NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 4/09/2026

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Open Interest Volume Analysis

A granular look through our daily Open Interest Volume Analysis reveals that institutional players spent the day covering short positions and selectively laying down fresh long bets across frontline benchmarks.

NIFTY saw textbook “Short Covering” in September contracts alongside “Fresh Longs” in October, with weekly put writers aggressively stepping up at the 23900 strike to build an immediate floor.

Meanwhile, SENSEX staged a solid recovery backed by short covering and a surging Put-Call Ratio, and BANKNIFTY futures expanded their premiums significantly. Let’s dive straight into the derivative data so you can capitalize on this shifting momentum heading into next week!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23897.7 (0.102%)

Combined = September + October + November

Combined Fut Open Interest Change: -0.62%

Combined Fut Volume Change: -26.18%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 12% Previous 11%

NIFTY SEPTEMBER Future closed at: 24048.1 (0.200%)

Sep Fut Premium 150.4 (Increased by 23.75 points)

Sep Fut Open Interest Change: -1.02%

Sep Fut Volume Change: -25.12%

Sep Fut Open Interest Analysis: Short Covering

NIFTY OCTOBER Future closed at: 24149.4 (0.190%)

Oct Fut Premium 251.7 (Increased by 21.55 points)

Oct Fut Open Interest Change: 2.57%

Oct Fut Volume Change: -32.88%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.844 (Increased from 0.656)

Put-Call Ratio (Volume): 1.056

Max Pain Level: 24000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24400

Highest PUT Addition: 23900

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

Put-Call Ratio (Open Interest): 1.122 (Decreased from 1.129)

Put-Call Ratio (Volume): 0.893

Max Pain Level: 24300

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 26000

Highest PUT Addition: 22000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57369.65 (-0.019%)

Combined = September + October + November

Combined Fut Open Interest Change: 0.82%

Combined Fut Volume Change: -41.89%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 9% Previous 9%

BANKNIFTY SEPTEMBER Future closed at: 57774.8 (0.106%)

Sep Fut Premium 405.15 (Increased by 72.35 points)

Sep Fut Open Interest Change: 0.5%

Sep Fut Volume Change: -40.3%

Sep Fut Open Interest Analysis: Fresh Long

BANKNIFTY OCTOBER Future closed at: 58090.6 (0.112%)

Oct Fut Premium 720.95 (Increased by 75.95 points)

Oct Fut Open Interest Change: 1.13%

Oct Fut Volume Change: -57.54%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.032 (Decreased from 1.041)

Put-Call Ratio (Volume): 0.965

Max Pain Level: 57500

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 60000

Highest PUT Addition: 57500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14713.65 (-0.314%)

Combined = September + October + November

Combined Fut Open Interest Change: -0.90%

Combined Fut Volume Change: -30.82%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 4% Previous 4%

MIDCPNIFTY SEPTEMBER Future closed at: 14772.3 (0.014%)

Sep Fut Premium 58.65 (Increased by 48.35 points)

Sep Fut Open Interest Change: -0.89%

Sep Fut Volume Change: -32.72%

Sep Fut Open Interest Analysis: Short Covering

MIDCPNIFTY OCTOBER Future closed at: 14815.6 (0.009%)

Oct Fut Premium 101.95 (Increased by 47.75 points)

Oct Fut Open Interest Change: -2.25%

Oct Fut Volume Change: 32.69%

Oct Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 0.991 (Increased from 0.975)

Put-Call Ratio (Volume): 0.936

Max Pain Level: 14825

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14800

Highest PUT Addition: 14800

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 76,515.43 (0.476%)

SENSEX Monthly Future closed at: 77,056.65 (0.172%)

Premium: 541.22 (Decreased by -230.22 points)

Open Interest Change: -1.94%

Volume Change: -54.99%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (10/09/2026) Option Analysis

Put-Call Ratio (OI): 1.110 (Increased from 0.866)

Put-Call Ratio (Volume): 1.136

Max Pain Level: 76700

Maximum CALL OI: 77000

Maximum PUT OI: 75000

Highest CALL Addition: 80000

Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,111.94 Cr.

