NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 5/02/2026

Sharing is Supporting

Open Interest Volume Analysis

The derivatives market for 5/02/2026 sends a clear but nuanced signal when viewed through the lens of Open Interest Volume Analysis—the dominant theme across indices is price weakness backed by selective fresh shorts and unwinding longs, rather than panic-driven liquidation.

NIFTY Futures show price decline with rising open interest and falling volumes, a classic fresh short build-up, confirming that sellers are entering with conviction but without aggressive participation, indicating controlled bearish bias, not breakdown.

The sharp drop in Weekly PCR (OI) from 0.959 to 0.649 highlights rapid call writers’ dominance, especially at 27000, while put writers retreat, reinforcing a near-term resistance-heavy structure around higher strikes.

Monthly options tell a different story—PCR (OI) remains above 1, suggesting positional put writing at lower levels, hinting that smart money expects support near 25500–25700, even as short-term pressure persists.

BANKNIFTY stands out: falling prices combined with declining open interest and collapsing volumes signal long covering, not fresh shorts—this is critical, as it implies downside exhaustion rather than trend reversal.

MIDCPNIFTY reflects internal divergence—February contracts show aggressive long unwinding, while March futures quietly build fresh shorts, signaling sector rotation risk rather than broad market collapse.

SENSEX derivatives add weight to caution: rising open interest with price decline and expanding volumes confirms fresh institutional short positioning, while the steep PCR (OI) drop in weekly options highlights short-term bearish sentiment dominance.

In summary, Open Interest Volume Analysis reveals a market that is bearish by structure, not by fear, where ranges are respected, volatility is selective, and traders must trade levels—not emotions.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25642.8 (-0.517%)

Combined = February + March + April

Combined Fut Open Interest Change: 0.85%

Combined Fut Volume Change: -11.95%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 9% Previous 9%

NIFTY FEBRUARY Future closed at: 25725 (-0.479%)

February Fut Premium 82.2 (Increased by 9.4 points)

February Fut Open Interest Change: 0.70%

February Fut Volume Change: -11.79%

February Fut Open Interest Analysis: Fresh Short

NIFTY March Future closed at: 25891.5 (-0.467%)

March Fut Premium 248.7 (Increased by 11.6 points)

March Fut Open Interest Change: 2.28%

March Fut Volume Change: -18.07%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.649 (Decreased from 0.959)

Put-Call Ratio (Volume): 1.022

Max Pain Level: 25650

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 24850

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

Put-Call Ratio (Open Interest): 1.123 (Decreased from 1.173)

Put-Call Ratio (Volume): 0.971

Max Pain Level: 25700

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25700

Highest PUT Addition: 24700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60063.65 (-0.290%)

Combined = February + March + April

Combined Fut Open Interest Change: -4.30%

Combined Fut Volume Change: -44.90%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 10% Previous 10%

BANKNIFTY FEBRUARY Future closed at: 60254.8 (-0.270%)

February Fut Premium 191.15 (Increased by 11.3 points)

February Fut Open Interest Change: -4.4%

February Fut Volume Change: -44.7%

February Fut Open Interest Analysis: Long Covering

BANKNIFTY MARCH Future closed at: 60606.2 (-0.266%)

March Fut Premium 542.55 (Increased by 12.9 points)

March Fut Open Interest Change: -2.46%

March Fut Volume Change: -49.55%

March Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.996 (Decreased from 1.062)

Put-Call Ratio (Volume): 1.046

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 64000

Highest PUT Addition: 60900

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13700.5 (-0.156%)

Combined = February + March + April

Combined Fut Open Interest Change: -8.14%

Combined Fut Volume Change: 33.57%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 4% Previous 4%

MIDCPNIFTY FEBRUARY Future closed at: 13732.9 (-0.289%)

February Fut Premium 32.4 (Decreased by -18.4 points)

