Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 26/02/2026
Table of Contents
Today’s Open Interest Volume Analysis clearly shows that while headline indices like NIFTY and BANKNIFTY managed to close marginally positive, the real story lies beneath the surface — price stability is not being supported by volume participation.
Across NIFTY, BANKNIFTY, and MIDCPNIFTY futures, we are seeing a classic divergence: Open Interest is rising but volumes are contracting sharply, which signals selective long build-up rather than broad-based conviction.
In NIFTY futures, fresh longs are visible across March and April contracts, but the fall in futures premium and ~30–40% drop in volumes suggests these longs are cautious, positional, and highly sensitive to news flow rather than aggressive directional bets.
Options data further reinforces this cautious undertone — weekly PCR remains sub-1, heavy CALL concentration around 26000, and PUT writing far lower near 24000, clearly indicating that upside is capped while downside protection is being avoided.
Overall, this Open Interest Volume Analysis points toward a range-bound market with rising risk of whipsaws, where traders must respect levels, avoid leverage, and focus more on risk management than return maximization.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 25496.55 (0.055%)
Combined = March + April + May
Combined Fut Open Interest Change: 1.17%
Combined Fut Volume Change: -32.41%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 7% Previous 7%
NIFTY March Future closed at: 25635.8 (0.027%)
March Fut Premium 139.25 (Decreased by -7.05 points)
March Fut Open Interest Change: 0.95%
March Fut Volume Change: -32.23%
March Fut Open Interest Analysis: Fresh Long
NIFTY April Future closed at: 25793 (0.005%)
April Fut Premium 296.45 (Decreased by -12.85 points)
April Fut Open Interest Change: 1.52%
April Fut Volume Change: -39.01%
April Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (3/02/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.692 (Increased from 0.654)
Put-Call Ratio (Volume): 1.027
Max Pain Level: 25500
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 24000
Highest CALL Addition: 25500
Highest PUT Addition: 24000
NIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.295 (Decreased from 1.309)
Put-Call Ratio (Volume): 0.960
Max Pain Level: 25800
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 25000
Highest CALL Addition: 26300
Highest PUT Addition: 25200
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 61187.7 (0.236%)
Combined = March + April + May
Combined Fut Open Interest Change: 0.27%
Combined Fut Volume Change: -34.42%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 12% Previous 11%
BANKNIFTY MARCH Future closed at: 61501 (0.217%)
March Fut Premium 313.3 (Decreased by -11.15 points)
March Fut Open Interest Change: -1.0%
March Fut Volume Change: -31.6%
March Fut Open Interest Analysis: Short Covering
BANKNIFTY APRIL Future closed at: 61835.6 (0.195%)
April Fut Premium 647.9 (Decreased by -23.75 points)
April Fut Open Interest Change: 6.57%
April Fut Volume Change: -52.43%
April Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.142 (Increased from 1.081)
Put-Call Ratio (Volume): 1.131
Max Pain Level: 61000
Maximum CALL Open Interest: 61000
Maximum PUT Open Interest: 61000
Highest CALL Addition: 62000
Highest PUT Addition: 60500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13652.95 (0.696%)
Combined = March + April + May
Combined Fut Open Interest Change: -0.33%
Combined Fut Volume Change: -25.64%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 2% Previous 2%
MIDCPNIFTY MARCH Future closed at: 13719.75 (0.694%)
March Fut Premium 66.8 (Increased by 0.2 points)
March Fut Open Interest Change: -0.35%
March Fut Volume Change: -25.86%
March Fut Open Interest Analysis: Short Covering
MIDCPNIFTY APRIL Future closed at: 13788.2 (0.728%)
April Fut Premium 135.25 (Increased by 5.25 points)
April Fut Open Interest Change: -0.99%
April Fut Volume Change: -23.55%
April Fut Open Interest Analysis: Short Covering
MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.077 (Decreased from 1.144)
Put-Call Ratio (Volume): 0.914
Max Pain Level: 13600
Maximum CALL Open Interest: 14700
Maximum PUT Open Interest: 13000
Highest CALL Addition: 14700
Highest PUT Addition: 13300
SENSEX Monthly Expiry (25/03/2026) Future
SENSEX Spot closed at: 82,248.61 (-0.033%)
SENSEX Monthly Future closed at: 82,814.90 (-0.054%)
Premium: 566.29 (Decreased by -17.34 points)
Open Interest Change: 46.75%
Volume Change: 56.10%
Open Interest Analysis: Fresh Short
SENSEX Weekly Expiry (5/03/2026) Option Analysis
Put-Call Ratio (OI): 0.841 (Decreased from 0.870)
Put-Call Ratio (Volume): 0.939
Max Pain Level: 82500
Maximum CALL OI: 82500
Maximum PUT OI: 82500
Highest CALL Addition: 86000
Highest PUT Addition: 78000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 3,465.99 Cr.
