NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 2/09/2026

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Open Interest Volume Analysis

Diving straight into our daily Open Interest Volume Analysis, the institutional playbook is unmistakable—we are seeing an aggressive continuation of “Fresh Shorts” across all major benchmark indices.

NIFTY has cleanly breached the critical 24000 threshold, BANKNIFTY is consistently piling on short contracts across its expiries, and MIDCPNIFTY witnessed a staggering 94% surge in October Open Interest, signaling heavy forward hedging and short positioning.

Even though future premiums saw a minor technical bounce from deep discounts, the persistent call writing and downward shifting Max Pain levels reveal where the real resistance lies. Let’s break down the data so you know how to trade this trend without getting trapped!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23914.45 (-0.588%)

Combined = September + October + November

Combined Fut Open Interest Change: 3.81%

Combined Fut Volume Change: -4.56%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 11%

NIFTY SEPTEMBER Future closed at: 24000.3 (-0.374%)

Sep Fut Premium 85.85 (Increased by 51.35 points)

Sep Fut Open Interest Change: 3.19%

Sep Fut Volume Change: -3.62%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY OCTOBER Future closed at: 24103.2 (-0.356%)

Oct Fut Premium 188.75 (Increased by 55.25 points)

Oct Fut Open Interest Change: 5.45%

Oct Fut Volume Change: -18.32%

Oct Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (08/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.729 (Increased from 0.692)

Put-Call Ratio (Volume): 0.948

Max Pain Level: 23950

Maximum CALL Open Interest: 24200

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23900

Highest PUT Addition: 23800

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

Put-Call Ratio (Open Interest): 1.148 (Decreased from 1.162)

Put-Call Ratio (Volume): 0.878

Max Pain Level: 24300

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 23300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57172 (-0.414%)

Combined = September + October + November

Combined Fut Open Interest Change: 2.32%

Combined Fut Volume Change: -37.87%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 9% Previous 8%

BANKNIFTY SEPTEMBER Future closed at: 57494.4 (-0.160%)

Sep Fut Premium 322.4 (Increased by 145.2 points)

Sep Fut Open Interest Change: 1.6%

Sep Fut Volume Change: -41.3%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY OCTOBER Future closed at: 57815.6 (-0.181%)

Oct Fut Premium 643.6 (Increased by 132.8 points)

Oct Fut Open Interest Change: 9.85%

Oct Fut Volume Change: -2.71%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.055 (Increased from 1.054)

Put-Call Ratio (Volume): 1.009

Max Pain Level: 57500

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 59000

Highest PUT Addition: 57000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14663.65 (-1.011%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.91%

Combined Fut Volume Change: 44.84%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 4% Previous 2%

MIDCPNIFTY SEPTEMBER Future closed at: 14703.1 (-0.751%)

Sep Fut Premium 39.45 (Increased by 38.5 points)

Sep Fut Open Interest Change: -0.21%

Sep Fut Volume Change: 28.10%

Sep Fut Open Interest Analysis: Long Covering

MIDCPNIFTY OCTOBER Future closed at: 14750.5 (-0.834%)

Oct Fut Premium 86.85 (Increased by 25.6 points)

Oct Fut Open Interest Change: 94.06%

Oct Fut Volume Change: 285.14%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.032 (Decreased from 1.037)

Put-Call Ratio (Volume): 0.966

Max Pain Level: 14900

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14600

Highest PUT Addition: 14400

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 76,570.35 (-0.486%)

SENSEX Monthly Future closed at: 76,964.55 (-0.334%)

Premium: 394.2 (Increased by 115.63 points)

Open Interest Change: 2.91%

Volume Change: 16.50%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.864 (Increased from 0.685)

Put-Call Ratio (Volume): 0.982

Max Pain Level: 76500

Maximum CALL OI: 77000

Maximum PUT OI: 76000

Highest CALL Addition: 76500

Highest PUT Addition: 76000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 6,688.37 Cr.

