NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 6/02/2026

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Open Interest Volume Analysis

Today’s Open Interest Volume Analysis clearly shows a divergent derivative structure across indices, with NIFTY and SENSEX attracting fresh long participation, while BANKNIFTY shows profit booking through long covering and MIDCPNIFTY remains structurally weak with fresh shorts.

In NIFTY, rising combined futures open interest (+2.09%) along with strong volume expansion (+24.13%) confirms genuine fresh long build-up, not a short squeeze. However, the sharp fall in futures premium signals that longs are cautious and not aggressive, indicating a grind-up move rather than a runaway rally.

Weekly and monthly option data reinforces this view, where a rising Put-Call Ratio, strong PUT additions near 25500–25600, and Max Pain clustering around 25650–25700 suggest institutional players are building a solid base rather than chasing upside.

BANKNIFTY, on the other hand, reflects classic short-term distribution, as falling open interest with rising volumes confirms long unwinding, especially near the psychological 60000 zone, making it a range-bound and stock-specific trading index for now.

MIDCPNIFTY remains the weakest link, with fresh shorts across both February and March futures, rising open interest, falling prices, and poor volume support — a textbook bearish continuation setup from an Open Interest Volume Analysis perspective.

SENSEX stands out positively, where fresh long build-up despite lower volumes indicates positional accumulation by strong hands, likely in heavyweight stocks, offering stability to the broader market even if intraday volatility persists.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25693.7 (0.198%)

Combined = February + March + April

Combined Fut Open Interest Change: 2.09%

Combined Fut Volume Change: 24.13%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 9% Previous 9%

NIFTY FEBRUARY Future closed at: 25735.1 (0.039%)

February Fut Premium 41.4 (Decreased by -40.8 points)

February Fut Open Interest Change: 2.31%

February Fut Volume Change: 25.84%

February Fut Open Interest Analysis: Fresh Long

NIFTY March Future closed at: 25891.9 (0.002%)

March Fut Premium 198.2 (Decreased by -50.5 points)

March Fut Open Interest Change: -0.18%

March Fut Volume Change: 6.66%

March Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 0.858 (Increased from 0.649)

Put-Call Ratio (Volume): 0.953

Max Pain Level: 25650

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25600

Highest PUT Addition: 25500

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

Put-Call Ratio (Open Interest): 1.143 (Increased from 1.123)

Put-Call Ratio (Volume): 0.981

Max Pain Level: 25700

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25700

Highest PUT Addition: 25700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60120.55 (0.095%)

Combined = February + March + April

Combined Fut Open Interest Change: -2.83%

Combined Fut Volume Change: 34.91%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 10% Previous 10%

BANKNIFTY FEBRUARY Future closed at: 60252.4 (-0.004%)

February Fut Premium 131.85 (Decreased by -59.3 points)

February Fut Open Interest Change: -2.9%

February Fut Volume Change: 34.4%

February Fut Open Interest Analysis: Long Covering

BANKNIFTY MARCH Future closed at: 60587.4 (-0.031%)

March Fut Premium 466.85 (Decreased by -75.7 points)

March Fut Open Interest Change: -2.57%

March Fut Volume Change: 44.51%

March Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.912 (Decreased from 0.996)

Put-Call Ratio (Volume): 0.947

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 61300

Highest PUT Addition: 59500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13644.9 (-0.406%)

Combined = February + March + April

Combined Fut Open Interest Change: 1.75%

Combined Fut Volume Change: -4.90%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 4% Previous 4%

MIDCPNIFTY FEBRUARY Future closed at: 13655.7 (-0.562%)

February Fut Premium 10.8 (Decreased by -21.6 points)

February Fut Open Interest Change: 1.55%

February Fut Volume Change: -7.38%

February Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY MARCH Future closed at: 13726.65 (-0.552%)

March Fut Premium 81.75 (Decreased by -20.65 points)

March Fut Open Interest Change: 6.73%

March Fut Volume Change: 60.16%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.084 (Decreased from 1.097)

Put-Call Ratio (Volume): 0.755

Max Pain Level: 13500

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13600

Highest PUT Addition: 12500

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 83,580.40 (0.320%)

SENSEX Monthly Future closed at: 83,822.45 (0.074%)

Premium: 242.05 (Decreased by -204.57 points)

Open Interest Change: 2.68%

Volume Change: -42.69%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (OI): 1.104 (Increased from 0.732)

Put-Call Ratio (Volume): 1.010

Max Pain Level: 83500

Maximum CALL OI: 83500

Maximum PUT OI: 83500

Highest CALL Addition: 87000

Highest PUT Addition: 83000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,950.77 Cr.

DIIs Net SELL: ₹ 1,265.06 Cr.

