Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 27/01/2026
Table of Contents
Here’s my deep dive as a derivatives analyst into today’s NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX data for Jan 27, 2026—focusing squarely on the Open Interest Volume Analysis from the combined futures (Feb + Mar + Apr contracts). I’ve zeroed in on those combined metrics because they reveal the big-picture trader sentiment without the noise of single-month expiry distortions. Bullish vibes everywhere in futures, but options whisper some caution; let’s unpack it conversationally with clear reasoning and actionable trades.
Hey traders, if you’re scanning today’s Open Interest Volume Analysis for NIFTY futures, the combined Feb-Mar-Apr data screams fresh long buildup—OI spiked 35.92% alongside a massive 68.47% volume surge, showing aggressive buying as spot closed at 25175.4 up 0.506%.
This isn’t random; high volume confirms real conviction behind the OI add, unlike low-volume traps that fake out newbies—pure fresh longs mean institutions are piling in for upside.
BANKNIFTY mirrors it with 26.22% OI growth and 63.88% volume pop (spot at 59205.45, +1.252%), while MIDCPNIFTY’s 18.43% OI rise offsets a -4.57% volume dip, still netting fresh longs. SENSEX bucks the trend with short covering, but overall? Bulls are charging—perfect setup for momentum plays if you time it right.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 25175.4 (0.506%)
Combined = February + March + April
Combined Fut Open Interest Change: 35.92%
Combined Fut Volume Change: 68.47%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 7% Previous 8%
NIFTY FEBRUARY Future closed at: 25382.6 (0.714%)
February Fut Premium 207.2 (Increased by 53.25 points)
February Fut Open Interest Change: 38.33%
February Fut Volume Change: 73.16%
February Fut Open Interest Analysis: Fresh Long
NIFTY March Future closed at: 25569.3 (0.715%)
March Fut Premium 393.9 (Increased by 54.85 points)
March Fut Open Interest Change: 9.64%
March Fut Volume Change: 16.91%
March Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (3/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.834 (Increased from 0.658)
Put-Call Ratio (Volume): 0.852
Max Pain Level: 25200
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 25000
Highest CALL Addition: 26000
Highest PUT Addition: 25000
NIFTY Monthly Expiry (24/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.093 (Increased from 1.080)
Put-Call Ratio (Volume): 0.911
Max Pain Level: 25500
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 25000
Highest CALL Addition: 25000
Highest PUT Addition: 25000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 59205.45 (1.252%)
Combined = February + March + April
Combined Fut Open Interest Change: 26.22%
Combined Fut Volume Change: 63.88%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 8% Previous 9%
BANKNIFTY FEBRUARY Future closed at: 59629.6 (1.360%)
February Fut Premium 424.15 (Increased by 67.85 points)
February Fut Open Interest Change: 27.8%
February Fut Volume Change: 69.8%
February Fut Open Interest Analysis: Fresh Long
BANKNIFTY MARCH Future closed at: 60003.8 (1.288%)
March Fut Premium 798.35 (Increased by 30.65 points)
March Fut Open Interest Change: 10.44%
March Fut Volume Change: 3.92%
March Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (24/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.073 (Increased from 1.061)
Put-Call Ratio (Volume): 0.849
Max Pain Level: 60000
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 60000
Highest CALL Addition: 60000
Highest PUT Addition: 58500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13137.9 (0.545%)
Combined = February + March + April
Combined Fut Open Interest Change: 18.43%
Combined Fut Volume Change: -4.57%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 2% Previous 2%
MIDCPNIFTY FEBRUARY Future closed at: 13216.2 (1.054%)
February Fut Premium 78.3 (Increased by 66.6 points)
February Fut Open Interest Change: 17.84%
February Fut Volume Change: -7.68%
February Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY MARCH Future closed at: 13312.85 (1.253%)
March Fut Premium 174.95 (Increased by 93.45 points)
March Fut Open Interest Change: 49.85%
March Fut Volume Change: 184.76%
March Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (24/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.064 (Increased from 0.952)
Put-Call Ratio (Volume): 0.819
Max Pain Level: 13200
Maximum CALL Open Interest: 13000
Maximum PUT Open Interest: 13000
Highest CALL Addition: 13000
Highest PUT Addition: 13000
SENSEX Monthly Expiry (29/01/2026) Future
SENSEX Spot closed at: 81,857.48 (0.392%)
SENSEX Monthly Future closed at: 82,089.40 (0.493%)
Premium: 231.92 (Increased by 82.82 points)
Open Interest Change: -11.24%
Volume Change: 30.90%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (29/01/2026) Option Analysis
Put-Call Ratio (OI): 0.966 (Increased from 0.559)
Put-Call Ratio (Volume): 1.016
Max Pain Level: 82000
Maximum CALL OI: 84000
Maximum PUT OI: 79000
Highest CALL Addition: 84000
Highest PUT Addition: 79000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 3,068.49 Cr.
