NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 3/02/2026

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Open Interest Volume Analysis

If today’s rally felt powerful, the derivatives data confirms it wasn’t emotional buying — it was structurally driven.

Across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX, price expansion was backed by heavy volume participation and sharp Open Interest contraction, making Open Interest Volume Analysis the most critical tool to understand today’s move.

The market witnessed a textbook short-covering rally, where prices surged 2.4–3%, while futures Open Interest dropped sharply (7–23%) and volumes exploded (70–150%).

This combination clearly signals forced exit of bearish positions, not fresh aggressive longs — a crucial distinction for positional traders.

Rising futures premiums across NIFTY, MIDCPNIFTY, and SENSEX further validate urgency among shorts, while the slight premium compression in BANKNIFTY hints at relative caution from smart money at higher levels.
This divergence becomes evident only through Open Interest Volume Analysis, not price alone.

Options data adds another layer of insight:

Weekly PCR cooling in NIFTY despite a sharp rally suggests call writers still active at higher strikes.

Monthly PCR improvement points to medium-term bullish bias but with defined resistance zones.

In simple terms: today was not about euphoria — it was about position unwinding, risk reduction, and market re-balancing, setting the tone for how traders should approach the next few sessions.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25727.55 (2.548%)

Combined = February + March + April

Combined Fut Open Interest Change: -7.87%

Combined Fut Volume Change: 96.16%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 8% Previous 8%

NIFTY FEBRUARY Future closed at: 25817.1 (2.686%)

February Fut Premium 89.55 (Increased by 36.15 points)

February Fut Open Interest Change: -8.31%

February Fut Volume Change: 96.57%

February Fut Open Interest Analysis: Short Covering

NIFTY March Future closed at: 25976.7 (2.685%)

March Fut Premium 249.15 (Increased by 40.15 points)

March Fut Open Interest Change: -9.10%

March Fut Volume Change: 101.78%

March Fut Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (10/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.845 (Decreased from 0.882)

Put-Call Ratio (Volume): 0.870

Max Pain Level: 25700

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 27000

Highest PUT Addition: 24000

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

Put-Call Ratio (Open Interest): 1.145 (Increased from 1.067)

Put-Call Ratio (Volume): 0.916

Max Pain Level: 25700

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26000

Highest PUT Addition: 25500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60041.3 (2.426%)

Combined = February + March + April

Combined Fut Open Interest Change: -14.73%

Combined Fut Volume Change: 68.50%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 10% Previous 9%

BANKNIFTY FEBRUARY Future closed at: 60210 (2.323%)

February Fut Premium 168.7 (Decreased by -55.1 points)

February Fut Open Interest Change: -15.5%

February Fut Volume Change: 73.9%

February Fut Open Interest Analysis: Short Covering

BANKNIFTY MARCH Future closed at: 60538.8 (2.263%)

March Fut Premium 497.5 (Decreased by -82.7 points)

March Fut Open Interest Change: -13.77%

March Fut Volume Change: 14.33%

March Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 0.983 (Increased from 0.834)

Put-Call Ratio (Volume): 0.866

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 60200

Highest PUT Addition: 60000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13655.65 (3.007%)

Combined = February + March + April

Combined Fut Open Interest Change: -10.47%

Combined Fut Volume Change: 152.15%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 3% Previous 3%

MIDCPNIFTY FEBRUARY Future closed at: 13698.1 (3.180%)

February Fut Premium 42.45 (Increased by 23.6 points)

February Fut Open Interest Change: -10.78%

February Fut Volume Change: 154.67%

February Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MARCH Future closed at: 13758.5 (3.218%)

March Fut Premium 102.85 (Increased by 30.35 points)

March Fut Open Interest Change: -8.08%

March Fut Volume Change: 100.59%

March Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 0.974 (Decreased from 1.259)

Put-Call Ratio (Volume): 1.014

Max Pain Level: 13500

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14500

Highest PUT Addition: 13700

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 83,739.13 (2.538%)

SENSEX Monthly Future closed at: 84,170.90 (2.559%)

Premium: 431.77 (Increased by 27.88 points)

Open Interest Change: -23.58%

Volume Change: 85.96%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 0.982 (Increased from 0.935)

Put-Call Ratio (Volume): 0.845

Max Pain Level: 83600

Maximum CALL OI: 85000

Maximum PUT OI: 80000

Highest CALL Addition: 88000

Highest PUT Addition: 84000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 5,236.28 Cr.

DIIs Net BUY: ₹ 1,014.24 Cr.

