NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 28/01/2026

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Open Interest Volume Analysis

The derivative structure going into 28th January clearly shows bullish intent with selective caution, and this is where Open Interest Volume Analysis becomes crucial for traders planning the day.

NIFTY, BANKNIFTY, and MIDCPNIFTY all witnessed fresh long build-up or short covering in futures, but the sharp drop in volumes across contracts indicates that smart money is positioning without chasing price — a classic sign of controlled accumulation rather than emotional buying.

In NIFTY, both February and March futures saw OI addition with falling volumes, confirming that longs are getting built quietly at higher levels, while the falling premium suggests traders are hedged and not overly aggressive yet.

Weekly options show NIFTY is being magnetized around 25300 (max pain), with heavy call writing at 26000 and fresh put writing at 25300 — signaling a range-bound but upward-biased opening unless this call wall is broken.

BANKNIFTY’s strong OI expansion (nearly 7%) with lower volumes is a textbook fresh-long signal, but the 60000 strike acting as both max pain and maximum OI on both sides clearly marks it as the battle zone for the day.

MIDCPNIFTY stands out with aggressive short covering in February and fresh longs in March, showing risk-on sentiment returning to midcaps, supported by rising PCR and expanding put additions.

Overall, Open Interest Volume Analysis suggests the market is preparing for an upside attempt, but traders should expect slow, rotational movement rather than a one-way rally during the opening hours.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25342.75 (0.665%)

Combined = February + March + April

Combined Fut Open Interest Change: 2.60%

Combined Fut Volume Change: -31.55%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 7%

NIFTY FEBRUARY Future closed at: 25450.4 (0.267%)

February Fut Premium 107.65 (Decreased by -99.55 points)

February Fut Open Interest Change: 2.10%

February Fut Volume Change: -33.06%

February Fut Open Interest Analysis: Fresh Long

NIFTY March Future closed at: 25630.3 (0.239%)

March Fut Premium 287.55 (Decreased by -106.35 points)

March Fut Open Interest Change: 3.92%

March Fut Volume Change: -28.89%

March Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (3/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.826 (Decreased from 0.834)

Put-Call Ratio (Volume): 0.936

Max Pain Level: 25300

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 23300

Highest CALL Addition: 26000

Highest PUT Addition: 25300

NIFTY Monthly Expiry (24/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.096 (Increased from 1.093)

Put-Call Ratio (Volume): 0.971

Max Pain Level: 25500

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 24500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59598.8 (0.664%)

Combined = February + March + April

Combined Fut Open Interest Change: 6.98%

Combined Fut Volume Change: -24.56%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 8% Previous 8%

BANKNIFTY FEBRUARY Future closed at: 59866.4 (0.397%)

February Fut Premium 267.6 (Decreased by -156.55 points)

February Fut Open Interest Change: 7.5%

February Fut Volume Change: -24.8%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY MARCH Future closed at: 60243.8 (0.400%)

March Fut Premium 645 (Decreased by -153.35 points)

March Fut Open Interest Change: -1.45%

March Fut Volume Change: -34.28%

March Fut Open Interest Analysis: Short Covering

BANKNIFTY Monthly Expiry  (24/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.098 (Increased from 1.073)

Put-Call Ratio (Volume): 0.937

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 59500

Highest PUT Addition: 59000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13381.9 (1.857%)

Combined = February + March + April

Combined Fut Open Interest Change: -1.46%

Combined Fut Volume Change: -43.95%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 3% Previous 2%

MIDCPNIFTY FEBRUARY Future closed at: 13409.05 (1.459%)

February Fut Premium 27.15 (Decreased by -51.15 points)

February Fut Open Interest Change: -1.72%

February Fut Volume Change: -44.19%

February Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MARCH Future closed at: 13476.6 (1.230%)

March Fut Premium 94.7 (Decreased by -80.25 points)

March Fut Open Interest Change: 5.28%

March Fut Volume Change: -46.32%

March Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry (24/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.137 (Increased from 1.064)

Put-Call Ratio (Volume): 0.858

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14500

Highest PUT Addition: 12500

SENSEX Monthly Expiry (29/01/2026) Future

SENSEX Spot closed at: 82,344.68 (0.595%)

SENSEX Monthly Future closed at: 82,394.80 (0.372%)

Premium: 50.12 (Decreased by -181.8 points)

Open Interest Change: -7.20%

Volume Change: 20.00%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 0.975 (Increased from 0.966)

Put-Call Ratio (Volume): 0.991

Max Pain Level: 82300

Maximum CALL OI: 84000

Maximum PUT OI: 80000

Highest CALL Addition: 83000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 480.26 Cr.

DIIs Net BUY: ₹ 3,360.59 Cr.

