NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/09/2026

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Running our daily Open Interest Volume Analysis, the sheer velocity and volume of capital deploying into forward-month short positions reveals that institutional desks have systematically pivoted from tactical hedging to aggressive directional conviction for the October series.

The defining development of the day is the complete surrender of the broader market: MIDCPNIFTY’s multi-week resilience evaporated in a single session—spot plunged -3.65% while October futures Open Interest erupted by an eye-watering +458.45% on a 1,070% volume surge, with contracts violently slipping into a discount.

Simultaneously, as front-month September longs were heavily liquidated into expiry roll, NIFTY and BANKNIFTY October futures absorbed massive Fresh Short additions (+47.69% and +70.97% OI respectively), triggering a synchronized collapse in Put-Call Ratios across the board as option writers abandoned their put strikes. Let’s dissect the institutional footprint, basis shifts, and tactical strike inventory so your desk can navigate tomorrow’s high-volatility tape!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23063.1 (-1.636%)

Combined = September + October + November

Combined Fut Open Interest Change: 5.29%

Combined Fut Volume Change: 216.10%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 40% Previous 30%

NIFTY SEPTEMBER Future closed at: 23108.6 (-1.455%)

Sep Fut Premium 45.5 (Increased by 42.5 points)

Sep Fut Open Interest Change: -9.90%

Sep Fut Volume Change: 146.32%

Sep Fut Open Interest Analysis: Long Covering

NIFTY OCTOBER Future closed at: 23186.1 (-1.539%)

Oct Fut Premium 123 (Increased by 21.2 points)

Oct Fut Open Interest Change: 47.69%

Oct Fut Volume Change: 392.77%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.722 (Decreased from 1.016)

Put-Call Ratio (Volume): 1.088

Max Pain Level: 23300

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 22000

Highest CALL Addition: 23200

Highest PUT Addition: 22000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55438.5 (-1.964%)

Combined = September + October + November

Combined Fut Open Interest Change: 13.77%

Combined Fut Volume Change: 201.39%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 35% Previous 24%

BANKNIFTY SEPTEMBER Future closed at: 55616 (-1.887%)

Sep Fut Premium 177.5 (Increased by 40.6 points)

Sep Fut Open Interest Change: -2.6%

Sep Fut Volume Change: 105.5%

Sep Fut Open Interest Analysis: Long Covering

BANKNIFTY OCTOBER Future closed at: 55897.2 (-1.901%)

Oct Fut Premium 458.7 (Increased by 27.2 points)

Oct Fut Open Interest Change: 70.97%

Oct Fut Volume Change: 511.28%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.741 (Decreased from 0.934)

Put-Call Ratio (Volume): 0.988

Max Pain Level: 56500

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 56000

Highest PUT Addition: 53000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14040.3 (-3.650%)

Combined = September + October + November

Combined Fut Open Interest Change: 19.47%

Combined Fut Volume Change: 633.71%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 34% Previous 8%

MIDCPNIFTY SEPTEMBER Future closed at: 14045.3 (-3.598%)

Sep Fut Premium 5 (Increased by 7.75 points)

Sep Fut Open Interest Change: -14.64%

Sep Fut Volume Change: 395.93%

Sep Fut Open Interest Analysis: Long Covering

MIDCPNIFTY OCTOBER Future closed at: 14029.7 (-3.934%)

Oct Fut Discount -10.6 (Decreased by -42.55 points)

Oct Fut Open Interest Change: 458.45%

Oct Fut Volume Change: 1070.23%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.708 (Decreased from 0.971)

Put-Call Ratio (Volume): 0.831

Max Pain Level: 14300

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14300

Highest PUT Addition: 13800

SENSEX Monthly Expiry (29/10/2026) Future

SENSEX Spot closed at: 73,580.54 (-1.667%)

SENSEX Monthly Future closed at: 74,439.75 (-1.331%)

Premium: 859.21 (Increased by 243.41 points)

Open Interest Change: 157.40%

Volume Change: 467.24%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (1/10/2026) Option Analysis

Put-Call Ratio (OI): 0.889 (Decreased from 1.106)

Put-Call Ratio (Volume): 0.894

Max Pain Level: 74000

Maximum CALL OI: 74000

Maximum PUT OI: 72000

Highest CALL Addition: 74000

Highest PUT Addition: 71000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 5,027.36 Cr.

DIIs Net BUY: ₹ 4,301.18 Cr.