FII Derivatives Activity

FII Trading Stats6.02.265.02.264.02.26
FII Cash (Provisional Data)1,950.77-2,150.5129.79
    
Index Future Open Interest Long Ratio18.32%18.50%18.67%
Index Future Volume Long Ratio39.79%54.00%61.56%
Call Option Open Interest Long Ratio48.94%47.34%47.04%
Call Option Volume Long Ratio50.20%49.96%50.25%
Put Option Open Interest Long Ratio59.57%60.46%58.88%
Put Option Volume Long Ratio50.11%50.56%49.46%
Stock Future Open Interest Long Ratio60.19%60.49%60.79%
Stock Future Volume Long Ratio47.47%46.99%50.05%
    
Index FuturesFresh ShortShort CoveringShort Covering
Index OptionsFresh LongFresh LongFresh Short
    
Nifty FuturesFresh ShortShort CoveringShort Covering
Nifty OptionsFresh LongFresh LongFresh Short
    
BankNifty FuturesLong CoveringLong CoveringFresh Long
BankNifty OptionsFresh LongFresh ShortFresh Long
    
FinNifty FuturesShort CoveringLong CoveringShort Covering
FinNifty OptionsShort CoveringFresh ShortFresh Short
    
MidcpNifty FuturesFresh ShortShort CoveringShort Covering
MidcpNifty OptionsLong CoveringShort CoveringFresh Short
    
NiftyNxt50 FuturesShort CoveringShort CoveringShort Covering
NiftyNxt50 OptionsFresh LongFresh ShortFresh Short
    
Stock FuturesLong CoveringLong CoveringFresh Long
Stock OptionsFresh ShortFresh ShortFresh Long

SENSEX Weekly Expiry (12/02/2026)

The SENSEX index closed at 83580.4. The SENSEX weekly expiry for FEBRUARY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.104 against previous 0.732. The 83500CE option holds the maximum open interest, followed by the 83500PE and 83000PE options. Market participants have shown increased interest with significant open interest additions in the 83000PE option, with open interest additions also seen in the 87000CE and 80000PE options. On the other hand, open interest reductions were prominent in the 89000CE, 87500CE, and 83400CE options. Trading volume was highest in the 83000PE option, followed by the 83500CE and 83200PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:12-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
83580.41.1040.7321.010
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      87,78,640        54,73,960           33,04,680
PUT:      96,88,940        40,08,740           56,80,200
Top CALL Open Interest:
StrikeOIOI ChangeVolume
83500        7,25,940          1,48,420        2,00,32,060
87000        6,19,040          3,99,380           50,91,440
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
87000        6,19,040          3,99,380           50,91,440
86000        4,28,480          2,09,600           37,02,360
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
89000        1,80,600            -70,180           24,85,300
87500        2,06,320            -32,780           23,64,720
Top CALL Volume:
StrikeOIOI ChangeVolume
83500        7,25,940          1,48,420        2,00,32,060
83300        1,93,360              17,220        1,54,07,820
Top PUT Open Interest:
StrikeOIOI ChangeVolume
83500        7,22,140          2,56,600        1,00,02,060
83000        7,12,140          4,52,720        2,96,79,540
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
83000        7,12,140          4,52,720        2,96,79,540
80000        4,79,580          2,86,120           35,42,900
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
85500              3,480                    -80                    1,140
72300                  180                    -40                    8,960
Top PUT Volume:
StrikeOIOI ChangeVolume
83000        7,12,140          4,52,720        2,96,79,540
83200        3,73,900          2,83,200        1,79,87,840

NIFTY Weekly Expiry (10/02/2026)

The NIFTY index closed at 25693.7. The NIFTY weekly expiry for FEBRUARY 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.858 against previous 0.649. The 27000CE 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 25500PE option, with open interest additions also seen in the 25600PE and 25550PE options. On the other hand, open interest reductions were prominent in the 24850PE, 26100CE, and 26400CE options. Trading volume was highest in the 25600PE option, followed by the 25500PE and 25600CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:10-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,693.70                0.858                  0.649               0.953
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 19,57,21,760   19,19,18,285       38,03,475
 PUT: 16,79,30,555   12,46,43,740   4,32,86,815
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000    1,84,54,150            7,28,260       11,26,796
               26,000    1,44,61,005          -1,05,430       25,56,522
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,600       54,39,005         16,18,435       80,87,242
               25,950       44,88,380         14,70,495       12,36,034
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,100       55,31,760        -17,33,095       12,37,348
               26,400       41,59,480        -17,16,650         8,76,005
 Top CALL Volume:
 Strike OI OI Change Volume
               25,600       54,39,005         16,18,435       80,87,242
               25,700       95,62,085            6,48,050       61,83,197
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500    1,20,13,105         57,02,255       82,50,130
               24,000    1,06,24,900         22,11,625         8,84,323
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,500    1,20,13,105         57,02,255       82,50,130
               25,600    1,00,59,530         54,02,150       83,49,834
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,850       15,89,705        -23,26,220         4,08,842
               25,800       33,97,745          -7,60,305         7,61,119
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,600    1,00,59,530         54,02,150       83,49,834
               25,500    1,20,13,105         57,02,255       82,50,130

