NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 16/01/2026

Hey folks, diving into today’s Open Interest Volume Analysis for January 16, 2026, we’ve got some intriguing mixed signals from the combined futures data across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX—where overall volume spikes scream high conviction trading, but OI shifts reveal a tug-of-war between fresh positions and unwinding. NIFTY’s combined futures saw a hefty 31.31% volume jump alongside -1.78% OI drop (short covering), hinting traders are piling in aggressively while big players exit shorts for potential upside; BANKNIFTY’s 63.36% volume explosion with +3.73% OI build (fresh longs) screams banking sector bullishness amid that 0.864% spot gain; MIDCPNIFTY’s 30.85% volume surge but +1.14% OI (fresh shorts) flags caution on midcaps despite flat spot; and SENSEX’s -30.80% volume dip with -5.64% OI (short covering) suggests profit-taking in a steady climb. This Open Interest Volume Analysis points to selective strength in large-caps/banks—watch for NIFTY resistance at 26000 calls and BANKNIFTY’s max pain 59800.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25694.35 (0.112%)

Combined = January + February + March

Combined Fut Open Interest Change: -1.78%

Combined Fut Volume Change: 31.31%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 13% Previous 12%

NIFTY JANUARY Future closed at: 25751.5 (0.126%)

January Fut Premium 57.15 (Increased by 3.75 points)

January Fut Open Interest Change: -2.63%

January Fut Volume Change: 30.94%

January Fut Open Interest Analysis: Short Covering

NIFTY FEBRUARY Future closed at: 25894.7 (0.104%)

February Fut Premium 200.35 (Decreased by -1.95 points)

February Fut Open Interest Change: 5.94%

February Fut Volume Change: 46.83%

February Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (20/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.651 (Decreased from 0.680)

Put-Call Ratio (Volume): 0.974

Max Pain Level: 25750

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25900

Highest PUT Addition: 25500

NIFTY Monthly Expiry (27/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.768 (Decreased from 0.821)

Put-Call Ratio (Volume): 0.781

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26500

Highest PUT Addition: 25800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60095.15 (0.864%)

Combined = January + February + March

Combined Fut Open Interest Change: 3.73%

Combined Fut Volume Change: 63.36%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 13% Previous 14%

BANKNIFTY JANUARY Future closed at: 60194.4 (0.692%)

January Fut Premium 99.25 (Decreased by -101.2 points)

January Fut Open Interest Change: 5.3%

January Fut Volume Change: 57.4%

January Fut Open Interest Analysis: Fresh Long

BANKNIFTY FEBRUARY Future closed at: 60511.4 (0.671%)

February Fut Premium 416.25 (Decreased by -111.8 points)

February Fut Open Interest Change: -11.75%

February Fut Volume Change: 113.97%

February Fut Open Interest Analysis: Short Covering

BANKNIFTY Monthly Expiry  (27/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.055 (Increased from 0.899)

Put-Call Ratio (Volume): 0.955

Max Pain Level: 59800

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 59500

Highest CALL Addition: 60200

Highest PUT Addition: 60000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13697.85 (-0.059%)

Combined = January + February + March

Combined Fut Open Interest Change: 1.14%

Combined Fut Volume Change: 30.85%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 6%

MIDCPNIFTY JANUARY Future closed at: 13704 (-0.132%)

January Fut Premium 6.15 (Decreased by -10 points)

January Fut Open Interest Change: 0.95%

January Fut Volume Change: 26.77%

January Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY FEBRUARY Future closed at: 13752.75 (-0.207%)

February Fut Premium 54.9 (Decreased by -20.45 points)

February Fut Open Interest Change: 4.54%

February Fut Volume Change: 85.58%

February Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.850 (Increased from 0.842)

Put-Call Ratio (Volume): 0.877

Max Pain Level: 13800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13800

Highest PUT Addition: 13700

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 83,570.35 (0.225%)

SENSEX Monthly Future closed at: 83,866.45 (0.219%)

Premium: 296.1 (Decreased by -4.69 points)

Open Interest Change: -5.64%

Volume Change: -30.80%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (8/01/2026) Option Analysis

Put-Call Ratio (OI): 0.720 (Decreased from 0.731)

Put-Call Ratio (Volume): 0.966

Max Pain Level: 83700

Maximum CALL OI: 87000

Maximum PUT OI: 80000

Highest CALL Addition: 87000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 4,346.13 Cr.

DIIs Net BUY: ₹ 3,935.31 Cr.