FII Derivatives Activity

FII Trading Stats24.09.2623.09.2622.09.26
FII Cash (Provisional Data)-5,027.361,617.45-3,809.99
    
Index Future Open Interest Long Ratio11.01%10.69%10.50%
Index Future Volume Long Ratio44.52%57.45%39.44%
Call Option Open Interest Long Ratio43.57%44.10%40.71%
Call Option Volume Long Ratio49.35%50.94%49.58%
Put Option Open Interest Long Ratio67.75%66.12%71.53%
Put Option Volume Long Ratio51.10%48.60%49.79%
Stock Future Open Interest Long Ratio53.73%53.93%53.93%
Stock Future Volume Long Ratio49.65%50.14%50.17%
    
Index FuturesFresh ShortShort CoveringLong Covering
Index OptionsFresh LongFresh ShortLong Covering
    
Nifty FuturesFresh ShortShort CoveringLong Covering
Nifty OptionsFresh LongFresh ShortLong Covering
    
BankNifty FuturesFresh ShortShort CoveringFresh Short
BankNifty OptionsFresh LongFresh ShortFresh Long
    
FinNifty FuturesLong CoveringFresh ShortShort Covering
FinNifty OptionsFresh ShortFresh LongFresh Long
    
MidcpNifty FuturesShort CoveringFresh LongShort Covering
MidcpNifty OptionsFresh ShortFresh LongLong Covering
    
NiftyNxt50 FuturesLong CoveringFresh ShortLong Covering
NiftyNxt50 OptionsFresh ShortFresh LongShort Covering
    
Stock FuturesLong CoveringFresh LongFresh Long
Stock OptionsShort CoveringFresh ShortFresh Long

SENSEX weekly Expiry (1/10/2026)

The SENSEX index closed at 73580.54. The SENSEX weekly expiry for SEPTEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.889 against previous 1.106. The 74000CE option holds the maximum open interest, followed by the 77000CE and 76000CE options. Market participants have shown increased interest with significant open interest additions in the 74000CE option, with open interest additions also seen in the 76000CE and 77000CE options. On the other hand, open interest reductions were prominent in the 75000PE, 77500CE

SENSEXWeeklyExpiry:01-10-2026
Index SpotPCR OIPrev PCR OIPCR VOL
73580.540.8891.1060.894
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      53,49,360        18,11,100           35,38,260
PUT:      47,56,540        20,03,360           27,53,180
Top CALL Open Interest:
StrikeOIOI ChangeVolume
74000        5,36,460          5,14,960           25,68,080
77000        4,39,020          3,14,200           17,34,060
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
74000        5,36,460          5,14,960           25,68,080
76000        4,36,680          3,16,540           22,80,480
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
77500        2,18,040            -17,300              9,02,320
79600                    60                  -120                       180
Top CALL Volume:
StrikeOIOI ChangeVolume
74000        5,36,460          5,14,960           25,68,080
76000        4,36,680          3,16,540           22,80,480
Top PUT Open Interest:
StrikeOIOI ChangeVolume
72000        4,24,900          1,87,700           18,24,900
69000        4,14,460          1,29,020              8,88,080
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
71000        3,37,760          2,56,660           10,97,080
74000        2,85,460          2,13,780           22,60,040
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
75000        1,69,840            -39,500              3,31,340
74700            13,120            -16,100                 99,460
Top PUT Volume:
StrikeOIOI ChangeVolume
74000        2,85,460          2,13,780           22,60,040
72500        2,82,000          1,65,600           18,77,820

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23063.1. The NIFTY monthly expiry for DECEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.722 against previous 1.016. 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 23200CE option, with open interest additions also seen in the 23250CE and 23300CE options. On the other hand, open interest reductions were prominent in the 23400PE, 23300PE

NIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,063.10                0.722                  1.016               1.088
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 24,03,33,035   17,30,31,490   6,73,01,545
 PUT: 17,36,38,645   17,58,30,895     -21,92,250
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000    1,94,09,845         41,10,340       11,44,027
               23,500    1,35,72,065         32,89,975       13,21,364
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,200    1,19,49,275      1,04,77,350       24,35,670
               23,250       98,79,220         88,88,295       18,15,098
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               23,800       71,00,470        -10,73,345         8,34,112
               24,800       35,57,840          -7,88,645         1,59,406
 Top CALL Volume:
 Strike OI OI Change Volume
               23,200    1,19,49,275      1,04,77,350       24,35,670
               23,300    1,16,56,060         74,95,670       20,99,257
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               22,000    1,21,32,640         47,99,405         8,59,869
               23,000    1,17,57,550          -9,18,215       24,32,163
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               22,000    1,21,32,640         47,99,405         8,59,869
               23,100       75,86,020         36,52,090       21,64,328
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,400       40,28,505        -75,66,260         6,86,934
               23,300       55,49,050        -36,61,450       15,73,261
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,200       48,52,445        -13,56,485       31,72,255
               23,000    1,17,57,550          -9,18,215       24,32,163