DIIs Net BUY: ₹ 5,031.57 Cr.
FII Derivatives Activity
| FII Trading Stats | 26.02.26 | 25.02.26 | 24.02.26 |
| FII Cash (Provisional Data) | -3,465.99 | 2,991.64 | -102.53 |
| Index Future Open Interest Long Ratio | 21.71% | 21.05% | 21.28% |
| Index Future Volume Long Ratio | 53.67% | 52.77% | 40.76% |
| Call Option Open Interest Long Ratio | 45.96% | 46.15% | 45.89% |
| Call Option Volume Long Ratio | 49.86% | 49.93% | 49.81% |
| Put Option Open Interest Long Ratio | 63.07% | 64.25% | 68.03% |
| Put Option Volume Long Ratio | 50.04% | 49.88% | 49.92% |
| Stock Future Open Interest Long Ratio | 59.38% | 59.45% | 59.40% |
| Stock Future Volume Long Ratio | 49.96% | 51.21% | 50.16% |
| Index Futures | Fresh Long | Short Covering | Long Covering |
| Index Options | Fresh Short | Fresh Short | Long Covering |
| Nifty Futures | Fresh Long | Short Covering | Long Covering |
| Nifty Options | Fresh Short | Fresh Short | Long Covering |
| BankNifty Futures | Long Covering | Short Covering | Long Covering |
| BankNifty Options | Fresh Long | Fresh Short | Long Covering |
| FinNifty Futures | Short Covering | Fresh Short | Short Covering |
| FinNifty Options | Fresh Short | Fresh Short | Long Covering |
| MidcpNifty Futures | Fresh Long | Short Covering | Short Covering |
| MidcpNifty Options | Fresh Long | Fresh Long | Long Covering |
| NiftyNxt50 Futures | Long Covering | Fresh Long | Fresh Short |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Short Covering |
| Stock Futures | Fresh Short | Fresh Long | Short Covering |
| Stock Options | Fresh Long | Fresh Long | Long 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 weekly Expiry (5/03/2026)
The SENSEX index closed at 82248.61. The SENSEX weekly expiry for MARCH 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.841 against previous 0.870. The 82500CE option holds the maximum open interest, followed by the 83000CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 86000CE option, with open interest additions also seen in the 82500CE and 85000CE options. On the other hand, open interest reductions were prominent in the 82900PE, 82600PE, and 83400PE options. Trading volume was highest in the 82000PE option, followed by the 82500CE and 83000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 05-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 82248.61 | 0.841 | 0.870 | 0.939 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 47,45,160 | 18,56,100 | 28,89,060 |
| PUT: | 39,89,440 | 16,15,420 | 23,74,020 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 82500 | 4,45,400 | 2,59,120 | 25,86,420 |
| 83000 | 4,18,540 | 2,02,300 | 22,14,040 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 86000 | 3,51,100 | 2,87,000 | 11,37,480 |
| 82500 | 4,45,400 | 2,59,120 | 25,86,420 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 81400 | 3,300 | -1,340 | 7,560 |
| 84800 | 32,220 | -1,020 | 2,05,600 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 82500 | 4,45,400 | 2,59,120 | 25,86,420 |
| 83000 | 4,18,540 | 2,02,300 | 22,14,040 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 82500 | 3,18,320 | 1,38,360 | 19,93,600 |
| 80000 | 3,05,440 | 1,51,720 | 11,14,000 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 78000 | 2,84,940 | 1,85,860 | 9,30,780 |
| 82000 | 2,73,720 | 1,78,340 | 26,04,020 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 82900 | 9,380 | -8,900 | 64,440 |
| 82600 | 61,480 | -4,960 | 2,72,900 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 2,73,720 | 1,78,340 | 26,04,020 |
| 82500 | 3,18,320 | 1,38,360 | 19,93,600 |
NIFTY Weekly Expiry (2/03/2026)
The NIFTY index closed at 25496.55. The NIFTY weekly expiry for MARCH 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.692 against previous 0.654. The 26000CE option holds the maximum open interest, followed by the 25500CE and 25700CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 25500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 27000CE, 25600PE, and 26550CE options. Trading volume was highest in the 25500PE option, followed by the 25500CE and 25600CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 02-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,496.55 | 0.692 | 0.654 | 1.027 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,83,04,445 | 13,34,89,265 | 2,48,15,180 |
