NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/02/2026

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Open Interest Volume Analysis

Let’s start with the big picture—Open Interest Volume Analysis clearly signals rising institutional caution across benchmark indices on 24/02/2026. NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX all witnessed price decline accompanied by sharp Open Interest expansion, which is a textbook indication of fresh short build-up rather than mere profit booking.

In NIFTY Futures, the massive 35.93% jump in combined Open Interest with only a 21.74% rise in volume highlights aggressive positional shorts, not intraday noise. What’s important is that this short build-up is happening despite rising futures premium, clearly indicating that sellers are confident and willing to pay up to maintain bearish bets.

Weekly NIFTY option data strengthens the bearish narrative—a sharp fall in PCR (OI) from 0.888 to 0.601, heavy CALL concentration at 25500, and Max Pain sitting above spot levels all suggest overhead supply and limited upside in the near term. Option writers are clearly dictating the range.

BANKNIFTY mirrors this caution, with 18.68% OI expansion and 72% volume growth, confirming that smart money shorts are getting active in banking heavyweights. The clustering of CALL and PUT Open Interest at 61000 shows a tug-of-war zone, but the declining PCR hints that upside attempts may continue to face selling pressure.

MIDCPNIFTY adds a layer of selective divergence—while March futures show fresh shorts, April futures indicate early long positioning, suggesting rotation and stock-specific opportunities rather than broad-based bullish conviction.

Overall, this Open Interest Volume Analysis does not reflect panic, but it clearly reflects calculated risk reduction by institutions, keeping volatility elevated and trends fragile going into the next session.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25424.65 (-1.121%)

Combined = March + April + May

Combined Fut Open Interest Change: 35.93%

Combined Fut Volume Change: 21.74%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 6%

NIFTY March Future closed at: 25600.3 (-1.003%)

March Fut Premium 175.65 (Increased by 28.95 points)

March Fut Open Interest Change: 36.20%

March Fut Volume Change: 18.83%

March Fut Open Interest Analysis: Fresh Short

NIFTY April Future closed at: 25768.8 (-0.946%)

April Fut Premium 344.15 (Increased by 42.15 points)

April Fut Open Interest Change: 31.93%

April Fut Volume Change: 82.95%

April Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (3/02/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.601 (Decreased from 0.888)

Put-Call Ratio (Volume): 0.888

Max Pain Level: 25500

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25500

Highest PUT Addition: 23100

NIFTY Monthly Expiry (30/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.309 (Decreased from 1.410)

Put-Call Ratio (Volume): 1.110

Max Pain Level: 25900

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 25800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 61047.3 (-0.354%)

Combined = March + April + May

Combined Fut Open Interest Change: 18.68%

Combined Fut Volume Change: 72.01%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 8%

BANKNIFTY MARCH Future closed at: 61439.2 (-0.275%)

March Fut Premium 391.9 (Increased by 47.35 points)

March Fut Open Interest Change: 20.1%

March Fut Volume Change: 71.2%

March Fut Open Interest Analysis: Fresh Short

BANKNIFTY APRIL Future closed at: 61785.2 (-0.287%)

April Fut Premium 737.9 (Increased by 38.95 points)

April Fut Open Interest Change: 1.43%

April Fut Volume Change: 91.13%

April Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (30/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.199 (Decreased from 1.304)

Put-Call Ratio (Volume): 1.201

Max Pain Level: 61000

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 61000

Highest CALL Addition: 61000

Highest PUT Addition: 61000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13448.65 (-0.216%)

Combined = March + April + May

Combined Fut Open Interest Change: 15.28%

Combined Fut Volume Change: -20.93%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 2% Previous 2%

MIDCPNIFTY MARCH Future closed at: 13506.45 (-0.172%)

March Fut Premium 57.8 (Increased by 5.8 points)

March Fut Open Interest Change: 15.39%

March Fut Volume Change: -22.00%

March Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY APRIL Future closed at: 13588.75 (0.006%)

April Fut Premium 140.1 (Increased by 29.9 points)

