NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/02/2026

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Open Interest Volume Analysis

Open Interest Volume Analysis for 17/02/2026 clearly indicates a selective risk-on environment rather than a broad-based aggressive move. Index futures are showing mild price appreciation accompanied by falling volumes, which immediately tells us this is not a momentum-driven rally, but more of a positional adjustment phase.

In NIFTY, the marginal price rise with combined futures short covering and declining premium in near-month contracts signals that traders are lightening bearish bets, not chasing upside aggressively. This is reinforced by weekly option data clustering tightly around 25700, highlighting a range-bound but stable undertone.

BANKNIFTY stands out in the Open Interest Volume Analysis, where fresh long build-up in futures despite heavy volume contraction suggests strong hands entering via positional trades, especially through March series. This divergence between price, OI, and volume is critical for short-term traders.

MIDCPNIFTY presents a warning sign — spot strength masked by fresh shorts in both Feb and March futures. This negative divergence hints that smart money is using rallies to sell, making it the weakest structure among all tracked indices.

SENSEX data adds balance, with clear short covering and premium compression, suggesting index heavyweights are stabilizing but lack immediate expansion energy.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25725.4 (0.166%)

Combined = February + March + April

Combined Fut Open Interest Change: -0.14%

Combined Fut Volume Change: -3.56%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 13% Previous 12%

NIFTY FEBRUARY Future closed at: 25739.4 (0.086%)

February Fut Premium 14 (Decreased by -20.45 points)

February Fut Open Interest Change: -0.92%

February Fut Volume Change: -3.10%

February Fut Open Interest Analysis: Short Covering

NIFTY March Future closed at: 25898.7 (0.076%)

March Fut Premium 173.3 (Decreased by -22.95 points)

March Fut Open Interest Change: 6.31%

March Fut Volume Change: 1.01%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.099 (Increased from 1.079)

Put-Call Ratio (Volume): 0.956

Max Pain Level: 25700

Maximum CALL Open Interest: 25750

Maximum PUT Open Interest: 25700

Highest CALL Addition: 25750

Highest PUT Addition: 25700

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

Put-Call Ratio (Open Interest): 0.973 (Increased from 0.971)

Put-Call Ratio (Volume): 0.857

Max Pain Level: 25700

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 61174 (0.369%)

Combined = February + March + April

Combined Fut Open Interest Change: 6.88%

Combined Fut Volume Change: -24.21%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 19% Previous 15%

BANKNIFTY FEBRUARY Future closed at: 61112.8 (0.236%)

February Fut Discount -61.2 (Decreased by -80.9 points)

February Fut Open Interest Change: 2.1%

February Fut Volume Change: -33.7%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY MARCH Future closed at: 61471.6 (0.277%)

March Fut Discount 297.6 (Decreased by -55.1 points)

March Fut Open Interest Change: 41.10%

March Fut Volume Change: 33.30%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.296 (Increased from 1.146)

Put-Call Ratio (Volume): 0.873

Max Pain Level: 60500

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 61100

Highest PUT Addition: 60000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13664.35 (0.166%)

Combined = February + March + April

Combined Fut Open Interest Change: 3.70%

Combined Fut Volume Change: -23.78%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 6% Previous 6%

MIDCPNIFTY FEBRUARY Future closed at: 13671.3 (-0.045%)

February Fut Premium 6.95 (Decreased by -28.7 points)

February Fut Open Interest Change: 3.31%

February Fut Volume Change: -25.05%

February Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY MARCH Future closed at: 13744.5 (-0.044%)

March Fut Premium 80.15 (Decreased by -28.7 points)

March Fut Open Interest Change: 12.51%

March Fut Volume Change: -12.35%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.877 (Increased from 0.849)

Put-Call Ratio (Volume): 0.714

Max Pain Level: 13650

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14500

Highest PUT Addition: 13700

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 83,450.96 (0.209%)

SENSEX Monthly Future closed at: 83,580.05 (0.140%)

Premium: 129.09 (Decreased by -57.16 points)

Open Interest Change: -4.41%

Volume Change: -13.01%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.144 (Decreased from 1.148)

Put-Call Ratio (Volume): 0.866

Max Pain Level: 83500

Maximum CALL OI: 85000

Maximum PUT OI: 80000

Highest CALL Addition: 85000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 995.21 Cr.

DIIs Net BUY: ₹187.04 Cr.

FII Derivatives Activity

FII Trading Stats17.02.2616.02.2613.02.26
FII Cash (Provisional Data)995.21-972.13-7,395.41
    
Index Future Open Interest Long Ratio21.27%20.06%19.37%
Index Future Volume Long Ratio57.33%54.10%30.73%
Call Option Open Interest Long Ratio51.61%51.29%50.83%
Call Option Volume Long Ratio49.93%50.03%50.27%
Put Option Open Interest Long Ratio62.17%59.36%62.09%
Put Option Volume Long Ratio49.76%49.80%50.72%
Stock Future Open Interest Long Ratio59.19%59.49%59.46%
Stock Future Volume Long Ratio47.78%50.49%47.51%
    
Index FuturesFresh LongFresh LongLong Covering
Index OptionsLong CoveringLong CoveringFresh Long
    