FII Derivatives Activity

FII Trading Stats28.01.2627.01.2623.01.26
FII Cash (Provisional Data)480.26-3,068.49-3,262.82
    
Index Future Open Interest Long Ratio12.62%11.85%14.67%
Index Future Volume Long Ratio51.19%44.54%46.73%
Call Option Open Interest Long Ratio43.24%43.16%49.22%
Call Option Volume Long Ratio49.73%50.30%50.30%
Put Option Open Interest Long Ratio67.34%69.93%60.90%
Put Option Volume Long Ratio50.19%49.69%50.17%
Stock Future Open Interest Long Ratio61.87%62.02%61.26%
Stock Future Volume Long Ratio49.18%52.90%49.98%
    
Index FuturesFresh LongLong CoveringFresh Short
Index OptionsFresh ShortLong CoveringFresh Long
    
Nifty FuturesFresh LongLong CoveringFresh Short
Nifty OptionsFresh ShortShort CoveringFresh Long
    
BankNifty FuturesShort CoveringShort CoveringFresh Short
BankNifty OptionsFresh LongLong CoveringFresh Long
    
FinNifty FuturesLong CoveringFresh ShortLong Covering
FinNifty OptionsFresh ShortShort CoveringFresh Short
    
MidcpNifty FuturesFresh LongShort CoveringFresh Long
MidcpNifty OptionsFresh LongLong CoveringFresh Long
    
NiftyNxt50 FuturesFresh ShortLong CoveringShort Covering
NiftyNxt50 OptionsFresh LongShort CoveringFresh Long
    
Stock FuturesFresh ShortShort CoveringShort Covering
Stock OptionsFresh ShortLong CoveringShort 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

SENSEX Weekly Expiry (29/01/2026)

The SENSEX index closed at 82344.68. The SENSEX weekly expiry for JANUARY 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.975 against previous 0.966. The 84000CE option holds the maximum open interest, followed by the 83000CE and 83500CE 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 83500CE options. On the other hand, open interest reductions were prominent in the 78500PE, 81500CE, and 82000CE options. Trading volume was highest in the 83000CE option, followed by the 82000PE and 82500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:29-01-2026
Index SpotPCR OIPrev PCR OIPCR VOL
82344.680.9750.9660.991
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  3,67,96,520    2,05,74,420        1,62,22,100
PUT:  3,58,76,480    1,98,75,940        1,60,00,540
Top CALL Open Interest:
StrikeOIOI ChangeVolume
84000      28,19,980        12,25,340        3,82,25,480
83000      26,18,360        12,61,680     15,93,49,960
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
83000      26,18,360        12,61,680     15,93,49,960
84000      28,19,980        12,25,340        3,82,25,480
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
81500        1,43,260        -1,82,040           33,27,940
82000        5,71,780        -1,80,020        6,62,59,580
Top CALL Volume:
StrikeOIOI ChangeVolume
83000      26,18,360        12,61,680     15,93,49,960
82500      18,11,780          8,22,800     13,97,01,440
Top PUT Open Interest:
StrikeOIOI ChangeVolume
80000      22,30,560        10,21,460        3,03,82,300
81000      18,25,060          9,11,280        9,46,79,800
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
80000      22,30,560        10,21,460        3,03,82,300
82000      16,54,360        10,19,900     15,38,22,600
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
78500        7,78,720        -1,82,760           98,02,060
76000        4,48,460            -63,040           22,52,740
Top PUT Volume:
StrikeOIOI ChangeVolume
82000      16,54,360        10,19,900     15,38,22,600
81500      15,05,160          6,63,560     12,61,71,720

NIFTY Weekly Expiry (3/02/2026)

The NIFTY index closed at 25342.75. The NIFTY weekly expiry for FEBRUARY 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.826 against previous 0.834. The 26000CE option holds the maximum open interest, followed by the 23300PE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 25300PE option, with open interest additions also seen in the 26000CE and 23300PE options. On the other hand, open interest reductions were prominent in the 25100CE, 25200CE, and 25000CE options. Trading volume was highest in the 25300PE option, followed by the 25300CE and 25200PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:03-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,342.75                0.826                  0.834               0.936
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    9,74,85,765      5,82,23,425   3,92,62,340
 PUT:    8,04,84,820      4,85,81,455   3,19,03,365
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       77,53,330         25,78,160       12,05,068
               27,000       54,93,475         20,47,240         3,34,350
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       77,53,330         25,78,160       12,05,068
               25,300       41,57,530         20,48,020       28,81,604
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,100       10,58,850          -4,79,895         2,29,802
               25,200       22,96,645          -4,16,585       10,82,966
 Top CALL Volume:
 Strike OI OI Change Volume
               25,300       41,57,530         20,48,020       28,81,604
               25,500       52,20,150         15,54,540       16,78,447
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,300       55,02,510         24,84,170         3,22,191
               25,000       54,39,525         12,36,690       14,55,695
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,300       39,17,615         26,71,045       30,79,061
               23,300       55,02,510         24,84,170         3,22,191
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,200          1,19,405                    -390                   976
               26,300          1,35,915                    -195                   582
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,300       39,17,615         26,71,045       30,79,061
               25,200       30,31,795            9,29,565       21,19,229

