NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 13/02/2026

Open Interest Volume Analysis clearly signals rising risk-off sentiment across Indian equity derivatives, as NIFTY, MIDCPNIFTY and SENSEX all witnessed price decline accompanied by aggressive Open Interest build-up, a textbook case of fresh short formation.

In NIFTY, the combination of 6.79% OI expansion and 56.78% volume surge alongside a 1.3% price drop confirms institutional short aggression, not panic selling — this is positional, not emotional.

Weekly and Monthly PCRs collapsing sharply below 1 indicate call writers gaining control, while Max Pain clustering near 25550–25600 suggests traders are positioning for sell-on-rise behaviour rather than bottom fishing.

BANKNIFTY stands out as a relative outperformer, where long covering (OI down, price down) hints that downside momentum is losing steam, making it a potential mean-reversion candidate rather than a fresh shorting opportunity.

MIDCPNIFTY reflect structural weakness, with fresh shorts in longer expiries, signaling broader market discomfort beyond frontline indices.

Overall, Open Interest Volume Analysis reveals smart money reducing long exposure and actively hedging downside, keeping volatility elevated and intraday pullbacks vulnerable to renewed selling.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25471.1 (-1.302%)

Combined = February + March + April

Combined Fut Open Interest Change: 6.79%

Combined Fut Volume Change: 56.78%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 11%

NIFTY FEBRUARY Future closed at: 25518.8 (-1.313%)

February Fut Premium 47.7 (Decreased by -3.3 points)

February Fut Open Interest Change: 5.72%

February Fut Volume Change: 48.56%

February Fut Open Interest Analysis: Fresh Short

NIFTY March Future closed at: 25688.6 (-1.294%)

March Fut Premium 217.5 (Decreased by -0.6 points)

March Fut Open Interest Change: 16.30%

March Fut Volume Change: 97.93%

March Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (17/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.454 (Decreased from 0.611)

Put-Call Ratio (Volume): 1.123

Max Pain Level: 25550

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25600

Highest PUT Addition: 25000

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

Put-Call Ratio (Open Interest): 0.927 (Decreased from 1.113)

Put-Call Ratio (Volume): 0.952

Max Pain Level: 25600

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25600

Highest PUT Addition: 25600

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60186.65 (-0.911%)

Combined = February + March + April

Combined Fut Open Interest Change: -11.28%

Combined Fut Volume Change: 33.10%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 14% Previous 13%

BANKNIFTY FEBRUARY Future closed at: 60320.6 (-0.783%)

February Fut Premium 133.95 (Increased by 77.1 points)

February Fut Open Interest Change: -12.0%

February Fut Volume Change: 27.0%

February Fut Open Interest Analysis: Long Covering

BANKNIFTY MARCH Future closed at: 60702.4 (-0.721%)

March Fut Premium 515.75 (Increased by 112.3 points)

March Fut Open Interest Change: -5.77%

March Fut Volume Change: 110.53%

March Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.866 (Decreased from 1.094)

Put-Call Ratio (Volume): 1.283

Max Pain Level: 60000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 60500

Highest PUT Addition: 56500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13628.35 (-1.908%)

Combined = February + March + April

Combined Fut Open Interest Change: 0.22%

Combined Fut Volume Change: 22.68%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 5%

MIDCPNIFTY FEBRUARY Future closed at: 13630.35 (-1.913%)

February Fut Premium 2 (Decreased by -0.7 points)

February Fut Open Interest Change: -0.65%

February Fut Volume Change: 16.32%

February Fut Open Interest Analysis: Long Covering

MIDCPNIFTY MARCH Future closed at: 13711 (-1.786%)

March Fut Premium 82.65 (Increased by 15.85 points)

March Fut Open Interest Change: 21.34%

March Fut Volume Change: 161.61%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.901 (Decreased from 1.118)

Put-Call Ratio (Volume): 0.995

Max Pain Level: 13650

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13700

Highest PUT Addition: 13300

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 82,626.76 (-1.253%)

SENSEX Monthly Future closed at: 82,829.40 (-1.276%)

Premium: 202.64 (Decreased by -22.49 points)

Open Interest Change: 18.68%

Volume Change: 15.09%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (19/02/2026) Option Analysis

Put-Call Ratio (OI): 0.558 (Decreased from 0.723)

Put-Call Ratio (Volume): 1.360

Max Pain Level: 83000

Maximum CALL OI: 83000

Maximum PUT OI: 80000

Highest CALL Addition: 83000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 7,395.41 Cr.

DIIs Net BUY: ₹ 5,553.96 Cr.

