Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/01/2026
Table of Contents
Hey folks, diving into today’s NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX futures and options data for January 22, 2026—man, the Open Interest Volume Analysis is screaming bullish vibes from the combined futures (Jan+Feb+Mar)! NIFTY’s combined OI jumped 4.16% with volume spiking 14.22%, pointing straight to fresh long builds amid that hefty 41% rollover (up from 27%), while spot closed strong at 25289.9. BANKNIFTY saw mild combined OI dip (-0.97%) but volume contraction (-11.71%) aligns with short covering and 41% rollover, spot at 59200.1. MIDCPNIFTY’s combined OI eased -1.62% yet volume exploded 81.80% on short covering with 52% rollover, spot ripping 1.295% to 13325.45. SENSEX combined fresh longs with OI +0.61%, even as volume dipped. This Open Interest Volume Analysis setup hints at momentum carrying forward—traders, eyes on supports for dips to buy.
NIFTY’s powerhouse move: That 4.16% OI build + 14.22% volume surge on fresh longs isn’t random—it’s institutions piling in post-rollover, backing the 0.526% spot gain. Reasoning: Higher volume confirms conviction, not just noise; expect resistance tests at Feb premium levels (25464).
BANKNIFTY holding steady: -0.97% OI trim with -11.71% volume screams short covering unwind, rollover up to 41%. Why it matters: Premiums ballooning (Jan +87.6 pts) shows bulls defending 59200 spot—actionable: Trail stops below 59000 PUT max pain.
MIDCPNIFTY volume frenzy: OI -1.62% but 81.80% volume blast on short covering + 52% rollover = squeeze potential. Logic: Feb OI +283% fresh longs fuel the 1.295% spot pop—grab longs on pullbacks to 13300 PUT adds.
SENSEX subtle strength: 0.61% OI fresh longs despite -4.20% volume keeps it constructive, premium +110 pts. Takeaway: Mirrors broader market longs—pair with NIFTY for hedged plays.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 25289.9 (0.526%)
Combined = January + February + March
Combined Fut Open Interest Change: 4.16%
Combined Fut Volume Change: 14.22%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 41% Previous 27%
NIFTY JANUARY Future closed at: 25349.8 (0.682%)
January Fut Premium 59.9 (Increased by 39.2 points)
January Fut Open Interest Change: -16.89%
January Fut Volume Change: 1.14%
January Fut Open Interest Analysis: Short Covering
NIFTY FEBRUARY Future closed at: 25464.7 (0.614%)
February Fut Premium 174.8 (Increased by 23.1 points)
February Fut Open Interest Change: 73.01%
February Fut Volume Change: 58.91%
February Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.784 (Increased from 0.674)
Put-Call Ratio (Volume): 1.050
Max Pain Level: 25400
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 25000
Highest CALL Addition: 25400
Highest PUT Addition: 25300
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 59200.1 (0.680%)
Combined = January + February + March
Combined Fut Open Interest Change: -0.97%
Combined Fut Volume Change: -11.71%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 41% Previous 29%
BANKNIFTY JANUARY Future closed at: 59343.2 (0.828%)
January Fut Premium 143.1 (Increased by 87.6 points)
January Fut Open Interest Change: -17.9%
January Fut Volume Change: -15.9%
January Fut Open Interest Analysis: Short Covering
BANKNIFTY FEBRUARY Future closed at: 59627.6 (0.720%)
February Fut Premium 427.5 (Increased by 26.2 points)
February Fut Open Interest Change: 48.64%
February Fut Volume Change: 3.80%
February Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.721 (Increased from 0.659)
Put-Call Ratio (Volume): 0.894
Max Pain Level: 59400
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 59000
Highest CALL Addition: 60000
Highest PUT Addition: 59000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13325.45 (1.295%)
Combined = January + February + March
Combined Fut Open Interest Change: -1.62%
Combined Fut Volume Change: 81.80%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 52% Previous 14%
MIDCPNIFTY JANUARY Future closed at: 13337.15 (1.491%)
January Fut Premium 11.7 (Increased by 25.55 points)
January Fut Open Interest Change: -44.53%
January Fut Volume Change: 43.92%
January Fut Open Interest Analysis: Short Covering
MIDCPNIFTY FEBRUARY Future closed at: 13357.9 (1.334%)
February Fut Premium 32.45 (Increased by 5.45 points)
February Fut Open Interest Change: 283.29%
February Fut Volume Change: 190.95%
February Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (27/01/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.722 (Increased from 0.659)
Put-Call Ratio (Volume): 0.830
Max Pain Level: 13500
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13000
Highest CALL Addition: 14000
Highest PUT Addition: 13300
SENSEX Monthly Expiry (29/01/2026) Future
SENSEX Spot closed at: 82,307.37 (0.486%)
SENSEX Monthly Future closed at: 82,613.30 (0.620%)
Premium: 305.93 (Increased by 110.91 points)
Open Interest Change: 0.61%
Volume Change: -4.20%
Open Interest Analysis: Fresh Long
SENSEX Weekly Expiry (29/01/2026) Option Analysis
Put-Call Ratio (OI): 0.854 (Increased from 0.786)
Put-Call Ratio (Volume): 1.024
Max Pain Level: 82600
Maximum CALL OI: 86000
Maximum PUT OI: 82000
Highest CALL Addition: 86000
Highest PUT Addition: 82000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 2,549.80 Cr.
