NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 10/09/2026

Conducting our daily institutional Open Interest Volume Analysis, the aggregate numbers present a classic retail trap: while headline prints flag “Fresh Longs” due to mild spot gains, the actual derivatives curve reveals aggressive, covert distribution.

When we decouple front-month contracts from the deferred series, the institutional footprint is undeniable: front-month NIFTY longs were quietly liquidated with a massive 114-point premium crush, while October contracts absorbed an aggressive +13.83% surge in structural Fresh Shorts.

Across BANKNIFTY and SENSEX, massive basis compression and severe premium destruction—cratering over 250 points—confirm that institutions utilized spot pullbacks to offload cash inventory and build short hedges further out on the curve. Let’s dissect the strike-level inventory and critical inflection triggers so your desk navigates tomorrow’s session with precision!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23477.8 (0.198%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.42%

Combined Fut Volume Change: -45.56%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 16% Previous 15%

NIFTY SEPTEMBER Future closed at: 23484 (-0.290%)

Sep Fut Premium 6.2 (Decreased by -114.5 points)

Sep Fut Open Interest Change: -0.40%

Sep Fut Volume Change: -51.69%

Sep Fut Open Interest Analysis: Long Covering

NIFTY OCTOBER Future closed at: 23584 (-0.322%)

Oct Fut Premium 106.2 (Decreased by -122.5 points)

Oct Fut Open Interest Change: 13.83%

Oct Fut Volume Change: 0.33%

Oct Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (15/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.640 (Increased from 0.591)

Put-Call Ratio (Volume): 0.912

Max Pain Level: 23500

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23400

Highest PUT Addition: 22500

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

Put-Call Ratio (Open Interest): 0.998 (Decreased from 1.008)

Put-Call Ratio (Volume): 0.731

Max Pain Level: 24000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 23400

Highest PUT Addition: 23400

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56471.95 (0.313%)

Combined = September + October + November

Combined Fut Open Interest Change: 2.88%

Combined Fut Volume Change: -47.34%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 12% Previous 12%

BANKNIFTY SEPTEMBER Future closed at: 56596.2 (-0.171%)

Sep Fut Premium 124.25 (Decreased by -273.2 points)

Sep Fut Open Interest Change: 2.5%

Sep Fut Volume Change: -47.5%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY OCTOBER Future closed at: 56900.4 (-0.175%)

Oct Fut Premium 428.45 (Decreased by -276.2 points)

Oct Fut Open Interest Change: 3.54%

Oct Fut Volume Change: -54.34%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.820 (Decreased from 0.850)

Put-Call Ratio (Volume): 0.896

Max Pain Level: 57500

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 56500

Highest PUT Addition: 56500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14528.3 (-0.521%)

Combined = September + October + November

Combined Fut Open Interest Change: 0.23%

Combined Fut Volume Change: -20.75%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 4% Previous 4%

MIDCPNIFTY SEPTEMBER Future closed at: 14499.8 (-0.628%)

Sep Fut Discount -28.5 (Decreased by -15.5 points)

Sep Fut Open Interest Change: 0.05%

Sep Fut Volume Change: -19.86%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY OCTOBER Future closed at: 14552.6 (-0.530%)

Oct Fut Premium 24.3 (Decreased by -1.4 points)

Oct Fut Open Interest Change: 0.85%

Oct Fut Volume Change: -48.30%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.864 (Decreased from 0.922)

Put-Call Ratio (Volume): 1.216

Max Pain Level: 14700

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14500

Highest PUT Addition: 14300

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 74,902.59 (0.185%)

SENSEX Monthly Future closed at: 75,067.00 (-0.154%)

Premium: 164.41 (Decreased by -254.16 points)

Open Interest Change: 2.85%

Volume Change: -13.99%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (17/09/2026) Option Analysis

Put-Call Ratio (OI): 0.885 (Increased from 0.770)

Put-Call Ratio (Volume): 0.982

Max Pain Level: 75000

Maximum CALL OI: 75000

Maximum PUT OI: 73000

Highest CALL Addition: 75000

Highest PUT Addition: 70000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 438.24 Cr.

DIIs Net BUY: ₹ 1,025.85 Cr.

FII Derivatives Activity

FII Trading Stats	10.09.26	9.09.26	8.09.26
FII Cash (Provisional Data)	-438.24	-582.99	-123.19
Index Future Open Interest Long Ratio	10.99%	11.02%	11.07%
Index Future Volume Long Ratio	37.00%	32.11%	29.98%
Call Option Open Interest Long Ratio	39.89%	38.35%	37.69%
Call Option Volume Long Ratio	50.30%	49.56%	50.28%
Put Option Open Interest Long Ratio	70.89%	72.29%	75.15%
Put Option Volume Long Ratio	50.03%	50.11%	50.09%
Stock Future Open Interest Long Ratio	54.25%	54.45%	54.70%
Stock Future Volume Long Ratio	46.68%	47.27%	48.70%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Short	Short Covering
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Short	Short Covering
BankNifty Futures	Fresh Long	Fresh Long	Fresh Short
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Short	Fresh Long	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Fresh Short	Long Covering	Fresh Short
Stock Options	Fresh Long	Fresh Long	Fresh Long