DIIs Net BUY: ₹ 8,930.12 Cr.

FII Derivatives Activity

FII Trading Stats4.09.263.09.262.09.26
FII Cash (Provisional Data)-3,111.94-2,345.876,688.37
    
Index Future Open Interest Long Ratio11.11%11.09%9.97%
Index Future Volume Long Ratio47.47%40.99%40.57%
Call Option Open Interest Long Ratio39.36%39.02%37.76%
Call Option Volume Long Ratio50.08%49.85%49.30%
Put Option Open Interest Long Ratio68.62%72.38%71.98%
Put Option Volume Long Ratio49.40%50.60%49.47%
Stock Future Open Interest Long Ratio55.01%54.82%54.68%
Stock Future Volume Long Ratio52.22%52.01%54.01%
    
Index FuturesFresh ShortFresh ShortFresh Short
Index OptionsFresh ShortFresh LongFresh Short
    
Nifty FuturesFresh ShortFresh ShortFresh Short
Nifty OptionsFresh ShortFresh LongFresh Short
    
BankNifty FuturesLong CoveringFresh LongFresh Long
BankNifty OptionsFresh ShortFresh LongFresh Long
    
FinNifty FuturesFresh ShortFresh ShortShort Covering
FinNifty OptionsShort CoveringFresh ShortFresh Short
    
MidcpNifty FuturesShort CoveringFresh ShortFresh Short
MidcpNifty OptionsFresh ShortFresh LongFresh Short
    
NiftyNxt50 FuturesFresh ShortShort CoveringFresh Short
NiftyNxt50 OptionsFresh LongFresh LongFresh Short
    
Stock FuturesShort CoveringShort CoveringShort Covering
Stock OptionsFresh LongFresh LongFresh Short

SENSEX weekly Expiry (10/09/2026)

The SENSEX index closed at 76515.43. The SENSEX weekly expiry for SEPTEMBER 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.110 against previous 0.866. The 77000CE option holds the maximum open interest, followed by the 78000CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 80000CE option, with open interest additions also seen in the 75000PE and 71100PE options. On the other hand, open interest reductions were prominent in the 79500CE, 76500CE, and 76000CE options. Trading volume was highest in the 76700PE option, followed by the 76500PE and 76600PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:10-09-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76515.431.1100.8661.136
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      96,66,340        51,45,440           45,20,900
PUT:  1,07,33,380        44,57,780           62,75,600
Top CALL Open Interest:
StrikeOIOI ChangeVolume
77000        7,36,900          1,85,760        1,52,25,300
78000        7,05,360          3,03,600           80,38,020
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
80000        6,98,800          3,73,340           22,22,540
76700        4,30,500          3,15,800        1,42,63,580
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
79500        1,73,700            -59,180           18,18,780
76500        3,27,360            -30,080           57,73,480
Top CALL Volume:
StrikeOIOI ChangeVolume
77000        7,36,900          1,85,760        1,52,25,300
76700        4,30,500          3,15,800        1,42,63,580
Top PUT Open Interest:
StrikeOIOI ChangeVolume
75000        6,92,460          3,66,100           48,85,260
74000        6,12,520          2,35,240           31,92,440
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
75000        6,92,460          3,66,100           48,85,260
71100        4,91,800          3,28,740           11,81,580
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
80000            30,360                  -380                    2,420
79000            13,920                  -220                    2,780
Top PUT Volume:
StrikeOIOI ChangeVolume
76700        3,67,360          2,74,620        2,03,81,360
76500        5,74,740          2,44,300        1,72,04,720

NIFTY Weekly Expiry (8/09/2026)

