NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/01/2026

Hey traders, if you’re scanning the markets this Thursday (23/01/2026), our deep dive into Open Interest Volume Analysis screams caution across the board—NIFTY, BANKNIFTY, MIDCPNIFTY, and even SENSEX futures all flashing “Fresh Short” in their combined (Jan+Feb+Mar) data.

Picture this: NIFTY’s combined OI jumped 5.73% while volume plunged -15.13%, signaling fresh shorts piling in without much buying frenzy; BANKNIFTY’s combo OI surged 19.63% with volume up 16.64%, but that “Fresh Short” tag means bears are dominating the build-up. MIDCPNIFTY mirrors it with 13.35% OI growth and -1.58% volume dip, plus SENSEX’s 5.83% OI rise amid -45.84% volume crash—rollovers spiking to 58-74% from prior 41-52% show big players shifting to far-month shorts.

This Open Interest Volume Analysis isn’t whispering; it’s yelling downside pressure as January longs cover amid premium collapses.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25048.65 (-0.954%)

Combined = January + February + March

Combined Fut Open Interest Change: 5.73%

Combined Fut Volume Change: -15.13%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 58% Previous 41%

NIFTY JANUARY Future closed at: 25079.8 (-1.065%)

January Fut Premium 31.15 (Decreased by -28.75 points)

January Fut Open Interest Change: -23.75%

January Fut Volume Change: -32.68%

January Fut Open Interest Analysis: Long Covering

NIFTY FEBRUARY Future closed at: 25202.6 (-1.029%)

February Fut Premium 153.95 (Decreased by -20.85 points)

February Fut Open Interest Change: 49.80%

February Fut Volume Change: 17.32%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.590 (Decreased from 0.784)

Put-Call Ratio (Volume): 1.252

Max Pain Level: 25200

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25300

Highest PUT Addition: 24700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58473.1 (-1.228%)

Combined = January + February + March

Combined Fut Open Interest Change: 19.63%

Combined Fut Volume Change: 16.64%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 57% Previous 41%

BANKNIFTY JANUARY Future closed at: 58522.8 (-1.382%)

January Fut Premium 49.7 (Decreased by -93.4 points)

January Fut Open Interest Change: -11.6%

January Fut Volume Change: -4.3%

January Fut Open Interest Analysis: Long Covering

BANKNIFTY FEBRUARY Future closed at: 58829.4 (-1.339%)

February Fut Premium 356.3 (Decreased by -71.2 points)

February Fut Open Interest Change: 70.86%

February Fut Volume Change: 62.27%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.606 (Decreased from 0.721)

Put-Call Ratio (Volume): 1.096

Max Pain Level: 59000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 59200

Highest PUT Addition: 57500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13066.65 (-1.942%)

Combined = January + February + March

Combined Fut Open Interest Change: 13.35%

Combined Fut Volume Change: -1.58%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 74% Previous 52%

MIDCPNIFTY JANUARY Future closed at: 13073.25 (-1.979%)

January Fut Premium 6.6 (Decreased by -5.1 points)

January Fut Open Interest Change: -39.10%

January Fut Volume Change: -14.86%

January Fut Open Interest Analysis: Long Covering

MIDCPNIFTY FEBRUARY Future closed at: 13078.35 (-2.093%)

February Fut Premium 11.7 (Decreased by -20.75 points)

February Fut Open Interest Change: 63.59%

February Fut Volume Change: 15.56%

February Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.645 (Decreased from 0.722)

Put-Call Ratio (Volume): 0.987

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 12900

Highest CALL Addition: 13200

Highest PUT Addition: 12900

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 81,537.70 (-0.935%)

SENSEX Monthly Future closed at: 81,686.80 (-1.121%)

Premium: 149.1 (Decreased by -156.83 points)

Open Interest Change: 5.83%

Volume Change: -45.84%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (29/01/2026) Option Analysis

Put-Call Ratio (OI): 0.559 (Decreased from 0.854)