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25342.75. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.096 against previous 1.093. The 25000PE option holds the maximum open interest, followed by the 26000CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 24500PE option, with open interest additions also seen in the 26000CE and 25400CE options. On the other hand, open interest reductions were prominent in the 25900CE, 25000PE, and 25100CE options. Trading volume was highest in the 26000CE option, followed by the 25000PE and 25500CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,342.75                1.096                  1.093               0.971
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    3,54,06,605      3,23,75,330       30,31,275
 PUT:    3,88,08,640      3,53,94,060       34,14,580
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       41,61,950            5,12,265             93,523
               25,500       33,50,295            4,11,515             69,738
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       41,61,950            5,12,265             93,523
               25,400       13,75,335            4,80,870             42,042
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,900          6,47,855              -91,715             13,799
               25,100          3,59,125              -40,950               6,559
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       41,61,950            5,12,265             93,523
               25,500       33,50,295            4,11,515             69,738
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       42,27,990              -80,015             72,479
               25,500       31,87,990            1,79,010             64,332
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,500       25,10,950            5,70,440             59,073
               25,400       16,41,835            3,35,985             43,798
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,000       42,27,990              -80,015             72,479
               25,700          6,56,370              -24,050               4,556
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,000       42,27,990              -80,015             72,479
               25,300       18,40,540            2,80,930             64,623

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 59598.8. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.098 against previous 1.073. 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 59000PE option, with open interest additions also seen in the 59500PE and 59500CE options. On the other hand, open interest reductions were prominent in the 59100CE, 59000CE, and 59300CE options. Trading volume was highest in the 59500PE option, followed by the 60000CE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         59,598.80                1.098                  1.073               0.937
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       73,55,130         58,75,320       14,79,810
 PUT:       80,72,370         63,05,370       17,67,000
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       16,52,160               45,120         1,03,251
               62,000          4,59,420               98,520             38,137
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,500          3,24,630            1,10,400             93,420
               64,000          2,34,540            1,05,360             21,217
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               59,100             46,410              -28,020               5,079
               59,000          2,93,700              -13,290             18,588
 Top CALL Volume:
 Strike OI OI Change Volume
               60,000       16,52,160               45,120         1,03,251
               59,500          3,24,630            1,10,400             93,420
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       14,39,610               89,670             40,994
               58,000          7,39,530            1,09,800             46,129
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               59,000          5,98,350            1,56,300             65,596
               59,500          3,90,870            1,52,310         1,25,529
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               65,000             62,280                -2,430                   376
               51,500             68,340                -1,590               4,055
 Top PUT Volume: 
 Strike OI OI Change Volume
               59,500          3,90,870            1,52,310         1,25,529
               59,000          5,98,350            1,56,300             65,596

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13381.9. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.137 against previous 1.064. The 13000PE option holds the maximum open interest, followed by the 12500PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 12500PE option, with open interest additions also seen in the 14500CE and 13200PE options. On the other hand, open interest reductions were prominent in the 77000CE, 77000CE, and 77000CE options. Trading volume was highest in the 14000CE option, followed by the 13500CE and 13200PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,381.90                1.137                  1.064               0.858
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       35,51,760         19,02,480       16,49,280
 PUT:       40,38,600         20,24,640       20,13,960
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000          4,48,080            1,53,600             16,372
               14,500          3,70,200            2,26,320               5,650
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,500          3,70,200            2,26,320               5,650
               13,300          2,73,240            1,63,440             11,926
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               12,500             11,160                -1,440                     74
               13,025                4,320                -1,320                     67
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          4,48,080            1,53,600             16,372
               13,500          3,42,480            1,60,920             15,925
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000          7,07,760               66,840             10,212
               12,500          6,23,040            3,65,400             10,965
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,500          6,23,040            3,65,400             10,965
               13,200          2,71,320            2,01,480             12,999
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,000             73,320                -5,760                   409
               13,025                4,560                -2,160                   184
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,200          2,71,320            2,01,480             12,999
               12,500          6,23,040            3,65,400             10,965

Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us

The combined futures data across indices confirms that the trend is positive, but momentum is selective, making Open Interest Volume Analysis the best tool for decision-making rather than pure price action.

For NIFTY, as long as 25300 holds, dips are likely to be bought, but a clean move above 25600–26000 will require fresh volume expansion — otherwise, expect time correction.

BANKNIFTY traders should watch 60000 closely: acceptance above it can trigger short covering towards 60500–61000, while rejection may pull the index back to 59000 where fresh puts are building.

MIDCPNIFTY remains the strongest structure, and any intraday dip backed by stable OI can be used for long setups, especially in high-beta stocks.

SENSEX short covering with rising volume confirms panic shorts are getting unwound, but low premium warns against aggressive longs at the open.

In summary, Open Interest Volume Analysis clearly shows accumulation, not distribution, and traders should stay with the trend but trade light, trail profits, and avoid chasing breakouts until volume confirms.

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

Disclaimer

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.


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