The NIFTY index closed at 23897.7. The NIFTY weekly expiry for SEPTEMBER 8, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.844 against previous 0.656. The 24000CE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 23900PE option, with open interest additions also seen in the 23800PE and 23950PE options. On the other hand, open interest reductions were prominent in the 24000CE, 23900CE, and 25000CE options. Trading volume was highest in the 24000CE option, followed by the 23900PE and 23950PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:08-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,897.70                0.844                  0.656               1.056
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 19,24,05,915   20,31,93,575 -1,07,87,660
 PUT: 16,24,53,590   13,33,59,265   2,90,94,325
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000    1,51,77,890        -32,15,355       75,32,383
               25,000    1,41,90,150        -25,01,980         7,52,670
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,400       99,81,465         20,69,990       10,63,700
               23,950       74,70,060         15,57,985       46,71,934
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,000    1,51,77,890        -32,15,355       75,32,383
               23,900       50,27,750        -27,45,275       37,33,592
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000    1,51,77,890        -32,15,355       75,32,383
               23,950       74,70,060         15,57,985       46,71,934
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000    1,18,28,895         11,64,020         7,71,093
               23,900    1,11,18,835         41,81,255       71,70,241
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,900    1,11,18,835         41,81,255       71,70,241
               23,800    1,10,21,660         38,65,485       35,78,353
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       65,90,285          -8,01,775       55,05,649
               24,100       26,64,610          -6,60,335       12,41,317
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,900    1,11,18,835         41,81,255       71,70,241
               23,950       58,38,040         30,87,955       61,84,102

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23897.7. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.122 against previous 1.129. 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 22000PE option, with open interest additions also seen in the 26000CE and 25000CE options. On the other hand, open interest reductions were prominent in the 24000PE, 24000CE, and 24200PE 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
         23,897.70                1.122                  1.129               0.893
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    6,07,14,565      6,05,19,110         1,95,455
 PUT:    6,80,93,925      6,83,06,910       -2,12,985
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       70,29,165            2,46,610             38,875
               24,500       57,89,290          -1,25,905             51,398
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       44,31,040            4,33,030             27,451
               25,000       70,29,165            2,46,610             38,875
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       51,19,920          -3,20,580             76,746
               24,500       57,89,290          -1,25,905             51,398
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       51,19,920          -3,20,580             76,746
               24,500       57,89,290          -1,25,905             51,398
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       68,79,610          -3,21,910             82,231
               23,000       57,75,105               55,055             44,447
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               22,000       31,53,085            5,05,440             20,390
               23,800       20,90,335            1,57,560             29,355
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       68,79,610          -3,21,910             82,231
               24,200       24,74,225          -1,61,915             15,928
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       68,79,610          -3,21,910             82,231
               23,500       49,55,405          -1,48,980             44,857

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 57369.65. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.032 against previous 1.041. 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 60000CE option, with open interest additions also seen in the 57500PE and 54500PE options. On the other hand, open interest reductions were prominent in the 55500PE, 58300PE, and 58000PE options. Trading volume was highest in the 57500PE option, followed by the 57500CE and 58000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         57,369.65                1.032                  1.041               0.965
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,29,20,850      1,27,65,030         1,55,820
 PUT:    1,33,29,480      1,32,84,840             44,640
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,500       19,48,650               17,160             94,751
               58,000       13,25,880              -32,430             84,961
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               60,000       10,14,270               68,430             34,781
               60,500          4,26,360               32,640             15,610
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               58,000       13,25,880              -32,430             84,961
               61,000          5,44,320              -25,800             22,718
 Top CALL Volume:
 Strike OI OI Change Volume
               57,500       19,48,650               17,160             94,751
               58,000       13,25,880              -32,430             84,961
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,500       19,42,740               44,040         1,03,547
               58,000       10,46,280              -41,220             40,230
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               57,500       19,42,740               44,040         1,03,547
               54,500          2,58,510               35,130             13,143
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               55,500          3,75,300              -49,800             14,817
               58,300             71,370              -46,860               5,555
 Top PUT Volume: 
 Strike OI OI Change Volume
               57,500       19,42,740               44,040         1,03,547
               57,000          8,29,980               29,280             53,493