Put-Call Ratio (Volume): 1.290

Max Pain Level: 82100

Maximum CALL OI: 85000

Maximum PUT OI: 78000

Highest CALL Addition: 90000

Highest PUT Addition: 78000

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	23.01.26	22.01.26	21.01.26
FII Cash (Provisional Data)	-3,262.82	-2,549.80	-1,787.66
Index Future Open Interest Long Ratio	14.67%	12.51%	11.33%
Index Future Volume Long Ratio	46.73%	46.50%	48.50%
Call Option Open Interest Long Ratio	49.22%	46.03%	45.46%
Call Option Volume Long Ratio	50.30%	50.05%	49.76%
Put Option Open Interest Long Ratio	60.90%	60.58%	61.43%
Put Option Volume Long Ratio	50.17%	49.93%	49.99%
Stock Future Open Interest Long Ratio	61.26%	61.26%	61.12%
Stock Future Volume Long Ratio	49.98%	50.28%	50.30%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Fresh Long
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Fresh Short	Fresh Short	Fresh Short
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Fresh Short	Long Covering
FinNifty Options	Fresh Short	Long Covering	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Long	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Short Covering	Fresh Long	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Short Covering	Fresh Long	Fresh Long
Stock Options	Short Covering	Long 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 (29/01/2026)

The SENSEX index closed at 81537.7. The SENSEX weekly expiry for JANUARY 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.559 against previous 0.854. The 85000CE option holds the maximum open interest, followed by the 90000CE and 83000CE options. Market participants have shown increased interest with significant open interest additions in the 90000CE option, with open interest additions also seen in the 85000CE and 82500CE options. On the other hand, open interest reductions were prominent in the 82000PE, 85600CE, and 83000PE options. Trading volume was highest in the 82000PE option, followed by the 81500PE and 82200PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	29-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81537.7	0.559	0.854	1.290
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,31,62,940	48,51,140	83,11,800
PUT:	73,63,980	41,41,920	32,22,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	8,12,160	5,26,440	63,21,480
90000	7,23,760	6,02,340	31,91,200
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
90000	7,23,760	6,02,340	31,91,200
85000	8,12,160	5,26,440	63,21,480
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85600	40,340	-63,000	12,65,000
92600	320	-680	1,200
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	6,29,820	3,90,420	1,56,29,260
83000	6,55,580	3,33,780	1,31,35,100
Top PUT Open Interest:
Strike	OI	OI Change	Volume
78000	4,93,140	2,75,720	64,01,520
80000	4,24,960	1,68,100	88,34,120
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
78000	4,93,140	2,75,720	64,01,520
79000	4,09,380	1,86,640	57,00,660
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82000	2,65,640	-88,400	2,62,80,640
83000	1,71,160	-22,000	7,90,380
Top PUT Volume:
Strike	OI	OI Change	Volume
82000	2,65,640	-88,400	2,62,80,640
81500	2,54,640	1,39,400	1,79,62,480

NIFTY Monthly Expiry (27/01/2026)

The NIFTY index closed at 25048.65. The NIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.590 against previous 0.784. The 25500CE option holds the maximum open interest, followed by the 26000CE and 25300CE options. Market participants have shown increased interest with significant open interest additions in the 25300CE option, with open interest additions also seen in the 25200CE and 25500CE options. On the other hand, open interest reductions were prominent in the 25200PE, 25000PE, and 25300PE options. Trading volume was highest in the 25000PE option, followed by the 25200PE and 25300CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,048.65	0.590	0.784	1.252
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	23,55,19,700	18,36,13,040	5,19,06,660
PUT:	13,89,17,675	14,39,49,195	-50,31,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,68,39,095	54,08,325	48,74,867
26,000	1,62,69,630	19,04,630	18,09,906
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,300	1,32,04,360	73,99,145	76,54,461
25,200	94,33,255	61,72,725	46,83,019
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,200	10,15,365	-14,91,100	1,59,524
27,300	6,79,640	-13,46,215	1,12,630
Top CALL Volume:
Strike	OI	OI Change	Volume
25,300	1,32,04,360	73,99,145	76,54,461
25,400	1,13,10,780	36,00,870	56,35,741
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	98,58,485	6,42,005	10,70,781
24,500	88,96,160	1,30,130	21,17,787
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,700	68,06,995	21,93,035	21,55,634
24,600	43,65,010	15,83,920	14,66,308
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	33,67,195	-41,08,585	81,93,074
25,000	76,80,660	-23,75,815	83,21,643
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	76,80,660	-23,75,815	83,21,643
25,200	33,67,195	-41,08,585	81,93,074