DIIs Net BUY: ₹ 2,812.98 Cr.

FII Derivatives Activity

FII Trading Stats2.09.261.09.2631.08.26
FII Cash (Provisional Data)6,688.371,143.38-7,985.88
    
Index Future Open Interest Long Ratio9.97%9.11%9.39%
Index Future Volume Long Ratio40.57%35.41%38.96%
Call Option Open Interest Long Ratio37.76%38.27%42.58%
Call Option Volume Long Ratio49.30%49.75%50.03%
Put Option Open Interest Long Ratio71.98%76.57%67.24%
Put Option Volume Long Ratio49.47%49.81%49.76%
Stock Future Open Interest Long Ratio54.68%54.34%54.43%
Stock Future Volume Long Ratio54.01%48.55%51.09%
    
Index FuturesFresh ShortFresh ShortFresh Short
Index OptionsFresh ShortLong CoveringFresh Short
    
Nifty FuturesFresh ShortFresh ShortFresh Short
Nifty OptionsFresh ShortLong CoveringFresh Short
    
BankNifty FuturesFresh LongFresh ShortShort Covering
BankNifty OptionsFresh LongFresh LongFresh Long
    
FinNifty FuturesShort CoveringFresh ShortShort Covering
FinNifty OptionsFresh ShortFresh ShortFresh Long
    
MidcpNifty FuturesFresh ShortFresh ShortShort Covering
MidcpNifty OptionsFresh ShortLong CoveringFresh Short
    
NiftyNxt50 FuturesFresh ShortShort CoveringLong Covering
NiftyNxt50 OptionsFresh ShortFresh LongFresh Long
    
Stock FuturesShort CoveringLong CoveringFresh Long
Stock OptionsFresh ShortFresh ShortFresh Short

SENSEX weekly Expiry (3/09/2026)

The SENSEX index closed at 76570.35. The SENSEX weekly expiry for SEPTEMBER 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.864 against previous 0.685. The 77000CE option holds the maximum open interest, followed by the 76000PE and 77500CE options. Market participants have shown increased interest with significant open interest additions in the 76500CE option, with open interest additions also seen in the 76000PE and 77000CE options. On the other hand, open interest reductions were prominent in the 76800PE, 76700PE, and 77000PE options. Trading volume was highest in the 76000PE option, followed by the 77000CE and 76500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:03-09-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76570.350.8640.6850.982
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  4,70,81,000    2,85,04,660        1,85,76,340
PUT:  4,06,74,000    1,95,36,400        2,11,37,600
Top CALL Open Interest:
StrikeOIOI ChangeVolume
77000      34,94,880        14,95,120     15,00,61,580
77500      27,86,380        13,44,460        5,55,32,320
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
76500      18,72,160        16,97,680     14,36,02,360
77000      34,94,880        14,95,120     15,00,61,580
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
81000        4,57,860        -2,19,380           43,90,860
78700        3,57,800        -2,04,760           69,60,800
Top CALL Volume:
StrikeOIOI ChangeVolume
77000      34,94,880        14,95,120     15,00,61,580
76500      18,72,160        16,97,680     14,36,02,360
Top PUT Open Interest:
StrikeOIOI ChangeVolume
76000      29,29,680        15,73,160     16,36,22,700
75000      20,38,760          7,86,640        3,12,53,040
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
76000      29,29,680        15,73,160     16,36,22,700
76200      17,17,700        13,53,120     11,51,97,200
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
76800        2,83,600        -2,43,200           95,48,700
76700        2,94,360        -2,32,440        1,93,19,360
Top PUT Volume:
StrikeOIOI ChangeVolume
76000      29,29,680        15,73,160     16,36,22,700
76300      14,56,740        10,61,360     12,60,72,180

NIFTY Weekly Expiry (8/09/2026)

