NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 16/02/2026

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Open Interest Volume Analysis

The 16th February 2026 session delivered a risk-on undertone across headline indices, and a detailed Open Interest Volume Analysis confirms that the rally was structurally healthier than it appeared on price alone.

NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX all closed higher, but the derivative data clearly differentiates where strength is genuine and where it is merely short covering.

A sharp reduction in near-month futures open interest combined with falling volumes in NIFTY and SENSEX signals forced short exits rather than aggressive fresh longs, while BANKNIFTY stands out with strong fresh long accumulation supported by rising OI and volume.

Options data across weekly and monthly expiries further strengthens the bullish bias, with Put-Call Ratios rising sharply, Max Pain shifting upward, and PUT writing dominating near support zones—a classic sign of smart money positioning ahead of continuation moves.

In this environment, traders must rely less on headlines and more on Open Interest Volume Analysis to identify which indices are poised for follow-through and which may stall after a relief rally.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25682.75 (0.831%)

Combined = February + March + April

Combined Fut Open Interest Change: -3.05%

Combined Fut Volume Change: -26.34%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 12% Previous 11%

NIFTY FEBRUARY Future closed at: 25717.2 (0.777%)

February Fut Premium 34.45 (Decreased by -13.25 points)

February Fut Open Interest Change: -3.63%

February Fut Volume Change: -27.42%

February Fut Open Interest Analysis: Short Covering

NIFTY March Future closed at: 25879 (0.741%)

March Fut Premium 196.25 (Decreased by -21.25 points)

March Fut Open Interest Change: 3.00%

March Fut Volume Change: -12.97%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.079 (Increased from 0.454)

Put-Call Ratio (Volume): 0.821

Max Pain Level: 25650

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 25750

Highest PUT Addition: 25500

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

Put-Call Ratio (Open Interest): 0.971 (Increased from 0.927)

Put-Call Ratio (Volume): 0.802

Max Pain Level: 25700

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27300

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60949.1 (1.267%)

Combined = February + March + April

Combined Fut Open Interest Change: 13.47%

Combined Fut Volume Change: 23.74%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 15% Previous 14%

BANKNIFTY FEBRUARY Future closed at: 60968.8 (1.075%)

February Fut Premium19.7 (Decreased by -114.25 points)

February Fut Open Interest Change: 11.4%

February Fut Volume Change: 18.3%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY MARCH Future closed at: 61301.8 (0.987%)

March Fut Premium352.7 (Decreased by -163.05 points)

March Fut Open Interest Change: 26.28%

March Fut Volume Change: 72.81%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.146 (Increased from 0.866)

Put-Call Ratio (Volume): 0.789

Max Pain Level: 60400

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 61500

Highest PUT Addition: 61000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13641.75 (0.098%)

Combined = February + March + April

Combined Fut Open Interest Change: -0.37%

Combined Fut Volume Change: -23.17%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 6% Previous 6%

MIDCPNIFTY FEBRUARY Future closed at: 13677.4 (0.345%)

February Fut Premium 35.65 (Increased by 33.65 points)

February Fut Open Interest Change: -0.84%

February Fut Volume Change: -25.24%

February Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MARCH Future closed at: 13750.6 (0.289%)

March Fut Premium 108.85 (Increased by 26.2 points)

March Fut Open Interest Change: 7.41%

March Fut Volume Change: -0.51%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.849 (Decreased from 0.901)

Put-Call Ratio (Volume): 0.608

Max Pain Level: 13600

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13700

Highest PUT Addition: 13600

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 83,277.15 (0.787%)

SENSEX Monthly Future closed at: 83,463.40 (0.765%)

Premium: 186.25 (Decreased by -16.39 points)

Open Interest Change: -11.06%

Volume Change: -22.44%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.148 (Increased from 0.558)

Put-Call Ratio (Volume): 0.818

Max Pain Level: 83100

Maximum CALL OI: 84500

Maximum PUT OI: 83000

Highest CALL Addition: 84500

Highest PUT Addition: 78000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 972.13 Cr.

DIIs Net BUY: ₹ 1,666.98 Cr.

FII Derivatives Activity

FII Trading Stats16.02.2613.02.2612.02.26
FII Cash (Provisional Data)-972.13-7,395.41108.42
    
Index Future Open Interest Long Ratio20.06%19.37%22.01%
Index Future Volume Long Ratio54.10%30.73%48.47%
Call Option Open Interest Long Ratio51.29%50.83%49.36%
Call Option Volume Long Ratio50.03%50.27%49.71%
Put Option Open Interest Long Ratio59.36%62.09%58.97%
Put Option Volume Long Ratio49.80%50.72%50.18%
Stock Future Open Interest Long Ratio59.49%59.46%59.88%
Stock Future Volume Long Ratio50.49%47.51%48.99%
    
Index FuturesFresh LongLong CoveringLong Covering
Index OptionsLong CoveringFresh LongFresh Short
    
Nifty FuturesFresh LongFresh ShortFresh Short
Nifty OptionsLong CoveringFresh LongFresh Long
    