February Fut Open Interest Change: -8.52%

February Fut Volume Change: 35.96%

February Fut Open Interest Analysis: Long Covering

MIDCPNIFTY MARCH Future closed at: 13802.9 (-0.237%)

March Fut Premium 102.4 (Decreased by -11.5 points)

March Fut Open Interest Change: 1.33%

March Fut Volume Change: -5.75%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.097 (Increased from 1.077)

Put-Call Ratio (Volume): 0.882

Max Pain Level: 13500

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14100

Highest PUT Addition: 12500

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 83,313.93 (-0.601%)

SENSEX Monthly Future closed at: 83,760.55 (-0.529%)

Premium: 446.62 (Increased by 58.21 points)

Open Interest Change: 6.60%

Volume Change: 21.92%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (12/02/2026) Option Analysis

Put-Call Ratio (OI): 0.732 (Decreased from 1.062)

Put-Call Ratio (Volume): 1.059

Max Pain Level: 83400

Maximum CALL OI: 83500

Maximum PUT OI: 83500

Highest CALL Addition: 83500

Highest PUT Addition: 83500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,150.51 Cr.

DIIs Net BUY: ₹ 1,129.82 Cr.

FII Derivatives Activity

FII Trading Stats5.02.264.02.263.02.26
FII Cash (Provisional Data)-2,150.5129.795,236.28
    
Index Future Open Interest Long Ratio18.50%18.67%16.85%
Index Future Volume Long Ratio54.00%61.56%65.67%
Call Option Open Interest Long Ratio47.34%47.04%45.41%
Call Option Volume Long Ratio49.96%50.25%49.95%
Put Option Open Interest Long Ratio60.46%58.88%62.79%
Put Option Volume Long Ratio50.56%49.46%49.82%
Stock Future Open Interest Long Ratio60.49%60.79%60.90%
Stock Future Volume Long Ratio46.99%50.05%52.41%
    
Index FuturesShort CoveringShort CoveringShort Covering
Index OptionsFresh LongFresh ShortLong Covering
    
Nifty FuturesShort CoveringShort CoveringShort Covering
Nifty OptionsFresh LongFresh ShortLong Covering
    
BankNifty FuturesLong CoveringFresh LongFresh Long
BankNifty OptionsFresh ShortFresh LongFresh Short
    
FinNifty FuturesLong CoveringShort CoveringShort Covering
FinNifty OptionsFresh ShortFresh ShortFresh Short
    
MidcpNifty FuturesShort CoveringShort CoveringShort Covering
MidcpNifty OptionsShort CoveringFresh ShortFresh Short
    
NiftyNxt50 FuturesShort CoveringShort CoveringFresh Long
NiftyNxt50 OptionsFresh ShortFresh ShortFresh Long
    
Stock FuturesLong CoveringFresh LongFresh Long
Stock OptionsFresh ShortFresh LongFresh Short

SENSEX Weekly Expiry (12/02/2026)

The SENSEX index closed at 83313.93. The SENSEX weekly expiry for FEBRUARY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.732 against previous 1.062. The 83500CE option holds the maximum open interest, followed by the 88000CE and 83500PE options. Market participants have shown increased interest with significant open interest additions in the 83500CE option, with open interest additions also seen in the 88000CE and 83500PE options. On the other hand, open interest reductions were prominent in the 83800PE, 83700PE, and 84200PE options. Trading volume was highest in the 83500PE option, followed by the 83500CE and 83000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:12-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
83313.930.7321.0621.059
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      54,73,960        15,22,000           39,51,960
PUT:      40,08,740        16,15,800           23,92,940
Top CALL Open Interest:
StrikeOIOI ChangeVolume
83500        5,77,520          5,13,020           21,66,400
88000        5,73,300          4,32,540           11,81,100
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
83500        5,77,520          5,13,020           21,66,400
88000        5,73,300          4,32,540           11,81,100
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
81100              2,740                  -280                       840
81400              2,460                    -80                          80
Top CALL Volume:
StrikeOIOI ChangeVolume
83500        5,77,520          5,13,020           21,66,400
84000        4,08,120          2,39,440           16,71,640
Top PUT Open Interest:
StrikeOIOI ChangeVolume
83500        4,65,540          3,46,300           22,66,620
83000        2,59,420          1,48,840           19,10,420
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
83500        4,65,540          3,46,300           22,66,620
83400        1,68,240          1,62,280              9,27,360
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
83800            16,120              -4,720              1,71,740
83700            22,300              -4,500              2,67,420
Top PUT Volume:
StrikeOIOI ChangeVolume
83500        4,65,540          3,46,300           22,66,620
83000        2,59,420          1,48,840           19,10,420