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25693.7. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.143 against previous 1.123. 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 25700PE and 25600CE options. On the other hand, open interest reductions were prominent in the 26000CE, 25800PE, and 25000CE options. Trading volume was highest in the 26000CE option, followed by the 25500PE and 25000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,693.70                1.143                  1.123               0.981
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,37,95,570      4,40,09,875       -2,14,305
 PUT:    5,00,59,035      4,94,09,165         6,49,870
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       59,71,875          -5,59,520         1,72,195
               26,500       36,05,745               63,050             70,244
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,700       17,12,360            3,29,550             85,472
               25,600       10,65,480            2,17,425             74,971
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       59,71,875          -5,59,520         1,72,195
               25,000       24,03,570          -1,57,040             12,896
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       59,71,875          -5,59,520         1,72,195
               25,700       17,12,360            3,29,550             85,472
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500       50,77,540              -93,795         1,42,486
               25,000       48,53,810            1,54,245         1,09,127
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,700       19,26,795            3,16,485             68,083
               24,700       22,16,370            1,92,140             27,657
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,800       15,02,930          -1,94,935             42,709
               24,800       12,73,935          -1,55,805             24,086
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       50,77,540              -93,795         1,42,486
               25,000       48,53,810            1,54,245         1,09,127

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60120.55. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.912 against previous 0.996. 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 61300CE option, with open interest additions also seen in the 62500CE and 61000CE options. On the other hand, open interest reductions were prominent in the 57000PE, 60500PE, and 60300PE options. Trading volume was highest in the 60000PE option, followed by the 60000CE and 61000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         60,120.55                0.912                  0.996               0.947
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,27,33,920      1,13,61,810       13,72,110
 PUT:    1,16,11,470      1,13,19,420         2,92,050
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       16,73,880               64,920         2,23,421
               61,000          6,99,210               87,240         1,11,702
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               61,300          3,42,840            2,82,030             28,253
               62,500          5,66,190            2,21,670             41,579
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               65,500             59,040              -19,290               7,391
               64,500          1,29,120              -11,250               9,525
 Top CALL Volume:
 Strike OI OI Change Volume
               60,000       16,73,880               64,920         2,23,421
               61,000          6,99,210               87,240         1,11,702
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       19,35,240               24,330         2,71,326
               58,000          8,39,310               34,650             52,751
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               59,500          4,59,090               54,390             84,868
               59,700          1,45,770               50,640             64,150
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,000          4,79,970              -33,900             26,698
               60,500          2,90,820              -30,510             35,715
 Top PUT Volume: 
 Strike OI OI Change Volume
               60,000       19,35,240               24,330         2,71,326
               59,900          1,70,190               44,310         1,04,975

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13644.9. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.084 against previous 1.097. 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 13600CE and 12800PE options. On the other hand, open interest reductions were prominent in the 67500PE, 66000PE, and 66000PE options. Trading volume was highest in the 14000CE option, followed by the 13600CE and 13500PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,644.90                1.084                  1.097               0.755
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       63,61,560         62,55,120         1,06,440
 PUT:       68,98,680         68,63,040             35,640
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500          9,14,040              -39,000               7,171
               14,000          7,87,560               32,400             49,347
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,600          2,70,600               76,920             22,512
               13,900          1,33,800               43,920               7,528
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,100          1,55,040              -45,240               7,086
               14,500          9,14,040              -39,000               7,171
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          7,87,560               32,400             49,347
               13,600          2,70,600               76,920             22,512
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       10,36,080                  5,640             14,955
               12,500          6,45,240               99,840               5,822
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,500          6,45,240               99,840               5,822
               12,800          1,69,080               45,240               5,137
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,700          2,79,840              -69,480               8,284
               13,500          3,56,400              -50,640             20,259
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,500          3,56,400              -50,640             20,259
               13,600          2,84,160               25,080             17,860

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

Open Interest Volume Analysis confirms a “selective bullish but cautious” market, not a broad-based risk-on environment. NIFTY and SENSEX are accumulation-driven, while BANKNIFTY and MIDCPNIFTY demand defensive positioning.

For NIFTY traders:

Bias remains positive above 25650, supported by PUT writers and rising PCR.

Upside may stay gradual, as falling futures premium shows no leverage-heavy longs yet.

Buy-on-dip strategies near 25600–25550 remain favorable, while aggressive breakout trades should be avoided.

For BANKNIFTY traders:

Long covering near 60000 Max Pain warns against positional longs.

Best suited for range trading or option selling strategies, with tight risk management.

Any upside without fresh OI addition should be treated as short-term pullback moves.

For MIDCPNIFTY traders:

Open Interest Volume Analysis is decisively bearish.

Fresh shorts, weak volumes, and declining premiums indicate sell-on-rise remains the dominant strategy.

Positional longs should be strictly avoided until open interest contraction appears.

For SENSEX traders:

Fresh long build-up confirms underlying strength in large caps.

Ideal for long exposure, especially via futures with strict trailing stops.

Overall market takeaway:

This is a structure-driven market, not a headline-driven one.

Follow open interest and volume — not price alone.

Traders aligned with Open Interest Volume Analysis will stay ahead of false breakouts and emotional trades.

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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