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (17/09/2026)

The SENSEX index closed at 74902.59. The SENSEX weekly expiry for SEPTEMBER 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.885 against previous 0.770. The 75000CE option holds the maximum open interest, followed by the 78000CE and 73000PE options. Market participants have shown increased interest with significant open interest additions in the 70000PE option, with open interest additions also seen in the 75000CE and 72000PE options. On the other hand, open interest reductions were prominent in the 75800PE, 70600PE

SENSEX	Weekly	Expiry:	17-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
74902.59	0.885	0.770	0.982
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	50,02,320	23,52,400	26,49,920
PUT:	44,27,100	18,10,920	26,16,180
Top CALL Open Interest:
Strike	OI	OI Change	Volume
75000	4,41,820	2,33,220	20,37,920
78000	3,88,860	2,14,920	9,51,540
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
75000	4,41,820	2,33,220	20,37,920
78000	3,88,860	2,14,920	9,51,540
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
73000	3,380	-2,140	11,440
81500	3,140	-540	3,340
Top CALL Volume:
Strike	OI	OI Change	Volume
75000	4,41,820	2,33,220	20,37,920
76000	3,73,100	1,84,960	15,03,000
Top PUT Open Interest:
Strike	OI	OI Change	Volume
73000	3,77,420	2,11,680	11,93,620
75000	3,57,620	1,54,340	19,23,800
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
70000	2,79,740	2,79,740	8,52,180
72000	3,22,940	2,22,780	9,98,640
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
75800	15,360	-5,300	33,420
70600	57,320	-2,200	54,220
Top PUT Volume:
Strike	OI	OI Change	Volume
75000	3,57,620	1,54,340	19,23,800
74500	1,74,020	99,600	14,72,920

NIFTY Weekly Expiry (15/09/2026)

The NIFTY index closed at 23477.8. The NIFTY weekly expiry for SEPTEMBER 15, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.640 against previous 0.591. The 24000CE option holds the maximum open interest, followed by the 23500CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 23400CE option, with open interest additions also seen in the 23500CE and 24500CE options. On the other hand, open interest reductions were prominent in the 23500PE, 23700CE

NIFTY	Weekly	Expiry:	15-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,477.80	0.640	0.591	0.912
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	19,53,55,160	17,05,42,905	2,48,12,255
PUT:	12,49,47,485	10,08,40,285	2,41,07,200
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,39,38,795	21,72,690	8,96,853
23,500	1,17,09,555	36,40,715	29,77,798
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,400	57,03,360	38,76,405	19,94,149
23,500	1,17,09,555	36,40,715	29,77,798
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,700	91,34,060	-13,85,930	13,26,278
25,300	21,63,200	-8,73,730	95,069
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	1,17,09,555	36,40,715	29,77,798
23,450	50,10,590	26,46,020	20,84,487
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,06,14,370	14,78,035	9,14,254
22,500	81,07,905	34,28,360	4,11,516
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,500	81,07,905	34,28,360	4,11,516
23,400	79,86,485	27,68,155	37,65,046
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	62,44,680	-18,01,475	27,01,551
22,100	40,25,060	-10,89,075	1,93,630
Top PUT Volume:
Strike	OI	OI Change	Volume
23,400	79,86,485	27,68,155	37,65,046
23,450	31,60,105	4,86,460	29,62,023

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23477.8. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.998 against previous 1.008. The 24000CE 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 23400CE option, with open interest additions also seen in the 23500CE and 23400PE options. On the other hand, open interest reductions were prominent in the 22000PE, 25000CE

NIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,477.80	0.998	1.008	0.731
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,01,50,330	6,85,75,185	15,75,145
PUT:	7,00,04,920	6,91,24,960	8,79,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	83,04,530	2,71,700	91,151
24,500	60,73,600	-75,920	47,436
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,400	11,64,670	8,72,105	41,652
23,500	23,96,355	6,82,500	74,219
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	58,56,630	-2,79,370	31,534
24,550	2,21,650	-1,76,930	7,347
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	83,04,530	2,71,700	91,151
23,500	23,96,355	6,82,500	74,219
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	64,82,490	-1,24,550	16,495
23,000	59,47,360	-14,700	78,725
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,400	17,77,230	5,56,140	56,703
21,000	20,55,950	2,09,365	7,740
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	30,04,430	-3,03,160	21,783
24,000	64,82,490	-1,24,550	16,495
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	46,40,155	65,520	83,878
23,000	59,47,360	-14,700	78,725

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 56471.95. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.820 against previous 0.850. 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 56500CE option, with open interest additions also seen in the 58500CE and 56400CE options. On the other hand, open interest reductions were prominent in the 64000CE, 57000PE

BANKNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,471.95	0.820	0.850	0.896
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,59,73,680	1,57,13,280	2,60,400
PUT:	1,30,91,070	1,33,63,590	-2,72,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,500	21,97,740	6,540	49,849
58,000	15,11,550	59,040	58,921
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,500	4,35,360	1,36,950	86,337
58,500	8,62,560	82,950	38,389
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
64,000	53,970	-76,620	6,596
57,800	2,81,910	-45,510	17,274
Top CALL Volume:
Strike	OI	OI Change	Volume
56,500	4,35,360	1,36,950	86,337
57,000	9,25,740	27,690	84,319
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,500	17,07,840	-58,920	11,215
58,000	8,23,800	-26,820	6,377
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,500	6,04,080	64,140	1,10,840
54,000	7,41,660	45,750	19,308
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	8,13,330	-74,910	42,618
55,000	5,99,070	-69,480	34,502
Top PUT Volume:
Strike	OI	OI Change	Volume
56,500	6,04,080	64,140	1,10,840
56,400	1,15,710	34,410	69,248

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14528.3. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.864 against previous 0.922. 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 14500CE option, with open interest additions also seen in the 14600CE and 15000CE options. On the other hand, open interest reductions were prominent in the 73000CE, 74000CE

MIDCPNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,528.30	0.864	0.922	1.216
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	63,06,960	54,68,040	8,38,920
PUT:	54,48,000	50,40,480	4,07,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	8,25,480	1,11,480	8,970
16,000	4,64,880	26,400	749
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,500	3,97,320	2,02,920	9,460
14,600	4,10,280	1,20,360	9,100
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,900	1,71,480	-24,000	742
15,100	4,10,520	-6,360	4,219
Top CALL Volume:
Strike	OI	OI Change	Volume
14,500	3,97,320	2,02,920	9,460
14,600	4,10,280	1,20,360	9,100
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	14,17,080	35,880	25,057
14,500	6,69,600	1,07,640	17,598
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,300	2,27,880	1,07,880	5,401
14,500	6,69,600	1,07,640	17,598
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,700	1,81,800	-42,960	1,569
14,600	3,38,040	-39,240	8,535
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	14,17,080	35,880	25,057
14,500	6,69,600	1,07,640	17,598

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

To synthesize today’s Open Interest Volume Analysis, the market is caught in an acute cash-futures divergence where cosmetic spot green is masking forward-month institutional short accumulation. Here is your actionable, index-by-index execution playbook:

NIFTY (Deceptive Headline / Structural Short Build): Do not be fooled by the combined “Fresh Long” label; front-month September saw tactical long unwinding (-0.40% OI) with premium evaporating by 114 points, while October absorbed a massive +13.83% OI expansion in structural Fresh Shorts. In the weekly options chain (15/09), despite a slight PCR uptick to 0.640, call writers aggressively stepped down to 23,400 (Highest Call Addition), building an immediate ceiling right below spot. Actionable Feedback: The 23,480–23,500 zone (confluence of September futures close and Max Pain) remains an institutional supply wall. Long setups are strictly invalidated below 23,520. Fade any intraday pullback into 23,480–23,500 with a stop-loss above 23,530, targeting 23,350 and the deeper 23,000 put liquidity pocket.

BANKNIFTY (Massive Basis Implosion): While spot inched up +0.31%, September and October futures closed in the red with a staggering 273-point collapse in basis, accompanied by Fresh Short additions across both tenors (+2.5% in Sep, +3.54% in Oct). In the monthly options chain, the PCR slipped to 0.820, with the 56,500 strike locking into a deadlock as both the Highest Call and Put Addition. Actionable Feedback: The severe futures discount indicates institutional desks are actively shorting the curve. Treat 56,500–56,600 as the decisive battleground; a sustained break below 56,400 triggers an automated negative gamma unwinding toward 56,000 and 55,500. Sell on rallies near 56,600 with defined risk above 56,800.

MIDCPNIFTY (Structural Discount Widens): Broader market weakness persisted with spot shedding -0.521%. September futures widened their discount to -28.5 points alongside fresh short additions, while monthly PCR deteriorated from 0.922 to 0.864. Call writers tightened the vice by anchoring their highest addition down at 14,500. Actionable Feedback: Avoid bottom-fishing in midcaps. The negative basis confirms sustained institutional supply. Look for tactical short entries on pullbacks toward the 14,520–14,550 band, targeting 14,400 and the 14,300 put-addition floor, with risk strictly capped above 14,580.

SENSEX (Aggressive Call Wall at 75,000): SENSEX futures mirrored the broader curve with a sharp 254-point premium drain alongside +2.85% OI in Fresh Shorts. In the new weekly chain (17/09), the 75,000 strike is locked down by massive call writing (Maximum Call OI, Highest Call Addition, and Max Pain confluence), while put writers have retreated down to the 70,000 strike. Actionable Feedback: The 75,000 pivot is the ultimate resistance ceiling. Play a defined “Sell on Rise” strategy by shorting any failed push toward 74,950–75,050, using an invalidation stop-loss at 75,150, targeting downside drift toward 74,500 and 74,200.

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