume
57,500	19,21,980	55,800	96,745
57,400	3,73,080	19,440	74,287

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 15028.6. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.089 against previous 1.050. 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 14900PE option, with open interest additions also seen in the 14800CE and 14000PE options. On the other hand, open interest reductions were prominent in the 64000PE, 64000PE, and 64000CE options. Trading volume was highest in the 15000CE option, followed by the 14000PE and 14500PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
15,028.60	1.089	1.050	0.942
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	33,24,600	31,82,280	1,42,320
PUT:	36,22,080	33,42,240	2,79,840
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	5,01,600	-59,880	10,125
15,500	4,35,720	71,880	6,502
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,800	1,69,440	86,760	4,506
15,500	4,35,720	71,880	6,502
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,100	3,07,680	-69,600	4,553
15,000	5,01,600	-59,880	10,125
Top CALL Volume:
Strike	OI	OI Change	Volume
15,000	5,01,600	-59,880	10,125
15,500	4,35,720	71,880	6,502
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	10,39,800	77,640	8,213
15,000	5,47,920	-99,960	7,131
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,900	2,62,920	92,760	7,577
14,000	10,39,800	77,640	8,213
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	5,47,920	-99,960	7,131
15,100	1,53,120	-19,200	437
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	10,39,800	77,640	8,213
14,500	4,95,840	40,680	7,677

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

To wrap up today’s Open Interest Volume Analysis, here is your detailed, index-by-index game plan based strictly on where the smart money is positioned:

NIFTY (Sell on Rallies): The reasoning here is clear—we are seeing Fresh Shorts in the futures data accompanied by a 31% volume spike, indicating strong bearish conviction. However, the option writers are aggressively defending the 24000 level (Maximum Put OI). Actionable Feedback: Do not short at the absolute bottom. Look to initiate short positions on any bounce toward the 24200-24300 zones, keeping a strict stop-loss just above the Max Pain level of 24400.

BANKNIFTY (Buy on Dips): This index is the undisputed star right now. The bears were forced to run for cover in the September expiry (Short Covering), while October futures saw a solid 8.37% jump in Fresh Longs. Actionable Feedback: Adopt a bullish bias. The 57500 level is a massive battleground (equal Max Call and Put OI), so use any intraday dip toward 57700 (Max Pain) as a buying opportunity. The upside is open for a test of the 59000 level where the new calls are being written.

MIDCPNIFTY (Proceed with Caution): The data screams profit booking. A colossal 205% surge in combined volume alongside dropping Open Interest confirms that traders are unwinding their long positions. Actionable Feedback: Avoid forcing fresh breakout trades here. Let the dust settle. If you want to play it safe, wait to buy near the heavy put addition support zone at 14900, keeping a tight stop-loss.

SENSEX (Capped Upside): Just like Nifty, the SENSEX is being dragged down by Fresh Shorts in the monthly futures. Option writers are aggressively adding calls at the 77000 mark, essentially building a brick wall for the bulls. Actionable Feedback: Trade this with a “Sell on Rise” strategy. Use the Max Pain level of 77200 as your ultimate resistance and target the 76800 put-writing base for short-term profits.

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.