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 55438.5. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.741 against previous 0.934. The 57500CE option holds the maximum open interest, followed by the 58000CE and 57000CE options. Market participants have shown increased interest with significant open interest additions in the 56000CE option, with open interest additions also seen in the 55500CE and 55700CE options. On the other hand, open interest reductions were prominent in the 56000PE, 56500PE

BANKNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         55,438.50                0.741                  0.934               0.988
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    2,05,74,870      1,75,76,970       29,97,900
 PUT:    1,52,55,030      1,64,08,590     -11,53,560
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,500       19,10,790              -59,730         1,52,005
               58,000       15,72,600              -15,330         1,63,808
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               56,000          9,84,240            6,37,260         2,62,613
               55,500          4,37,760            3,47,400         1,60,521
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,800          2,33,670          -1,01,820             27,002
               57,700          3,18,330              -79,380             31,522
 Top CALL Volume:
 Strike OI OI Change Volume
               56,000          9,84,240            6,37,260         2,62,613
               56,500       11,72,640            2,88,810         1,99,300
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,500       12,12,870          -1,01,880               8,436
               54,000          8,75,220              -53,910         1,48,740
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               53,000          5,49,660            1,71,990             84,939
               53,500          4,28,940            1,64,490             85,884
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               56,000          6,75,420          -3,59,580         1,58,092
               56,500          6,14,970          -3,54,300             65,592
 Top PUT Volume: 
 Strike OI OI Change Volume
               55,500          6,31,380              -21,720         2,82,644
               55,000          8,14,800          -1,19,820         2,61,096

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14040.3. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.708 against previous 0.971. The 14000PE option holds the maximum open interest, followed by the 15000CE and 13800PE options. Market participants have shown increased interest with significant open interest additions in the 14300CE option, with open interest additions also seen in the 14400CE and 14200CE options. On the other hand, open interest reductions were prominent in the 71000PE, 71500PE

MIDCPNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,040.30                0.708                  0.971               0.831
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,24,49,640         87,24,960       37,24,680
 PUT:       88,12,560         84,70,920         3,41,640
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000       10,36,560            1,70,400             14,782
               14,400          9,25,920            5,88,720             40,111
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,300          9,00,600            6,42,480             43,438
               14,400          9,25,920            5,88,720             40,111
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,800          4,66,800          -2,28,120             22,525
               15,100          3,50,040          -1,26,600               4,704
 Top CALL Volume:
 Strike OI OI Change Volume
               14,500          8,75,760            1,61,880             44,753
               14,300          9,00,600            6,42,480             43,438
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000       10,69,440            1,55,640             58,107
               13,800          9,49,080            3,61,560             27,977
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,800          9,49,080            3,61,560             27,977
               13,900          4,94,640            1,97,520             25,424
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,500          4,25,280          -4,77,120             13,051
               14,200          3,29,760          -2,12,400             49,188
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,000       10,69,440            1,55,640             58,107
               14,200          3,29,760          -2,12,400             49,188

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

To wrap up today’s Open Interest Volume Analysis, Dalal Street has officially locked into an aggressive negative gamma regime. Because weekly and monthly Put-Call Ratios have cratered to extreme oversold readings (0.70–0.74), chasing breakdowns at the intraday lows carries poor risk-reward; instead, the institutional playbook dictates aggressive “Sell on Rise” execution into freshly lowered call walls:

NIFTY (Forward Short Avalanche & Put Support Collapse): Front-month September futures saw aggressive Long Covering (-9.90% OI) with rollovers surging to 40%, but the October series absorbed a massive structural short build, expanding +47.69% OI on a 392% volume spike. In the monthly options chain (29/09 expiry), PCR collapsed from 1.016 to 0.722. Call writers aggressively rolled down their heavy guns to 23,200 (Highest Call Addition), while put writers were forced to retreat their primary defense deep down to 22,000, leaving Max Pain stranded at 23,300. Actionable Feedback: The 23,180–23,220 band (Highest Call Addition and October futures cluster) is now an impenetrable institutional supply wall. Adopt a strict “Sell on Rise” stance. Initiate fresh shorts on any pullback into 23,120–23,160 with a stop-loss placed above 23,220, targeting 23,000 and the 22,850 liquidity pocket.

BANKNIFTY (Massive October Short Blitz / The Anchor Leg): The banking heavyweight suffered severe institutional distribution (-1.96% spot). While September contracts saw long unwinding (-2.6% OI) with rollovers climbing to 35%, October futures saw an extraordinary +70.97% OI addition on an explosive 511.28% volume surge in high-conviction Fresh Shorts. Monthly PCR deteriorated to 0.741, with call writers locking down 56,000 as the overhead barrier, while put writers threw in the towel and pushed support expectations down to 53,000. Actionable Feedback: Counter-trend buying is strictly off the table. Fade any morning relief bounce toward the 55,650–55,800 zone with risk tightly defined above 56,050. Look for an institutional continuation slide toward 55,100 and the 54,800 mark.

