Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 31/12/2025
Table of Contents
Markets capped 2025 with a solid 0.74% rally on NIFTY, and this Open Interest Volume Analysis across the fresh combined futures (January+February+March) reveals bullish conviction building post-expiry—short covering and fresh longs dominating as institutions position for the new year kickoff.
NIFTY combined futures turn bullish decisively: +1.68% OI bump despite -30% volume drop with strong upside confirms fresh long positioning—January/February both adding longs methodically.
BANKNIFTY longs accelerate: +7.88% combined OI growth shows banking sector conviction strengthening, February leading at +14.52%—year-end rotation complete.
MIDCPNIFTY joins risk-on party: +0.38% combined OI with volume up signals fresh long bias emerging, February +14.81% confirms midcap participation.
SENSEX short relief: -4.07% combined OI drop on volume surge marks covering, aligning with broad bullish flows.
PCR turns defensive across board: NIFTY weekly 1.354, monthly 1.070—put buying ramps with max pain 26,100-26,000 as smart money protects gains.
Consistent long bias everywhere: All major indices showing fresh long or covering action in combined books—textbook year-end bullish setup.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 26129.6 (0.735%)
Combined = January + February + March
Combined Fut Open Interest Change: 1.68%
Combined Fut Volume Change: -30.32%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 9% Previous 8%
NIFTY JANUARY Future closed at: 26296.3 (0.680%)
January Fut Premium 166.7 (Decreased by -13.25 points)
January Fut Open Interest Change: 0.49%
January Fut Volume Change: -33.81%
January Fut Open Interest Analysis: Fresh Long
NIFTY FEBRUARY Future closed at: 26438 (0.684%)
February Fut Premium 308.4 (Decreased by -11.15 points)
February Fut Open Interest Change: 4.09%
February Fut Volume Change: -6.67%
February Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (6/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.354 (Increased from 0.755)
Put-Call Ratio (Volume): 0.872
Max Pain Level: 26100
Maximum CALL Open Interest: 26400
Maximum PUT Open Interest: 26000
Highest CALL Addition: 26400
Highest PUT Addition: 26000
NIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.070 (Increased from 1.010)
Put-Call Ratio (Volume): 0.997
Max Pain Level: 26100
Maximum CALL Open Interest: 27000
Maximum PUT Open Interest: 26000
Highest CALL Addition: 26700
Highest PUT Addition: 25800
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 59581.85 (0.694%)
Combined = January + February + March
Combined Fut Open Interest Change: 7.88%
Combined Fut Volume Change: -0.55%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 7% Previous 6%
BANKNIFTY JANUARY Future closed at: 59883.6 (0.499%)
January Fut Premium 301.75 (Decreased by -113.2 points)
January Fut Open Interest Change: 6.5%
January Fut Volume Change: -2.7%
January Fut Open Interest Analysis: Fresh Long
BANKNIFTY FEBRUARY Future closed at: 60222.6 (0.491%)
February Fut Premium 640.75 (Decreased by -116.2 points)
February Fut Open Interest Change: 14.52%
February Fut Volume Change: 1.47%
February Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.092 (Increased from 1.008)
Put-Call Ratio (Volume): 0.873
Max Pain Level: 59500
Maximum CALL Open Interest: 59500
Maximum PUT Open Interest: 59500
Highest CALL Addition: 62000
Highest PUT Addition: 59500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13777.25 (1.293%)
Combined = January + February + March
Combined Fut Open Interest Change: 0.38%
Combined Fut Volume Change: 8.24%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 3% Previous 2%
MIDCPNIFTY JANUARY Future closed at: 13841.3 (1.242%)
January Fut Premium 64.05 (Decreased by -6.05 points)
January Fut Open Interest Change: -0.16%
January Fut Volume Change: 7.22%
January Fut Open Interest Analysis: Short Covering
MIDCPNIFTY FEBRUARY Future closed at: 13915.8 (1.278%)
February Fut Premium 138.55 (Decreased by -0.3 points)
February Fut Open Interest Change: 14.81%
February Fut Volume Change: 17.02%
February Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.082 (Decreased from 1.169)
Put-Call Ratio (Volume): 0.958
Max Pain Level: 13800
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13000
Highest CALL Addition: 14400
Highest PUT Addition: 13800
SENSEX Monthly Expiry (29/01/2026) Future
SENSEX Spot closed at: 85,220.60 (0.644%)
SENSEX Monthly Future closed at: 85,815.55 (0.557%)
Premium: 594.95 (Decreased by -70.07 points)
Open Interest Change: -4.07%
Volume Change: 52.60%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (1/01/2026) Option Analysis
Put-Call Ratio (OI): 1.345 (Increased from 0.727)
Put-Call Ratio (Volume): 0.892
Max Pain Level: 85200
Maximum CALL OI: 85500
Maximum PUT OI: 85000
Highest CALL Addition: 85700
Highest PUT Addition: 85000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 3,597.38 Cr.
