NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 29/01/2026

Today’s Futures and Options Open Interest Volume Analysis clearly shows that the market is not just rising on price — it is rising with participation, and that is the most important takeaway from the Open Interest Volume Analysis.

NIFTY and BANKNIFTY futures both added fresh long positions with strong volume expansion, confirming that institutions are building positions rather than trading intraday noise.

In NIFTY, the 7.49% jump in combined OI with 26.51% volume expansion is a textbook “fresh long build-up”, supported by increasing futures premium — a sign that traders are willing to pay up for forward exposure.

Weekly PCR jumped sharply from 0.826 to 0.972, showing aggressive put writing, while monthly PCR above 1.12 confirms that downside is being actively protected.

BANKNIFTY shows a mixed but healthy structure — February has fresh longs, while March has short covering, meaning banks are likely to support the index but with limited upside acceleration in the near term.

MIDCPNIFTY continues to be a relief rally driven by short covering, not fresh buying — an important distinction revealed only through Open Interest Volume Analysis.

SENSEX futures show strong institutional conviction, with OI and volume both rising above 50%, which usually happens when positional money enters.

Overall, the derivative structure suggests that smart money is positioning for stability with a positive bias, not an aggressive trending market — a classic “buy on dips” setup rather than a runaway rally.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25418.9 (0.300%)

Combined = February + March + April

Combined Fut Open Interest Change: 7.49%

Combined Fut Volume Change: 26.51%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 7%

NIFTY FEBRUARY Future closed at: 25536.3 (0.338%)

February Fut Premium 117.4 (Increased by 9.75 points)

February Fut Open Interest Change: 7.47%

February Fut Volume Change: 27.27%

February Fut Open Interest Analysis: Fresh Long

NIFTY March Future closed at: 25707.1 (0.300%)

March Fut Premium 288.2 (Increased by 0.65 points)

March Fut Open Interest Change: 3.13%

March Fut Volume Change: 16.33%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.972 (Increased from 0.826)

Put-Call Ratio (Volume): 0.881

Max Pain Level: 25350

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 23300

Highest CALL Addition: 26500

Highest PUT Addition: 23300

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

Put-Call Ratio (Open Interest): 1.129 (Increased from 1.096)

Put-Call Ratio (Volume): 0.942

Max Pain Level: 25500

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 25100

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59957.85 (0.602%)

Combined = February + March + April

Combined Fut Open Interest Change: 4.50%

Combined Fut Volume Change: -7.97%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 8% Previous 8%

BANKNIFTY FEBRUARY Future closed at: 60209.4 (0.573%)

February Fut Premium 251.55 (Decreased by -16.05 points)

February Fut Open Interest Change: 4.7%

February Fut Volume Change: -8.3%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY MARCH Future closed at: 60571.2 (0.543%)

March Fut Premium 613.35 (Decreased by -31.65 points)

March Fut Open Interest Change: -3.94%

March Fut Volume Change: -10.96%

March Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.197 (Increased from 1.098)

Put-Call Ratio (Volume): 0.873

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 62000

Highest PUT Addition: 59500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13424.35 (0.317%)

Combined = February + March + April

Combined Fut Open Interest Change: -1.07%

Combined Fut Volume Change: -38.33%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 3% Previous 3%

MIDCPNIFTY FEBRUARY Future closed at: 13456.55 (0.354%)

February Fut Premium 32.2 (Increased by 5.05 points)

February Fut Open Interest Change: -1.07%

February Fut Volume Change: -38.96%

February Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MARCH Future closed at: 13520.15 (0.323%)

March Fut Premium 95.8 (Increased by 1.1 points)

March Fut Open Interest Change: -1.12%

March Fut Volume Change: -22.74%

March Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.165 (Increased from 1.137)

Put-Call Ratio (Volume): 0.923

Max Pain Level: 13300

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14500

Highest PUT Addition: 12300

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 82,566.37 (0.269%)

SENSEX Monthly Future closed at: 83,250.75 (0.350%)

Premium: 684.38 (Increased by 68.41 points)

Open Interest Change: 57.53%

Volume Change: 66.88%

Open Interest Analysis: Fresh Long

SENSEX Weekly Expiry (5/02/2026) Option Analysis

Put-Call Ratio (OI): 1.126 (Decreased from 1.151)

Put-Call Ratio (Volume): 0.884

Max Pain Level: 82500

Maximum CALL OI: 82500

Maximum PUT OI: 82500

Highest CALL Addition: 82500

Highest PUT Addition: 82500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 393.97 Cr.

DIIs Net BUY: ₹ 2,638.76 Cr.

