NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 27/02/2026

Today’s Open Interest Volume Analysis across NIFTY, BANKNIFTY, MIDCPNIFTY and SENSEX clearly signals aggressive short build-up in frontline indices, with sharp spikes in futures OI and volumes — especially in April series contracts.

The market decline is not merely price-led; it is derivative-backed selling, confirmed by rising open interest alongside falling prices across major indices.

The data suggests institutional positioning rather than retail panic, particularly visible in April futures where OI expansion is exceptionally high.

Option chain shifts further validate the defensive stance, with weekly PCR collapsing sharply in NIFTY and SENSEX — indicating call-side dominance and near-term pressure.

Overall, this Open Interest Volume Analysis indicates a structurally weak undertone going into the next session, demanding a cautious, hedge-oriented trading approach.

NIFTY Derivative Analysis
Futures Data Interpretation

Spot Down -1.247% with Combined OI +14.53% & Volume +73.43% → Classic Fresh Short Build-Up

March OI +8.82%, April OI +53.37% (massive rollover shift)

April volume exploded +257% → Strong institutional repositioning

Premium increased despite fall → Carry trade positioning; shorts are comfortable

Interpretation:

This is not profit booking.

This is aggressive positional shorting.

Rising rollover (12% vs 7%) confirms traders are carrying forward bearish bets.

Weekly Option Structure (03/02/2026)

PCR (OI) collapsed to 0.456 → Bearish sentiment spike

Max Pain: 25300 (Price below this = downside magnet active)

Heavy Call Addition at 25400 → Immediate resistance

Strongest Put OI at 25000 → Key support

Highest Put Addition at 23100 → Deep tail hedge, not immediate support

Weekly Conclusion:

25400–25500 = Strong Call Wall

25000 = Critical support

Breakdown below 25000 can accelerate toward 24700 zone

Monthly Option Structure (30/03/2026)

PCR still above 1 (1.229) but falling → Medium-term caution

Highest Put Addition at 25300 → Important swing support

Highest Call Addition at 25500 → Strong supply

Max Pain 25750 → Upside recovery capped

Monthly Conclusion:

25300 = Institutional defense zone

Below that → structural weakness confirmation

26000 remains positional resistance

BANKNIFTY Derivative Analysis
Futures Data:

Combined OI +23.41% with price down → Aggressive Fresh Shorts

April OI +94.47% (massive positioning shift)

Volume +497% in April → Very strong institutional entry

Premium widening → Bears confident in carry

Options Structure:

PCR dropped to 0.997 (neutral to slightly bearish)

Max Pain 61000

Maximum Call OI = 61000

Maximum Put OI = 61000 (battle zone)

Highest Put Addition 59300 → Downside hedge level

Interpretation:

61000 = Pivot battlefield

Below 60500 → 59300 possible

No strong bullish structure visible

MIDCPNIFTY Derivative Analysis
Futures:

Combined OI slightly negative (-0.76%) → Long Covering

March long unwinding confirmed

April slight fresh short (+4%)

Premium contraction → Weak demand

Options:

PCR 1.082 (stable)

Max Pain 13600

Highest Call OI 14700 (far resistance)

Highest Put OI 13000 (strong base)

Interpretation:

Relative stability vs large caps

13000 critical support

If breaks, long liquidation may intensify

SENSEX Derivative Analysis
Futures:

OI +36% with price fall → Fresh Shorts

Premium narrowing → Slight hesitation but bearish undertone intact

Weekly Options:

PCR collapsed to 0.543 → Bearish bias

Max Pain 81800

Heavy Call OI at 82500

Strong Put OI at 79000

Highest Put Addition at 81500 → Immediate cushion

Interpretation:

81800 pivot

Below 81000 → downside opens

82500 strong resistance

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25178.65 (-1.247%)

Combined = March + April + May

Combined Fut Open Interest Change: 14.53%

Combined Fut Volume Change: 73.43%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 12% Previous 7%

NIFTY March Future closed at: 25338.6 (-1.159%)

March Fut Premium 159.95 (Increased by 20.7 points)

March Fut Open Interest Change: 8.82%

March Fut Volume Change: 53.06%

March Fut Open Interest Analysis: Fresh Short

NIFTY April Future closed at: 25499 (-1.140%)