DIIs Net BUY: ₹ 8,999.71 Cr.
FII Derivatives Activity
| FII Trading Stats | 27.01.26 | 23.01.26 | 22.01.26 |
| FII Cash (Provisional Data) | -3,068.49 | -3,262.82 | -2,549.80 |
| Index Future Open Interest Long Ratio | 11.85% | 14.67% | 12.51% |
| Index Future Volume Long Ratio | 44.54% | 46.73% | 46.50% |
| Call Option Open Interest Long Ratio | 43.16% | 49.22% | 46.03% |
| Call Option Volume Long Ratio | 50.30% | 50.30% | 50.05% |
| Put Option Open Interest Long Ratio | 69.93% | 60.90% | 60.58% |
| Put Option Volume Long Ratio | 49.69% | 50.17% | 49.93% |
| Stock Future Open Interest Long Ratio | 62.02% | 61.26% | 61.26% |
| Stock Future Volume Long Ratio | 52.90% | 49.98% | 50.28% |
| Index Futures | Long Covering | Fresh Short | Fresh Short |
| Index Options | Long Covering | Fresh Long | Fresh Short |
| Nifty Futures | Long Covering | Fresh Short | Fresh Short |
| Nifty Options | Short Covering | Fresh Long | Fresh Short |
| BankNifty Futures | Short Covering | Fresh Short | Fresh Short |
| BankNifty Options | Long Covering | Fresh Long | Fresh Short |
| FinNifty Futures | Fresh Short | Long Covering | Fresh Short |
| FinNifty Options | Short Covering | Fresh Short | Long Covering |
| MidcpNifty Futures | Short Covering | Fresh Long | Fresh Long |
| MidcpNifty Options | Long Covering | Fresh Long | Fresh Short |
| NiftyNxt50 Futures | Long Covering | Short Covering | Fresh Long |
| NiftyNxt50 Options | Short Covering | Fresh Long | Fresh Long |
| Stock Futures | Short Covering | Short Covering | Fresh Long |
| Stock Options | Long Covering | Short 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 81857.48. The SENSEX weekly expiry for JANUARY 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.966 against previous 0.559. The 84000CE option holds the maximum open interest, followed by the 83000CE and 79000PE options. Market participants have shown increased interest with significant open interest additions in the 84000CE option, with open interest additions also seen in the 79000PE and 80000PE options. On the other hand, open interest reductions were prominent in the 90000CE, 89000CE, and 87000CE options. Trading volume was highest in the 81500PE option, followed by the 82000CE and 81000PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 29-01-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 81857.48 | 0.966 | 0.559 | 1.016 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,05,74,420 | 1,31,62,940 | 74,11,480 |
| PUT: | 1,98,75,940 | 73,63,980 | 1,25,11,960 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 15,94,640 | 10,00,100 | 1,06,59,940 |
| 83000 | 13,56,680 | 7,01,100 | 1,84,72,980 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 15,94,640 | 10,00,100 | 1,06,59,940 |
| 83000 | 13,56,680 | 7,01,100 | 1,84,72,980 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 90000 | 4,16,300 | -3,07,460 | 21,41,660 |
| 89000 | 1,65,420 | -1,10,900 | 19,36,160 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 7,51,800 | 2,16,840 | 2,57,07,180 |
| 83000 | 13,56,680 | 7,01,100 | 1,84,72,980 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 12,98,440 | 8,89,060 | 81,68,960 |
| 80000 | 12,09,100 | 7,84,140 | 1,79,42,760 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 12,98,440 | 8,89,060 | 81,68,960 |
| 80000 | 12,09,100 | 7,84,140 | 1,79,42,760 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 82500 | 2,64,440 | -18,840 | 11,18,540 |
| 83000 | 1,57,000 | -14,160 | 1,75,040 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 81500 | 8,41,600 | 5,86,960 | 2,65,03,100 |
| 81000 | 9,13,780 | 6,54,080 | 2,34,86,760 |
NIFTY Weekly Expiry (3/02/2026)