| PUT: | 10,95,17,850 | 8,72,85,705 | 2,22,32,145 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,05,26,750 | 25,05,100 | 10,51,288 |
| 25,500 | 1,02,72,210 | 29,28,055 | 42,72,565 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 1,02,72,210 | 29,28,055 | 42,72,565 |
| 26,000 | 1,05,26,750 | 25,05,100 | 10,51,288 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 65,30,940 | -10,89,075 | 5,22,195 |
| 26,550 | 7,64,725 | -5,34,755 | 2,51,272 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 1,02,72,210 | 29,28,055 | 42,72,565 |
| 25,600 | 95,57,340 | 11,46,210 | 35,50,920 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 79,24,540 | 37,73,965 | 5,06,374 |
| 25,000 | 72,89,035 | 15,78,005 | 12,01,197 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 79,24,540 | 37,73,965 | 5,06,374 |
| 24,800 | 43,92,245 | 18,73,430 | 4,97,471 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,600 | 21,99,405 | -6,10,935 | 21,71,473 |
| 23,200 | 10,79,325 | -3,73,035 | 95,122 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 69,14,180 | 8,79,645 | 50,98,369 |
| 25,400 | 67,02,800 | 18,17,140 | 35,45,688 |
NIFTY Monthly Expiry (30/03/2026)
The NIFTY index closed at 25496.55. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.295 against previous 1.309. 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 26300CE option, with open interest additions also seen in the 25200PE and 24700PE options. On the other hand, open interest reductions were prominent in the 26000PE, 26500CE, and 28000CE 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 |
| 25,496.55 | 1.295 | 1.309 | 0.960 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 4,24,60,475 | 4,07,04,920 | 17,55,555 |
| PUT: | 5,49,88,835 | 5,32,85,020 | 17,03,815 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 58,96,595 | 2,52,765 | 66,881 |
| 27,000 | 42,41,315 | 1,76,565 | 28,071 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,300 | 13,73,970 | 4,45,120 | 27,633 |
| 26,000 | 58,96,595 | 2,52,765 | 66,881 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 33,87,670 | -87,685 | 51,059 |
| 28,000 | 17,43,875 | -72,690 | 12,260 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 58,96,595 | 2,52,765 | 66,881 |
| 25,500 | 26,67,470 | 2,05,270 | 64,640 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 65,94,110 | 1,59,170 | 65,274 |
| 26,000 | 46,21,025 | -97,670 | 17,796 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,200 | 13,16,835 | 3,70,760 | 23,014 |
| 24,700 | 8,57,415 | 3,43,135 | 17,989 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 46,21,025 | -97,670 | 17,796 |
| 22,000 | 13,95,205 | -64,475 | 6,225 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 38,33,505 | 1,01,010 | 94,697 |
| 25,000 | 65,94,110 | 1,59,170 | 65,274 |
BANKNIFTY Monthly Expiry (30/03/2026)
The BANKNIFTY index closed at 61187.7. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.142 against previous 1.081. 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 60500PE option, with open interest additions also seen in the 62000CE and 59500PE options. On the other hand, open interest reductions were prominent in the 61000CE, 61600CE, and 59400PE 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 |
| 61,187.70 | 1.142 | 1.081 | 1.131 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 88,83,900 | 85,57,130 | 3,26,770 |
| PUT: | 1,01,43,575 | 92,47,170 | 8,96,405 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 13,32,390 | -57,090 | 84,284 |
| 62,000 | 5,85,300 | 76,830 | 45,336 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 62,000 | 5,85,300 | 76,830 | 45,336 |