FII Derivatives Activity

FII Trading Stats	29.01.26	28.01.26	27.01.26
FII Cash (Provisional Data)	-393.97	480.26	-3,068.49
Index Future Open Interest Long Ratio	12.29%	12.62%	11.85%
Index Future Volume Long Ratio	38.52%	51.19%	44.54%
Call Option Open Interest Long Ratio	43.49%	43.24%	43.16%
Call Option Volume Long Ratio	50.00%	49.73%	50.30%
Put Option Open Interest Long Ratio	64.87%	67.34%	69.93%
Put Option Volume Long Ratio	49.76%	50.19%	49.69%
Stock Future Open Interest Long Ratio	61.30%	61.87%	62.02%
Stock Future Volume Long Ratio	45.15%	49.18%	52.90%
Index Futures	Fresh Short	Fresh Long	Long Covering
Index Options	Fresh Short	Fresh Short	Long Covering
Nifty Futures	Fresh Short	Fresh Long	Long Covering
Nifty Options	Fresh Short	Fresh Short	Short Covering
BankNifty Futures	Short Covering	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Long	Long Covering
FinNifty Futures	Long Covering	Long Covering	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Short Covering
MidcpNifty Futures	Short Covering	Fresh Long	Short Covering
MidcpNifty Options	Fresh Long	Fresh Long	Long Covering
NiftyNxt50 Futures	Long Covering	Fresh Short	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Short Covering
Stock Futures	Long Covering	Fresh Short	Short Covering
Stock Options	Fresh Short	Fresh Short	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 82566.37. The SENSEX weekly expiry for FEBRUARY 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.126 against previous 1.151. The 82500PE option holds the maximum open interest, followed by the 82500CE and 77000PE options. Market participants have shown increased interest with significant open interest additions in the 82500PE option, with open interest additions also seen in the 82500CE and 77000PE options. On the other hand, open interest reductions were prominent in the 79500PE, 84400CE, and 79900PE options. Trading volume was highest in the 82500CE option, followed by the 82000PE and 83000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	05-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82566.37	1.126	1.151	0.884
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	33,04,540	14,05,620	18,98,920
PUT:	37,20,120	16,18,540	21,01,580
Top CALL Open Interest:
Strike	OI	OI Change	Volume
82500	3,47,360	2,61,600	17,75,780
86000	2,27,120	1,37,740	8,07,120
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82500	3,47,360	2,61,600	17,75,780
86000	2,27,120	1,37,740	8,07,120
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
84400	11,480	-2,320	69,840
80800	560	-1,180	1,880
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	3,47,360	2,61,600	17,75,780
83000	2,12,420	1,11,460	14,76,660
Top PUT Open Interest:
Strike	OI	OI Change	Volume
82500	3,49,120	2,72,960	13,85,800
77000	2,98,680	1,72,260	5,54,160
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82500	3,49,120	2,72,960	13,85,800
77000	2,98,680	1,72,260	5,54,160
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79500	99,420	-83,040	5,77,260
79900	9,960	-1,680	69,160
Top PUT Volume:
Strike	OI	OI Change	Volume
82000	2,23,320	1,26,320	17,34,500
82500	3,49,120	2,72,960	13,85,800

NIFTY Weekly Expiry (3/02/2026)

The NIFTY index closed at 25418.9. The NIFTY weekly expiry for FEBRUARY 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.972 against previous 0.826. 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 23300PE option, with open interest additions also seen in the 26500CE and 24500PE options. On the other hand, open interest reductions were prominent in the 25300CE, 25350CE, and 25650CE options. Trading volume was highest in the 25300CE option, followed by the 25300PE and 25200PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	03-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,418.90	0.972	0.826	0.881
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,97,50,160	9,74,85,765	1,22,64,395
PUT:	10,66,49,790	8,04,84,820	2,61,64,970
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	89,32,885	11,79,555	9,79,806
27,000	68,76,545	13,83,070	4,02,904
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	68,72,190	18,22,990	4,45,702
27,000	68,76,545	13,83,070	4,02,904
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	31,68,555	-9,88,975	23,55,954
25,350	13,61,360	-7,35,475	11,29,311
Top CALL Volume:
Strike	OI	OI Change	Volume
25,300	31,68,555	-9,88,975	23,55,954
25,400	32,78,860	-3,01,860	17,40,269
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,300	75,82,900	20,80,390	3,27,251
25,000	66,81,545	12,42,020	13,33,697
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,300	75,82,900	20,80,390	3,27,251
24,500	54,29,385	15,08,975	5,43,307
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,650	3,51,715	-3,53,600	64,949
25,800	7,23,060	-47,645	14,583
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	45,35,245	6,17,630	22,62,265
25,200	42,98,905	12,67,110	20,88,321