BankNifty FuturesFresh LongLong CoveringShort Covering
BankNifty OptionsFresh ShortFresh ShortFresh Short
    
FinNifty FuturesLong CoveringShort CoveringFresh Long
FinNifty OptionsShort CoveringShort CoveringFresh Short
    
MidcpNifty FuturesFresh ShortLong CoveringFresh Short
MidcpNifty OptionsFresh ShortFresh ShortLong Covering
    
NiftyNxt50 FuturesShort CoveringLong CoveringFresh Short
NiftyNxt50 OptionsFresh LongShort CoveringFresh Long
    
Stock FuturesFresh LongLong CoveringFresh Short
Stock OptionsFresh ShortFresh LongFresh 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

SENSEX Weekly Expiry (19/02/2026)

The SENSEX index closed at 83277.15. The SENSEX weekly expiry for FEBRUARY 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.148 against previous 0.558. The 84500CE option holds the maximum open interest, followed by the 83000PE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 78000PE option, with open interest additions also seen in the 82500PE and 83000PE options. On the other hand, open interest reductions were prominent in the 88000CE, 83000CE, and 82800CE options. Trading volume was highest in the 83000CE option, followed by the 82500PE and 83000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:19-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
83277.151.1480.5580.818
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,10,38,000    1,20,83,040          -10,45,040
PUT:  1,26,76,280        67,47,040           59,29,240
Top CALL Open Interest:
StrikeOIOI ChangeVolume
84500        8,29,820          2,05,400           62,33,840
84000        6,94,240                2,740        1,08,94,000
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
84500        8,29,820          2,05,400           62,33,840
84600        2,54,820          1,08,540           19,34,220
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
88000        4,11,380        -2,93,060           31,93,960
83000        6,06,980        -2,46,700        2,62,13,220
Top CALL Volume:
StrikeOIOI ChangeVolume
83000        6,06,980        -2,46,700        2,62,13,220
82800        1,25,780        -2,02,560        1,51,08,400
Top PUT Open Interest:
StrikeOIOI ChangeVolume
83000        7,75,440          3,55,640        1,59,83,260
81500        6,68,560          3,45,620           51,90,400
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
78000        6,22,180          4,40,040           30,42,560
82500        6,31,200          3,88,600        1,70,73,140
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
83800            49,000            -16,100              1,51,420
77700              9,680              -4,420                 77,900
Top PUT Volume:
StrikeOIOI ChangeVolume
82500        6,31,200          3,88,600        1,70,73,140
83000        7,75,440          3,55,640        1,59,83,260

NIFTY Weekly Expiry (17/02/2026)

The NIFTY index closed at 25682.75. The NIFTY weekly expiry for FEBRUARY 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.079 against previous 0.454. The 25500PE option holds the maximum open interest, followed by the 26000CE and 26500CE 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 25400PE options. On the other hand, open interest reductions were prominent in the 27000CE, 25600CE, and 25500CE options. Trading volume was highest in the 25600CE option, followed by the 25500PE and 25500CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:17-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,682.75                1.079                  0.454               0.821
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 17,49,95,275   24,79,82,215 -7,29,86,940
 PUT: 18,87,37,380   11,26,10,550   7,61,26,830
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000    1,36,89,780        -30,74,370       26,14,893
               26,500    1,24,01,480        -11,25,930       17,37,163
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,750       52,97,370            8,50,200       39,89,693
               26,550       17,26,075            3,10,310         3,58,114
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,000       88,22,840        -74,68,110       12,21,212
               25,600       57,53,345        -70,71,220   1,06,26,494
 Top CALL Volume:
 Strike OI OI Change Volume
               25,600       57,53,345        -70,71,220   1,06,26,494
               25,500       31,76,615        -61,19,165       81,80,009
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500    1,41,39,450         75,71,850       97,07,544
               24,500    1,23,71,190         47,94,140       16,20,575
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,500    1,41,39,450         75,71,850       97,07,544
               25,600    1,05,16,610         65,50,700       60,34,319
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,900       10,81,795          -7,19,225         1,16,702
               25,000       79,44,690          -3,48,075       15,32,682
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500    1,41,39,450         75,71,850       97,07,544
               25,400    1,01,20,955         56,36,930       60,63,257

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25682.75. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.971 against previous 0.927. The 26000CE option holds the maximum open interest, followed by the 25000PE and 25500PE options. Market participants have shown increased interest with significant open interest additions in the 27300CE option, with open interest additions also seen in the 27000CE and 24000PE options. On the other hand, open interest reductions were prominent in the 25600CE, 25500CE, and 26000PE options. Trading volume was highest in the 25500PE option, followed by the 26000CE and 25500CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,682.75                0.971                  0.927               0.802
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    7,28,60,775      6,04,87,505   1,23,73,270
 PUT:    7,07,76,745      5,60,97,600   1,46,79,145
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       73,10,745            3,90,650         3,43,801
               27,000       56,86,915         18,17,985         1,33,638
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,300       29,25,780         26,82,680             94,779
               27,000       56,86,915         18,17,985         1,33,638
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,600       22,38,600          -8,00,670         2,76,479
               25,500       32,94,785          -2,70,855         2,80,218
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       73,10,745            3,90,650         3,43,801
               25,500       32,94,785          -2,70,855         2,80,218
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       64,18,815         14,91,035         2,06,326
               25,500       60,95,700            8,26,995         3,76,964
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       37,00,060         15,39,915             79,450
               25,000       64,18,815         14,91,035         2,06,326
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       28,30,360          -2,13,980             40,242
               25,600       29,88,960          -1,24,800         2,14,510
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       60,95,700            8,26,995         3,76,964
               25,600       29,88,960          -1,24,800         2,14,510