The NIFTY index closed at 23914.45. The NIFTY weekly expiry for SEPTEMBER 8, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.729 against previous 0.692. The 24200CE option holds the maximum open interest, followed by the 25000CE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 23900CE option, with open interest additions also seen in the 23800PE and 25000CE options. On the other hand, open interest reductions were prominent in the 24000PE, 24100PE, and 25500CE options. Trading volume was highest in the 23800PE option, followed by the 23900PE and 24000CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:08-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,914.45                0.729                  0.692               0.948
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 14,66,02,560   10,42,45,700   4,23,56,860
 PUT: 10,68,74,040      7,21,06,515   3,47,67,525
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,200    1,00,94,435         26,99,775       13,08,169
               25,000       91,28,145         36,28,820         5,74,623
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,900       62,39,740         48,72,985       26,35,119
               25,000       91,28,145         36,28,820         5,74,623
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       63,83,975          -9,47,830         2,80,079
               24,850       10,41,365          -5,74,730         2,32,929
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       87,56,150         29,82,265       28,32,927
               23,900       62,39,740         48,72,985       26,35,119
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       83,27,865         34,14,905         5,67,792
               23,800       78,26,260         48,10,650       36,47,157
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,800       78,26,260         48,10,650       36,47,157
               23,000       83,27,865         34,14,905         5,67,792
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       42,87,270        -10,62,815       11,07,990
               24,100       24,89,955          -9,75,715         2,12,569
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,800       78,26,260         48,10,650       36,47,157
               23,900       58,85,685         25,36,625       29,58,819

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23914.45. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.148 against previous 1.162. 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 23300PE option, with open interest additions also seen in the 24000CE and 23800CE options. On the other hand, open interest reductions were prominent in the 24200PE, 25100CE, and 24300PE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 24500CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,914.45                1.148                  1.162               0.878
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    5,88,60,310      5,60,98,980       27,61,330
 PUT:    6,75,77,990      6,52,14,285       23,63,705
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       67,37,510            1,55,025             56,436
               24,500       58,61,570            2,29,255             80,030
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       46,64,140            7,18,120             90,841
               23,800          6,53,055            5,25,460             34,014
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,100          6,95,955          -2,45,050             13,815
               25,500       31,17,270          -1,76,280             25,733
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       46,64,140            7,18,120             90,841
               24,500       58,61,570            2,29,255             80,030
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       65,33,270            2,43,860             91,520
               23,000       56,81,140            4,75,735             70,249
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,300       21,05,415            9,44,775             41,818
               23,000       56,81,140            4,75,735             70,249
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,200       27,61,915          -2,91,395             19,991
               24,300       40,23,955          -2,09,105             12,388
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       65,33,270            2,43,860             91,520
               23,000       56,81,140            4,75,735             70,249

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 57172. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.055 against previous 1.054. 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 59000CE option, with open interest additions also seen in the 57000PE and 57000CE options. On the other hand, open interest reductions were prominent in the 57400PE, 62000CE, and 60500CE options. Trading volume was highest in the 57000PE option, followed by the 58000CE and 57500CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         57,172.00                1.055                  1.054               1.009
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,28,86,650      1,24,89,240         3,97,410
 PUT:    1,35,98,580      1,31,63,670         4,34,910
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,500       19,54,200                -2,100             69,773
               58,000       13,43,610              -16,380             72,181
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,000          9,47,160            1,17,120             45,747
               57,000          3,87,870            1,09,350             69,345
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               62,000          3,49,590              -44,880             11,621
               60,500          4,06,410              -35,370             20,095
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       13,43,610              -16,380             72,181
               57,500       19,54,200                -2,100             69,773
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,500       19,33,620                -8,280             50,620
               58,000          9,53,100              -20,910             16,910
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               57,000          9,49,410            1,11,630         1,20,779
               56,900          1,08,480               46,110             34,404
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,400          2,78,010              -49,590             25,643
               57,700          1,98,270              -34,110               9,929
 Top PUT Volume: 
 Strike OI OI Change Volume
               57,000          9,49,410            1,11,630         1,20,779
               57,500       19,33,620                -8,280             50,620