DIIs Net BUY: ₹ 4,222.98 Cr.
FII Derivatives Activity
| FII Trading Stats | 22.01.26 | 21.01.26 | 20.01.26 |
| FII Cash (Provisional Data) | -2,549.80 | -1,787.66 | -2,938.33 |
| Index Future Open Interest Long Ratio | 12.51% | 11.33% | 9.18% |
| Index Future Volume Long Ratio | 46.50% | 48.50% | 42.80% |
| Call Option Open Interest Long Ratio | 46.03% | 45.46% | 47.07% |
| Call Option Volume Long Ratio | 50.05% | 49.76% | 49.60% |
| Put Option Open Interest Long Ratio | 60.58% | 61.43% | 64.67% |
| Put Option Volume Long Ratio | 49.93% | 49.99% | 50.18% |
| Stock Future Open Interest Long Ratio | 61.26% | 61.12% | 61.08% |
| Stock Future Volume Long Ratio | 50.28% | 50.30% | 49.89% |
| Index Futures | Fresh Short | Fresh Short | Fresh Short |
| Index Options | Fresh Short | Fresh Short | Long Covering |
| Nifty Futures | Fresh Short | Fresh Long | Fresh Short |
| Nifty Options | Fresh Short | Fresh Short | Long Covering |
| BankNifty Futures | Fresh Short | Fresh Short | Fresh Short |
| BankNifty Options | Fresh Short | Fresh Short | Fresh Long |
| FinNifty Futures | Fresh Short | Long Covering | Fresh Long |
| FinNifty Options | Long Covering | Fresh Short | Fresh Short |
| MidcpNifty Futures | Fresh Long | Fresh Short | Fresh Short |
| MidcpNifty Options | Fresh Short | Fresh Short | Fresh Short |
| NiftyNxt50 Futures | Fresh Long | Fresh Long | Fresh Short |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Short |
| Stock Futures | Fresh Long | Fresh Long | Long Covering |
| Stock Options | Long Covering | Long Covering | 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 (29/01/2026)
The SENSEX index closed at 82307.37. The SENSEX weekly expiry for JANUARY 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.854 against previous 0.786. The 86000CE option holds the maximum open interest, followed by the 82000PE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 86000CE option, with open interest additions also seen in the 82000PE and 82500CE options. On the other hand, open interest reductions were prominent in the 83100PE, 83900PE, and 88800CE options. Trading volume was highest in the 82000PE option, followed by the 82500CE and 83000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 29-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 82307.37 | 0.854 | 0.786 | 1.024 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 48,51,140 | 24,81,420 | 23,69,720 |
| PUT: | 41,41,920 | 19,50,980 | 21,90,940 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 86000 | 3,84,200 | 2,05,080 | 14,11,120 |
| 84000 | 3,38,420 | 1,40,240 | 20,11,200 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 86000 | 3,84,200 | 2,05,080 | 14,11,120 |
| 82500 | 2,39,400 | 1,58,800 | 23,75,060 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 88800 | 760 | -200 | 1,280 |
| 80900 | 4,020 | -160 | 1,100 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 82500 | 2,39,400 | 1,58,800 | 23,75,060 |
| 83000 | 3,21,800 | 77,200 | 23,70,660 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 3,54,040 | 1,60,520 | 32,67,840 |
| 80000 | 2,56,860 | 92,900 | 20,15,900 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 3,54,040 | 1,60,520 | 32,67,840 |
| 79000 | 2,22,740 | 1,41,020 | 9,38,720 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 83100 | 8,360 | -3,260 | 44,180 |
| 83900 | 5,280 | -900 | 1,660 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 3,54,040 | 1,60,520 | 32,67,840 |
| 82500 | 2,02,220 | 1,36,340 | 21,20,700 |
NIFTY Monthly Expiry (27/01/2026)
The NIFTY index closed at 25289.9. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.784 against previous 0.674. The 26000CE option holds the maximum open interest, followed by the 25500CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25300PE option, with open interest additions also seen in the 25400CE and 23400PE options. On the other hand, open interest reductions were prominent in the 25200CE, 25100CE, and 25150CE options. Trading volume was highest in the 25200PE option, followed by the 25300CE and 25300PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,289.90 | 0.784 | 0.674 | 1.050 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 18,36,13,040 | 18,31,43,415 | 4,69,625 |
| PUT: | 14,39,49,195 | 12,35,01,885 | 2,04,47,310 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,43,65,000 | -3,52,170 | 14,99,151 |
| 25,500 | 1,14,30,770 | 60,645 | 38,07,979 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,400 | 77,09,910 | 24,28,335 | 40,93,749 |
| 25,800 | 87,61,545 | 11,69,870 | 15,82,378 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,200 | 32,60,530 | -24,69,350 | 24,29,138 |
| 25,100 | 20,58,940 | -12,63,080 | 4,73,128 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,300 | 58,05,215 | -56,615 | 42,68,896 |
| 25,400 | 77,09,910 | 24,28,335 | 40,93,749 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,00,56,475 | 11,90,020 | 31,28,541 |