NIFTY Weekly Expiry (10/02/2026)

The NIFTY index closed at 25642.8. The NIFTY weekly expiry for FEBRUARY 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.649 against previous 0.959. The 27000CE option holds the maximum open interest, followed by the 26000CE and 25800CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 25700CE and 26000CE options. On the other hand, open interest reductions were prominent in the 25800PE, 25700PE, and 25750PE options. Trading volume was highest in the 25600PE option, followed by the 25700CE and 25700PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:10-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,642.80                0.649                  0.959               1.022
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 19,19,18,285   12,26,66,505   6,92,51,780
 PUT: 12,46,43,740   11,76,54,095       69,89,645
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000    1,77,25,890         69,66,570         7,28,728
               26,000    1,45,66,435         48,19,165       14,31,937
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,000    1,77,25,890         69,66,570         7,28,728
               25,700       89,14,035         56,98,680       28,65,414
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,100          8,74,250          -4,06,250             12,638
               25,000          9,35,610              -57,395             16,996
 Top CALL Volume:
 Strike OI OI Change Volume
               25,700       89,14,035         56,98,680       28,65,414
               25,800    1,13,91,770         37,06,755       20,41,533
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       95,73,980         16,95,395         6,72,596
               24,000       84,13,275         10,89,075         3,77,697
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,850       39,15,925         28,02,995         2,11,363
               25,000       95,73,980         16,95,395         6,72,596
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,800       41,58,050        -22,05,255       11,00,644
               25,700       44,92,475        -13,90,025       28,14,148
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,600       46,57,380            7,65,895       30,12,649
               25,700       44,92,475        -13,90,025       28,14,148

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25642.8. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.123 against previous 1.173. 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 25700CE option, with open interest additions also seen in the 26000CE and 26400CE options. On the other hand, open interest reductions were prominent in the 26500CE, 26000PE, and 25800PE options. Trading volume was highest in the 26000CE option, followed by the 25500PE and 25700PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,642.80                1.123                  1.173               0.971
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,40,09,875      4,26,37,270       13,72,605
 PUT:    4,94,09,165      5,00,22,440       -6,13,275
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       65,31,395            4,41,740         1,24,633
               26,500       35,42,695          -5,25,915             58,427
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,700       13,82,810            4,69,170             69,537
               26,000       65,31,395            4,41,740         1,24,633
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,500       35,42,695          -5,25,915             58,427
               28,000          7,84,420              -57,330               9,135
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       65,31,395            4,41,740         1,24,633
               25,800       20,92,545               84,695             71,054
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500       51,71,335              -78,260         1,07,119
               25,000       46,99,565              -90,610             67,244
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,700       20,24,230            3,31,305             19,695
               25,200       19,26,730            1,11,475             21,208
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       29,79,665          -2,70,985             36,637
               25,800       16,97,865          -2,08,975             53,063
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       51,71,335              -78,260         1,07,119
               25,700       16,10,310              -46,995             77,416

