NSE Indices Futures and Options Open Interest Volume Analysis for 19/02/2026

Open Interest Volume Analysis clearly signals a risk-off environment across NIFTY, BANKNIFTY, and MIDCPNIFTY as all three indices witnessed sharp price erosion coupled with aggressive volume expansion, a classic signature of institutional participation on the short side.

In NIFTY, despite February witnessing long covering, the massive 51.61% OI surge in March futures confirms that fresh shorts are being rolled forward, not exited — reinforcing a bearish positional bias ahead of the monthly expiry.

The Put-Call Ratio (OI) collapse from 1.139 to 0.559 is a strong sentiment reset, indicating that Put writers are unwinding while Call writers gain dominance, a setup that historically favors sell-on-rise strategies.

BANKNIFTY tells a slightly different story — heavy long liquidation in February combined with fresh March shorts suggests trend weakening rather than panic selling, often seen before range expansion or breakdown.

The real warning sign emerges from MIDCPNIFTY, where explosive volume (958%) and OI (393%) in March futures confirms aggressive short positioning, highlighting that risk appetite has decisively moved away from midcaps.

Overall, this Open Interest Volume Analysis confirms that smart money is not hedging anymore — it is positioning directionally, and the direction is clearly cautious to bearish heading into expiry.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25454.35 (-1.414%)

Combined = February + March + April

Combined Fut Open Interest Change: 2.83%

Combined Fut Volume Change: 86.27%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 21% Previous 15%

NIFTY FEBRUARY Future closed at: 25446 (-1.478%)

February Fut Discount -8.35 (Decreased by -16.8 points)

February Fut Open Interest Change: -4.55%

February Fut Volume Change: 63.57%

February Fut Open Interest Analysis: Long Covering

NIFTY March Future closed at: 25600 (-1.478%)

March Fut Discount 145.65 (Decreased by -19 points)

March Fut Open Interest Change: 51.61%

March Fut Volume Change: 162.24%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.559 (Decreased from 1.139)

Put-Call Ratio (Volume): 1.060

Max Pain Level: 25600

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25600

Highest PUT Addition: 24800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60739.55 (-1.318%)

Combined = February + March + April

Combined Fut Open Interest Change: -7.32%

Combined Fut Volume Change: 66.75%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 36% Previous 25%

BANKNIFTY FEBRUARY Future closed at: 60716.6 (-1.274%)

February Fut Discount -22.95 (Increased by 27.45 points)

February Fut Open Interest Change: -20.6%

February Fut Volume Change: 54.5%

February Fut Open Interest Analysis: Long Covering

BANKNIFTY MARCH Future closed at: 61100.6 (-1.218%)

March Fut Discount 361.05 (Increased by 58.05 points)

March Fut Open Interest Change: 34.49%

March Fut Volume Change: 100.45%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.876 (Decreased from 1.449)

Put-Call Ratio (Volume): 1.290

Max Pain Level: 60500

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 61000

Highest PUT Addition: 54400

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13442.5 (-2.091%)

Combined = February + March + April

Combined Fut Open Interest Change: 2.56%

Combined Fut Volume Change: 269.43%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 27% Previous 7%

MIDCPNIFTY FEBRUARY Future closed at: 13407.35 (-2.425%)

February Fut Discount -35.15 (Decreased by -46.15 points)

February Fut Open Interest Change: -20.03%

February Fut Volume Change: 158.09%

February Fut Open Interest Analysis: Long Covering

MIDCPNIFTY MARCH Future closed at: 13462.35 (-2.513%)

March Fut Discount 19.85 (Decreased by -60 points)

March Fut Open Interest Change: 393.00%

March Fut Volume Change: 958.08%

March Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.755 (Decreased from 0.855)

Put-Call Ratio (Volume): 0.813

Max Pain Level: 13600

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13600

Highest PUT Addition: 13600

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 880.49 Cr.

DIIs Net SELL: ₹ 596.28 Cr.

FII Derivatives Activity

FII Trading Stats	19.02.26	18.02.26	17.02.26
FII Cash (Provisional Data)	-880.49	1,154.34	995.21
Index Future Open Interest Long Ratio	23.32%	22.82%	21.27%
Index Future Volume Long Ratio	47.29%	58.29%	57.33%
Call Option Open Interest Long Ratio	49.23%	51.63%	51.61%
Call Option Volume Long Ratio	49.66%	50.04%	49.93%
Put Option Open Interest Long Ratio	61.44%	59.48%	62.17%
Put Option Volume Long Ratio	50.38%	49.71%	49.76%
Stock Future Open Interest Long Ratio	58.84%	59.08%	59.19%
Stock Future Volume Long Ratio	49.49%	49.86%	47.78%
Index Futures	Fresh Short	Fresh Long	Fresh Long
Index Options	Fresh Long	Fresh Short	Long Covering
Nifty Futures	Fresh Short	Short Covering	Fresh Long
Nifty Options	Fresh Long	Fresh Short	Long Covering
BankNifty Futures	Long Covering	Fresh Long	Fresh Long
BankNifty Options	Short Covering	Long Covering	Fresh Long
FinNifty Futures	Long Covering	Fresh Long	Long Covering
FinNifty Options	Long Covering	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Long	Short Covering	Fresh Short
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Short
Stock Futures	Long Covering	Fresh Long	Fresh Short
Stock Options	Short Covering	Long Covering	Fresh 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

NSE Option market Trends : Options Insights

NIFTY Monthly Expiry (24/02/2026)

