NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 9/02/2026

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Open Interest Volume Analysis

Today’s Open Interest Volume Analysis clearly signals that the broader Indian derivatives market is transitioning from fear to selective confidence, led by short covering in frontline indices and aggressive fresh longs in banking and midcaps.

NIFTY Futures witnessed classic short covering as prices moved up while Open Interest and volumes contracted across combined expiries, indicating bears exiting rather than aggressive new buying. The rise in futures premium alongside an improving Put-Call Ratio (OI) above 1 reinforces a positive but controlled undertone, suggesting upside continuation with limited panic buying.

BANKNIFTY stands out as the leadership index, where rising prices accompanied by a sharp surge in Open Interest and volumes confirm fresh long build-up, a strong bullish derivative signal. Options data clustering around the 60000 strike reflects a short-term equilibrium zone, but sustained longs indicate dips may continue to attract buyers.

MIDCPNIFTY adds risk-on confirmation, as fresh longs emerged despite lower volumes—often seen during early-stage accumulation. Elevated PCR levels and supportive Max Pain positioning suggest traders are positioning for continuation rather than mean reversion.

SENSEX derivatives echo the NIFTY structure, with visible short covering in futures and balanced weekly options data, pointing to stability rather than over-extension. Overall, this Open Interest Volume Analysis highlights a market where smart money is rotating into strength rather than chasing momentum blindly.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25867.3 (0.676%)

Combined = February + March + April

Combined Fut Open Interest Change: -3.60%

Combined Fut Volume Change: -22.53%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 10% Previous 9%

NIFTY FEBRUARY Future closed at: 25915.4 (0.701%)

February Fut Premium 48.1 (Increased by 6.7 points)

February Fut Open Interest Change: -4.22%

February Fut Volume Change: -24.63%

February Fut Open Interest Analysis: Short Covering

NIFTY March Future closed at: 26068.8 (0.683%)

March Fut Premium 201.5 (Increased by 3.3 points)

March Fut Open Interest Change: 1.33%

March Fut Volume Change: 2.88%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.058 (Increased from 0.858)

Put-Call Ratio (Volume): 0.926

Max Pain Level: 25800

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25800

Highest CALL Addition: 26000

Highest PUT Addition: 25800

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

Put-Call Ratio (Open Interest): 1.184 (Increased from 1.143)

Put-Call Ratio (Volume): 1.124

Max Pain Level: 25700

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26500

Highest PUT Addition: 25500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60669.35 (0.913%)

Combined = February + March + April

Combined Fut Open Interest Change: 15.37%

Combined Fut Volume Change: 26.20%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 11% Previous 10%

BANKNIFTY FEBRUARY Future closed at: 60728 (0.789%)

February Fut Premium 58.65 (Decreased by -73.2 points)

February Fut Open Interest Change: 15.2%

February Fut Volume Change: 25.5%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY MARCH Future closed at: 61068.2 (0.794%)

March Fut Premium 398.85 (Decreased by -68 points)

March Fut Open Interest Change: 15.46%

March Fut Volume Change: 34.18%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.013 (Increased from 0.912)

Put-Call Ratio (Volume): 0.924

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 60700

Highest PUT Addition: 60700

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13868.65 (1.640%)

Combined = February + March + April

Combined Fut Open Interest Change: 2.00%

Combined Fut Volume Change: -17.69%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 4% Previous 4%

MIDCPNIFTY FEBRUARY Future closed at: 13865.5 (1.536%)

February Fut Discount -3.15 (Decreased by -13.95 points)

February Fut Open Interest Change: 2.04%

February Fut Volume Change: -17.95%

February Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY MARCH Future closed at: 13932.4 (1.499%)

March Fut Discount 63.75 (Decreased by -18 points)

March Fut Open Interest Change: 0.18%

March Fut Volume Change: -13.71%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.193 (Increased from 1.084)

Put-Call Ratio (Volume): 0.861

Max Pain Level: 13700

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14500

Highest PUT Addition: 13800

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 84,065.75 (0.581%)

SENSEX Monthly Future closed at: 84,291.40 (0.559%)

Premium: 225.65 (Decreased by -16.4 points)

Open Interest Change: -10.13%

Volume Change: -4.70%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.052 (Decreased from 1.104)

Put-Call Ratio (Volume): 0.932

Max Pain Level: 84000

Maximum CALL OI: 84000

Maximum PUT OI: 84000

Highest CALL Addition: 84000

Highest PUT Addition: 84000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 2,254.64 Cr.

DIIs Net BUY: ₹ 4.15 Cr.