FII Derivatives Activity

FII Trading Stats	13.02.26	12.02.26	11.02.26
FII Cash (Provisional Data)	-7,395.41	108.42	943.81
Index Future Open Interest Long Ratio	19.37%	22.01%	22.14%
Index Future Volume Long Ratio	30.73%	48.47%	52.50%
Call Option Open Interest Long Ratio	50.83%	49.36%	50.53%
Call Option Volume Long Ratio	50.27%	49.71%	49.90%
Put Option Open Interest Long Ratio	62.09%	58.97%	58.72%
Put Option Volume Long Ratio	50.72%	50.18%	49.63%
Stock Future Open Interest Long Ratio	59.46%	59.88%	60.08%
Stock Future Volume Long Ratio	47.51%	48.99%	49.34%
Index Futures	Long Covering	Long Covering	Fresh Long
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Fresh Long
Nifty Options	Fresh Long	Fresh Long	Fresh Short
BankNifty Futures	Long Covering	Short Covering	Fresh Long
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Short Covering	Fresh Long	Short Covering
FinNifty Options	Short Covering	Fresh Short	Short Covering
MidcpNifty Futures	Long Covering	Fresh Short	Long Covering
MidcpNifty Options	Fresh Short	Long Covering	Fresh Long
NiftyNxt50 Futures	Long Covering	Fresh Short	Fresh Long
NiftyNxt50 Options	Short Covering	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Short	Fresh Short
Stock Options	Fresh Long	Fresh Short	Fresh Short

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 (19/02/2026)

The SENSEX index closed at 82626.76. The SENSEX weekly expiry for FEBRUARY 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.558 against previous 0.723. The 83000CE option holds the maximum open interest, followed by the 87000CE and 88000CE options. Market participants have shown increased interest with significant open interest additions in the 83000CE option, with open interest additions also seen in the 87000CE and 88000CE options. On the other hand, open interest reductions were prominent in the 83800PE, 84000PE, and 83700PE options. Trading volume was highest in the 83000PE option, followed by the 83000CE and 82800PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	19-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82626.76	0.558	0.723	1.360
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,20,83,040	51,74,700	69,08,340
PUT:	67,47,040	37,40,400	30,06,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
83000	8,53,680	7,71,140	2,20,27,420
87000	7,62,820	5,48,160	43,38,760
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
83000	8,53,680	7,71,140	2,20,27,420
87000	7,62,820	5,48,160	43,38,760
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
86200	44,600	-16,800	4,82,900
84700	1,01,280	-7,120	14,62,560
Top CALL Volume:
Strike	OI	OI Change	Volume
83000	8,53,680	7,71,140	2,20,27,420
82900	3,21,300	3,11,620	1,21,62,640
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	4,82,520	3,33,680	36,99,120
83000	4,19,800	1,89,560	2,58,47,820
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	4,82,520	3,33,680	36,99,120
82600	2,39,680	2,11,620	91,09,200
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
83800	65,100	-1,10,360	4,99,660
84000	2,01,800	-1,00,280	5,72,620
Top PUT Volume:
Strike	OI	OI Change	Volume
83000	4,19,800	1,89,560	2,58,47,820
82800	1,89,460	1,62,360	2,14,90,400

NIFTY Weekly Expiry (17/02/2026)

The NIFTY index closed at 25471.1. The NIFTY weekly expiry for FEBRUARY 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.454 against previous 0.611. The 26000CE option holds the maximum open interest, followed by the 27000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25600CE option, with open interest additions also seen in the 25500CE and 25700CE options. On the other hand, open interest reductions were prominent in the 25800PE, 25700PE, and 25900PE options. Trading volume was highest in the 25500PE option, followed by the 25600PE and 25550PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	17-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,471.10	0.454	0.611	1.123
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	24,79,82,215	17,58,12,130	7,21,70,085
PUT:	11,26,10,550	10,73,68,495	52,42,055
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,67,64,150	2,54,995	18,42,271
27,000	1,62,90,950	23,03,795	11,78,502
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	1,28,24,565	1,21,59,095	61,05,752
25,500	92,95,780	85,40,740	35,28,388
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,150	27,55,090	-19,96,150	5,82,149
26,250	27,97,340	-7,59,590	5,20,679
Top CALL Volume:
Strike	OI	OI Change	Volume
25,600	1,28,24,565	1,21,59,095	61,05,752
25,550	54,60,520	53,50,085	36,54,187
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	82,92,765	27,45,405	13,98,332
24,500	75,77,050	-9,18,385	8,33,716
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	82,92,765	27,45,405	13,98,332
25,300	60,98,300	17,36,280	23,36,105
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,800	22,19,360	-39,21,970	6,67,994
25,700	18,30,725	-30,41,220	17,88,007
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	65,67,600	12,23,820	83,67,890
25,600	39,65,910	3,94,680	67,18,873

