Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/01/2026
Table of Contents
Hey folks, diving into today’s Open Interest Volume Analysis for January 20, 2026, the Indian markets are flashing some serious caution signals across the board—NIFTY, BANKNIFTY, MIDCPNIFTY, and even SENSEX futures all screaming “Fresh Short” in their combined Open Interest builds. Picture this: while spots tanked (NIFTY down 1.38%, MIDCPNIFTY hit hardest at 2.54%), combined futures saw Open Interest spike 5.45% for NIFTY with volume exploding 39.63%, pointing to aggressive new short positions piling in amid rising rollovers (19% from 15%). BANKNIFTY’s milder 2.03% OI jump paired with 21.15% volume hints at shorts layering up despite some January long covering, and MIDCPNIFTY’s 5.24% OI with 23.58% volume echoes the bearish frenzy—traders aren’t buying the dip, they’re betting against it hard.
NIFTY’s Bearish Momentum Build: That 5.45% combined OI surge on 39.63% volume screams fresh shorts dominating—reasoning? High volume confirms conviction, not just noise, especially with rollover jumping to 19%. Actionable: Stay out of long NIFTY futures; eye 25000 puts for theta decay plays if spot hugs max pain at 25800.
BANKNIFTY Mixed but Tilting Short: 2.03% OI uptick with 21% volume, rollover at 21%—January saw long covering (-3.9% OI), but Feb’s 43% OI flood overrides it. Why? Bears front-running expiry. Actionable: Fade any BankNifty bounce above 59483; consider 59500 puts where max PUT OI clusters.
MIDCPNIFTY’s Sharpest Warning: 5.24% combined OI on 23.58% volume, with Feb exploding 48% OI/232% volume—pure short buildup as premium dips. Logic: Midcaps cracking harder (-2.54%) draws vulture shorts. Actionable: Avoid longs below 13300; straddle 13000-13700 max pain for volatility crush post-expiry.
SENSEX Echoes the Theme: 2.39% OI rise on modest 2.24% volume, fresh shorts amid 1.28% spot drop—premium ballooning to 225 signals deferred pain. Actionable: Hedge SENSEX portfolios with OTM 80000 puts from weekly options.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 25232.5 (-1.380%)
Combined = January + February + March
Combined Fut Open Interest Change: 5.45%
Combined Fut Volume Change: 39.63%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 19% Previous 15%
NIFTY JANUARY Future closed at: 25259.2 (-1.316%)
January Fut Premium 26.7 (Increased by 16.2 points)
January Fut Open Interest Change: 0.55%
January Fut Volume Change: 31.56%
January Fut Open Interest Analysis: Fresh Short
NIFTY FEBRUARY Future closed at: 25397.9 (-1.321%)
February Fut Premium 165.4 (Increased by 13.1 points)
February Fut Open Interest Change: 35.96%
February Fut Volume Change: 84.95%
February Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.583 (Decreased from 0.686)
Put-Call Ratio (Volume): 0.740
Max Pain Level: 25800
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 25000
Highest CALL Addition: 25500
Highest PUT Addition: 25000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 59404.2 (-0.813%)
Combined = January + February + March
Combined Fut Open Interest Change: 2.03%
Combined Fut Volume Change: 21.15%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 21% Previous 16%
BANKNIFTY JANUARY Future closed at: 59483 (-0.682%)
January Fut Premium 78.8 (Increased by 78.75 points)
January Fut Open Interest Change: -3.9%
January Fut Volume Change: 16.9%
January Fut Open Interest Analysis: Long Covering
BANKNIFTY FEBRUARY Future closed at: 59818.4 (-0.688%)
February Fut Premium 414.2 (Increased by 72.55 points)
February Fut Open Interest Change: 43.41%
February Fut Volume Change: 49.43%
February Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.761 (Decreased from 0.994)
Put-Call Ratio (Volume): 1.047
Max Pain Level: 59800
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 59500