April Fut Open Interest Change: 10.76%

April Fut Volume Change: 42.94%

April Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.114 (Decreased from 1.127)

Put-Call Ratio (Volume): 1.100

Max Pain Level: 13500

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 12500

Highest CALL Addition: 14000

Highest PUT Addition: 12500

SENSEX Monthly Expiry (26/02/2026) Future

SENSEX Spot closed at: 82,225.92 (-1.283%)

SENSEX Monthly Future closed at: 82,335.90 (-1.186%)

Premium: 109.98 (Increased by 80.44 points)

Open Interest Change: 5.22%

Volume Change: 40.87%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (26/02/2026) Option Analysis

Put-Call Ratio (OI): 0.581 (Decreased from 0.956)

Put-Call Ratio (Volume): 1.155

Max Pain Level: 82500

Maximum CALL OI: 83500

Maximum PUT OI: 79000

Highest CALL Addition: 83000

Highest PUT Addition: 79000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 102.53 Cr.

DIIs Net SELL: ₹ 3,161.22 Cr.

FII Derivatives Activity

FII Trading Stats24.02.2623.02.2620.02.26
FII Cash (Provisional Data)-102.533,483.70-934.61
    
Index Future Open Interest Long Ratio21.28%29.20%25.27%
Index Future Volume Long Ratio40.76%51.29%51.70%
Call Option Open Interest Long Ratio45.89%51.67%52.10%
Call Option Volume Long Ratio49.81%49.96%50.35%
Put Option Open Interest Long Ratio68.03%59.63%59.22%
Put Option Volume Long Ratio49.92%50.10%49.85%
Stock Future Open Interest Long Ratio59.40%59.51%59.32%
Stock Future Volume Long Ratio50.16%50.59%50.73%
    
Index FuturesLong CoveringFresh LongFresh Long
Index OptionsLong CoveringFresh LongFresh Long
    
Nifty FuturesLong CoveringFresh LongFresh Long
Nifty OptionsLong CoveringFresh LongFresh Long
    
BankNifty FuturesLong CoveringFresh ShortFresh Long
BankNifty OptionsLong CoveringFresh ShortFresh Short
    
FinNifty FuturesShort CoveringLong CoveringFresh Short
FinNifty OptionsLong CoveringShort CoveringFresh Long
    
MidcpNifty FuturesShort CoveringFresh LongFresh Long
MidcpNifty OptionsLong CoveringFresh ShortLong Covering
    
NiftyNxt50 FuturesFresh ShortFresh LongFresh Long
NiftyNxt50 OptionsShort CoveringFresh LongFresh Long
    
Stock FuturesShort CoveringFresh LongFresh Long
Stock OptionsLong CoveringLong CoveringShort 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

SENSEX weekly Expiry (26/02/2026)

The SENSEX index closed at 82225.92. The SENSEX weekly expiry for FEBRUARY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.581 against previous 0.956. The 83500CE option holds the maximum open interest, followed by the 83000CE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 83000CE option, with open interest additions also seen in the 82500CE and 85000CE options. On the other hand, open interest reductions were prominent in the 83200PE, 83100PE, and 83000PE options. Trading volume was highest in the 82500PE option, followed by the 82000PE and 82500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:26-02-2026
Index SpotPCR OIPrev PCR OIPCR VOL
82225.920.5810.9561.155
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,74,65,800    1,09,58,360        1,65,07,440
PUT:  1,59,63,720    1,04,79,760           54,83,960
Top CALL Open Interest:
StrikeOIOI ChangeVolume
83500      16,46,740        10,19,660        1,04,96,540
83000      15,41,040        11,64,120        1,67,80,500
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
83000      15,41,040        11,64,120        1,67,80,500
82500      11,85,920        10,86,020        1,76,37,540
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
89000        1,95,240            -47,700           22,17,040
88500            94,300            -38,120           17,65,860
Top CALL Volume:
StrikeOIOI ChangeVolume
82500      11,85,920        10,86,020        1,76,37,540
83000      15,41,040        11,64,120        1,67,80,500
Top PUT Open Interest:
StrikeOIOI ChangeVolume
79000      13,37,140          7,86,800           72,18,520
80000      12,94,560          6,22,980           89,55,160
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
79000      13,37,140          7,86,800           72,18,520
81000      10,84,900          6,75,960        1,24,69,020
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
83200            72,640        -2,54,340           15,31,280
83100            55,140        -2,21,220           21,09,180
Top PUT Volume:
StrikeOIOI ChangeVolume
82500        5,29,460              73,840        2,21,61,300
82000        6,90,800          2,40,180        2,12,69,080