MIDCPNIFTY (Catastrophic Capitulation / Deep Discount Emerges): The broader market decoupling narrative was violently crushed as spot crashed -3.65%. While September contracts saw panic Long Covering (-14.64% OI) on a 395% volume surge, October futures witnessed an unprecedented institutional short build—skyrocketing +458.45% OI on a 1,070% volume eruption and flipping into a -10.6 point discount. Monthly PCR plummeted to 0.708, with call writers suffocating price action at 14,300. Actionable Feedback: Avoid bottom-fishing in midcaps under all circumstances; the flip into forward discount confirms aggressive, panic-driven institutional selling. Look to initiate tactical shorts on failed intraday bounces into 14,120–14,180 with a stop-loss at 14,260, targeting 13,950 and the structural 13,800 put-addition floor.

SENSEX (Aggressive Rollover to October Shorts): Following the September expiry, SENSEX shifted its focus to the October monthly series, which witnessed an enormous +157.40% OI addition on a 467.24% volume surge in textbook Fresh Shorts. In the new weekly chain (01/10 expiry), PCR slid to 0.889, with aggressive call writing clustering at 74,000 (Maximum Call OI, Highest Call Addition, and Max Pain confluence), while put support dropped down to 71,000. Actionable Feedback: The 74,000 strike is the master overhead ceiling. Any pre-weekend pullback toward 73,850–73,950 should be shorted with an invalidation stop-loss placed above 74,100, targeting an orderly drift toward 73,200 and the 72,500 zone.

Q: Why are NIFTY and BANKNIFTY October futures seeing massive Fresh Short additions while September contracts show Long Covering?

A: This divergence marks an aggressive institutional rollover from tactical long positions into directional short exposure. As September settlement nears, traders closed out front-month contracts—seen as Long Covering (-9.90% OI in NIFTY, -2.6% OI in BANKNIFTY)—pushing rollovers up to 40% and 35% respectively. Instead of carrying long exposure forward, institutional desks aggressively established heavy Fresh Shorts in October contracts (+47.69% OI in NIFTY on a 392% volume surge, and +70.97% OI in BANKNIFTY on a 511% volume surge). Tracing our Open Interest Volume Analysis, this confirms smart money is positioning for sustained overhead supply across the upcoming series.

Q: What is the significance of the 458% Open Interest explosion and discount in MIDCPNIFTY October futures?

A: This reflects complete institutional capitulation in the broader market. After weeks of outperforming large caps, MIDCPNIFTY spot plunged -3.65%, and October futures Open Interest skyrocketed by +458.45% on a 1,070% volume eruption. Crucially, the October futures basis flipped from a premium into a -10.6 point discount. When high-volume open interest surges alongside a widening discount, it signals panic-driven institutional hedging and aggressive fresh short creation, invalidating prior accumulation setups.

Q: How should traders interpret the collapse in NIFTY and BANKNIFTY Put-Call Ratios down to 0.70–0.74?

A: The sharp drop in monthly Put-Call Ratios—NIFTY falling from 1.016 to 0.722 and BANKNIFTY sliding from 0.934 to 0.741—indicates that option sellers completely abandoned their put strikes. Institutional put writers were forced to cover underwater positions and retreat their primary defense lines far out-of-the-money (down to 22,000 on NIFTY and 53,000 on BANKNIFTY). While these compressed PCR levels signal heavily oversold conditions where intraday short-covering bounces can occur, the aggressive call writing overhead means relief rallies should be sold rather than chased.

Q: Where are the primary institutional support and resistance battlegrounds for NIFTY ahead of monthly expiry?

A: NIFTY derivative positioning has established clear boundaries for the September 29 monthly settlement:
Overhead Supply: The 23,180–23,220 band serves as immediate structural resistance, anchored by the Highest Call Addition at 23,200 and the October futures close (23,186), with Max Pain sitting overhead at 23,300. Support Base: True institutional put support has retreated down to the 22,000 strike, which simultaneously holds the Maximum Put Open Interest and the Highest Put Addition, leaving intermediate support at the 22,850 cash liquidity pocket.

Q: What is the technical setup for SENSEX after the rollover into the October series?

A: SENSEX shifted its primary institutional volume into the October monthly contract, which recorded an enormous +157.40% OI surge on a 467% volume jump in textbook Fresh Shorts. In the weekly options chain (01/10 expiry), the 74,000 strike has formed an ironclad ceiling—locking in the Maximum Call OI, Highest Call Addition, and Max Pain level—while put writers have retreated down to 71,000. Any pre-settlement bounce toward 73,850–74,000 faces immediate call-writing supply.

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