Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/02/2026
Table of Contents
NIFTY stands out as the strongest structure in Futures and Options Open Interest Volume Analysis:
Rising combined OI + rising volume = fresh long formation
Heavy March OI addition (75%+) confirms institutions are betting on continuity, not a one-day move.
Max Pain at 25700 and highest PUT addition at the same level makes it a strong intraday & positional support zone.
BANKNIFTY, despite muted volumes, shows smart money rollover strength:
Rising OI with falling volume suggests gradual accumulation, not exhaustion.
PUT writers defending 61000, while CALL writers active near 61400–63000, sets up a range-to-breakout structure.
MIDCPNIFTY signals selective participation rather than broad aggression:
Fresh longs in March but falling PCR warns traders to stay stock-specific and disciplined.
Until PCR improves, upside may be slow and rotational, not explosive.
SENSEX derivatives clearly indicate short covering, not fresh longs:
Falling OI and volume with price rise = relief rally, not trend confirmation.
Options data suggests range stability, not immediate expansion.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 25713 (0.554%)
Combined = February + March + April
Combined Fut Open Interest Change: 6.83%
Combined Fut Volume Change: 29.71%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 53% Previous 33%
NIFTY FEBRUARY Future closed at: 25705.2 (0.471%)
February Fut Discount -7.8 (Decreased by -21.25 points)
February Fut Open Interest Change: -24.56%
February Fut Volume Change: 15.89%
February Fut Open Interest Analysis: Short Covering
NIFTY March Future closed at: 25859.7 (0.455%)
March Fut Discount 146.7 (Decreased by -24.65 points)
March Fut Open Interest Change: 75.39%
March Fut Volume Change: 55.95%
March Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (24/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.976 (Increased from 0.872)
Put-Call Ratio (Volume): 0.979
Max Pain Level: 25700
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 25500
Highest CALL Addition: 26000
Highest PUT Addition: 25700
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 61264.25 (0.151%)
Combined = February + March + April
Combined Fut Open Interest Change: 4.89%
Combined Fut Volume Change: -24.09%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 63% Previous 52%
BANKNIFTY FEBRUARY Future closed at: 61238 (0.096%)
February Fut Discount -26.25 (Decreased by -33.45 points)
February Fut Open Interest Change: -19.8%
February Fut Volume Change: -33.7%
February Fut Open Interest Analysis: Short Covering
BANKNIFTY MARCH Future closed at: 61608.8 (0.102%)
March Fut Discount 344.55 (Decreased by -29.25 points)
March Fut Open Interest Change: 30.17%
March Fut Volume Change: -10.52%
March Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (24/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.924 (Decreased from 0.992)
Put-Call Ratio (Volume): 1.054
Max Pain Level: 61000
Maximum CALL Open Interest: 63000
Maximum PUT Open Interest: 60000
Highest CALL Addition: 61400
Highest PUT Addition: 61000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13477.75 (0.013%)
Combined = February + March + April
Combined Fut Open Interest Change: 4.82%
Combined Fut Volume Change: -26.31%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 75% Previous 56%
MIDCPNIFTY FEBRUARY Future closed at: 13473 (-0.013%)
February Fut Discount -4.75 (Decreased by -3.55 points)
February Fut Open Interest Change: -39.83%
February Fut Volume Change: -24.23%
February Fut Open Interest Analysis: Long Covering
MIDCPNIFTY MARCH Future closed at: 13529.75 (0.246%)
March Fut Discount 52 (Increased by 31.45 points)
March Fut Open Interest Change: 40.03%
March Fut Volume Change: -28.91%
March Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (24/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.692 (Decreased from 0.809)
Put-Call Ratio (Volume): 0.867
Max Pain Level: 13500
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13000
Highest CALL Addition: 14000
Highest PUT Addition: 13175
SENSEX Monthly Expiry (26/02/2026) Future
SENSEX Spot closed at: 83,294.66 (0.580%)
SENSEX Monthly Future closed at: 83,324.20 (0.525%)
Premium: 29.54 (Decreased by -44.6 points)
Open Interest Change: -12.78%
Volume Change: -36.53%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (26/02/2026) Option Analysis
Put-Call Ratio (OI): 0.956 (Increased from 0.906)
Put-Call Ratio (Volume): 1.067
Max Pain Level: 83200
Maximum CALL OI: 88000
Maximum PUT OI: 80000
Highest CALL Addition: 88000
Highest PUT Addition: 83200
FII & DII Cash Market Activity
FIIs Net BUY: ₹ 3,483.70 Cr.
DIIs Net SELL: ₹ 1,292.24 Cr.
