NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/02/2026

If you look beyond the green close and focus on Open Interest Volume Analysis, the market message becomes far more nuanced. On 18/02/2026, NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX all closed higher, but the real story lies in how positions are shifting rather than price alone.

NIFTY’s combined futures show marginal OI and volume expansion, signaling selective fresh longs, but the sharp OI build-up in March contracts clearly indicates rollover-led positioning rather than aggressive bullish conviction. February shorts are being covered, but fresh risk appetite is moving cautiously into March.

Options data reinforces this guarded optimism. Rising PCR (OI) with muted volume PCR suggests put writing dominance, yet absence of aggressive call unwinding warns that upside is still being hedged. Max Pain hovering near current levels confirms that the market is comfortable—but not confident.

BANKNIFTY stands out in Open Interest Volume Analysis, showing strong OI and volume expansion across futures and options, hinting at institutional participation. However, continued futures discounts and heavy rollovers indicate that smart money is hedged, not chasing.

MIDCPNIFTY and SENSEX reflect a classic “participation lag”—prices inch higher, but options positioning and futures premium behavior show defensive optimism, suggesting traders are positioning for range expansion only after confirmation.

In short, the market is positive—but not fearless. The structure favors continuation only if supports hold, making risk management and patience essential at these levels.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25819.35 (0.365%)

Combined = February + March + April

Combined Fut Open Interest Change: 0.37%

Combined Fut Volume Change: 0.56%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 15% Previous 13%

NIFTY FEBRUARY Future closed at: 25827.8 (0.343%)

February Fut Premium 8.45 (Decreased by -5.55 points)

February Fut Open Interest Change: -2.34%

February Fut Volume Change: -7.51%

February Fut Open Interest Analysis: Short Covering

NIFTY March Future closed at: 25984 (0.329%)

March Fut Premium 164.65 (Decreased by -8.65 points)

March Fut Open Interest Change: 22.86%

March Fut Volume Change: 58.96%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.139 (Increased from 0.973)

Put-Call Ratio (Volume): 0.862

Max Pain Level: 25750

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25800

Highest PUT Addition: 25700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 61550.8 (0.616%)

Combined = February + March + April

Combined Fut Open Interest Change: 8.60%

Combined Fut Volume Change: 13.57%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 25% Previous 19%

BANKNIFTY FEBRUARY Future closed at: 61500.4 (0.634%)

February Fut Discount -50.4 (Increased by 10.8 points)

February Fut Open Interest Change: 0.2%

February Fut Volume Change: 9.4%

February Fut Open Interest Analysis: Fresh Long

BANKNIFTY MARCH Future closed at: 61853.8 (0.622%)

March Fut Discount 303 (Increased by 5.4 points)

March Fut Open Interest Change: 52.67%

March Fut Volume Change: 29.69%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.449 (Increased from 1.296)

Put-Call Ratio (Volume): 0.920

Max Pain Level: 60800

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 61700

Highest PUT Addition: 61500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13729.55 (0.477%)

Combined = February + March + April

Combined Fut Open Interest Change: 4.79%

Combined Fut Volume Change: 18.54%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 6%

MIDCPNIFTY FEBRUARY Future closed at: 13740.55 (0.507%)

February Fut Premium 11 (Increased by 4.05 points)

February Fut Open Interest Change: 4.54%

February Fut Volume Change: 17.86%

February Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY MARCH Future closed at: 13809.4 (0.472%)

March Fut Premium 79.85 (Decreased by -0.3 points)

March Fut Open Interest Change: 11.33%

March Fut Volume Change: 28.38%

March Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.855 (Decreased from 0.877)

Put-Call Ratio (Volume): 0.755

Max Pain Level: 13700

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13900

Highest PUT Addition: 13700

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 83,734.25 (0.339%)

SENSEX Monthly Future closed at: 83,815.60 (0.282%)

Premium: 81.35 (Decreased by -47.74 points)

Open Interest Change: -4.23%

Volume Change: 19.23%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.466 (Increased from 1.144)

Put-Call Ratio (Volume): 0.909

Max Pain Level: 83600

Maximum CALL OI: 85000

Maximum PUT OI: 81000

Highest CALL Addition: 84000

Highest PUT Addition: 81000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,154.34 Cr.

DIIs Net BUY: ₹ 440.34 Cr.