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60949.1. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.146 against previous 0.866. The 60000PE option holds the maximum open interest, followed by the 60000CE and 61000CE options. Market participants have shown increased interest with significant open interest additions in the 61000PE option, with open interest additions also seen in the 60500PE and 60800PE options. On the other hand, open interest reductions were prominent in the 60500CE, 62500CE, and 60700CE options. Trading volume was highest in the 60500CE option, followed by the 61000CE and 60000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         60,949.10                1.146                  0.866               0.789
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,37,44,770      1,50,68,940     -13,24,170
 PUT:    1,57,45,440      1,30,56,900       26,88,540
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       14,68,920          -1,02,750             96,000
               61,000          9,30,750               51,840         2,18,579
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               61,500          6,08,640            1,13,370         1,07,788
               61,000          9,30,750               51,840         2,18,579
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,500          6,74,880          -2,92,380         2,42,110
               62,500          6,76,170          -1,78,260             60,019
 Top CALL Volume:
 Strike OI OI Change Volume
               60,500          6,74,880          -2,92,380         2,42,110
               61,000          9,30,750               51,840         2,18,579
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       21,80,100               84,030         2,01,433
               58,000          8,93,970               51,600             41,525
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               61,000          5,82,210            3,18,930             74,174
               60,500          8,77,290            2,84,580         1,60,253
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               54,000          1,85,280              -76,920             15,914
               57,300             43,620              -23,700               4,868
 Top PUT Volume: 
 Strike OI OI Change Volume
               60,000       21,80,100               84,030         2,01,433
               60,500          8,77,290            2,84,580         1,60,253

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13641.75. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.849 against previous 0.901. 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 13700CE option, with open interest additions also seen in the 13600CE and 13600PE options. On the other hand, open interest reductions were prominent in the 72500CE, 69500CE, and 66000PE options. Trading volume was highest in the 13800CE option, followed by the 13600CE and 13700CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,641.75                0.849                  0.901               0.608
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       86,70,600         81,46,800         5,23,800
 PUT:       73,57,200         73,36,200             21,000
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500       10,82,520              -30,720               5,632
               14,000          9,94,320            1,11,000             19,121
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,700          7,28,040            2,44,800             24,281
               13,600          3,29,280            1,20,360             26,050
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,500       10,82,520              -30,720               5,632
               13,650             84,960              -25,560               7,355
 Top CALL Volume:
 Strike OI OI Change Volume
               13,800          3,29,880              -10,560             39,317
               13,600          3,29,280            1,20,360             26,050
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       10,38,840              -79,200             11,457
               12,500          4,87,560               37,080               1,720
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,600          4,57,080            1,17,720             19,988
               12,500          4,87,560               37,080               1,720
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,000       10,38,840              -79,200             11,457
               13,700          3,25,320              -78,000               7,330
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,500          4,83,240                  7,320             21,387
               13,600          4,57,080            1,17,720             19,988

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

NIFTY:

The index rally is driven primarily by short covering, evident from declining futures OI and sharply lower volumes.

Weekly and monthly PCR expansion above 1 and Max Pain near 25650–25700 indicate strong downside cushioning, but lack of volume warns against aggressive breakout longs.

Action: Prefer buy-on-dips near 25650–25700 rather than chasing above 25800 unless fresh long OI build-up appears.

BANKNIFTY (Clear Leader):

Strong fresh long formation across February and March futures with double-digit OI and volume expansion confirms institutional accumulation.

Monthly PCR above 1.14 and heavy PUT additions near 61000 show confidence in higher levels.

Action: BANKNIFTY remains the best index to trade on the long side, with dips likely to be bought aggressively.

MIDCPNIFTY:

Price stability with short covering in near futures and fresh longs shifting to March suggests selective accumulation, not broad momentum.

Weak PCR and low volume participation imply range-bound behavior.

Action: Ideal for stock-specific trades, avoid index-level aggression until volume expands.

SENSEX:

Futures OI contraction with rising prices confirms a classic short-covering rally, reinforced by a strong jump in weekly PCR.

However, absence of fresh longs means upside may be gradual rather than explosive.

Action: Maintain positional longs with trailing stops, avoid leveraged fresh entries.

Final Market Read:

This session’s Open Interest Volume Analysis clearly shows a rotation-based rally, not a euphoric breakout.

BANKNIFTY is leading, NIFTY is stabilizing, and broader indices are selectively participating.

Traders who align positions with OI + volume confirmation rather than price alone are best positioned to capture the next directional move.

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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