NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 19/01/2026

Hey traders, deep dive into Open Interest Volume Analysis — NIFTY Futures showed a mixed bag where combined OI spiked 1.34% alongside a sharp -13.09% volume drop, screaming “Fresh Short” buildup as smart money piles into shorts amid that 0.424% spot dip to 25585.5.

BANKNIFTY’s combined metrics flipped bullish with -5.98% OI unwinding and -25.46% volume contraction signaling “Long Covering,” while MIDCPNIFTY’s 1.64% OI rise and 12.42% volume pop also yell “Fresh Short.”

SENSEX futures echoed this with 2.26% OI growth but -13.63% volume fade into fresh shorts—low volume on rising OI often means conviction building quietly, so let’s unpack what this Open Interest Volume Analysis means for your trades today.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25585.5 (-0.424%)

Combined = January + February + March

Combined Fut Open Interest Change: 1.34%

Combined Fut Volume Change: -13.09%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 15% Previous 13%

NIFTY JANUARY Future closed at: 25596 (-0.604%)

January Fut Premium 10.5 (Decreased by -46.65 points)

January Fut Open Interest Change: -1.00%

January Fut Volume Change: -19.24%

January Fut Open Interest Analysis: Long Covering

NIFTY FEBRUARY Future closed at: 25737.8 (-0.606%)

February Fut Premium 152.3 (Decreased by -48.05 points)

February Fut Open Interest Change: 16.59%

February Fut Volume Change: 34.19%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.714 (Increased from 0.651)

Put-Call Ratio (Volume): 0.940

Max Pain Level: 25600

Maximum CALL Open Interest: 25800

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25600

Highest PUT Addition: 25500

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

Put-Call Ratio (Open Interest): 0.686 (Decreased from 0.768)

Put-Call Ratio (Volume): 0.732

Max Pain Level: 25800

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25600

Highest PUT Addition: 25300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59891.35 (-0.339%)

Combined = January + February + March

Combined Fut Open Interest Change: -5.98%

Combined Fut Volume Change: -25.46%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 16% Previous 13%

BANKNIFTY JANUARY Future closed at: 59891.4 (-0.503%)

January Fut Premium 0.05 (Decreased by -99.2 points)

January Fut Open Interest Change: -9.4%

January Fut Volume Change: -27.9%

January Fut Open Interest Analysis: Long Covering

BANKNIFTY FEBRUARY Future closed at: 60233 (-0.460%)

February Fut Premium 341.65 (Decreased by -74.6 points)

February Fut Open Interest Change: 19.47%

February Fut Volume Change: -3.48%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.994 (Decreased from 1.055)

Put-Call Ratio (Volume): 0.980

Max Pain Level: 59800

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 59500

Highest CALL Addition: 59900

Highest PUT Addition: 59300

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13655.2 (-0.311%)

Combined = January + February + March

Combined Fut Open Interest Change: 1.64%

Combined Fut Volume Change: 12.42%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 6%

MIDCPNIFTY JANUARY Future closed at: 13658.55 (-0.332%)

January Fut Premium 3.35 (Decreased by -2.8 points)

January Fut Open Interest Change: 1.13%

January Fut Volume Change: 16.19%

January Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY FEBRUARY Future closed at: 13712.3 (-0.294%)

February Fut Premium 57.1 (Increased by 2.2 points)

February Fut Open Interest Change: 9.04%

February Fut Volume Change: -18.02%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.899 (Increased from 0.850)

Put-Call Ratio (Volume): 0.996

Max Pain Level: 13700

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13600

Highest CALL Addition: 14200

Highest PUT Addition: 13100

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 83,246.18 (-0.388%)

SENSEX Monthly Future closed at: 83,399.45 (-0.557%)

Premium: 153.27 (Decreased by -142.83 points)

Open Interest Change: 2.26%

Volume Change: -13.63%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.744 (Increased from 0.720)

Put-Call Ratio (Volume): 0.959

Max Pain Level: 83400

Maximum CALL OI: 86000

Maximum PUT OI: 80000

Highest CALL Addition: 85500

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,262.82 Cr.

DIIs Net BUY: ₹ 4,234.30 Cr.