| 24,000 | 92,16,480 | 10,20,110 | 12,95,689 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,300 | 62,05,680 | 28,46,805 | 41,84,344 |
| 23,400 | 24,10,460 | 24,10,460 | 3,52,502 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,700 | 46,13,960 | -5,35,860 | 10,72,694 |
| 26,000 | 41,39,915 | -3,81,875 | 25,395 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,200 | 74,75,780 | 18,82,530 | 46,39,540 |
| 25,300 | 62,05,680 | 28,46,805 | 41,84,344 |
BANKNIFTY Monthly Expiry (27/01/2026)
The BANKNIFTY index closed at 59200.1. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.721 against previous 0.659. The 60000CE option holds the maximum open interest, followed by the 61000CE and 59500CE options. Market participants have shown increased interest with significant open interest additions in the 59000PE option, with open interest additions also seen in the 56000PE and 60000CE options. On the other hand, open interest reductions were prominent in the 59700CE, 58500PE, and 59800CE options. Trading volume was highest in the 59000PE option, followed by the 59500CE and 60000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 59,200.10 | 0.721 | 0.659 | 0.894 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,76,35,860 | 1,79,00,370 | -2,64,510 |
| PUT: | 1,27,23,930 | 1,17,96,360 | 9,27,570 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 20,41,920 | 1,38,270 | 3,85,514 |
| 61,000 | 10,65,810 | 43,980 | 1,23,990 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 20,41,920 | 1,38,270 | 3,85,514 |
| 59,300 | 3,01,110 | 73,650 | 2,22,512 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,700 | 3,57,720 | -1,21,710 | 1,49,923 |
| 59,800 | 4,49,880 | -78,930 | 1,33,824 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 10,46,640 | -52,320 | 4,62,192 |
| 60,000 | 20,41,920 | 1,38,270 | 3,85,514 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 9,53,160 | 2,97,120 | 4,73,379 |
| 59,500 | 8,04,870 | 74,610 | 2,24,083 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 9,53,160 | 2,97,120 | 4,73,379 |
| 56,000 | 7,29,750 | 1,63,440 | 74,229 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 58,500 | 7,83,990 | -86,730 | 2,61,954 |
| 55,000 | 3,08,880 | -64,320 | 37,438 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 9,53,160 | 2,97,120 | 4,73,379 |
| 58,500 | 7,83,990 | -86,730 | 2,61,954 |
MIDCPNIFTY Monthly Expiry (27/01/2026)
The MIDCPNIFTY index closed at 13325.45. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.722 against previous 0.659. The 14000CE option holds the maximum open interest, followed by the 13600CE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 13300PE option, with open interest additions also seen in the 14000CE and 13200PE options. On the other hand, open interest reductions were prominent in the 70000CE, 71000CE, and 67500CE options. Trading volume was highest in the 13500CE option, followed by the 13300CE and 13200PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 27-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,325.45 | 0.722 | 0.659 | 0.830 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,50,62,280 | 1,51,25,280 | -63,000 |
| PUT: | 1,08,73,560 | 99,65,040 | 9,08,520 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 17,97,480 | 2,83,800 | 41,011 |
| 13,600 | 15,09,960 | 1,03,680 | 46,679 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 17,97,480 | 2,83,800 | 41,011 |
| 13,300 | 6,87,960 | 2,44,440 | 77,231 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,200 | 2,56,560 | -2,45,880 | 29,516 |
| 13,900 | 5,73,480 | -1,87,920 | 24,050 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 10,75,680 | 49,920 | 87,410 |
| 13,300 | 6,87,960 | 2,44,440 | 77,231 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 10,71,120 | -33,360 | 63,021 |
| 13,300 | 7,94,160 | 4,37,400 | 70,110 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,300 | 7,94,160 | 4,37,400 | 70,110 |
| 13,200 | 7,62,840 | 2,61,360 | 70,877 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,800 | 6,87,360 | -2,50,680 | 22,521 |
| 12,700 | 2,55,600 | -68,520 | 11,198 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,200 | 7,62,840 | 2,61,360 | 70,877 |
| 13,300 | 7,94,160 | 4,37,400 | 70,110 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Wrapping up this Open Interest Volume Analysis for Jan 22—combined data across indices paints a resilient bull picture with fresh longs dominating NIFTY/SENSEX and short covering propping BANKNIFTY/MIDCPNIFTY, all under rising rollovers and premiums. PCRs ticking up (NIFTY monthly 0.784, BANKNIFTY 0.721) add caution near max pains like 25400/59400, but volume conviction screams “buy the dip” over 25000/59000 supports. Actionable feedback: Scale into NIFTY Feb 25500CE if spot holds 25200, hedge BANKNIFTY with 59400P; watch Thursday open for FII flows. What’s your take—riding the longs or waiting for pullback? Drop comments below!
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