FII Derivatives Activity

FII Trading Stats	16.01.26	14.01.26	13.01.26
FII Cash (Provisional Data)	-4,346.13	-4,781.24	-1,499.81
Index Future Open Interest Long Ratio	9.32%	7.60%	7.54%
Index Future Volume Long Ratio	59.63%	47.93%	44.77%
Call Option Open Interest Long Ratio	50.03%	47.75%	48.16%
Call Option Volume Long Ratio	50.24%	49.83%	49.92%
Put Option Open Interest Long Ratio	62.53%	61.47%	64.85%
Put Option Volume Long Ratio	50.21%	49.91%	49.99%
Stock Future Open Interest Long Ratio	61.52%	61.46%	61.47%
Stock Future Volume Long Ratio	50.51%	50.43%	47.29%
Index Futures	Short Covering	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Short	Long Covering
Nifty Futures	Short Covering	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Short	Long Covering
BankNifty Futures	Short Covering	Short Covering	Fresh Long
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Fresh Short	Long Covering	Fresh Short
FinNifty Options	Fresh Short	Fresh Short	Short Covering
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Short
NiftyNxt50 Futures	Long Covering	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Short Covering	Fresh Short
Stock Futures	Fresh Long	Fresh Long	Fresh Short
Stock Options	Fresh Long	Fresh Long	Fresh Long

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 (22/01/2026)

The SENSEX index closed at 83570.35. The SENSEX weekly expiry for JANUARY 22, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.720 against previous 0.731. The 87000CE option holds the maximum open interest, followed by the 84000CE and 80000PE options. Market participants have shown increased interest with significant open interest additions in the 87000CE option, with open interest additions also seen in the 80000PE and 83500PE options. On the other hand, open interest reductions were prominent in the 83400CE, 83300CE, and 84800PE options. Trading volume was highest in the 83500PE option, followed by the 84000CE and 83600PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
83570.35	0.720	0.731	0.966
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,20,58,640	46,45,160	74,13,480
PUT:	86,81,500	33,96,560	52,84,940
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87000	8,90,300	4,91,880	61,80,000
84000	7,08,700	3,69,720	2,45,18,900
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87000	8,90,300	4,91,880	61,80,000
84000	7,08,700	3,69,720	2,45,18,900
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
83400	60,060	-56,760	21,26,140
83300	42,460	-26,580	11,04,380
Top CALL Volume:
Strike	OI	OI Change	Volume
84000	7,08,700	3,69,720	2,45,18,900
85000	5,05,660	2,60,120	1,73,56,720
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	7,07,540	4,34,340	55,57,620
83500	6,73,700	4,06,320	2,56,73,800
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	7,07,540	4,34,340	55,57,620
83500	6,73,700	4,06,320	2,56,73,800
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
84800	10,580	-9,760	1,01,440
85600	440	-160	340
Top PUT Volume:
Strike	OI	OI Change	Volume
83500	6,73,700	4,06,320	2,56,73,800
83600	3,05,940	2,45,400	2,20,20,780

NIFTY Weekly Expiry (20/01/2026)

The NIFTY index closed at 25694.35. The NIFTY weekly expiry for JANUARY 20, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.651 against previous 0.680. The 26000CE option holds the maximum open interest, followed by the 25800CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25900CE option, with open interest additions also seen in the 26100CE and 26500CE options. On the other hand, open interest reductions were prominent in the 24500PE, 27500CE, and 25650CE options. Trading volume was highest in the 25700PE option, followed by the 25800CE and 25800PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	20-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,694.35	0.651	0.680	0.974
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	19,31,51,530	14,50,90,725	4,80,60,805
PUT:	12,57,37,560	9,85,96,160	2,71,41,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,45,79,240	18,13,890	63,41,925
25,800	1,25,55,335	38,98,245	83,01,931
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,900	1,10,20,815	56,74,500	68,16,151
26,100	1,00,00,900	52,17,745	36,20,736
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,500	41,65,590	-18,23,965	1,94,480
25,650	14,15,700	-13,35,750	13,99,524
Top CALL Volume:
Strike	OI	OI Change	Volume
25,800	1,25,55,335	38,98,245	83,01,931
25,900	1,10,20,815	56,74,500	68,16,151
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	74,35,480	26,49,075	44,08,309
25,000	73,40,970	-3,64,130	15,35,440
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	74,35,480	26,49,075	44,08,309
25,700	68,69,135	24,90,020	1,02,80,508
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	63,79,165	-25,66,005	9,88,501
25,000	73,40,970	-3,64,130	15,35,440
Top PUT Volume:
Strike	OI	OI Change	Volume
25,700	68,69,135	24,90,020	1,02,80,508
25,800	53,38,255	20,80,325	69,38,209

NIFTY Monthly Expiry (27/01/2026)