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60063.65. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.996 against previous 1.062. 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 64000CE option, with open interest additions also seen in the 61700CE and 60000CE options. On the other hand, open interest reductions were prominent in the 60000PE, 60500PE, and 55000PE options. Trading volume was highest in the 60000PE option, followed by the 60000CE and 60200PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         60,063.65                0.996                  1.062               1.046
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,13,61,810      1,10,06,550         3,55,260
 PUT:    1,13,19,420      1,16,94,000       -3,74,580
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       16,08,960               52,980         1,07,239
               61,000          6,11,970                -8,730             44,260
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               64,000          4,55,910               57,540             19,838
               61,700          1,23,990               54,690               7,522
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               65,000          4,56,810              -23,880             16,664
               58,000          1,95,840              -18,480               1,331
 Top CALL Volume:
 Strike OI OI Change Volume
               60,000       16,08,960               52,980         1,07,239
               60,500          5,82,870               34,770             65,950
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       19,10,910              -72,270         1,44,489
               58,000          8,04,660                -2,880             30,826
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               60,900             45,270               19,500               2,209
               53,500             74,070               16,050               2,386
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       19,10,910              -72,270         1,44,489
               60,500          3,21,330              -60,540             33,863
 Top PUT Volume: 
 Strike OI OI Change Volume
               60,000       19,10,910              -72,270         1,44,489
               60,200          2,31,030              -30,120             71,912

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13700.5. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.097 against previous 1.077. 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 12500PE option, with open interest additions also seen in the 12750PE and 12900PE options. On the other hand, open interest reductions were prominent in the 68800PE, 66000PE, and 68000PE options. Trading volume was highest in the 14000CE option, followed by the 13700CE and 13700PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,700.50                1.097                  1.077               0.882
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       62,55,120         63,98,520       -1,43,400
 PUT:       68,63,040         68,93,040           -30,000
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500          9,53,040              -87,240               6,113
               14,000          7,55,160          -1,05,000             19,864
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,100          2,00,280               34,560               4,444
               14,300          2,49,000               21,960               5,173
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,000          7,55,160          -1,05,000             19,864
               14,500          9,53,040              -87,240               6,113
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          7,55,160          -1,05,000             19,864
               13,700          3,87,000                  4,440             16,795
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       10,30,440                  1,440               8,090
               12,000          6,27,840                -5,040               1,576
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,500          5,45,400               77,040               3,313
               12,750             67,920               60,480                   760
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,300          2,93,880              -51,960               3,825
               13,700          3,49,320              -32,640             14,774
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,700          3,49,320              -32,640             14,774
               13,600          2,59,080              -29,040             14,399

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

NIFTY

Fresh shorts in both February and March futures, along with falling PCR (OI), suggest sell-on-rise strategy remains valid below 25850–25900.

However, monthly put positioning near 25500–25700 warns bears to book partial profits near max pain zones instead of chasing lows.

BANKNIFTY

Long covering with heavy volume contraction indicates selling pressure is reducing, not intensifying.

Traders should avoid aggressive shorts near 60000, as risk–reward now favors range trades unless fresh OI builds on breakdown.

MIDCPNIFTY

February long unwinding is largely done; March fresh shorts suggest further downside is possible but likely slower.

Ideal approach: wait for OI expansion with price confirmation before directional bets.

SENSEX

Rising open interest + higher volumes + falling prices = institutional short bias confirmed.

Weekly options data suggests intraday volatility with downside skew, but 83500 remains a critical magnet level.

Across indices, falling volumes with OI changes indicate participation is selective, meaning false breakouts and whipsaws are likely.

The real edge right now lies in Open Interest Volume Analysis, not candle patterns—track where OI expands with price, not where price moves alone.

Trader’s Playbook:

Index traders: short rallies, cover near max pain

Option sellers: prefer call spreads over naked calls

Positional traders: wait for volume confirmation before committing capital

Bottom line: the market is bearish in intent, controlled in execution, and only traders who respect open interest structure will stay ahead of the curve.

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.


Sharing is Supporting

Leave a Reply

Your email address will not be published. Required fields are marked *