| 64,000 | 4,29,540 | 49,650 | 19,425 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 13,32,390 | -57,090 | 84,284 |
| 61,600 | 1,37,370 | -43,470 | 16,140 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 13,32,390 | -57,090 | 84,284 |
| 61,500 | 5,07,795 | -19,920 | 60,722 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 16,37,970 | 40,680 | 1,29,290 |
| 60,000 | 10,47,130 | 23,340 | 50,343 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 60,500 | 4,61,100 | 77,010 | 38,118 |
| 59,500 | 3,52,140 | 59,280 | 16,910 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,400 | 45,060 | -20,010 | 8,063 |
| 57,000 | 4,33,665 | -7,830 | 8,859 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 16,37,970 | 40,680 | 1,29,290 |
| 61,200 | 1,94,040 | 45,660 | 58,957 |
MIDCPNIFTY Monthly Expiry (30/03/2026)
The MIDCPNIFTY index closed at 13652.95. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.077 against previous 1.144. The 14700CE 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 14700CE option, with open interest additions also seen in the 13300PE and 13600PE options. On the other hand, open interest reductions were prominent in the 77000PE, 77000PE, and 77000CE options. Trading volume was highest in the 13600PE option, followed by the 14200CE and 13600CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,652.95 | 1.077 | 1.144 | 0.914 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 40,78,080 | 30,08,160 | 10,69,920 |
| PUT: | 43,93,800 | 34,39,920 | 9,53,880 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,700 | 6,50,640 | 1,95,960 | 5,446 |
| 14,000 | 3,35,880 | 36,720 | 7,296 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,700 | 6,50,640 | 1,95,960 | 5,446 |
| 14,200 | 2,96,880 | 1,30,440 | 11,286 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,550 | 28,560 | -19,680 | 1,953 |
| 13,400 | 31,920 | -12,000 | 485 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,200 | 2,96,880 | 1,30,440 | 11,286 |
| 13,600 | 2,72,640 | 66,960 | 11,021 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,32,280 | -58,320 | 9,330 |
| 13,500 | 4,84,800 | 50,400 | 7,655 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,300 | 3,03,360 | 1,38,720 | 4,574 |
| 13,600 | 2,91,840 | 1,32,600 | 13,091 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,32,280 | -58,320 | 9,330 |
| 12,600 | 64,800 | -48,240 | 1,410 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 2,91,840 | 1,32,600 | 13,091 |
| 13,000 | 6,32,280 | -58,320 | 9,330 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The combined Open Interest Volume Analysis across indices sends one clear message: markets are not in a comfort zone, despite mild green closes.
NIFTY’s fresh longs lack volume backing, premiums are cooling, and both weekly and monthly options show strong resistance overhead near 25800–26000, making aggressive long positions risky at current levels.
BANKNIFTY is showing relative strength, but with short covering in March and fresh longs only in April, the move appears contract-specific rather than a structural trend shift — upside continuation needs confirmation via volume expansion.
MIDCPNIFTY’s short covering rally looks purely technical and vulnerable, as option data shows far-away CALL writing and limited PUT aggression, which often precedes consolidation or retracement.
The biggest red flag comes from SENSEX futures, where heavy fresh shorts with rising volume indicate that smart money is hedging or positioning defensively, not chasing highs.
Actionable takeaway:
Stay cautious and selective
Avoid overnight leveraged longs
Prefer range-based strategies, option spreads, or intraday trades with strict stop-losses
Watch for volume expansion before trusting any breakout
Until Open Interest expansion aligns with rising volumes, this market remains fragile, and capital protection should be the top 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
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