FII Derivatives Activity

FII Trading Stats9.02.266.02.265.02.26
FII Cash (Provisional Data)2,254.641,950.77-2,150.51
    
Index Future Open Interest Long Ratio18.96%18.32%18.50%
Index Future Volume Long Ratio58.51%39.79%54.00%
Call Option Open Interest Long Ratio50.71%48.94%47.34%
Call Option Volume Long Ratio50.31%50.20%49.96%
Put Option Open Interest Long Ratio58.31%59.57%60.46%
Put Option Volume Long Ratio49.87%50.11%50.56%
Stock Future Open Interest Long Ratio60.30%60.19%60.49%
Stock Future Volume Long Ratio50.84%47.47%46.99%
    
Index FuturesShort CoveringFresh ShortShort Covering
Index OptionsFresh LongFresh LongFresh Long
    
Nifty FuturesShort CoveringFresh ShortShort Covering
Nifty OptionsFresh LongFresh LongFresh Long
    
BankNifty FuturesFresh LongLong CoveringLong Covering
BankNifty OptionsFresh ShortFresh LongFresh Short
    
FinNifty FuturesFresh LongShort CoveringLong Covering
FinNifty OptionsFresh ShortShort CoveringFresh Short
    
MidcpNifty FuturesFresh ShortFresh ShortShort Covering
MidcpNifty OptionsFresh ShortLong CoveringShort Covering
    
NiftyNxt50 FuturesFresh LongShort CoveringShort Covering
NiftyNxt50 OptionsFresh LongFresh LongFresh Short
    
Stock FuturesFresh LongLong CoveringLong Covering
Stock OptionsFresh ShortFresh ShortFresh Short

SENSEX Weekly Expiry (12/02/2026)

The SENSEX index closed at 84065.75. The SENSEX weekly expiry for FEBRUARY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.052 against previous 1.104. The 84000PE option holds the maximum open interest, followed by the 84000CE and 80000PE options. Market participants have shown increased interest with significant open interest additions in the 84000PE option, with open interest additions also seen in the 84000CE and 80000PE options. On the other hand, open interest reductions were prominent in the 83500CE, 83600CE, and 83500PE options. Trading volume was highest in the 84000PE option, followed by the 84000CE and 84100CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:12-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
84065.751.0521.1040.932
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,23,49,280        87,78,640           35,70,640
PUT:  1,29,96,520        96,88,940           33,07,580
Top CALL Open Interest:
StrikeOIOI ChangeVolume
84000        9,35,940          5,15,060        2,82,01,780
88000        9,01,800          3,02,120           35,46,260
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
84000        9,35,940          5,15,060        2,82,01,780
88000        9,01,800          3,02,120           35,46,260
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
83500        3,38,420        -3,87,520           27,33,000
83600            61,920        -1,39,500           13,30,040
Top CALL Volume:
StrikeOIOI ChangeVolume
84000        9,35,940          5,15,060        2,82,01,780
84100        3,95,100          2,77,200        1,69,40,120
Top PUT Open Interest:
StrikeOIOI ChangeVolume
84000        9,68,320          8,10,160        2,83,31,720
80000        9,11,040          4,31,460           47,39,140
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
84000        9,68,320          8,10,160        2,83,31,720
80000        9,11,040          4,31,460           47,39,140
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
83500        6,16,020        -1,06,120        1,00,35,500
81100            44,380            -64,540              6,67,720
Top PUT Volume:
StrikeOIOI ChangeVolume
84000        9,68,320          8,10,160        2,83,31,720
83900        2,70,380          2,38,460        1,35,15,000

NIFTY Weekly Expiry (10/02/2026)

The NIFTY index closed at 25867.3. The NIFTY weekly expiry for FEBRUARY 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.058 against previous 0.858. The 26000CE option holds the maximum open interest, followed by the 27000CE and 25800PE options. Market participants have shown increased interest with significant open interest additions in the 25800PE option, with open interest additions also seen in the 25850PE and 25750PE options. On the other hand, open interest reductions were prominent in the 25700CE, 25600CE, and 25750CE options. Trading volume was highest in the 25800PE option, followed by the 25900CE and 25850CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:10-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,867.30                1.058                  0.858               0.926
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 19,11,45,305   19,57,21,760     -45,76,455
 PUT: 20,22,75,125   16,79,30,555   3,43,44,570
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000    1,91,86,700         47,25,695       68,19,274
               27,000    1,53,32,785        -31,21,365       11,32,662
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000    1,91,86,700         47,25,695       68,19,274
               25,900    1,14,86,020         47,13,410       84,65,196
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,700       28,26,915        -67,35,170       17,78,793
               25,600       13,97,825        -40,41,180         4,35,625
 Top CALL Volume:
 Strike OI OI Change Volume
               25,900    1,14,86,020         47,13,410       84,65,196
               25,850       74,34,700         35,39,380       79,58,440
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,800    1,38,69,960      1,04,72,215       95,40,533
               25,000    1,15,03,050         13,44,330       15,32,023
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,800    1,38,69,960      1,04,72,215       95,40,533
               25,850       74,06,425         68,82,850       65,59,600
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,500       35,65,250        -20,95,275         3,14,817
               25,100       30,68,520        -19,26,860         8,65,752
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,800    1,38,69,960      1,04,72,215       95,40,533
               25,850       74,06,425         68,82,850       65,59,600