Nifty FuturesFresh LongFresh LongFresh Short
Nifty OptionsLong CoveringLong CoveringFresh Long
    
BankNifty FuturesFresh LongFresh LongLong Covering
BankNifty OptionsFresh LongFresh ShortFresh Short
    
FinNifty FuturesLong CoveringLong CoveringShort Covering
FinNifty OptionsFresh ShortShort CoveringShort Covering
    
MidcpNifty FuturesFresh ShortFresh ShortLong Covering
MidcpNifty OptionsFresh ShortFresh ShortFresh Short
    
NiftyNxt50 FuturesFresh LongShort CoveringLong Covering
NiftyNxt50 OptionsFresh ShortFresh LongShort Covering
    
Stock FuturesFresh ShortFresh LongLong Covering
Stock OptionsFresh LongFresh ShortFresh Long

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 83450.96. The SENSEX weekly expiry for FEBRUARY 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.144 against previous 1.148. The 80000PE option holds the maximum open interest, followed by the 85000CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 80000PE and 86000CE options. On the other hand, open interest reductions were prominent in the 82900CE, 90000CE, and 83000CE options. Trading volume was highest in the 83500CE option, followed by the 83000PE and 83500PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:19-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
83450.961.1441.1480.866
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,92,73,100    1,10,38,000           82,35,100
PUT:  2,20,57,600    1,26,76,280           93,81,320
Top CALL Open Interest:
StrikeOIOI ChangeVolume
85000      16,19,440        11,85,000        1,09,74,160
86000      15,26,480          8,39,320           80,88,000
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
85000      16,19,440        11,85,000        1,09,74,160
86000      15,26,480          8,39,320           80,88,000
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
82900            87,200        -1,21,040           24,37,200
90000        2,21,460            -83,320           10,90,320
Top CALL Volume:
StrikeOIOI ChangeVolume
83500        9,66,080          5,92,880        3,26,06,840
83400        3,36,440          1,93,780        2,06,12,780
Top PUT Open Interest:
StrikeOIOI ChangeVolume
80000      17,86,840        11,41,700           74,64,420
83000      12,96,160          5,20,720        2,53,90,860
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
80000      17,86,840        11,41,700           74,64,420
79000      11,43,320          6,91,960           51,32,220
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
76500        1,06,220            -43,800              7,81,680
72000        1,01,580            -37,500              5,13,680
Top PUT Volume:
StrikeOIOI ChangeVolume
83000      12,96,160          5,20,720        2,53,90,860
83500        7,20,540          5,20,420        2,06,34,800

NIFTY Weekly Expiry (17/02/2026)

The NIFTY index closed at 25725.4. The NIFTY weekly expiry for FEBRUARY 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.099 against previous 1.079. The 25700PE option holds the maximum open interest, followed by the 25750CE and 25600PE options. Market participants have shown increased interest with significant open interest additions in the 25700PE option, with open interest additions also seen in the 25750CE and 25650PE options. On the other hand, open interest reductions were prominent in the 24500PE, 25500PE, and 26500CE options. Trading volume was highest in the 25750CE option, followed by the 25700PE and 25700CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:17-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,725.40                1.099                  1.079               0.956
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 16,09,72,955   17,49,95,275 -1,40,22,320
 PUT: 17,69,17,325   18,87,37,380 -1,18,20,055
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,750    2,67,13,895      2,14,16,525   5,00,77,772
               25,800    1,07,68,290            8,80,685   3,13,92,193
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,750    2,67,13,895      2,14,16,525   5,00,77,772
               25,800    1,07,68,290            8,80,685   3,13,92,193
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,500       69,79,765        -54,21,715       16,61,838
               26,000    1,02,88,720        -34,01,060       54,16,836
 Top CALL Volume:
 Strike OI OI Change Volume
               25,750    2,67,13,895      2,14,16,525   5,00,77,772
               25,700       90,11,405            7,20,785   3,91,88,481
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,700    2,96,94,730      2,32,28,400   4,78,63,840
               25,600    1,19,75,795         14,59,185   2,41,68,895
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,700    2,96,94,730      2,32,28,400   4,78,63,840
               25,650    1,07,65,885         56,24,255   3,45,75,426
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,500       63,58,950        -60,12,240       13,98,657
               25,500       84,97,125        -56,42,325       99,43,556
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,700    2,96,94,730      2,32,28,400   4,78,63,840
               25,650    1,07,65,885         56,24,255   3,45,75,426