Highest CALL Addition: 60000
Highest PUT Addition: 50000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13307.9 (-2.543%)
Combined = January + February + March
Combined Fut Open Interest Change: 5.24%
Combined Fut Volume Change: 23.58%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 9% Previous 7%
MIDCPNIFTY JANUARY Future closed at: 13312.85 (-2.531%)
January Fut Premium 4.95 (Increased by 1.6 points)
January Fut Open Interest Change: 2.26%
January Fut Volume Change: 5.87%
January Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY FEBRUARY Future closed at: 13362.95 (-2.548%)
February Fut Premium 55.05 (Decreased by -2.05 points)
February Fut Open Interest Change: 48.78%
February Fut Volume Change: 232.26%
February Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.681 (Decreased from 0.899)
Put-Call Ratio (Volume): 0.804
Max Pain Level: 13700
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13000
Highest CALL Addition: 13500
Highest PUT Addition: 12800
SENSEX Monthly Expiry (29/01/2026) Future
SENSEX Spot closed at: 82,180.47 (-1.280%)
SENSEX Monthly Future closed at: 82,406.30 (-1.191%)
Premium: 225.83 (Increased by 72.56 points)
Open Interest Change: 2.39%
Volume Change: 2.24%
Open Interest Analysis: Fresh Short
SENSEX Weekly Expiry (8/01/2026) Option Analysis
Put-Call Ratio (OI): 0.489 (Decreased from 0.744)
Put-Call Ratio (Volume): 1.010
Max Pain Level: 83400
Maximum CALL OI: 84000
Maximum PUT OI: 80000
Highest CALL Addition: 83000
Highest PUT Addition: 80500
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 2,938.33 Cr.
DIIs Net BUY: ₹ 3,665.69 Cr.
FII Derivatives Activity
| FII Trading Stats | 20.01.26 | 19.01.26 | 16.01.26 |
| FII Cash (Provisional Data) | -2,938.33 | -3,262.82 | -4,346.13 |
| Index Future Open Interest Long Ratio | 9.18% | 9.49% | 9.32% |
| Index Future Volume Long Ratio | 42.80% | 46.86% | 59.63% |
| Call Option Open Interest Long Ratio | 47.07% | 49.06% | 50.03% |
| Call Option Volume Long Ratio | 49.60% | 49.89% | 50.24% |
| Put Option Open Interest Long Ratio | 64.67% | 60.93% | 62.53% |
| Put Option Volume Long Ratio | 50.18% | 49.94% | 50.21% |
| Stock Future Open Interest Long Ratio | 61.08% | 61.22% | 61.52% |
| Stock Future Volume Long Ratio | 49.89% | 48.26% | 50.51% |
| Index Futures | Fresh Short | Fresh Short | Short Covering |
| Index Options | Long Covering | Fresh Short | Fresh Long |
| Nifty Futures | Fresh Short | Long Covering | Short Covering |
| Nifty Options | Long Covering | Fresh Short | Fresh Long |
| BankNifty Futures | Fresh Short | Fresh Short | Short Covering |
| BankNifty Options | Fresh Long | Fresh Short | Fresh Long |
| FinNifty Futures | Fresh Long | Long Covering | Fresh Short |
| FinNifty Options | Fresh Short | Fresh Short | Fresh Short |
| MidcpNifty Futures | Fresh Short | Fresh Long | Fresh Short |
| MidcpNifty Options | Fresh Short | Fresh Short | Fresh Short |
| NiftyNxt50 Futures | Fresh Short | Short Covering | Long Covering |
| NiftyNxt50 Options | Fresh Short | Fresh Long | Fresh Long |
| Stock Futures | Long Covering | Fresh Short | Fresh Long |
| Stock Options | Fresh Long | Fresh Short | 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 82180.47. The SENSEX weekly expiry for JANUARY 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.489 against previous 0.744. The 84000CE option holds the maximum open interest, followed by the 85000CE and 83000CE options. Market participants have shown increased interest with significant open interest additions in the 83000CE option, with open interest additions also seen in the 84000CE and 84500CE options. On the other hand, open interest reductions were prominent in the 83300PE, 83000PE, and 83200PE options. Trading volume was highest in the 83000PE option, followed by the 83000CE and 82900PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 22-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 82180.47 | 0.489 | 0.744 | 1.010 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 3,17,56,540 | 1,58,43,200 | 1,59,13,340 |