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25471.1. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.927 against previous 1.113. 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 25600CE option, with open interest additions also seen in the 25500CE and 25700CE options. On the other hand, open interest reductions were prominent in the 25900PE, 25700PE, and 25800PE options. Trading volume was highest in the 25500PE option, followed by the 26000CE and 25000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,471.10	0.927	1.113	0.952
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,04,87,505	5,07,04,160	97,83,345
PUT:	5,60,97,600	5,64,20,390	-3,22,790
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	69,20,095	7,12,725	2,95,037
26,500	41,51,420	-6,37,260	1,08,818
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	30,39,270	22,87,805	2,06,059
25,500	35,65,640	14,19,600	1,57,672
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	41,51,420	-6,37,260	1,08,818
26,350	2,83,270	-2,90,290	25,507
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	69,20,095	7,12,725	2,95,037
25,600	30,39,270	22,87,805	2,06,059
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	52,68,705	-1,83,755	3,23,734
25,000	49,27,780	-36,465	2,11,022
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,600	31,13,760	9,36,390	2,01,702
24,500	32,17,045	6,56,565	85,006
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,900	11,18,000	-8,11,655	38,638
25,700	17,66,570	-7,41,715	96,757
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	52,68,705	-1,83,755	3,23,734
25,000	49,27,780	-36,465	2,11,022

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60186.65. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.866 against previous 1.094. The 60000PE option holds the maximum open interest, followed by the 60000CE and 60500CE options. Market participants have shown increased interest with significant open interest additions in the 60500CE option, with open interest additions also seen in the 62500CE and 60400CE options. On the other hand, open interest reductions were prominent in the 60700PE, 60500PE, and 57000PE options. Trading volume was highest in the 60500PE option, followed by the 60000PE and 60500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,186.65	0.866	1.094	1.283
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,50,68,940	1,39,61,640	11,07,300
PUT:	1,30,56,900	1,52,78,490	-22,21,590
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	15,71,670	86,310	60,700
60,500	9,67,260	2,95,590	1,85,188
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,500	9,67,260	2,95,590	1,85,188
62,500	8,54,430	1,97,610	44,304
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
61,300	3,83,520	-65,190	27,804
63,900	20,430	-51,210	4,298
Top CALL Volume:
Strike	OI	OI Change	Volume
60,500	9,67,260	2,95,590	1,85,188
61,000	8,78,910	49,110	98,078
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	20,96,070	-1,57,410	2,08,013
58,000	8,42,370	-46,050	39,476
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,500	2,84,700	28,590	18,226
58,500	6,01,290	27,390	38,074
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
60,700	3,24,780	-2,44,860	63,642
60,500	5,92,710	-2,35,890	2,27,194
Top PUT Volume:
Strike	OI	OI Change	Volume
60,500	5,92,710	-2,35,890	2,27,194
60,000	20,96,070	-1,57,410	2,08,013

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13628.35. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.901 against previous 1.118. 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 13700CE option, with open interest additions also seen in the 14100CE and 13900CE options. On the other hand, open interest reductions were prominent in the 69000PE, 71000CE, and 67500PE options. Trading volume was highest in the 13500PE option, followed by the 13900CE and 13700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,628.35	0.901	1.118	0.995
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	81,46,800	71,33,520	10,13,280
PUT:	73,36,200	79,76,520	-6,40,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	11,13,240	25,680	8,782
14,000	8,83,320	15,600	21,808
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,700	4,83,240	3,12,000	25,495
14,100	5,61,720	1,62,480	16,527
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	3,95,520	-25,920	2,311
14,250	23,160	-20,640	715
Top CALL Volume:
Strike	OI	OI Change	Volume
13,900	5,00,760	1,18,080	30,763
13,700	4,83,240	3,12,000	25,495
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	11,18,040	14,040	16,788
13,500	4,75,920	-18,240	31,826
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,300	3,75,480	73,080	10,889
13,650	89,160	56,400	12,039
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,800	2,85,720	-1,53,600	12,460
13,900	1,88,520	-1,10,880	4,237
Top PUT Volume:
Strike	OI	OI Change	Volume
13,500	4,75,920	-18,240	31,826
13,700	4,03,320	12,720	30,244

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

The dominant derivative theme remains “sell on rise”, especially in NIFTY, MIDCPNIFTY and SENSEX, where fresh shorts + falling PCR + heavy call writing confirm bearish control.

NIFTY resistance is firmly placed near 25600–26000, backed by highest Call OI and fresh call additions, making bullish breakouts low probability unless short covering emerges.

BANKNIFTY requires a different lens — sustained OI reduction with price stability suggests short-term downside exhaustion, favoring range trades rather than momentum shorts.

Weekly expiry traders should respect Max Pain levels, as deviation from these zones is being quickly neutralized by option writers.

Positional traders: Stay defensive, hedge longs aggressively, or deploy bear spreads.

From a strategy standpoint:

Intraday traders: Favor short rallies near resistance, avoid bottom fishing.

Options writers: Call writing remains dominant but should be actively risk-managed due to rising volumes.

In summary, Open Interest Volume Analysis confirms that institutions are not betting on a V-shaped recovery yet. Until OI contraction or short covering appears, the market remains fragile, reactive, and volatility-driven.

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