DIIs Net BUY: ₹ 6,759.64 Cr.
FII Derivatives Activity
| FII Trading Stats | 31.12.25 | 30.12.25 | 29.12.25 |
| FII Cash (Provisional Data) | -3,597.38 | -3,844.02 | -2,759.89 |
| Index Future Open Interest Long Ratio | 8.86% | 8.84% | 13.65% |
| Index Future Volume Long Ratio | 46.12% | 46.04% | 44.12% |
| Call Option Open Interest Long Ratio | 50.93% | 47.19% | 49.33% |
| Call Option Volume Long Ratio | 50.49% | 50.08% | 49.97% |
| Put Option Open Interest Long Ratio | 62.84% | 68.16% | 61.73% |
| Put Option Volume Long Ratio | 49.93% | 50.15% | 49.99% |
| Stock Future Open Interest Long Ratio | 63.42% | 63.15% | 62.20% |
| Stock Future Volume Long Ratio | 54.22% | 53.98% | 49.82% |
| Index Futures | Fresh Short | Long Covering | Fresh Short |
| Index Options | Fresh Long | Short Covering | Fresh Short |
| Nifty Futures | Fresh Short | Long Covering | Fresh Short |
| Nifty Options | Fresh Long | Short Covering | Fresh Long |
| BankNifty Futures | Fresh Long | Long Covering | Short Covering |
| BankNifty Options | Fresh Long | Short Covering | Long Covering |
| FinNifty Futures | Fresh Short | Fresh Long | Fresh Short |
| FinNifty Options | Fresh Long | Short Covering | Fresh Short |
| MidcpNifty Futures | Fresh Short | Long Covering | Fresh Long |
| MidcpNifty Options | Fresh Long | Long Covering | Long Covering |
| NiftyNxt50 Futures | Fresh Long | Short Covering | Long Covering |
| NiftyNxt50 Options | Fresh Long | Long Covering | Long Covering |
| Stock Futures | Fresh Long | Short Covering | Long Covering |
| Stock Options | Fresh Short | Short Covering | Long Covering |
Fresh Long: Net Buy with Increase in Open Interest
Fresh Short: Net Sell with Increase in Open Interest
Short Covering: Net Buy with Decrease in Open Interest
Long Covering: Net Sell with Decrease in Open Interest
NSE & BSE Option market Trends : Options Insights
SENSEX Weekly Expiry (1/01/2026)
The SENSEX index closed at 85220.6. The SENSEX weekly expiry for JANUARY 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.345 against previous 0.727. The 85000PE option holds the maximum open interest, followed by the 85500CE and 84900PE options. Market participants have shown increased interest with significant open interest additions in the 85000PE option, with open interest additions also seen in the 84900PE and 84800PE options. On the other hand, open interest reductions were prominent in the 85000CE, 84800CE, and 84700CE options. Trading volume was highest in the 85500CE option, followed by the 85000PE and 85300CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 01-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 85220.6 | 1.345 | 0.727 | 0.892 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,85,56,260 | 2,15,68,100 | 69,88,160 |
| PUT: | 3,84,18,160 | 1,56,74,300 | 2,27,43,860 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 85500 | 23,01,200 | 8,09,740 | 14,50,74,020 |
| 86000 | 22,73,800 | 8,51,400 | 6,53,00,000 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 85700 | 13,66,560 | 8,65,460 | 7,13,45,020 |
| 86000 | 22,73,800 | 8,51,400 | 6,53,00,000 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 9,23,500 | -6,29,400 | 10,54,03,560 |
| 84800 | 2,23,460 | -4,39,420 | 4,73,57,200 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 85500 | 23,01,200 | 8,09,740 | 14,50,74,020 |
| 85300 | 14,16,880 | 6,78,600 | 12,39,04,340 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 27,80,780 | 23,41,000 | 13,17,80,100 |
| 84900 | 22,74,260 | 20,69,860 | 10,03,06,700 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 27,80,780 | 23,41,000 | 13,17,80,100 |
| 84900 | 22,74,260 | 20,69,860 | 10,03,06,700 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 83800 | 5,08,560 | -1,81,700 | 93,76,300 |
| 83600 | 3,07,980 | -17,180 | 61,72,480 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 27,80,780 | 23,41,000 | 13,17,80,100 |
| 84800 | 18,44,060 | 14,02,320 | 11,23,04,760 |
NIFTY Weekly Expiry (6/01/2026)