FII Derivatives Activity
| FII Trading Stats | 23.02.26 | 20.02.26 | 19.02.26 |
| FII Cash (Provisional Data) | 3,483.70 | -934.61 | -880.49 |
| Index Future Open Interest Long Ratio | 29.20% | 25.27% | 23.32% |
| Index Future Volume Long Ratio | 51.29% | 51.70% | 47.29% |
| Call Option Open Interest Long Ratio | 51.67% | 52.10% | 49.23% |
| Call Option Volume Long Ratio | 49.96% | 50.35% | 49.66% |
| Put Option Open Interest Long Ratio | 59.63% | 59.22% | 61.44% |
| Put Option Volume Long Ratio | 50.10% | 49.85% | 50.38% |
| Stock Future Open Interest Long Ratio | 59.51% | 59.32% | 58.84% |
| Stock Future Volume Long Ratio | 50.59% | 50.73% | 49.49% |
| Index Futures | Fresh Long | Fresh Long | Fresh Short |
| Index Options | Fresh Long | Fresh Long | Fresh Long |
| Nifty Futures | Fresh Long | Fresh Long | Fresh Short |
| Nifty Options | Fresh Long | Fresh Long | Fresh Long |
| BankNifty Futures | Fresh Short | Fresh Long | Long Covering |
| BankNifty Options | Fresh Short | Fresh Short | Short Covering |
| FinNifty Futures | Long Covering | Fresh Short | Long Covering |
| FinNifty Options | Short Covering | Fresh Long | Long Covering |
| MidcpNifty Futures | Fresh Long | Fresh Long | Fresh Long |
| MidcpNifty Options | Fresh Short | Long Covering | Fresh Long |
| NiftyNxt50 Futures | Fresh Long | Fresh Long | Fresh Short |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Short |
| Stock Futures | Fresh Long | Fresh Long | Long Covering |
| Stock Options | Long Covering | Short Covering | Short Covering |
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 Monthly Expiry (26/02/2026)
The SENSEX index closed at 83294.66. The SENSEX weekly expiry for FEBRUARY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.956 against previous 0.906. The 88000CE option holds the maximum open interest, followed by the 80000PE and 83500CE options. Market participants have shown increased interest with significant open interest additions in the 88000CE option, with open interest additions also seen in the 83200PE and 83100PE options. On the other hand, open interest reductions were prominent in the 83000CE, 82500CE, and 82900CE options. Trading volume was highest in the 83000PE option, followed by the 83500CE and 83200PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 26-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 83294.66 | 0.956 | 0.906 | 1.067 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,09,58,360 | 95,86,720 | 13,71,640 |
| PUT: | 1,04,79,760 | 86,84,800 | 17,94,960 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 88000 | 6,96,820 | 4,00,580 | 35,57,100 |
| 83500 | 6,27,080 | 1,62,800 | 1,69,52,340 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 88000 | 6,96,820 | 4,00,580 | 35,57,100 |
| 83500 | 6,27,080 | 1,62,800 | 1,69,52,340 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 3,76,920 | -2,24,820 | 1,01,13,660 |
| 82500 | 99,900 | -1,59,800 | 8,30,060 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 83500 | 6,27,080 | 1,62,800 | 1,69,52,340 |
| 83200 | 2,82,660 | 1,11,120 | 1,42,89,720 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 6,71,580 | 1,46,380 | 45,68,820 |
| 83000 | 5,79,960 | 1,03,000 | 2,26,69,940 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 83200 | 3,26,980 | 2,39,540 | 1,68,97,620 |
| 83100 | 2,76,360 | 1,90,800 | 1,46,76,200 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 4,50,620 | -76,380 | 87,09,280 |
| 79700 | 43,580 | -75,240 | 6,68,580 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 83000 | 5,79,960 | 1,03,000 | 2,26,69,940 |
| 83200 | 3,26,980 | 2,39,540 | 1,68,97,620 |
NIFTY Monthly Expiry (24/02/2026)
The NIFTY index closed at 25713. The NIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.976 against previous 0.872. The 26000CE option holds the maximum open interest, followed by the 25800CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25700PE option, with open interest additions also seen in the 26000CE and 25750CE options. On the other hand, open interest reductions were prominent in the 27000CE, 25600CE, and 24800PE options. Trading volume was highest in the 25700CE option, followed by the 25700PE and 25600PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 24-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,713.00 | 0.976 | 0.872 | 0.979 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 19,49,85,895 | 19,89,48,490 | -39,62,595 |
| PUT: | 19,03,99,690 | 17,34,99,950 | 1,68,99,740 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,77,18,155 | 35,80,980 | 47,75,022 |
| 25,800 | 1,27,82,835 | 20,30,665 | 87,20,038 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,77,18,155 | 35,80,980 | 47,75,022 |
| 25,750 | 80,73,000 | 33,74,215 | 74,73,606 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 1,11,82,470 | -46,72,655 | 10,41,659 |
| 25,600 | 43,04,950 | -33,67,325 | 42,32,600 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,700 | 1,07,04,720 | 18,34,755 | 1,18,07,537 |
| 25,800 | 1,27,82,835 | 20,30,665 | 87,20,038 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 1,19,15,735 | 27,55,805 | 65,17,111 |
| 25,000 | 1,18,65,945 | -1,07,770 | 14,37,993 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,700 | 91,70,460 | 59,25,335 | 98,77,558 |