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25725.4. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.973 against previous 0.971. The 27000CE 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 27000CE option, with open interest additions also seen in the 24000PE and 26200CE options. On the other hand, open interest reductions were prominent in the 27600CE, 25300CE, and 27000PE options. Trading volume was highest in the 25700CE option, followed by the 26000CE and 25700PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,725.40                0.973                  0.971               0.857
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 10,03,38,680      7,28,60,775   2,74,77,905
 PUT:    9,76,69,065      7,07,76,745   2,68,92,320
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000       96,23,380         39,36,465         2,51,139
               26,000       89,34,705         16,23,960         6,20,781
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,000       96,23,380         39,36,465         2,51,139
               26,200       47,60,730         23,70,225         2,60,599
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,600          4,78,140          -1,29,675             12,636
               25,300          9,83,190              -60,515             22,045
 Top CALL Volume:
 Strike OI OI Change Volume
               25,700       44,01,865         14,49,110         6,86,295
               26,000       89,34,705         16,23,960         6,20,781
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       73,83,350            9,64,535         2,60,703
               25,500       71,09,700         10,14,000         4,88,821
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       67,32,765         30,32,705         2,02,012
               25,700       46,66,740         19,73,595         5,86,350
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               27,000       10,73,085              -44,395               3,030
               25,300       24,76,370              -33,020         1,98,723
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,700       46,66,740         19,73,595         5,86,350
               25,600       42,19,410         12,30,450         5,79,680

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 61174. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.296 against previous 1.146. 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 60000PE option, with open interest additions also seen in the 58000PE and 61000PE options. On the other hand, open interest reductions were prominent in the 60800CE, 60500CE, and 60900CE options. Trading volume was highest in the 61000CE option, followed by the 61000PE and 61100CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         61,174.00                1.296                  1.146               0.873
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,43,33,850      1,37,44,770         5,89,080
 PUT:    1,85,75,280      1,57,45,440       28,29,840
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       14,10,630              -58,290             24,726
               61,000          8,70,330              -60,420         3,24,020
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               61,100          3,57,480            2,41,770         1,58,266
               61,200          3,55,200            1,93,680         1,57,390
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,800          2,30,850          -1,56,840         1,32,533
               60,500          5,66,340          -1,08,540             99,242
 Top CALL Volume:
 Strike OI OI Change Volume
               61,000          8,70,330              -60,420         3,24,020
               61,100          3,57,480            2,41,770         1,58,266
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       25,48,500            3,68,400         1,31,115
               58,000       12,06,630            3,12,660             62,272
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               60,000       25,48,500            3,68,400         1,31,115
               58,000       12,06,630            3,12,660             62,272
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,400             29,610              -44,340               5,538
               60,800          3,96,900              -40,290         1,06,539
 Top PUT Volume: 
 Strike OI OI Change Volume
               61,000          8,66,730            2,84,520         1,99,856
               60,500          9,43,230               65,940         1,33,794

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13664.35. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.877 against previous 0.849. 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 13700PE option, with open interest additions also seen in the 13200PE and 14500CE options. On the other hand, open interest reductions were prominent in the 69500CE, 67000CE, and 67000CE options. Trading volume was highest in the 13700CE option, followed by the 13800CE and 13900CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:24-02-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,664.35                0.877                  0.849               0.714
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       92,55,000         86,70,600         5,84,400
 PUT:       81,12,600         73,57,200         7,55,400
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500       12,24,240            1,41,720               6,211
               14,000       10,11,960               17,640             18,801
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,500       12,24,240            1,41,720               6,211
               13,700          8,30,880            1,02,840             30,937
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,600          2,94,720              -34,560             14,740
               14,800             91,680              -34,200               1,429
 Top CALL Volume:
 Strike OI OI Change Volume
               13,700          8,30,880            1,02,840             30,937
               13,800          3,94,320               64,440             28,442
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       10,59,000               20,160               9,397
               13,700          5,27,640            2,02,320             17,430
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,700          5,27,640            2,02,320             17,430
               13,200          4,07,160            1,47,480               8,031
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,500          4,25,880              -57,360             11,848
               12,900          1,09,320              -15,840               1,781
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,600          4,61,760                  4,680             18,274
               13,700          5,27,640            2,02,320             17,430

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

NIFTY

Open Interest Volume Analysis shows controlled short covering, not aggressive long creation.

Weekly options tightly aligned with 25700 Max Pain, and rising PCR suggests strong base formation.

Actionable View:

Expect range play between 25650–25850.

Positional longs only above 25850 with volume expansion; otherwise, favor option selling strategies near extremes.

BANKNIFTY

Strongest structure across indices. Fresh longs in futures + rising rollover + high PCR (1.29) confirms institutional accumulation.

Despite futures trading at a discount, this reflects rollover-driven positioning, not weakness.

Actionable View:

Buy-on-dips remains the preferred strategy.

A sustained move above 61200 can trigger short-covering-led momentum expansion.

MIDCPNIFTY

Open Interest Volume Analysis clearly flags distribution. Fresh shorts in futures despite spot stability is a classic bull trap signature.

Monthly options show heavy call writing at higher strikes, capping upside.

Actionable View:

Avoid aggressive longs.

Any rally toward 13800–13900 is likely to face selling pressure.

SENSEX

Short covering with declining volumes indicates defensive repositioning, not fresh optimism.

Option data shows equilibrium around 83500, limiting directional bias.

Actionable View:

Expect consolidation with mild positive bias.

Directional trades only on break beyond 84000 or below 83000.

Final Market Read

Open Interest Volume Analysis confirms a market in balance, where banks are leading, large caps are stabilizing, and midcaps are being cautiously sold into strength.

Traders should respect range boundaries, focus on index-specific strength, and avoid over-leveraging until volume expansion validates direction.

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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