The NIFTY index closed at 26129.6. The NIFTY weekly expiry for JANUARY 6, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.354 against previous 0.755. The 26000PE option holds the maximum open interest, followed by the 26100PE and 25900PE options. Market participants have shown increased interest with significant open interest additions in the 26000PE option, with open interest additions also seen in the 26100PE and 26050PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25900CE, and 25950CE options. Trading volume was highest in the 26000PE option, followed by the 26100CE and 26000CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 06-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,129.60 | 1.354 | 0.755 | 0.872 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 9,62,31,265 | 7,42,45,210 | 2,19,86,055 |
| PUT: | 13,02,64,030 | 5,60,37,475 | 7,42,26,555 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,400 | 76,87,550 | 43,61,695 | 14,55,528 |
| 26,500 | 68,99,295 | 26,10,920 | 13,31,868 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,400 | 76,87,550 | 43,61,695 | 14,55,528 |
| 26,600 | 56,92,505 | 27,24,150 | 8,24,822 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 43,86,980 | -25,26,030 | 29,79,908 |
| 25,900 | 10,86,540 | -10,63,790 | 5,59,181 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,100 | 41,48,040 | -37,115 | 33,18,093 |
| 26,000 | 43,86,980 | -25,26,030 | 29,79,908 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,35,86,690 | 87,38,730 | 39,91,397 |
| 26,100 | 79,70,105 | 58,14,770 | 25,00,347 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,35,86,690 | 87,38,730 | 39,91,397 |
| 26,100 | 79,70,105 | 58,14,770 | 25,00,347 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,900 | 31,460 | -3,315 | 337 |
| 27,100 | 7,215 | -455 | 28 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,35,86,690 | 87,38,730 | 39,91,397 |
| 26,100 | 79,70,105 | 58,14,770 | 25,00,347 |
NIFTY Monthly Expiry (27/01/2026)
The NIFTY index closed at 26129.6. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.070 against previous 1.010. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26700CE option, with open interest additions also seen in the 25800PE and 25700PE options. On the other hand, open interest reductions were prominent in the 26500CE, 26000CE, and 26100CE options. Trading volume was highest in the 26000PE option, followed by the 26500CE and 26000CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,129.60 | 1.070 | 1.010 | 0.997 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 3,66,54,540 | 3,65,99,550 | 54,990 |
| PUT: | 3,92,15,995 | 3,69,49,185 | 22,66,810 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 46,81,040 | 2,11,250 | 77,900 |
| 26,000 | 46,13,115 | -7,53,480 | 89,071 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,700 | 26,45,045 | 12,99,090 | 52,194 |
| 26,800 | 14,65,555 | 2,51,745 | 31,408 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 30,85,615 | -8,46,560 | 90,152 |
| 26,000 | 46,13,115 | -7,53,480 | 89,071 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 30,85,615 | -8,46,560 | 90,152 |
| 26,000 | 46,13,115 | -7,53,480 | 89,071 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 58,71,060 | 31,915 | 1,24,891 |
| 25,500 | 31,68,165 | -2,96,400 | 63,203 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,800 | 17,94,650 | 6,25,820 | 41,188 |
| 25,700 | 14,24,995 | 3,70,305 | 39,202 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 31,68,165 | -2,96,400 | 63,203 |
| 26,300 | 11,14,490 | -2,30,620 | 39,287 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 58,71,060 | 31,915 | 1,24,891 |
| 26,100 | 19,24,065 | -1,61,850 | 63,523 |
BANKNIFTY Monthly Expiry (27/01/2026)