| 25,600 | 93,33,350 | 29,28,380 | 93,67,333 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,800 | 45,23,870 | -30,17,495 | 8,36,820 |
| 24,000 | 99,91,475 | -15,77,615 | 10,11,470 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,700 | 91,70,460 | 59,25,335 | 98,77,558 |
| 25,600 | 93,33,350 | 29,28,380 | 93,67,333 |
BANKNIFTY Monthly Expiry (24/02/2026)
The BANKNIFTY index closed at 61264.25. The BANKNIFTY monthly expiry for FEBRUARY 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.924 against previous 0.992. The 60000PE option holds the maximum open interest, followed by the 61000PE and 63000CE options. Market participants have shown increased interest with significant open interest additions in the 61400CE option, with open interest additions also seen in the 62000CE and 61000PE options. On the other hand, open interest reductions were prominent in the 59500PE, 55000PE, and 60000CE options. Trading volume was highest in the 61000PE option, followed by the 61300CE and 61200CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 24-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 61,264.25 | 0.924 | 0.992 | 1.054 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,68,81,000 | 1,53,11,100 | 15,69,900 |
| PUT: | 1,56,06,180 | 1,51,93,230 | 4,12,950 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 63,000 | 10,84,410 | 1,49,250 | 1,93,167 |
| 62,000 | 10,82,940 | 2,47,350 | 5,07,624 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 61,400 | 6,18,270 | 3,58,770 | 6,01,935 |
| 62,000 | 10,82,940 | 2,47,350 | 5,07,624 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 5,82,540 | -84,810 | 21,123 |
| 60,800 | 1,39,650 | -74,730 | 55,280 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 61,300 | 6,83,010 | 2,22,180 | 9,08,165 |
| 61,200 | 6,37,530 | 74,730 | 8,98,680 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 13,19,310 | 77,040 | 3,66,719 |
| 61,000 | 11,88,120 | 2,40,720 | 12,61,970 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 11,88,120 | 2,40,720 | 12,61,970 |
| 60,100 | 3,36,540 | 1,35,180 | 85,170 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,500 | 5,17,500 | -1,05,750 | 1,82,092 |
| 55,000 | 2,73,240 | -89,190 | 23,650 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 11,88,120 | 2,40,720 | 12,61,970 |
| 61,200 | 4,22,280 | 75,000 | 8,71,775 |
MIDCPNIFTY Monthly Expiry (24/02/2026)
The MIDCPNIFTY index closed at 13477.75. The MIDCPNIFTY monthly expiry for FEBRUARY 24, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.692 against previous 0.809. The 14000CE option holds the maximum open interest, followed by the 13700CE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 14000CE option, with open interest additions also seen in the 13500CE and 13600CE options. On the other hand, open interest reductions were prominent in the 69500PE, 69000PE, and 70500PE options. Trading volume was highest in the 13600CE option, followed by the 13500PE and 13500CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 24-02-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,477.75 | 0.692 | 0.809 | 0.867 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,41,24,000 | 1,26,01,320 | 15,22,680 |
| PUT: | 97,67,520 | 1,01,97,120 | -4,29,600 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 13,37,160 | 4,11,000 | 38,201 |
| 13,700 | 11,33,040 | -12,360 | 63,596 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 13,37,160 | 4,11,000 | 38,201 |
| 13,500 | 9,11,760 | 3,15,840 | 1,17,081 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 9,79,800 | -2,43,360 | 16,579 |
| 14,050 | 70,440 | -2,03,280 | 8,480 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 10,99,920 | 2,49,600 | 1,36,557 |
| 13,500 | 9,11,760 | 3,15,840 | 1,17,081 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 11,07,000 | -21,600 | 23,609 |
| 13,400 | 7,33,560 | -49,080 | 1,11,798 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,175 | 1,91,400 | 1,69,920 | 8,054 |
| 13,300 | 5,32,080 | 1,43,400 | 60,319 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 4,28,640 | -1,52,280 | 3,954 |
| 12,300 | 88,440 | -1,15,920 | 2,129 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 7,31,040 | 19,200 | 1,22,946 |
| 13,400 | 7,33,560 | -49,080 | 1,11,798 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Actionable Derivative Strategy Based on Open Interest Volume Analysis
Prefer buy-on-dip strategies in NIFTY near 25700–25650 with strict risk control
BANKNIFTY traders should wait for decisive acceptance above 61400 before chasing momentum
Avoid aggressive shorting as long as PCR stays near 1 and PUT writers dominate
Focus more on rollover strength and March OI behavior rather than spot candles alone
Bottom Line:
Today’s Open Interest Volume Analysis confirms that derivatives are leading the market higher, with smart money clearly shifting positions into the March series. As long as PUT writers stay confident and futures OI expands with price, the broader bias remains constructively bullish with controlled risk on dips.
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
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