FII Derivatives Activity

FII Trading Stats	19.01.26	16.01.26	14.01.26
FII Cash (Provisional Data)	-3,262.82	-4,346.13	-4,781.24
Index Future Open Interest Long Ratio	9.49%	9.32%	7.60%
Index Future Volume Long Ratio	46.86%	59.63%	47.93%
Call Option Open Interest Long Ratio	49.06%	50.03%	47.75%
Call Option Volume Long Ratio	49.89%	50.24%	49.83%
Put Option Open Interest Long Ratio	60.93%	62.53%	61.47%
Put Option Volume Long Ratio	49.94%	50.21%	49.91%
Stock Future Open Interest Long Ratio	61.22%	61.52%	61.46%
Stock Future Volume Long Ratio	48.26%	50.51%	50.43%
Index Futures	Fresh Short	Short Covering	Fresh Short
Index Options	Fresh Short	Fresh Long	Fresh Short
Nifty Futures	Long Covering	Short Covering	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Fresh Short
BankNifty Futures	Fresh Short	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Long	Fresh Long
FinNifty Futures	Long Covering	Fresh Short	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Futures	Short Covering	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Short Covering
Stock Futures	Fresh Short	Fresh Long	Fresh Long
Stock Options	Fresh Short	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 83246.18. The SENSEX weekly expiry for JANUARY 22, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.744 against previous 0.720. The 80000PE option holds the maximum open interest, followed by the 86000CE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 85500CE option, with open interest additions also seen in the 86000CE and 85000CE options. On the other hand, open interest reductions were prominent in the 83500PE, 86300CE, and 87000CE options. Trading volume was highest in the 83000PE option, followed by the 83500CE and 83100PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
83246.18	0.744	0.720	0.959
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,58,43,200	1,20,58,640	37,84,560
PUT:	1,17,83,760	86,81,500	31,02,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
86000	9,99,000	4,91,240	76,35,820
85000	9,41,760	4,36,100	95,92,660
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85500	9,24,740	5,10,160	59,41,640
86000	9,99,000	4,91,240	76,35,820
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
86300	1,22,800	-2,55,080	17,40,580
87000	6,57,720	-2,32,580	51,40,580
Top CALL Volume:
Strike	OI	OI Change	Volume
83500	6,31,260	1,57,080	2,38,77,040
84000	8,41,740	1,33,040	2,05,78,800
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	10,67,820	3,60,280	55,08,640
81000	7,01,660	3,51,560	50,74,560
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	10,67,820	3,60,280	55,08,640
81000	7,01,660	3,51,560	50,74,560
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
83500	3,64,260	-3,09,440	1,06,20,980
83600	1,19,080	-1,86,860	34,23,140
Top PUT Volume:
Strike	OI	OI Change	Volume
83000	6,64,240	3,11,640	3,78,12,120
83100	3,22,220	2,32,580	2,26,40,340

NIFTY Weekly Expiry (20/01/2026)

The NIFTY index closed at 25585.5. The NIFTY weekly expiry for JANUARY 20, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.714 against previous 0.651. The 25800CE option holds the maximum open interest, followed by the 26000CE and 25500PE options. Market participants have shown increased interest with significant open interest additions in the 25600CE option, with open interest additions also seen in the 25650CE and 25500PE options. On the other hand, open interest reductions were prominent in the 25700PE, 25800PE, and 26500CE options. Trading volume was highest in the 25500PE option, followed by the 25600CE and 25550PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	20-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,585.50	0.714	0.651	0.940
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	21,45,02,015	19,31,51,530	2,13,50,485
PUT:	15,31,46,695	12,57,37,560	2,74,09,135
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,800	1,61,52,695	35,97,360	64,37,023
26,000	1,59,28,835	13,49,595	30,63,307
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	1,16,35,585	98,07,395	1,33,72,404
25,650	81,87,010	67,71,310	79,68,683
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	92,83,820	-26,34,060	15,06,509
27,500	21,28,620	-20,36,970	1,88,157
Top CALL Volume:
Strike	OI	OI Change	Volume
25,600	1,16,35,585	98,07,395	1,33,72,404
25,700	1,31,40,400	46,13,700	87,95,796
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	1,39,75,065	65,39,585	1,44,20,105
25,400	1,08,82,235	48,96,970	73,48,131
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	1,39,75,065	65,39,585	1,44,20,105
25,400	1,08,82,235	48,96,970	73,48,131
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	32,97,450	-35,71,685	27,31,542
25,800	25,58,075	-27,80,180	6,12,683
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	1,39,75,065	65,39,585	1,44,20,105
25,550	72,06,030	44,42,815	1,09,08,504

NIFTY Monthly Expiry (27/01/2026)