NIFTY Weekly Expiry (2/03/2026)

The NIFTY index closed at 25424.65. The NIFTY weekly expiry for MARCH 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.601 against previous 0.888. The 25500CE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 26000CE and 25600CE options. On the other hand, open interest reductions were prominent in the 25700PE, 23900PE, and 25800PE options. Trading volume was highest in the 25500PE option, followed by the 25500CE and 25400PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:02-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,424.65                0.601                  0.888               0.888
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    8,50,63,030      3,45,89,685   5,04,73,345
 PUT:    5,11,32,965      3,07,16,010   2,04,16,955
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,500       68,13,495         57,26,695         6,25,254
               27,000       59,20,980         29,70,305         2,32,108
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,500       68,13,495         57,26,695         6,25,254
               26,000       58,06,580         34,38,110         3,39,070
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,300       20,66,155          -1,65,555         1,42,292
               23,750                   130                      -65                       1
 Top CALL Volume:
 Strike OI OI Change Volume
               25,500       68,13,495         57,26,695         6,25,254
               25,600       42,41,120         32,98,295         4,50,855
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       43,07,160         19,58,710         4,40,376
               25,500       40,36,370         15,74,235         6,59,787
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,100       33,88,840         20,20,330             92,978
               25,000       43,07,160         19,58,710         4,40,376
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,700       10,67,300          -6,03,915         1,46,412
               23,900          4,36,995          -2,79,435             45,730
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       40,36,370         15,74,235         6,59,787
               25,400       30,47,915         13,87,295         5,37,491

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 25424.65. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.309 against previous 1.410. The 25000PE option holds the maximum open interest, followed by the 26000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25500CE and 25700CE options. On the other hand, open interest reductions were prominent in the 26500CE, 25500PE, and 29000CE options. Trading volume was highest in the 25500PE option, followed by the 26000CE and 25000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,424.65                1.309                  1.410               1.110
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    3,88,05,350      3,35,27,875       52,77,475
 PUT:    5,08,04,395      4,72,70,240       35,34,155
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       58,92,580         10,12,500             95,264
               27,000       39,97,365            1,38,040             36,392
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       58,92,580         10,12,500             95,264
               25,500       25,42,995            8,23,680             66,183
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,500       30,66,765          -2,05,335             72,014
               29,000          7,65,265              -32,185               2,946
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       58,92,580         10,12,500             95,264
               26,500       30,66,765          -2,05,335             72,014
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       60,35,785              -21,160             77,835
               26,000       47,90,685            1,42,445             39,481
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,800       15,67,540            4,47,915             30,348
               25,600       10,35,515            3,23,115             36,837
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       34,52,475              -65,780         1,02,749
               25,650             66,560              -26,910               4,425
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,500       34,52,475              -65,780         1,02,749
               25,000       60,35,785              -21,160             77,835

BANKNIFTY Monthly Expiry (24/02/2026)