The NIFTY index closed at 25454.35. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.559 against previous 1.139. The 27000CE option holds the maximum open interest, followed by the 26000CE and 25800CE options. Market participants have shown increased interest with significant open interest additions in the 25600CE option, with open interest additions also seen in the 25800CE and 25700CE options. On the other hand, open interest reductions were prominent in the 25700PE, 25500PE, and 25600PE options. Trading volume was highest in the 25800CE option, followed by the 25600PE and 25500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,454.35	0.559	1.139	1.060
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	23,53,43,745	12,79,53,930	10,73,89,815
PUT:	13,15,49,730	14,56,99,320	-1,41,49,590
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,87,26,500	77,73,740	8,80,925
26,000	1,48,14,020	40,46,965	19,65,258
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	1,13,99,115	91,20,735	21,03,719
25,800	1,46,99,620	85,02,975	32,95,800
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,400	13,17,550	-1,59,445	75,889
24,000	6,80,550	-1,18,690	2,343
Top CALL Volume:
Strike	OI	OI Change	Volume
25,800	1,46,99,620	85,02,975	32,95,800
25,700	1,23,09,050	77,84,790	24,87,890
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,02,78,060	17,43,430	11,69,980
24,000	90,81,085	57,395	5,63,437
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	62,63,010	28,15,280	5,49,745
25,000	1,02,78,060	17,43,430	11,69,980
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	33,34,565	-55,60,360	28,23,006
25,500	56,29,650	-33,78,180	29,74,406
Top PUT Volume:
Strike	OI	OI Change	Volume
25,600	38,33,375	-29,49,115	30,26,185
25,500	56,29,650	-33,78,180	29,74,406

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 60739.55. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.876 against previous 1.449. The 60000PE option holds the maximum open interest, followed by the 61000CE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 61000CE option, with open interest additions also seen in the 63000CE and 61500CE options. On the other hand, open interest reductions were prominent in the 60000PE, 61000PE, and 60000CE options. Trading volume was highest in the 61000PE option, followed by the 61500CE and 61000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,739.55	0.876	1.449	1.290
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,63,60,290	1,41,83,610	21,76,680
PUT:	1,43,34,570	2,05,46,280	-62,11,710
Top CALL Open Interest:
Strike	OI	OI Change	Volume
61,000	11,24,250	5,23,200	2,71,906
61,500	9,56,310	1,61,550	3,14,178
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
61,000	11,24,250	5,23,200	2,71,906
63,000	9,45,390	1,69,080	1,06,079
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	8,97,810	-3,77,700	35,517
62,300	1,16,370	-56,280	41,468
Top CALL Volume:
Strike	OI	OI Change	Volume
61,500	9,56,310	1,61,550	3,14,178
61,000	11,24,250	5,23,200	2,71,906
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	13,64,910	-9,05,850	2,69,478
58,000	10,77,540	-1,26,870	1,15,926
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,400	6,210	3,060	235
59,800	1,88,190	2,790	38,742
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	13,64,910	-9,05,850	2,69,478
61,000	6,33,150	-5,53,710	3,86,190
Top PUT Volume:
Strike	OI	OI Change	Volume
61,000	6,33,150	-5,53,710	3,86,190
60,000	13,64,910	-9,05,850	2,69,478

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13442.5. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.755 against previous 0.855. The 14500CE option holds the maximum open interest, followed by the 13000PE and 13700CE options. Market participants have shown increased interest with significant open interest additions in the 13600CE option, with open interest additions also seen in the 13500CE and 13600PE options. On the other hand, open interest reductions were prominent in the 68000CE, 70000PE, and 68000CE options. Trading volume was highest in the 13700CE option, followed by the 13600PE and 13600CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-02-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,442.50	0.755	0.855	0.813
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,31,88,720	1,02,50,640	29,38,080
PUT:	99,56,520	87,66,720	11,89,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	13,06,680	1,36,800	12,927
13,700	11,49,480	1,79,040	52,574
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,600	8,70,600	6,04,320	43,616
13,500	5,21,400	3,00,000	17,499
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	10,31,160	-1,21,080	38,167
14,200	5,12,400	-51,360	14,168
Top CALL Volume:
Strike	OI	OI Change	Volume
13,700	11,49,480	1,79,040	52,574
13,600	8,70,600	6,04,320	43,616
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	11,68,800	-4,560	20,710
13,600	7,20,000	2,93,040	46,124
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,600	7,20,000	2,93,040	46,124
13,250	2,95,680	1,94,760	16,438
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,700	6,10,320	-2,41,080	31,132
13,800	1,92,840	-40,920	5,436
Top PUT Volume:
Strike	OI	OI Change	Volume
13,600	7,20,000	2,93,040	46,124
13,500	6,28,080	1,33,080	36,382

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

Open Interest Volume Analysis suggests that the market is not done correcting yet — the shift of OI from near-month to far-month contracts across all indices indicates bearish conviction, not profit booking.

NIFTY below Max Pain (25600) with rising Call additions at the same strike tells us that any pullback towards 25550–25600 is likely to face supply, making Call writing or short futures on bounce the preferred approach.

BANKNIFTY’s Max Pain at 60500 with heavy Call OI at 61000 clearly defines the upper ceiling, while long covering in February warns traders not to chase shorts at lows, but instead sell rallies near resistance.

MIDCPNIFTY is the weakest pocket, and Open Interest Volume Analysis confirms that shorts are being built, not trapped — positional traders should avoid long exposure until OI unwinds or PCR stabilizes above 1.

The sharp PCR (OI) breakdown across all indices is a red flag — historically, such moves precede either continuation of downside or high-volatility consolidation, not immediate reversals.

Actionable Strategy:

Prefer sell-on-rise trades

Focus on Call spreads or bear put spreads near Max Pain zones

Avoid aggressive bottom fishing until OI contraction + price stabilization appear together

In summary, this Open Interest Volume Analysis confirms that the market narrative has shifted from “buy dips” to “protect capital”, and traders should align with data-driven positioning rather than hope-driven trades.

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