FII Derivatives Activity

FII Trading Stats3.02.262.02.261.02.26
FII Cash (Provisional Data)5,236.28-1,832.46-588.34
    
Index Future Open Interest Long Ratio16.85%11.67%11.71%
Index Future Volume Long Ratio65.67%53.71%41.38%
Call Option Open Interest Long Ratio45.41%44.11%42.96%
Call Option Volume Long Ratio49.95%50.19%49.53%
Put Option Open Interest Long Ratio62.79%63.07%65.74%
Put Option Volume Long Ratio49.82%49.89%50.25%
Stock Future Open Interest Long Ratio60.90%60.51%60.42%
Stock Future Volume Long Ratio52.41%50.80%45.87%
    
Index FuturesShort CoveringShort CoveringFresh Short
Index OptionsLong CoveringFresh LongFresh Short
    
Nifty FuturesShort CoveringShort CoveringFresh Short
Nifty OptionsLong CoveringShort CoveringFresh Short
    
BankNifty FuturesFresh LongFresh ShortLong Covering
BankNifty OptionsFresh ShortFresh LongFresh Short
    
FinNifty FuturesShort CoveringFresh ShortFresh Long
FinNifty OptionsFresh ShortFresh ShortFresh Short
    
MidcpNifty FuturesShort CoveringFresh LongFresh Long
MidcpNifty OptionsFresh ShortFresh LongShort Covering
    
NiftyNxt50 FuturesFresh LongLong CoveringShort Covering
NiftyNxt50 OptionsFresh LongFresh LongFresh Short
    
Stock FuturesFresh LongFresh LongLong Covering
Stock OptionsFresh ShortFresh ShortFresh Long

SENSEX Weekly Expiry (5/02/2026)

The SENSEX index closed at 83739.13. The SENSEX weekly expiry for FEBRUARY 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.982 against previous 0.935. The 85000CE option holds the maximum open interest, followed by the 88000CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 88000CE option, with open interest additions also seen in the 84000PE and 83000PE options. On the other hand, open interest reductions were prominent in the 83000CE, 82000CE, and 83500CE options. Trading volume was highest in the 84000CE option, followed by the 84000PE and 85000CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:05-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
83739.130.9820.9350.845
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,32,24,100    1,53,66,780           78,57,320
PUT:  2,27,99,020    1,43,62,720           84,36,300
Top CALL Open Interest:
StrikeOIOI ChangeVolume
85000      16,40,200          6,50,180        2,65,30,200
88000      14,61,220        12,14,680           94,93,700
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
88000      14,61,220        12,14,680           94,93,700
89000        8,58,940          7,26,940           68,02,780
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
83000        2,54,400        -5,06,160           30,35,600
82000        1,31,460        -3,79,500           14,95,540
Top CALL Volume:
StrikeOIOI ChangeVolume
84000      13,32,140          5,32,120        3,87,21,380
85000      16,40,200          6,50,180        2,65,30,200
Top PUT Open Interest:
StrikeOIOI ChangeVolume
80000      13,58,120          6,88,720        1,06,79,720
81000      12,09,320          5,48,460        1,25,18,660
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
84000        9,70,720          8,92,100        2,66,06,680
83000        9,18,000          8,37,760        1,61,99,040
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
75000        3,07,500        -2,32,360           39,59,920
74000        1,00,920        -1,57,500           22,18,800
Top PUT Volume:
StrikeOIOI ChangeVolume
84000        9,70,720          8,92,100        2,66,06,680
83000        9,18,000          8,37,760        1,61,99,040

NIFTY Weekly Expiry (10/02/2026)

The NIFTY index closed at 25727.55. The NIFTY weekly expiry for FEBRUARY 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.845 against previous 0.882. The 27000CE option holds the maximum open interest, followed by the 26000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 24000PE and 26000CE options. On the other hand, open interest reductions were prominent in the 25400CE, 25300CE, and 25000CE options. Trading volume was highest in the 26000CE option, followed by the 25800CE and 25800PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:10-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,727.55                0.845                  0.882               0.870
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    8,79,54,815      3,94,10,020   4,85,44,795
 PUT:    7,43,29,125      3,47,61,740   3,95,67,385
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000       89,92,620         65,74,750         4,40,064
               26,000       77,92,525         41,15,410         9,93,502
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,000       89,92,620         65,74,750         4,40,064
               26,000       77,92,525         41,15,410         9,93,502
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,400          6,63,520          -8,79,645             48,985
               25,300          8,94,855          -8,41,425             57,188
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       77,92,525         41,15,410         9,93,502
               25,800       52,56,940         36,87,970         7,76,343
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       64,45,335         41,99,910         3,08,332
               25,000       59,04,145         33,95,210         4,39,515
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       64,45,335         41,99,910         3,08,332
               25,800       37,03,245         35,90,860         6,14,587
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,300          9,83,905          -3,68,875             91,443
               24,400          6,90,950          -3,50,090             86,451
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,800       37,03,245         35,90,860         6,14,587
               25,500       39,61,620         33,03,560         5,19,642