The NIFTY index closed at 25175.4. The NIFTY weekly expiry for FEBRUARY 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.834 against previous 0.658. The 26000CE option holds the maximum open interest, followed by the 25000PE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 25000PE option, with open interest additions also seen in the 23300PE and 26000CE options. On the other hand, open interest reductions were prominent in the 27800CE, 26600PE, and 24150CE options. Trading volume was highest in the 25000PE option, followed by the 25200CE and 25100PE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 03-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,175.40 | 0.834 | 0.658 | 0.852 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 5,82,23,425 | 3,16,26,075 | 2,65,97,350 |
| PUT: | 4,85,81,455 | 2,08,03,250 | 2,77,78,205 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 51,75,170 | 22,13,445 | 3,23,937 |
| 25,500 | 36,65,610 | 16,49,895 | 3,24,935 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 51,75,170 | 22,13,445 | 3,23,937 |
| 25,000 | 27,55,025 | 21,43,245 | 3,09,374 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 27,800 | 2,70,790 | -74,685 | 18,152 |
| 24,150 | 325 | – | 8 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,200 | 27,13,230 | 16,65,885 | 3,62,498 |
| 25,500 | 36,65,610 | 16,49,895 | 3,24,935 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 42,02,835 | 31,19,090 | 4,68,486 |
| 23,300 | 30,18,340 | 30,18,340 | 1,14,885 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 42,02,835 | 31,19,090 | 4,68,486 |
| 23,300 | 30,18,340 | 30,18,340 | 1,14,885 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,600 | 14,105 | -715 | 105 |
| 27,150 | 715 | – | 2 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 42,02,835 | 31,19,090 | 4,68,486 |
| 25,100 | 20,88,060 | 15,02,475 | 3,58,742 |
NIFTY Monthly Expiry (24/02/2026)
The NIFTY index closed at 25175.4. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.093 against previous 1.080. The 25000PE 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 25000CE option, with open interest additions also seen in the 25000PE and 25200CE options. On the other hand, open interest reductions were prominent in the 24700PE, 28050CE, and 26800CE options. Trading volume was highest in the 25000PE option, followed by the 26000CE and 25000CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 24-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,175.40 | 1.093 | 1.080 | 0.911 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 3,23,75,330 | 2,76,72,710 | 47,02,620 |
| PUT: | 3,53,94,060 | 2,98,82,645 | 55,11,415 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 36,49,685 | 3,09,725 | 86,846 |
| 25,500 | 29,38,780 | 2,60,455 | 74,219 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 22,37,820 | 12,44,490 | 77,918 |
| 25,200 | 11,63,890 | 5,19,025 | 52,454 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 28,050 | 8,580 | -59,670 | 2,575 |
| 26,800 | 3,55,940 | -39,715 | 9,093 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 36,49,685 | 3,09,725 | 86,846 |
| 25,000 | 22,37,820 | 12,44,490 | 77,918 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 43,08,005 | 11,92,685 | 1,26,265 |
| 25,500 | 30,08,980 | 1,54,960 | 44,355 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 43,08,005 | 11,92,685 | 1,26,265 |
| 25,200 | 16,39,365 | 5,16,295 | 49,496 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,700 | 8,60,665 | -1,13,815 | 15,414 |
| 25,700 | 6,80,420 | -36,660 | 3,272 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 43,08,005 | 11,92,685 | 1,26,265 |
| 24,000 | 19,98,230 | 1,57,625 | 56,650 |
BANKNIFTY Monthly Expiry (24/02/2026)