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14713.65. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.991 against previous 0.975. The 14000PE option holds the maximum open interest, followed by the 15000CE and 15500CE options. Market participants have shown increased interest with significant open interest additions in the 14800CE option, with open interest additions also seen in the 14800PE and 13500PE options. On the other hand, open interest reductions were prominent in the 73300PE, 79300CE, and 79300PE options. Trading volume was highest in the 14800PE option, followed by the 15000CE and 14800CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,713.65                0.991                  0.975               0.936
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       46,21,200         44,88,120         1,33,080
 PUT:       45,80,760         43,78,080         2,02,680
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          6,00,960          -1,70,640             10,118
               15,500          5,20,680              -21,000               4,215
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,800          3,62,160            1,40,640             10,058
               14,850             93,120               38,040               1,396
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               15,000          6,00,960          -1,70,640             10,118
               14,600             94,200              -64,200               1,143
 Top CALL Volume:
 Strike OI OI Change Volume
               15,000          6,00,960          -1,70,640             10,118
               14,800          3,62,160            1,40,640             10,058
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000       12,91,920               30,720               6,351
               14,500          5,17,920               11,760               5,495
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,800          3,38,760               97,200             10,481
               13,500          3,54,960               69,840               1,470
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,700          2,37,480              -47,520               4,837
               14,725             24,240              -10,440               1,216
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,800          3,38,760               97,200             10,481
               14,000       12,91,920               30,720               6,351

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

To wrap up today’s Open Interest Volume Analysis, the derivative setup is signaling an exhaustion of aggressive shorting, shifting our tactical bias toward a “Buy on Dips” strategy with defined risk parameters:

NIFTY (Accumulate on Intraday Dips): September futures recorded Short Covering (-1.02% OI) while October added 2.57% in Fresh Longs, both seeing premium expansions of over 20 points. In the weekly chain, the PCR bounced sharply from an oversold 0.656 to 0.844, with Put writers anchoring at 23900 (Highest Put Addition) and Call writers retreating higher to 24400. Actionable Feedback: Look to buy around the 23900–23920 support zone with a strict stop-loss below 23850. The immediate hurdle sits at 24000 (Max Pain & Max Call OI); a sustained break above 24000 can trigger an extended short-squeeze rally toward 24200–24300.

BANKNIFTY (Bullish Tilt on Premium Expansion): While spot was nearly flat (-0.019%), September and October futures closed positive with massive premium expansions (+72.35 and +75.95 points) and individual Fresh Long additions. Options data shows Call writers retreating toward 60000, while Put writers aggressively piled into the 57500 strike (matching Max Pain). Actionable Feedback: Buy on pullbacks toward the 57400–57500 zone with a stop-loss just below 57200. As long as spot sustains above the 57350 mark, expect an upward drift toward 57750 and 58000.

MIDCPNIFTY (Neutral to Range-Bound Play): Midcaps showed a tug-of-war, with combined futures reflecting mild long unwinding (-0.90% OI) while September and October saw short covering and premium gains. The options chain indicates consolidation, with both the Highest Call Addition and Highest Put Addition deadlocked at 14800, right beside the 14825 Max Pain level. Actionable Feedback: Avoid aggressive directional breakout trades. Treat 14700–14720 as a reliable support entry with a stop-loss at 14660, looking to book profits near the 14820–14850 resistance band.

SENSEX (Bulls Reclaiming Ground): The weekly options chain registered a massive sentiment shift, with the PCR jumping from 0.866 to 1.110 and the monthly futures confirming Short Covering (-1.94% OI). Most notably, Call writers shifted their aggressive additions far out to the 80000 strike, providing clear breathing room on the upside. Actionable Feedback: Ride the recovery momentum. Go long on dips near 76400–76500, keeping a stop-loss at 76250. The immediate upside target is the Max Pain level of 76700, followed by a potential extension toward 77000.

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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