April Fut Premium 320.35 (Increased by 23.9 points)

April Fut Open Interest Change: 53.37%

April Fut Volume Change: 257.39%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.456 (Decreased from 0.692)

Put-Call Ratio (Volume): 1.156

Max Pain Level: 25300

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25400

Highest PUT Addition: 23100

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

Put-Call Ratio (Open Interest): 1.229 (Decreased from 1.295)

Put-Call Ratio (Volume): 0.936

Max Pain Level: 25750

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25500

Highest PUT Addition: 25300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 60529 (-1.077%)

Combined = March + April + May

Combined Fut Open Interest Change: 23.41%

Combined Fut Volume Change: 123.62%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 23% Previous 12%

BANKNIFTY MARCH Future closed at: 60901 (-0.976%)

March Fut Premium 372 (Increased by 58.7 points)

March Fut Open Interest Change: 7.6%

March Fut Volume Change: 78.8%

March Fut Open Interest Analysis: Fresh Short

BANKNIFTY APRIL Future closed at: 61281.6 (-0.896%)

April Fut Premium 752.6 (Increased by 104.7 points)

April Fut Open Interest Change: 94.47%

April Fut Volume Change: 497.02%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.997 (Decreased from 1.142)

Put-Call Ratio (Volume): 1.315

Max Pain Level: 61000

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 61000

Highest CALL Addition: 61000

Highest PUT Addition: 59300

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13491.45 (-1.183%)

Combined = March + April + May

Combined Fut Open Interest Change: -0.76%

Combined Fut Volume Change: 25.66%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 3% Previous 2%

MIDCPNIFTY MARCH Future closed at: 13529.85 (-1.384%)

March Fut Premium 38.4 (Decreased by -28.4 points)

March Fut Open Interest Change: -0.89%

March Fut Volume Change: 27.57%

March Fut Open Interest Analysis: Long Covering

MIDCPNIFTY APRIL Future closed at: 13599.35 (-1.370%)

April Fut Premium 107.9 (Decreased by -27.35 points)

April Fut Open Interest Change: 4.00%

April Fut Volume Change: -10.10%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.082 (Increased from 1.077)

Put-Call Ratio (Volume): 1.033

Max Pain Level: 13600

Maximum CALL Open Interest: 14700

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14700

Highest PUT Addition: 12000

SENSEX Monthly Expiry (25/03/2026) Future

SENSEX Spot closed at: 81,287.19 (-1.169%)

SENSEX Monthly Future closed at: 81,807.65 (-1.216%)

Premium: 520.46 (Decreased by -45.83 points)

Open Interest Change: 36.06%

Volume Change: -5.27%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (5/03/2026) Option Analysis

Put-Call Ratio (OI): 0.543 (Decreased from 0.841)

Put-Call Ratio (Volume): 1.397

Max Pain Level: 81800

Maximum CALL OI: 82500

Maximum PUT OI: 79000

Highest CALL Addition: 82000

Highest PUT Addition: 81500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 7,536.36 Cr.

DIIs Net BUY: ₹ 12,292.81 Cr.

FII Derivatives Activity

FII Trading Stats	27.02.26	26.02.26	25.02.26
FII Cash (Provisional Data)	-7,536.36	-3,465.99	2,991.64
Index Future Open Interest Long Ratio	18.42%	21.71%	21.05%
Index Future Volume Long Ratio	23.83%	53.67%	52.77%
Call Option Open Interest Long Ratio	47.09%	45.96%	46.15%
Call Option Volume Long Ratio	50.01%	49.86%	49.93%
Put Option Open Interest Long Ratio	65.65%	63.07%	64.25%
Put Option Volume Long Ratio	50.37%	50.04%	49.88%
Stock Future Open Interest Long Ratio	59.11%	59.38%	59.45%
Stock Future Volume Long Ratio	47.74%	49.96%	51.21%
Index Futures	Fresh Short	Fresh Long	Short Covering
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Short	Fresh Long	Short Covering
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Long Covering	Long Covering	Short Covering
BankNifty Options	Fresh Long	Fresh Long	Fresh Short
FinNifty Futures	Long Covering	Short Covering	Fresh Short
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Long Covering	Fresh Long	Short Covering
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Long Covering	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Long	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 & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (5/03/2026)