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14663.65. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.032 against previous 1.037. The 14000PE option holds the maximum open interest, followed by the 15000CE and 14500PE options. Market participants have shown increased interest with significant open interest additions in the 14400PE option, with open interest additions also seen in the 14000PE and 14600CE options. On the other hand, open interest reductions were prominent in the 81500CE, 81500CE, and 81500CE options. Trading volume was highest in the 14000PE option, followed by the 14500PE and 15000CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,663.65                1.032                  1.037               0.966
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       42,22,680         37,41,480         4,81,200
 PUT:       43,56,000         38,78,880         4,77,120
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          6,27,720               46,920             10,407
               15,500          5,63,400               34,320               5,449
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,600          1,14,480            1,05,480               9,816
               14,700          1,14,960               89,400               5,109
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,900          2,46,840              -23,400               3,719
               15,400          1,04,640              -19,080               1,695
 Top CALL Volume:
 Strike OI OI Change Volume
               15,000          6,27,720               46,920             10,407
               14,600          1,14,480            1,05,480               9,816
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000       12,96,120            1,07,280             14,601
               14,500          5,65,560                -7,320             12,139
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,400          1,11,120            1,11,120               2,599
               14,000       12,96,120            1,07,280             14,601
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               15,000          4,47,960              -91,920               2,855
               14,800          1,94,640              -51,600               3,408
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,000       12,96,120            1,07,280             14,601
               14,500          5,65,560                -7,320             12,139

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

To conclude today’s Open Interest Volume Analysis, the derivative structure points to a decisive “Sell on Rise” environment, with institutional call writers actively suppressing every pullback attempt:

NIFTY (Sell on Pullbacks): Combined futures confirmed another 3.81% build-up in Fresh Shorts, while the weekly option chain shows the highest Call addition shifting right down to 23900 (with spot settling at 23914.45). Put writers have retreated to the deep 23000 base, keeping the weekly PCR weak at 0.729. Actionable Feedback: Do not rush to bottom-fish. Treat any bounce toward the 23950–24000 zone (Max Pain and spot-resistance confluence) as an opportunity to initiate short setups, targeting 23800 and 23650 with a strict stop-loss above 24050.

BANKNIFTY (Consistent Short Build-Up): The index added 2.32% in Fresh Shorts for the combined futures, and the monthly Max Pain has drifted lower to 57500. While 57500 remains the high-volume battleground with equal Max Call and Put OI, highest put addition at 57000 indicates the immediate cushion is thin. Actionable Feedback: Look to sell near the 57450–57550 zone on intraday rallies. Keep a strict stop-loss above 57700, targeting 57000. Only a sustained breakout above 57600 invalidates this bearish posture.

MIDCPNIFTY (Massive Forward Shorting): While September saw slight long unwinding (-0.21% OI), the October contract exploded with a 94.06% surge in Open Interest and a 285% jump in volume, confirming aggressive Fresh Shorts being rolled forward. With the highest Call addition down at 14600 and monthly Max Pain falling to 14900, the broader midcap space remains fragile. Actionable Feedback: Stay defensive. Avoid holding overnight longs. Initiate tactical shorts if spot breaks below 14600, targeting 14400 (Highest Put Addition) with a stop-loss at 14720.

SENSEX (Call Writers Lowering the Ceiling): The weekly expiry tomorrow (03/09/2026) is boxed into a narrow range. Even with a slight PCR uptick to 0.864, the aggressive highest Call addition right at 76500 alongside 2.91% Fresh Short additions in futures signals that upside is strictly capped. Actionable Feedback: Play with a defined-risk bearish bias. Sell bear call spreads or short near 76550–76650, targeting the 76000 Put base, and maintain a firm stop-loss at 76750.

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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