| PUT: | 1,55,25,820 | 1,17,83,760 | 37,42,060 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 20,97,000 | 12,55,260 | 1,73,27,460 |
| 85000 | 18,50,800 | 9,09,040 | 1,11,32,320 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 17,00,080 | 13,57,960 | 2,89,31,420 |
| 84000 | 20,97,000 | 12,55,260 | 1,73,27,460 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 85700 | 1,90,840 | -1,90,100 | 20,16,080 |
| 86400 | 41,080 | -68,320 | 7,10,680 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 17,00,080 | 13,57,960 | 2,89,31,420 |
| 83500 | 14,63,620 | 8,32,360 | 1,93,73,460 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 13,83,400 | 3,15,580 | 77,47,720 |
| 80500 | 12,50,740 | 8,12,840 | 71,35,220 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 80500 | 12,50,740 | 8,12,840 | 71,35,220 |
| 81200 | 5,05,160 | 3,94,780 | 47,79,380 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 83300 | 64,360 | -2,93,420 | 56,55,100 |
| 83000 | 4,05,020 | -2,59,220 | 3,00,03,780 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 4,05,020 | -2,59,220 | 3,00,03,780 |
| 82900 | 1,59,960 | -1,06,320 | 2,27,78,040 |
NIFTY Monthly Expiry (27/01/2026)
The NIFTY index closed at 25232.5. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.583 against previous 0.686. The 26000CE option holds the maximum open interest, followed by the 26500CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 25400CE and 25600CE options. On the other hand, open interest reductions were prominent in the 25600PE, 26000PE, and 25800PE options. Trading volume was highest in the 25500CE option, followed by the 25500PE and 25600CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,232.50 | 0.583 | 0.686 | 0.740 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,06,67,140 | 9,79,13,270 | 5,27,53,870 |
| PUT: | 8,78,66,675 | 6,71,80,880 | 2,06,85,795 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,31,69,065 | 21,01,710 | 5,70,255 |
| 26,500 | 1,09,45,220 | 30,36,150 | 4,64,901 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 1,06,52,655 | 87,14,225 | 8,81,281 |
| 25,400 | 46,12,075 | 41,69,555 | 4,81,669 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 27,500 | 38,82,710 | -3,38,975 | 1,31,028 |
| 26,800 | 41,36,340 | -2,43,165 | 2,27,285 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 1,06,52,655 | 87,14,225 | 8,81,281 |
| 25,600 | 64,86,740 | 35,40,875 | 7,42,597 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 77,36,820 | 21,57,480 | 5,72,039 |
| 24,500 | 56,55,000 | 19,74,635 | 2,32,006 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 77,36,820 | 21,57,480 | 5,72,039 |
| 24,000 | 52,68,575 | 20,30,080 | 1,99,471 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,600 | 26,81,055 | -9,26,380 | 3,51,709 |
| 26,000 | 47,76,395 | -5,86,495 | 59,708 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 44,54,450 | 5,22,405 | 7,97,520 |
| 25,400 | 26,37,180 | 3,47,230 | 6,73,606 |
BANKNIFTY Monthly Expiry (27/01/2026)
The BANKNIFTY index closed at 59404.2. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.761 against previous 0.994. The 60000CE option holds the maximum open interest, followed by the 59500PE and 59000PE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 59700CE and 59800CE options. On the other hand, open interest reductions were prominent in the 59500PE, 60000PE, and 59300PE options. Trading volume was highest in the 59500PE option, followed by the 60000CE and 59700PE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 59,404.20 | 0.761 | 0.994 | 1.047 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,54,30,110 | 1,37,52,450 | 16,77,660 |