The SENSEX index closed at 81287.19. The SENSEX weekly expiry for MARCH 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.543 against previous 0.841. 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 82000CE option, with open interest additions also seen in the 82500CE and 85000CE options. On the other hand, open interest reductions were prominent in the 82300PE, 82500PE, and 82400PE options. Trading volume was highest in the 81700PE option, followed by the 81800PE and 82000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	05-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81287.19	0.543	0.841	1.397
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,33,37,620	47,45,160	85,92,460
PUT:	72,38,900	39,89,440	32,49,460
Top CALL Open Interest:
Strike	OI	OI Change	Volume
82500	10,71,660	6,26,260	91,58,980
83000	8,55,440	4,36,900	61,73,600
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	7,63,040	6,38,180	1,51,59,060
82500	10,71,660	6,26,260	91,58,980
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
89600	1,940	-5,120	31,160
86700	3,220	-1,680	90,100
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	7,63,040	6,38,180	1,51,59,060
81800	3,95,900	3,84,260	98,23,680
Top PUT Open Interest:
Strike	OI	OI Change	Volume
79000	4,24,380	1,96,860	52,90,820
78000	4,10,420	1,25,480	61,64,820
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81500	3,84,880	2,53,980	1,53,64,360
77000	3,16,380	2,10,980	53,65,200
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82300	70,080	-76,320	18,98,260
82500	2,52,200	-66,120	18,63,600
Top PUT Volume:
Strike	OI	OI Change	Volume
81700	1,79,140	1,43,320	1,76,73,660
81800	1,59,300	93,820	1,67,77,320

NIFTY Weekly Expiry (2/03/2026)

The NIFTY index closed at 25178.65. The NIFTY weekly expiry for MARCH 2, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.456 against previous 0.692. The 26000CE option holds the maximum open interest, followed by the 25500CE and 25400CE options. Market participants have shown increased interest with significant open interest additions in the 25400CE option, with open interest additions also seen in the 25300CE and 25350CE options. On the other hand, open interest reductions were prominent in the 25400PE, 25500PE, and 25450PE options. Trading volume was highest in the 25300PE option, followed by the 25300CE and 25400CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	02-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,178.65	0.456	0.692	1.156
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	24,17,48,845	15,83,04,445	8,34,44,400
PUT:	11,02,62,295	10,95,17,850	7,44,445
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,69,40,235	64,13,485	18,58,098
25,500	1,47,16,195	44,43,985	46,74,650
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,400	1,31,31,040	1,05,16,155	67,21,792
25,300	1,05,48,265	98,19,225	67,38,110
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,700	32,02,355	-11,58,430	4,91,575
27,300	8,76,265	-9,00,705	1,36,562
Top CALL Volume:
Strike	OI	OI Change	Volume
25,300	1,05,48,265	98,19,225	67,38,110
25,400	1,31,31,040	1,05,16,155	67,21,792
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	85,11,555	12,22,520	42,99,243
24,000	81,59,905	2,35,365	8,92,153
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,100	80,63,835	23,65,675	3,50,867
25,100	44,89,745	17,47,005	39,38,974
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	21,66,645	-45,36,155	59,62,245
25,500	23,93,950	-45,20,230	22,56,130
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	32,94,460	-12,35,780	1,06,74,747
25,200	51,21,805	4,30,430	65,58,141

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 25178.65. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.229 against previous 1.295. The 26000CE option holds the maximum open interest, followed by the 25000PE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 25300CE and 26000CE options. On the other hand, open interest reductions were prominent in the 25500PE, 26500CE, and 25000PE options. Trading volume was highest in the 26000CE option, followed by the 25500PE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,178.65	1.229	1.295	0.936
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,46,78,690	4,24,60,475	22,18,215
PUT:	5,49,10,280	5,49,88,835	-78,555
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	63,33,630	4,37,035	1,10,916
27,000	40,32,500	-2,08,815	32,020
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	33,94,300	7,26,830	1,07,201
25,300	5,79,345	4,44,535	29,857
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	30,13,725	-3,73,945	60,839
27,000	40,32,500	-2,08,815	32,020
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	63,33,630	4,37,035	1,10,916
25,500	33,94,300	7,26,830	1,07,201
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	62,69,760	-3,24,350	96,294
24,000	45,63,240	-8,860	39,642
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,300	11,47,705	2,00,980	50,444
24,500	34,08,340	1,92,140	45,252
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	34,23,680	-4,09,825	1,10,500
25,000	62,69,760	-3,24,350	96,294
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	34,23,680	-4,09,825	1,10,500
25,000	62,69,760	-3,24,350	96,294