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25727.55. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.145 against previous 1.067. The 26000CE option holds the maximum open interest, followed by the 25500PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25500PE option, with open interest additions also seen in the 25800PE and 26000CE options. On the other hand, open interest reductions were prominent in the 25500CE, 25400CE, and 25000CE options. Trading volume was highest in the 26000CE option, followed by the 25500PE and 26500CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,727.55                1.145                  1.067               0.916
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,23,80,390      4,38,28,330     -14,47,940
 PUT:    4,85,23,670      4,67,48,845       17,74,825
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       61,27,550         13,84,955         3,72,847
               26,500       36,76,205            7,87,540         2,26,531
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       61,27,550         13,84,955         3,72,847
               26,500       36,76,205            7,87,540         2,26,531
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       31,70,310        -29,80,185         1,59,002
               25,400          9,61,285          -9,30,020             42,503
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       61,27,550         13,84,955         3,72,847
               26,500       36,76,205            7,87,540         2,26,531
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500       52,07,800         20,22,995         2,28,192
               25,000       43,93,480          -5,02,580         2,00,649
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,500       52,07,800         20,22,995         2,28,192
               25,800       19,05,930         13,87,945         1,27,783
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,500       31,00,955          -7,53,935         1,24,755
               23,500       19,78,145          -5,40,540             38,514
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       52,07,800         20,22,995         2,28,192
               25,000       43,93,480          -5,02,580         2,00,649

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60041.3. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.983 against previous 0.834. The 60000PE option holds the maximum open interest, followed by the 60000CE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 60000PE option, with open interest additions also seen in the 60200CE and 60100PE options. On the other hand, open interest reductions were prominent in the 60000CE, 59000CE, and 58500CE options. Trading volume was highest in the 60000CE option, followed by the 60000PE and 61000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         60,041.30                0.983                  0.834               0.866
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,03,85,640      1,19,99,970     -16,14,330
 PUT:    1,02,14,130      1,00,11,330         2,02,800
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       15,84,000          -3,03,450         1,99,222
               61,000          5,74,140          -1,34,700         1,18,255
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               60,200          2,27,670            1,17,720             73,247
               60,300          1,84,830            1,00,980             41,889
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       15,84,000          -3,03,450         1,99,222
               59,000          3,63,180          -2,47,830             36,593
 Top CALL Volume:
 Strike OI OI Change Volume
               60,000       15,84,000          -3,03,450         1,99,222
               61,000          5,74,140          -1,34,700         1,18,255
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       18,24,840            3,93,780         1,89,713
               58,000          8,17,950              -39,510             90,848
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               60,000       18,24,840            3,93,780         1,89,713
               60,100          1,65,360            1,13,310             61,138
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               56,500          2,47,110              -98,160             28,572
               57,000          4,87,830              -86,010             58,419
 Top PUT Volume: 
 Strike OI OI Change Volume
               60,000       18,24,840            3,93,780         1,89,713
               59,000          6,03,000               65,340         1,01,643

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13655.65. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.974 against previous 1.259. The 13000PE option holds the maximum open interest, followed by the 14500CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 14500CE option, with open interest additions also seen in the 13700PE and 13700CE options. On the other hand, open interest reductions were prominent in the 68000CE, 66500CE, and 67500PE options. Trading volume was highest in the 13000PE option, followed by the 14000CE and 14500CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,655.65                0.974                  1.259               1.014
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       62,69,400         56,74,320         5,95,080
 PUT:       61,07,760         71,46,600     -10,38,840
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500          9,96,600            2,92,800             26,663
               14,000          8,05,200            1,18,680             27,600
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,500          9,96,600            2,92,800             26,663
               13,700          3,50,400            1,81,200             17,027
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,500          2,96,280          -1,84,080               9,837
               13,400          1,77,480          -1,70,640               4,280
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          8,05,200            1,18,680             27,600
               14,500          9,96,600            2,92,800             26,663
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000          9,99,840          -3,82,680             28,845
               12,000          6,82,680               42,240               8,261
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,700          2,56,800            2,16,840             13,356
               13,600          1,67,880            1,30,920               8,313
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,300          1,29,840          -5,01,360             12,885
               13,000          9,99,840          -3,82,680             28,845
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,000          9,99,840          -3,82,680             28,845
               12,500          4,69,680          -3,62,880             15,828

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

The dominant takeaway from today’s Open Interest Volume Analysis is clear: this was a short-covering rally, not a fresh long buildup.

That means momentum is strong, but sustainability depends on follow-through buying, not just absence of sellers.

NIFTY and MIDCPNIFTY show the healthiest structure, with rising premiums, strong volume expansion, and orderly OI unwinding — indicating higher probability of consolidation-to-upside rather than immediate reversal.

BANKNIFTY, despite the sharp move, shows early signs of supply near higher levels, as reflected by:

Falling futures premium + Symmetrical CALL–PUT OI at 60000


This suggests range expansion may slow unless fresh longs enter.

Options positioning highlights clear reference zones for traders:

NIFTY: 25700 remains the battlefield (max pain & option balance)

BANKNIFTY: 60000 acts as a psychological magnet

MIDCPNIFTY: 13500 is now a strong positional base

Actionable strategy going forward:

Avoid aggressive fresh longs at open after a short-covering day

Prefer buy-on-dip only if price holds with stable or rising Open Interest

Watch for OI addition with price stability — that will confirm the next trending leg

Bottom line:
Today’s rally reset market positioning. Open Interest Volume Analysis clearly tells us the risk has shifted from bearish to neutral-bullish — but confirmation is still pending.
The next session will decide whether this move evolves into a trend or pauses into consolidation.

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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