FII Derivatives Activity

FII Trading Stats	18.02.26	17.02.26	16.02.26
FII Cash (Provisional Data)	1,154.34	995.21	-972.13
Index Future Open Interest Long Ratio	22.82%	21.27%	20.06%
Index Future Volume Long Ratio	58.29%	57.33%	54.10%
Call Option Open Interest Long Ratio	51.63%	51.61%	51.29%
Call Option Volume Long Ratio	50.04%	49.93%	50.03%
Put Option Open Interest Long Ratio	59.48%	62.17%	59.36%
Put Option Volume Long Ratio	49.71%	49.76%	49.80%
Stock Future Open Interest Long Ratio	59.08%	59.19%	59.49%
Stock Future Volume Long Ratio	49.86%	47.78%	50.49%
Index Futures	Fresh Long	Fresh Long	Fresh Long
Index Options	Fresh Short	Long Covering	Long Covering
Nifty Futures	Short Covering	Fresh Long	Fresh Long
Nifty Options	Fresh Short	Long Covering	Long Covering
BankNifty Futures	Fresh Long	Fresh Long	Fresh Long
BankNifty Options	Long Covering	Fresh Long	Fresh Short
FinNifty Futures	Fresh Long	Long Covering	Long Covering
FinNifty Options	Fresh Long	Fresh Short	Short Covering
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Options	Short Covering	Fresh Short	Fresh Short
NiftyNxt50 Futures	Short Covering	Fresh Long	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Long Covering	Fresh Long	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 83734.25. The SENSEX weekly expiry for FEBRUARY 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.466 against previous 1.144. The 81000PE option holds the maximum open interest, followed by the 83000PE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 81000PE option, with open interest additions also seen in the 83300PE and 81500PE options. On the other hand, open interest reductions were prominent in the 83000CE, 83300CE, and 81900PE options. Trading volume was highest in the 83500CE option, followed by the 84000CE and 83000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	19-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
83734.25	1.466	1.144	0.909
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,60,66,280	1,92,73,100	67,93,180
PUT:	3,82,21,560	2,20,57,600	1,61,63,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	19,55,380	3,35,940	2,12,17,760
84500	18,79,900	5,65,420	3,56,60,320
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	17,85,320	7,52,460	13,03,89,720
84500	18,79,900	5,65,420	3,56,60,320
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
83000	3,20,080	-2,16,020	1,38,19,440
83300	1,65,720	-69,820	6,56,63,740
Top CALL Volume:
Strike	OI	OI Change	Volume
83500	10,00,860	34,780	16,23,59,000
84000	17,85,320	7,52,460	13,03,89,720
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81000	22,64,800	13,78,020	1,75,24,320
83000	21,54,960	8,58,800	12,16,47,640
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81000	22,64,800	13,78,020	1,75,24,320
83300	16,70,960	12,36,200	10,31,72,540
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
81900	2,99,400	-40,420	55,06,460
77000	3,94,480	-39,880	24,57,940
Top PUT Volume:
Strike	OI	OI Change	Volume
83000	21,54,960	8,58,800	12,16,47,640
83400	13,07,960	8,75,600	10,69,11,340

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25819.35. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.139 against previous 0.973. The 27000CE option holds the maximum open interest, followed by the 26000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 25700PE option, with open interest additions also seen in the 25800PE and 25600PE options. On the other hand, open interest reductions were prominent in the 25600CE, 25500CE, and 26200CE options. Trading volume was highest in the 25700PE option, followed by the 25700CE and 25800CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,819.35	1.139	0.973	0.862
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,79,53,930	10,03,38,680	2,76,15,250
PUT:	14,56,99,320	9,76,69,065	4,80,30,255
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,09,52,760	13,29,380	6,15,217
26,000	1,07,67,055	18,32,350	20,57,525
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,800	61,96,645	18,46,325	34,85,593
26,000	1,07,67,055	18,32,350	20,57,525
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,600	22,78,380	-3,63,285	9,78,538
25,500	30,68,585	-2,95,490	3,14,486
Top CALL Volume:
Strike	OI	OI Change	Volume
25,700	45,24,260	1,22,395	41,29,092
25,800	61,96,645	18,46,325	34,85,593
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	90,23,690	22,90,925	4,31,643
25,500	90,07,830	18,98,130	15,80,194
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,700	88,94,925	42,28,185	43,52,331
25,800	54,09,235	28,38,030	18,67,426
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	10,38,570	-34,515	1,651
28,000	4,17,885	-15,730	580
Top PUT Volume:
Strike	OI	OI Change	Volume
25,700	88,94,925	42,28,185	43,52,331
25,750	34,11,785	19,63,715	22,80,562