The BANKNIFTY index closed at 61047.3. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.199 against previous 1.304. The 61000PE option holds the maximum open interest, followed by the 61000CE and 60000PE options. Market participants have shown increased interest with significant open interest additions in the 61000CE option, with open interest additions also seen in the 61500CE and 61000PE options. On the other hand, open interest reductions were prominent in the 60300CE, 58400PE, and 60700PE options. Trading volume was highest in the 61000PE option, followed by the 61000CE and 61500CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         61,047.30                1.199                  1.304               1.201
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       64,99,810         49,91,735       15,08,075
 PUT:       77,92,890         65,07,180       12,85,710
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               61,000       13,55,460            1,69,710             54,963
               62,000          4,34,580               54,600             33,572
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               61,000       13,55,460            1,69,710             54,963
               61,500          4,33,940            1,48,200             43,541
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,300                7,290                -1,740                   158
               59,900                4,980                    -930                     42
 Top CALL Volume:
 Strike OI OI Change Volume
               61,000       13,55,460            1,69,710             54,963
               61,500          4,33,940            1,48,200             43,541
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               61,000       15,24,540            1,35,810             87,137
               60,000          8,81,165            1,20,105             41,338
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               61,000       15,24,540            1,35,810             87,137
               60,000          8,81,165            1,20,105             41,338
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               58,400                6,690                -1,350                   242
               60,700             84,570                -1,230               4,896
 Top PUT Volume: 
 Strike OI OI Change Volume
               61,000       15,24,540            1,35,810             87,137
               60,000          8,81,165            1,20,105             41,338

MIDCPNIFTY Monthly Expiry (24/02/2026)

The MIDCPNIFTY index closed at 13448.65. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.114 against previous 1.127. The 12500PE option holds the maximum open interest, followed by the 13000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 12500PE option, with open interest additions also seen in the 13000PE and 13300PE options. On the other hand, open interest reductions were prominent in the 68900PE, 68900PE, and 68900PE options. Trading volume was highest in the 13500CE option, followed by the 12500PE and 13000PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,448.65                1.114                  1.127               1.100
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       17,79,240         10,73,160         7,06,080
 PUT:       19,81,560         12,09,000         7,72,560
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000          2,62,200               90,720               3,722
               13,500          2,41,920               80,040               5,833
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,000          2,62,200               90,720               3,722
               13,500          2,41,920               80,040               5,833
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
              –                       –                           –                        –  
             –                       –                           –                        –  
 Top CALL Volume:
 Strike OI OI Change Volume
               13,500          2,41,920               80,040               5,833
               14,000          2,62,200               90,720               3,722
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               12,500          4,37,400            1,83,120               5,081
               13,000          4,06,800            1,16,760               5,069
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,500          4,37,400            1,83,120               5,081
               13,000          4,06,800            1,16,760               5,069
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,800             59,160              -13,440               1,840
               13,525                1,560                    -360                       5
 Top PUT Volume: 
 Strike OI OI Change Volume
               12,500          4,37,400            1,83,120               5,081
               13,000          4,06,800            1,16,760               5,069

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

The dominant takeaway from today’s Open Interest Volume Analysis is clear: markets are not correcting due to weakness alone—they are correcting because fresh bearish positions are being built with conviction. This is a crucial distinction every trader must respect.

NIFTY remains vulnerable below the 25500–25600 zone, where heavy CALL writing and rising futures premium suggest sell-on-rise behavior. Until Open Interest starts unwinding or PCR stabilizes, positional longs carry higher risk.

BANKNIFTY traders should treat 61000 as a decision point, not a breakout zone. Sustained acceptance below this level with rising OI would confirm trend continuation on the downside, while any bounce without OI reduction should be viewed skeptically.

MIDCPNIFTY is the only index showing early signs of selective accumulation, but the mixed futures structure means traders should focus on stock-specific setups rather than index-wide bets.

SENSEX derivatives reinforce the bearish undertone, with falling PCR and fresh short build-up—suggesting that large-cap distribution is still underway.

Actionable strategy for traders:

Favor short trades on rallies, not breakdown chasing

Track OI unwinding as the first sign of trend reversal

Avoid aggressive longs until PCR + price + OI align positively

Keep position sizes disciplined as volatility remains elevated

In summary, Open Interest Volume Analysis confirms that institutions are positioning defensively, and until this behavior changes, capital preservation and tactical trading should remain the priority.

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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