The BANKNIFTY index closed at 59581.85. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.092 against previous 1.008. The 59500PE option holds the maximum open interest, followed by the 59500CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 59500PE option, with open interest additions also seen in the 59400PE and 62000CE options. On the other hand, open interest reductions were prominent in the 59100CE, 59000CE, and 61000CE options. Trading volume was highest in the 60000CE option, followed by the 59500PE and 59500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 59,581.85 | 1.092 | 1.008 | 0.873 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 87,80,130 | 70,88,280 | 16,91,850 |
| PUT: | 95,88,870 | 71,48,430 | 24,40,440 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 15,06,300 | 10,980 | 1,00,361 |
| 60,000 | 10,21,050 | 1,10,220 | 1,19,237 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 62,000 | 6,01,050 | 1,66,020 | 45,202 |
| 61,500 | 4,03,140 | 1,40,700 | 46,750 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,100 | 49,680 | -61,560 | 13,572 |
| 59,000 | 4,07,370 | -29,010 | 29,470 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 10,21,050 | 1,10,220 | 1,19,237 |
| 59,500 | 15,06,300 | 10,980 | 1,00,361 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 17,83,440 | 2,43,720 | 1,09,917 |
| 59,000 | 8,73,540 | 1,50,570 | 76,861 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 17,83,440 | 2,43,720 | 1,09,917 |
| 59,400 | 2,26,950 | 1,70,190 | 53,005 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 56,500 | 1,91,370 | -16,680 | 14,392 |
| 55,300 | 9,600 | -13,890 | 2,354 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 17,83,440 | 2,43,720 | 1,09,917 |
| 59,000 | 8,73,540 | 1,50,570 | 76,861 |
MIDCPNIFTY Monthly Expiry (27/01/2026)
The MIDCPNIFTY index closed at 13777.25. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.082 against previous 1.169. The 14000CE option holds the maximum open interest, followed by the 13000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13800PE option, with open interest additions also seen in the 14400CE and 14000CE options. On the other hand, open interest reductions were prominent in the 66400CE, 66400CE, and 66400CE options. Trading volume was highest in the 14000CE option, followed by the 13800CE and 13700PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,777.25 | 1.082 | 1.169 | 0.958 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 36,47,520 | 22,24,800 | 14,22,720 |
| PUT: | 39,45,120 | 25,99,800 | 13,45,320 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 5,88,240 | 2,07,960 | 17,160 |
| 14,500 | 4,28,880 | 2,04,840 | 9,063 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 2,51,760 | 2,34,960 | 7,484 |
| 14,000 | 5,88,240 | 2,07,960 | 17,160 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 57,240 | -70,320 | 2,638 |
| 13,500 | 1,03,320 | -46,080 | 3,155 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 5,88,240 | 2,07,960 | 17,160 |
| 13,800 | 4,14,720 | 1,93,680 | 15,946 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 5,79,960 | -1,03,200 | 10,431 |
| 13,500 | 5,45,040 | 43,680 | 10,387 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 4,43,040 | 3,12,000 | 14,968 |
| 13,300 | 3,13,080 | 1,86,840 | 6,163 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 5,79,960 | -1,03,200 | 10,431 |
| 14,000 | 1,68,840 | -12,120 | 2,527 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,700 | 3,27,000 | 1,13,280 | 14,983 |
| 13,800 | 4,43,040 | 3,12,000 | 14,968 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Open Interest Volume Analysis screams 2026 bullish start: Fresh longs dominate combined futures across NIFTY, BANKNIFTY, MIDCPNIFTY while SENSEX covers—risk appetite roaring back.
Actionable New Year trades: Buy NIFTY/BANKNIFTY dips to 26,000 with 25,900 stops targeting 26,500; bull call spreads 26,100/26,400 perfect—momentum loves chasers.
Sector power: Load BANKNIFTY heaviest, rotate MIDCPNIFTY longs; skip SENSEX directionals till volume confirms.
January 2nd trigger: Volume explosion + OI continuation = 26,800 path clear; PCR spike above 1.4 = tactical pullback—ride the wave but trail profits tight!
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