The BANKNIFTY index closed at 59205.45. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.073 against previous 1.061. The 60000CE option holds the maximum open interest, followed by the 60000PE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 58500PE option, with open interest additions also seen in the 60000CE and 61000CE options. On the other hand, open interest reductions were prominent in the 58500CE, 58900CE, and 58600CE options. Trading volume was highest in the 60000CE option, followed by the 59000CE and 59000PE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 24-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 59,205.45 | 1.073 | 1.061 | 0.849 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 58,75,320 | 46,01,910 | 12,73,410 |
| PUT: | 63,05,370 | 48,81,300 | 14,24,070 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 16,07,040 | 1,24,350 | 49,034 |
| 61,000 | 3,89,790 | 1,02,210 | 28,451 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 16,07,040 | 1,24,350 | 49,034 |
| 61,000 | 3,89,790 | 1,02,210 | 28,451 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 58,500 | 92,190 | -8,580 | 24,311 |
| 58,900 | 18,660 | -3,030 | 5,901 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 16,07,040 | 1,24,350 | 49,034 |
| 59,000 | 3,06,990 | 51,510 | 47,051 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 13,49,940 | 31,920 | 12,922 |
| 58,000 | 6,29,730 | 91,650 | 34,488 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 58,500 | 4,18,230 | 1,26,630 | 35,955 |
| 58,000 | 6,29,730 | 91,650 | 34,488 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,900 | 840 | -180 | 10 |
| 61,300 | 660 | -60 | 16 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 4,42,050 | 82,080 | 39,765 |
| 58,500 | 4,18,230 | 1,26,630 | 35,955 |
MIDCPNIFTY Monthly Expiry (24/02/2026)
The MIDCPNIFTY index closed at 13137.9. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.064 against previous 0.952. The 13000PE option holds the maximum open interest, followed by the 13000CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 13000CE and 12500PE options. On the other hand, open interest reductions were prominent in the 72700PE, 72700PE, and 72700PE options. Trading volume was highest in the 13000PE option, followed by the 13000CE and 13600CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 24-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,137.90 | 1.064 | 0.952 | 0.819 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 19,02,480 | 9,87,720 | 9,14,760 |
| PUT: | 20,24,640 | 9,40,680 | 10,83,960 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 2,98,200 | 2,26,320 | 6,973 |
| 14,000 | 2,94,480 | 86,520 | 3,481 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 2,98,200 | 2,26,320 | 6,973 |
| 14,200 | 99,600 | 90,600 | 1,067 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,650 | 2,640 | -360 | 5 |
| – | – | – | – |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 2,98,200 | 2,26,320 | 6,973 |
| 13,600 | 77,640 | 53,640 | 3,483 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,40,920 | 3,18,600 | 7,916 |
| 12,500 | 2,57,640 | 1,08,360 | 3,043 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,40,920 | 3,18,600 | 7,916 |
| 12,500 | 2,57,640 | 1,08,360 | 3,043 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| – | – | – | – |
| – | – | – | – |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,40,920 | 3,18,600 | 7,916 |
| 12,500 | 2,57,640 | 1,08,360 | 3,043 |
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 bullish canvas: NIFTY’s 35.92% OI/68.47% volume explosion, BANKNIFTY’s 26.22%/63.88% combo, and MIDCPNIFTY’s steady longs despite volume wobble all point to sustained upside momentum into Feb expiry.
Options PCRs creeping up (NIFTY weekly 0.834, monthly 1.093) and max pain levels (25200/25500) hint at potential pullbacks to those strikes, but fresh long dominance in futures trumps it.
Actionable feedback: Go long NIFTY/BANK combined futures targeting 25500/60000 with stops below 25000/58500; hedge with 25200P buys for weekly expiry. Avoid SENSEX shorts—its OI unwind suggests relief bounce. Watch tomorrow’s volume for confirmation, folks—trade smart!
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