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 61550.8. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.449 against previous 1.296. 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 61500PE option, with open interest additions also seen in the 61000PE and 61700CE options. On the other hand, open interest reductions were prominent in the 60000PE, 61000CE, and 57500PE options. Trading volume was highest in the 61200CE option, followed by the 61500CE and 61300CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
61,550.80	1.449	1.296	0.920
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,41,83,610	1,43,33,850	-1,50,240
PUT:	2,05,46,280	1,85,75,280	19,71,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	12,75,510	-1,35,120	17,379
62,000	8,33,550	49,500	1,94,257
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
61,700	4,36,890	3,02,640	95,471
61,500	7,94,760	1,87,590	3,11,784
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
61,000	6,01,050	-2,69,280	2,22,265
61,100	1,75,560	-1,81,920	1,25,900
Top CALL Volume:
Strike	OI	OI Change	Volume
61,200	2,45,610	-1,09,590	3,26,216
61,500	7,94,760	1,87,590	3,11,784
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	22,70,760	-2,77,740	1,47,897
58,000	12,04,410	-2,220	1,05,416
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
61,500	5,93,760	4,08,210	1,36,264
61,000	11,86,860	3,20,130	2,22,984
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	22,70,760	-2,77,740	1,47,897
57,500	3,71,100	-2,13,330	72,191
Top PUT Volume:
Strike	OI	OI Change	Volume
61,000	11,86,860	3,20,130	2,22,984
61,200	4,38,090	2,67,780	2,21,391

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13729.55. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.855 against previous 0.877. 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 13900CE option, with open interest additions also seen in the 13700PE and 14200CE options. On the other hand, open interest reductions were prominent in the 67500PE, 69900CE, and 69100PE options. Trading volume was highest in the 13900CE option, followed by the 13700CE and 13700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,729.55	0.855	0.877	0.755
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,02,50,640	92,55,000	9,95,640
PUT:	87,66,720	81,12,600	6,54,120
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	11,69,880	-54,360	6,250
14,000	11,52,240	1,40,280	27,349
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,900	10,05,960	5,06,160	64,978
14,200	5,63,760	1,50,120	12,267
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,800	32,040	-59,640	978
14,500	11,69,880	-54,360	6,250
Top CALL Volume:
Strike	OI	OI Change	Volume
13,900	10,05,960	5,06,160	64,978
13,700	9,70,440	1,39,560	47,454
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	11,73,360	1,14,360	14,836
13,700	8,51,400	3,23,760	37,385
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,700	8,51,400	3,23,760	37,385
13,000	11,73,360	1,14,360	14,836
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,200	3,53,520	-53,640	12,878
11,600	1,10,040	-52,080	1,050
Top PUT Volume:
Strike	OI	OI Change	Volume
13,700	8,51,400	3,23,760	37,385
13,600	4,26,960	-34,800	20,365

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

Open Interest Volume Analysis clearly shows that the current rally is position-driven, not momentum-driven. Across indices, fresh longs are visible, but they are well-hedged and selectively rolled, indicating expectation of volatility rather than runaway upside.

NIFTY’s option structure (PCR > 1, highest PUT addition near spot) suggests solid downside cushioning around 25700–25750, but strong call presence above 25800–27000 caps immediate upside. Traders should expect consolidation with a positive bias, not a straight-line move.

BANKNIFTY remains the leader, but elevated rollovers and heavy March OI addition suggest big players are prepared for swings. The 61500 zone becomes a make-or-break pivot—holding it keeps bulls in control, losing it invites fast profit booking.

MIDCPNIFTY’s declining PCR with rising OI is a warning sign. Despite fresh longs, the index looks vulnerable to mean reversion, making aggressive long positions risky without strict stop-losses.

SENSEX short covering with rising volumes confirms relief, not reversal. Weekly options data shows strong put writing, but resistance is clearly defined—suggesting buy-on-dips rather than breakout chasing.

Final actionable advice:

Prefer hedged strategies (bull call spreads, put spreads) over naked longs.

Avoid over-leveraging ahead of expiry-related volatility.

Stay cautiously bullish, but let Open Interest Volume Analysis—not price emotions—guide positioning.

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.