BANKNIFTY Monthly Expiry (27/01/2026)

The BANKNIFTY index closed at 58473.1. The BANKNIFTY monthly expiry for JANUARY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.606 against previous 0.721. The 60000CE option holds the maximum open interest, followed by the 59500CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 59200CE option, with open interest additions also seen in the 59000CE and 59500CE options. On the other hand, open interest reductions were prominent in the 59000PE, 59500PE, and 63000CE options. Trading volume was highest in the 59000PE option, followed by the 58500PE and 59000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,473.10	0.606	0.721	1.096
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,06,37,570	1,76,35,860	30,01,710
PUT:	1,25,01,360	1,27,23,930	-2,22,570
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	19,01,700	-1,40,220	5,15,916
59,500	13,98,270	3,51,630	6,84,622
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,200	7,20,420	4,63,770	5,62,326
59,000	11,29,260	4,25,970	7,10,985
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
63,000	7,48,320	-1,70,940	74,259
67,500	5,26,170	-1,48,350	19,333
Top CALL Volume:
Strike	OI	OI Change	Volume
59,000	11,29,260	4,25,970	7,10,985
59,500	13,98,270	3,51,630	6,84,622
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	8,71,500	94,020	5,52,996
58,500	8,03,460	19,470	8,04,721
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,500	5,53,110	1,83,090	2,60,251
57,800	2,53,590	1,59,060	1,41,614
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	5,16,180	-4,36,980	8,77,653
59,500	5,72,160	-2,32,710	1,81,196
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	5,16,180	-4,36,980	8,77,653
58,500	8,03,460	19,470	8,04,721

MIDCPNIFTY Monthly Expiry (27/01/2026)

The MIDCPNIFTY index closed at 13066.65. The MIDCPNIFTY monthly expiry for JANUARY 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.645 against previous 0.722. The 14000CE option holds the maximum open interest, followed by the 13500CE and 13800CE options. Market participants have shown increased interest with significant open interest additions in the 13200CE option, with open interest additions also seen in the 13400CE and 13100CE options. On the other hand, open interest reductions were prominent in the 69000PE, 68400CE, and 69800PE options. Trading volume was highest in the 13300CE option, followed by the 13200PE and 13000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-01-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,066.65	0.645	0.722	0.987
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,57,49,400	1,50,62,280	6,87,120
PUT:	1,01,62,920	1,08,73,560	-7,10,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	12,77,880	-5,19,600	38,513
13,500	12,01,920	1,26,240	92,118
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,200	8,24,760	5,68,200	88,099
13,400	7,59,240	3,23,760	99,927
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,600	9,17,160	-5,92,800	56,971
14,000	12,77,880	-5,19,600	38,513
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	9,60,000	2,72,040	1,49,488
13,400	7,59,240	3,23,760	99,927
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,900	8,33,280	2,63,040	56,516
13,000	7,34,160	-3,36,960	1,41,609
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,900	8,33,280	2,63,040	56,516
13,050	2,29,680	1,17,360	47,840
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	7,34,160	-3,36,960	1,41,609
13,300	5,07,600	-2,86,560	1,02,275
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	6,20,160	-1,42,680	1,43,061
13,000	7,34,160	-3,36,960	1,41,609

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 is bearish gold—avoid fresh longs, stack protective puts around max pain levels (NIFTY 25200, BANKNIFTY 59000, MIDCPNIFTY 13300, SENSEX 82100), and eye those highest PUT additions (24700 NIFTY, 57500 BANKNIFTY) for potential support tests.

PCRs dropping (0.59-0.645 OI) with volume PCRs above 1 hint at put buying frenzy, so actionable move: scale into Feb shorts if spot breaches January lows, trail stops tightly—don’t fight the fresh short avalanche, ride it for quick scalps. Stay nimble, folks; tomorrow’s expiry could amplify this volume-OI mismatch into real fireworks. What’s your play on NIFTY Feb?

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

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