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 60529. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.997 against previous 1.142. The 61000CE option holds the maximum open interest, followed by the 61000PE 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 60800CE and 63000CE options. On the other hand, open interest reductions were prominent in the 61500PE, 61300PE, and 61000PE options. Trading volume was highest in the 61000PE option, followed by the 61000CE and 60500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
60,529.00	0.997	1.142	1.315
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,01,46,490	88,83,900	12,62,590
PUT:	1,01,14,955	1,01,43,575	-28,620
Top CALL Open Interest:
Strike	OI	OI Change	Volume
61,000	16,84,080	3,51,690	1,18,752
63,000	6,16,455	85,925	42,796
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
61,000	16,84,080	3,51,690	1,18,752
60,800	1,42,230	90,000	49,427
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
67,000	1,81,890	-12,930	9,619
61,400	1,13,280	-7,080	14,318
Top CALL Volume:
Strike	OI	OI Change	Volume
61,000	16,84,080	3,51,690	1,18,752
61,500	5,77,375	69,580	57,712
Top PUT Open Interest:
Strike	OI	OI Change	Volume
61,000	15,89,520	-48,450	1,42,104
60,000	10,52,970	5,840	80,505
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,300	71,730	43,770	6,441
59,200	61,230	33,900	4,912
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
61,500	3,15,495	-74,615	33,310
61,300	77,460	-66,390	19,214
Top PUT Volume:
Strike	OI	OI Change	Volume
61,000	15,89,520	-48,450	1,42,104
60,500	4,36,980	-24,120	1,05,354

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 13491.45. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.082 against previous 1.077. The 14700CE option holds the maximum open interest, followed by the 13000PE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 12000PE option, with open interest additions also seen in the 14700CE and 14000CE options. On the other hand, open interest reductions were prominent in the 72900CE, 72900CE, and 72900CE options. Trading volume was highest in the 14000CE option, followed by the 13500PE and 13600PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,491.45	1.082	1.077	1.033
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	44,32,320	40,78,080	3,54,240
PUT:	47,94,600	43,93,800	4,00,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,700	7,79,640	1,29,000	4,789
14,000	4,52,520	1,16,640	15,710
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,700	7,79,640	1,29,000	4,789
14,000	4,52,520	1,16,640	15,710
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,400	1,11,360	-52,440	2,978
14,200	2,57,880	-39,000	7,515
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	4,52,520	1,16,640	15,710
13,600	3,14,040	41,400	12,114
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	6,59,760	27,480	8,446
12,000	5,08,800	1,89,240	4,471
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,000	5,08,800	1,89,240	4,471
12,600	1,52,880	88,080	2,778
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,300	2,36,160	-67,200	4,491
13,600	2,37,240	-54,600	13,498
Top PUT Volume:
Strike	OI	OI Change	Volume
13,500	4,89,600	4,800	13,689
13,600	2,37,240	-54,600	13,498

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

Actionable Strategy (Cautious Bias)

Avoid aggressive longs until short covering is visible.

Intraday traders: Sell on rise near call addition zones.

Positional traders: Hedge portfolios below key supports.

Watch for:

PCR reversal

OI contraction on down moves

Premium compression

If those do not appear → Downside likely to extend.

Today’s Open Interest Volume Analysis clearly reflects derivative-driven weakness rather than emotional selling. The sharp expansion in futures open interest across NIFTY and BANKNIFTY, especially in April contracts, confirms strong institutional short positioning.

Weekly option chains show call-side dominance, while falling PCR levels signal reduced confidence among bulls.

Unless we witness short covering accompanied by declining open interest, rallies should be treated as selling opportunities rather than reversal signals.

Traders and investors should stay on the cautious side, hedge portfolios proactively, and avoid leverage-heavy positions until the Open Interest Volume Analysis starts showing contraction in bearish bets.

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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