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25867.3. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.184 against previous 1.143. The 25500PE option holds the maximum open interest, followed by the 26000CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 25500PE and 26100CE options. On the other hand, open interest reductions were prominent in the 25700CE, 26000CE, and 25000PE 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
         25,867.30                1.184                  1.143               1.124
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,42,08,320      4,37,95,570         4,12,750
 PUT:    5,23,57,955      5,00,59,035       22,98,920
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       53,88,045          -5,83,830         1,41,615
               26,500       45,36,350            9,30,605             95,857
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,500       45,36,350            9,30,605             95,857
               26,100       11,11,695            4,17,235             34,878
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,700       10,95,640          -6,16,720             40,825
               26,000       53,88,045          -5,83,830         1,41,615
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       53,88,045          -5,83,830         1,41,615
               26,500       45,36,350            9,30,605             95,857
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500       57,85,130            7,07,590             98,729
               25,000       45,52,080          -3,01,730             94,807
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,500       57,85,130            7,07,590             98,729
               25,350          5,63,745            4,01,635             13,940
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,000       45,52,080          -3,01,730             94,807
               25,300       15,58,960          -2,53,890             31,104
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       57,85,130            7,07,590             98,729
               25,000       45,52,080          -3,01,730             94,807

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60669.35. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.013 against previous 0.912. 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 60700PE option, with open interest additions also seen in the 60700CE and 60500PE options. On the other hand, open interest reductions were prominent in the 60000CE, 60200CE, and 60100CE options. Trading volume was highest in the 60500CE option, followed by the 61000CE and 60600PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         60,669.35                1.013                  0.912               0.924
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,26,96,390      1,27,33,920           -37,530
 PUT:    1,28,56,170      1,16,11,470       12,44,700
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       15,29,820          -1,44,060             51,739
               61,000          6,95,700                -3,510         1,07,959
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               60,700          3,85,860            2,76,540             91,253
               60,600          2,28,720            1,14,570             97,138
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       15,29,820          -1,44,060             51,739
               60,200          1,81,080          -1,28,220             16,641
 Top CALL Volume:
 Strike OI OI Change Volume
               60,500          6,48,600               35,220         1,09,247
               61,000          6,95,700                -3,510         1,07,959
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       19,84,710               49,470             97,066
               58,000          8,93,340               54,030             35,200
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               60,700          3,25,860            2,86,200             89,391
               60,500          5,30,880            2,40,060             85,711
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               55,000          3,23,250              -29,550             14,340
               57,800             60,450              -27,240               3,497
 Top PUT Volume: 
 Strike OI OI Change Volume
               60,600          1,90,140            1,35,180             99,398
               60,000       19,84,710               49,470             97,066

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13868.65. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.193 against previous 1.084. The 14500CE option holds the maximum open interest, followed by the 13000PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 13800PE option, with open interest additions also seen in the 14500CE and 13400PE options. On the other hand, open interest reductions were prominent in the 67500CE, 67000CE, and 69100PE options. Trading volume was highest in the 14000CE option, followed by the 14100CE and 13800CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,868.65                1.193                  1.084               0.861
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       64,15,200         63,61,560             53,640
 PUT:       76,55,520         68,98,680         7,56,840
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500       11,28,360            2,14,320             11,247
               14,000          5,94,600          -1,92,960             23,397
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,500       11,28,360            2,14,320             11,247
               13,850          1,60,920            1,34,400               8,678
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,000          5,94,600          -1,92,960             23,397
               13,700          2,16,720          -1,66,200               7,911
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          5,94,600          -1,92,960             23,397
               14,100          2,31,600               76,560             22,249
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       10,35,000                -1,080             12,332
               12,000          5,45,520              -34,800               3,298
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,800          4,01,760            3,21,120             15,090
               13,400          4,51,800            1,73,520             10,147
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,500          5,36,520          -1,08,720               5,611
               13,300          2,68,440              -66,120               8,071
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,800          4,01,760            3,21,120             15,090
               13,000       10,35,000                -1,080             12,332

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

The Open Interest Volume Analysis for 9th February 2026 confirms that the market is structurally bullish but not euphoric, a healthy setup for positional traders. Short covering in NIFTY and SENSEX reduces downside risk, while fresh longs in BANKNIFTY and MIDCPNIFTY provide directional leadership.

From an options perspective, PCR readings above 1 across most indices signal comfort on the downside, with Max Pain levels acting as strong intraday reference zones rather than hard reversal points. This indicates range expansion is more likely than sharp reversals.

Actionable Strategy:

Prefer buy-on-dips in NIFTY above the 25800 zone with strict risk management.

Stay bullish-biased on BANKNIFTY, especially on intraday pullbacks, as long as Open Interest continues to expand with price.

MIDCAP traders should trail positions tightly, as rising OI with falling volume suggests accumulation but demands patience.

In summary, this Open Interest Volume Analysis suggests traders should align with the trend, respect key OI levels, and avoid aggressive counter-trend trades until fresh shorts emerge with price rejection. The derivative data currently favors discipline, not aggression.

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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