| PUT: | 1,17,49,680 | 1,36,67,790 | -19,18,110 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 18,34,800 | 3,71,070 | 2,48,780 |
| 62,000 | 8,80,020 | 98,580 | 64,784 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 18,34,800 | 3,71,070 | 2,48,780 |
| 59,700 | 4,41,300 | 2,55,180 | 1,58,045 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 8,57,520 | -1,78,650 | 1,58,445 |
| 56,000 | 63,810 | -30,750 | 1,121 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 18,34,800 | 3,71,070 | 2,48,780 |
| 59,500 | 8,57,520 | -1,78,650 | 1,58,445 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 10,70,310 | -4,70,370 | 2,69,813 |
| 59,000 | 9,78,480 | 22,920 | 1,49,113 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 3,13,200 | 93,630 | 10,136 |
| 56,500 | 3,28,320 | 23,130 | 22,949 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 10,70,310 | -4,70,370 | 2,69,813 |
| 60,000 | 8,14,800 | -2,76,420 | 1,50,668 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 10,70,310 | -4,70,370 | 2,69,813 |
| 59,700 | 2,41,470 | -1,38,540 | 1,88,221 |
MIDCPNIFTY Monthly Expiry (27/01/2026)
The MIDCPNIFTY index closed at 13307.9. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.681 against previous 0.899. The 14000CE option holds the maximum open interest, followed by the 13700CE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 13500CE option, with open interest additions also seen in the 14000CE and 13600CE options. On the other hand, open interest reductions were prominent in the 71000CE, 71000CE, and 75000CE options. Trading volume was highest in the 13400PE option, followed by the 13700CE and 13500CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,307.90 | 0.681 | 0.899 | 0.804 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,37,62,440 | 1,09,01,160 | 28,61,280 |
| PUT: | 93,65,760 | 98,05,560 | -4,39,800 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 18,88,440 | 5,24,160 | 46,856 |
| 13,700 | 10,45,560 | 2,03,520 | 54,594 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 10,40,760 | 7,31,400 | 51,425 |
| 14,000 | 18,88,440 | 5,24,160 | 46,856 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,200 | 7,33,320 | -2,36,760 | 21,899 |
| 14,400 | 3,51,360 | -1,84,680 | 8,280 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,700 | 10,45,560 | 2,03,520 | 54,594 |
| 13,500 | 10,40,760 | 7,31,400 | 51,425 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 9,62,880 | 54,600 | 35,929 |
| 13,200 | 7,82,040 | 2,45,280 | 38,493 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,800 | 6,42,000 | 2,59,440 | 15,507 |
| 13,200 | 7,82,040 | 2,45,280 | 38,493 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 4,93,680 | -4,88,280 | 25,102 |
| 13,700 | 4,56,600 | -3,96,480 | 10,827 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,400 | 4,01,280 | -1,10,280 | 66,094 |
| 13,500 | 6,75,240 | 22,080 | 40,166 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Wrapping up this Open Interest Volume Analysis, the combined data paints a crystal-clear bearish picture for tomorrow’s open—fresh shorts overwhelming across NIFTY (5.45% OI/39.63% vol), BANKNIFTY, MIDCPNIFTY, and SENSEX, with PCRs dropping (NIFTY 0.58, BANKNIFTY 0.76) hinting calls are overcooked near max pains like 25800/59800. Smart money’s not chasing bounces; they’re stacking shorts for potential expiry pins or breakdowns.
Actionable feedback: Scale into short futures or buy protective puts today—target NIFTY 25000, BankNifty 59500 for high-prob setups, and keep stops tight above premiums. What’s your take on these rollovers—bull trap or real downside brewing? Drop a comment!
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