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25418.9. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.129 against previous 1.096. 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 25100PE option, with open interest additions also seen in the 27000CE and 25600PE options. On the other hand, open interest reductions were prominent in the 25300CE, 28000CE, and 25200CE options. Trading volume was highest in the 26000CE option, followed by the 25500CE and 25000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,418.90	1.129	1.096	0.942
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,59,95,700	3,54,06,605	5,89,095
PUT:	4,06,38,195	3,88,08,640	18,29,555
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	42,67,120	1,05,170	84,786
25,500	35,67,590	2,17,295	74,120
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	32,46,230	3,96,760	32,613
25,500	35,67,590	2,17,295	74,120
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	14,43,585	-1,21,485	58,935
28,000	7,81,560	-1,07,055	10,719
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	42,67,120	1,05,170	84,786
25,500	35,67,590	2,17,295	74,120
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	44,79,930	2,51,940	68,089
25,500	32,74,765	86,775	56,567
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,100	14,22,720	3,98,450	33,274
25,600	9,44,645	3,79,795	13,573
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	17,47,460	-79,105	42,404
24,500	24,81,115	-29,835	56,535
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	44,79,930	2,51,940	68,089
25,300	18,69,140	28,600	63,117

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 59957.85. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.197 against previous 1.098. 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 59500PE option, with open interest additions also seen in the 60000PE and 59000PE options. On the other hand, open interest reductions were prominent in the 59600CE, 60000CE, and 59500CE options. Trading volume was highest in the 60000CE option, followed by the 59500PE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,957.85	1.197	1.098	0.873
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	78,38,850	73,55,130	4,83,720
PUT:	93,86,700	80,72,370	13,14,330
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	16,18,110	-34,050	1,21,359
62,000	5,36,610	77,190	41,870
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
62,000	5,36,610	77,190	41,870
60,100	1,40,790	55,470	21,433
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,600	73,650	-51,390	40,137
60,000	16,18,110	-34,050	1,21,359
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	16,18,110	-34,050	1,21,359
59,500	3,05,430	-19,200	64,082
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	16,05,660	1,66,050	62,282
58,000	7,38,810	-720	40,466
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,500	5,87,820	1,96,950	88,343
60,000	16,05,660	1,66,050	62,282
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
61,200	16,950	-11,340	1,179
57,400	34,440	-5,160	2,063
Top PUT Volume:
Strike	OI	OI Change	Volume
59,500	5,87,820	1,96,950	88,343
60,000	16,05,660	1,66,050	62,282

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13424.35. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.165 against previous 1.137. The 13000PE option holds the maximum open interest, followed by the 12500PE and 14500CE options. Market participants have shown increased interest with significant open interest additions in the 14500CE option, with open interest additions also seen in the 14300CE and 12300PE options. On the other hand, open interest reductions were prominent in the 67000PE, 67500CE, and 59500PE options. Trading volume was highest in the 13400CE option, followed by the 13500CE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,424.35	1.165	1.137	0.923
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	44,57,280	35,51,760	9,05,520
PUT:	51,94,920	40,38,600	11,56,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	5,95,800	2,25,600	5,313
14,000	4,66,920	18,840	10,719
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,500	5,95,800	2,25,600	5,313
14,300	2,91,240	1,52,280	4,268
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,200	1,17,000	-11,400	1,702
13,250	30,120	-8,880	648
Top CALL Volume:
Strike	OI	OI Change	Volume
13,400	2,19,120	39,600	11,576
13,500	3,86,040	43,560	11,015
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	8,11,680	1,03,920	7,869
12,500	7,26,120	1,03,080	9,118
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,300	1,93,080	1,52,160	6,160
13,000	8,11,680	1,03,920	7,869
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,200	1,38,600	-27,240	2,540
13,200	2,52,960	-18,360	5,744
Top PUT Volume:
Strike	OI	OI Change	Volume
13,300	3,22,080	83,280	9,859
12,500	7,26,120	1,03,080	9,118

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

Open Interest Volume Analysis confirms that the trend remains positive but controlled, meaning traders should shift from breakout chasing to level-based strategies.

For NIFTY:

25350–25500 remains the most important battle zone (Max Pain + heavy OI).

As long as fresh longs remain intact and PCR stays near 1, dip-buying near 25350–25400 is statistically safer than shorting.

Heavy call additions at 26500–27000 indicate upside is capped unless fresh long OI expands further.

For BANKNIFTY:

The 60000 strike is a magnet (both max call and put OI).

Premium compression in futures signals range-bound strength, not weakness.

Traders should use 60000 as pivot and trade ranges until fresh OI expansion appears.

For MIDCPNIFTY:

The rally is fragile because it’s driven by short covering.

Any fresh OI addition on the downside can reverse momentum quickly — avoid aggressive longs here.

For SENSEX:

Strong OI + volume expansion confirms positional bullishness, making SENSEX the most structurally stable index right now.

Final takeaway:

The market is in “accumulation with protection” mode, and Open Interest Volume Analysis clearly shows that smart money is preparing for upside but without removing hedges.

Strategy = Buy on dips, sell calls at higher strikes, and avoid over-leveraging until fresh OI expansion confirms trend acceleration.

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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