The NIFTY index closed at 25694.35. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.768 against previous 0.821. The 26000CE option holds the maximum open interest, followed by the 26500CE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 25800PE and 25800CE options. On the other hand, open interest reductions were prominent in the 25400PE, 26300PE, and 26200PE options. Trading volume was highest in the 26000CE option, followed by the 25500PE and 25700PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,694.35	0.768	0.821	0.781
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,22,97,485	6,20,40,355	1,02,57,130
PUT:	5,55,33,270	5,09,47,910	45,85,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	99,29,855	-59,735	4,81,793
26,500	74,90,145	26,07,150	2,52,794
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	74,90,145	26,07,150	2,52,794
25,800	36,65,610	11,62,980	2,79,859
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,200	7,58,355	-1,80,245	26,706
26,000	99,29,855	-59,735	4,81,793
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	99,29,855	-59,735	4,81,793
25,800	36,65,610	11,62,980	2,79,859
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	54,28,670	1,820	1,13,881
25,000	42,50,285	1,47,160	1,41,087
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	38,20,505	13,00,650	2,84,447
25,700	34,66,775	9,24,495	2,86,168
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	26,10,595	-6,54,680	1,48,527
26,300	11,64,345	-2,06,830	13,011
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	35,79,745	4,80,155	3,20,920
25,700	34,66,775	9,24,495	2,86,168

BANKNIFTY Monthly Expiry (27/01/2026)

The BANKNIFTY index closed at 60095.15. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.055 against previous 0.899. The 59500PE option holds the maximum open interest, followed by the 60000CE and 59500CE options. Market participants have shown increased interest with significant open interest additions in the 60000PE option, with open interest additions also seen in the 60100PE and 60200PE options. On the other hand, open interest reductions were prominent in the 59700CE, 59500CE, and 59800CE options. Trading volume was highest in the 60000CE option, followed by the 60000PE and 59500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,095.15	1.055	0.899	0.955
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,40,27,730	1,39,49,280	78,450
PUT:	1,47,97,410	1,25,47,350	22,50,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	15,34,110	50,100	2,90,545
59,500	14,84,400	-98,910	64,082
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,200	3,55,170	96,930	1,03,911
60,100	4,23,930	85,590	1,19,425
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,700	1,79,250	-1,08,090	57,801
59,500	14,84,400	-98,910	64,082
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	15,34,110	50,100	2,90,545
60,100	4,23,930	85,590	1,19,425
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	20,29,860	1,13,040	1,38,396
60,000	13,22,040	5,11,620	2,67,291
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
60,000	13,22,040	5,11,620	2,67,291
60,100	2,79,030	2,14,350	1,06,780
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
56,800	37,710	-40,590	5,775
57,700	56,850	-33,450	7,513
Top PUT Volume:
Strike	OI	OI Change	Volume
60,000	13,22,040	5,11,620	2,67,291
59,500	20,29,860	1,13,040	1,38,396

MIDCPNIFTY Monthly Expiry (27/01/2026)

The MIDCPNIFTY index closed at 13697.85. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.850 against previous 0.842. The 14000CE option holds the maximum open interest, followed by the 14500CE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 13800CE option, with open interest additions also seen in the 13700PE and 13800PE options. On the other hand, open interest reductions were prominent in the 70000CE, 69000CE, and 69100CE options. Trading volume was highest in the 13800CE option, followed by the 14000CE and 13700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,697.85	0.850	0.842	0.877
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,02,83,160	99,81,600	3,01,560
PUT:	87,44,040	84,08,520	3,35,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	13,10,280	-81,240	36,336
14,500	9,38,040	-1,49,400	14,329
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,800	7,39,920	2,80,800	36,928
13,700	7,77,240	1,65,600	22,168
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	9,38,040	-1,49,400	14,329
13,850	1,36,920	-1,10,280	9,135
Top CALL Volume:
Strike	OI	OI Change	Volume
13,800	7,39,920	2,80,800	36,928
14,000	13,10,280	-81,240	36,336
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	8,84,640	-78,240	13,715
13,700	8,35,920	2,66,160	27,825
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,700	8,35,920	2,66,160	27,825
13,800	6,60,120	2,08,920	27,003
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	3,62,520	-1,83,960	9,325
13,400	2,30,880	-89,880	14,996
Top PUT Volume:
Strike	OI	OI Change	Volume
13,700	8,35,920	2,66,160	27,825
13,800	6,60,120	2,08,920	27,003

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

Wrapping up this Open Interest Volume Analysis, the combined futures story boils down to bullish conviction in BANKNIFTY (fresh longs + massive volume) offsetting NIFTY/MIDCPNIFTY caution (short covering/fresh shorts), with SENSEX mildly supportive—PCR drops in NIFTY options (0.651 weekly) signal call writing dominance, but BANKNIFTY’s rising 1.055 PCR hints put defense. Actionable takeaway: Go long BANKNIFTY Jan futures above 60194 (target 60500, stop 59800 max pain) or straddle NIFTY weekly expiry around 25750 pain level for volatility play; avoid MIDCPNIFTY shorts turning into traps if spot rebounds—keep eyeing tomorrow’s rollover tweaks and global cues for confirmation.

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