The NIFTY index closed at 25585.5. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.686 against previous 0.768. 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 25600CE option, with open interest additions also seen in the 26800CE and 27200CE options. On the other hand, open interest reductions were prominent in the 25800PE, 25700PE, and 25400PE options. Trading volume was highest in the 25500PE option, followed by the 26000CE and 25600PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,585.50	0.686	0.768	0.732
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,79,13,270	7,22,97,485	2,56,15,785
PUT:	6,71,80,880	5,55,33,270	1,16,47,610
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,10,67,355	11,37,500	4,57,965
26,500	79,09,070	4,18,925	2,16,060
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	29,45,865	22,27,615	3,73,730
26,800	43,79,505	21,98,105	1,15,550
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,550	3,96,110	-1,23,955	27,283
26,100	40,16,545	-1,03,870	2,13,525
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,10,67,355	11,37,500	4,57,965
25,600	29,45,865	22,27,615	3,73,730
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	55,79,340	13,29,055	2,56,736
26,000	53,62,890	-65,780	58,575
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,300	30,28,870	14,92,205	2,19,635
25,000	55,79,340	13,29,055	2,56,736
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,800	32,09,180	-6,11,325	1,02,084
25,700	28,73,975	-5,92,800	1,70,341
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	39,32,045	3,52,300	5,18,339
25,600	36,07,435	12,99,935	3,99,277

BANKNIFTY Monthly Expiry (27/01/2026)

The BANKNIFTY index closed at 59891.35. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.994 against previous 1.055. The 59500PE option holds the maximum open interest, followed by the 60000CE and 60000PE options. Market participants have shown increased interest with significant open interest additions in the 59900CE option, with open interest additions also seen in the 59300PE and 60500CE options. On the other hand, open interest reductions were prominent in the 59500PE, 59500CE, and 60000PE 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
59,891.35	0.994	1.055	0.980
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,37,52,450	1,40,27,730	-2,75,280
PUT:	1,36,67,790	1,47,97,410	-11,29,620
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	14,63,730	-70,380	2,95,635
59,500	10,36,170	-4,48,230	1,07,704
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,900	3,16,770	1,36,860	1,41,878
60,500	6,89,280	80,910	1,19,998
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	10,36,170	-4,48,230	1,07,704
60,300	2,03,970	-1,15,680	59,035
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	14,63,730	-70,380	2,95,635
59,800	2,61,840	80,460	1,74,142
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	15,40,680	-4,89,180	1,92,267
60,000	10,91,220	-2,30,820	2,32,839
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,300	4,33,170	1,32,060	52,754
60,900	75,570	53,730	3,813
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	15,40,680	-4,89,180	1,92,267
60,000	10,91,220	-2,30,820	2,32,839
Top PUT Volume:
Strike	OI	OI Change	Volume
60,000	10,91,220	-2,30,820	2,32,839
59,500	15,40,680	-4,89,180	1,92,267

MIDCPNIFTY Monthly Expiry (27/01/2026)

The MIDCPNIFTY index closed at 13655.2. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.899 against previous 0.850. The 14000CE option holds the maximum open interest, followed by the 13600PE and 14200CE options. Market participants have shown increased interest with significant open interest additions in the 13100PE option, with open interest additions also seen in the 13600PE and 14200CE options. On the other hand, open interest reductions were prominent in the 71700CE, 68400CE, and 68400PE options. Trading volume was highest in the 13600PE option, followed by the 13400PE and 13700CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,655.20	0.899	0.850	0.996
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,09,01,160	1,02,83,160	6,18,000
PUT:	98,05,560	87,44,040	10,61,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	13,64,280	54,000	26,280
14,200	9,70,080	3,02,400	21,891
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,200	9,70,080	3,02,400	21,891
13,600	4,13,640	2,70,120	21,209
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,300	4,23,720	-1,82,160	11,152
14,700	2,20,200	-1,54,440	3,800
Top CALL Volume:
Strike	OI	OI Change	Volume
13,700	8,42,040	64,800	29,016
14,000	13,64,280	54,000	26,280
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,600	9,81,960	3,10,320	45,947
13,000	9,08,280	23,640	16,646
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,100	7,26,000	3,63,480	11,465
13,600	9,81,960	3,10,320	45,947
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,800	5,75,160	-84,960	6,173
12,700	1,05,840	-52,680	2,155
Top PUT Volume:
Strike	OI	OI Change	Volume
13,600	9,81,960	3,10,320	45,947
13,400	5,11,560	2,80,680	34,721

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 data paints a bearish tilt across the board—NIFTY and MIDCPNIFTY’s fresh short OI builds on fading volumes suggest sellers dominating without much retail frenzy, BANKNIFTY’s long covering eases upside pressure, and SENSEX joins the short party.

Actionable takeaway: Stay short-biased on NIFTY below 25600 (watch weekly max pain), fade BANKNIFTY rallies toward 59800, and trail stops tight on MIDCPNIFTY dips under 13700—PCR shifts hint options could amplify moves by expiry, so scale into fresh shorts on volume confirmation but book profits quick if spot bounces 0.5%+. What’s your play on this setup? Drop it in comments!

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