NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 2/03/2026

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Open Interest Volume Analysis

Yesterday’s Open Interest Volume Analysis clearly signals aggressive fresh short buildup across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX futures, confirming institutional selling rather than mere profit booking.

NIFTY Spot closed at 24,865 (-1.24%), but what matters more is the 5.87% jump in combined OI with 42% volume surge — this is classical short creation, not long unwinding.

March and April futures both show fresh short formation, while premiums collapsed sharply (March premium down ~43 points). This indicates traders are pricing in lower forward expectations.

In weekly options (10 March expiry), PCR (OI) jumped from 0.54 to 0.73 — a sharp rise, but still below 1. That means put writing hasn’t begun; downside hedging is active.

25000 strike saw highest CALL addition, while 23500 PUT addition indicates the market is shifting lower support expectations.

On monthly expiry (30 March), PCR is still above 1 (1.18), meaning positional structure is not fully bearish yet — but the drop from 1.22 suggests call writers are getting aggressive near 25,000.

BANKNIFTY shows stronger bearish conviction — 8.72% OI build-up with 30% volume spike. April contract OI jumped 15.8%, which signals positional shorts being rolled forward.

Interestingly, 61,000 strike in BankNifty holds maximum OI on both CALL and PUT — this indicates a developing expiry magnet but skewed bearish in near term.

MIDCPNIFTY is under-performing (-1.49%) with 78% volume surge, showing risk-off in broader markets. This is typically a sign that institutions are reducing beta exposure.

SENSEX futures premium collapsed by ~180 points, reinforcing that heavy hedging is underway.

In summary, this Open Interest Volume Analysis reflects coordinated bearish positioning rather than isolated profit booking — a structure-driven decline.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24865.7 (-1.243%)

Combined = March + April + May

Combined Fut Open Interest Change: 5.87%

Combined Fut Volume Change: 42.06%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 12% Previous 12%

NIFTY March Future closed at: 24982.2 (-1.407%)

March Fut Premium 116.5 (Decreased by -43.45 points)

March Fut Open Interest Change: 5.40%

March Fut Volume Change: 53.17%

March Fut Open Interest Analysis: Fresh Short

NIFTY April Future closed at: 25140.2 (-1.407%)

April Fut Premium 274.5 (Decreased by -45.85 points)

April Fut Open Interest Change: 4.89%

April Fut Volume Change: -3.94%

April Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (10/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.739 (Increased from 0.547)

Put-Call Ratio (Volume): 0.833

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 23500

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

Put-Call Ratio (Open Interest): 1.182 (Decreased from 1.229)

Put-Call Ratio (Volume): 1.045

Max Pain Level: 25600

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25000

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59839.65 (-1.139%)

Combined = March + April + May

Combined Fut Open Interest Change: 8.72%

Combined Fut Volume Change: 30.84%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 25% Previous 23%

BANKNIFTY MARCH Future closed at: 60213.6 (-1.129%)

March Fut Premium 373.95 (Increased by 1.95 points)

March Fut Open Interest Change: 5.7%

March Fut Volume Change: 55.2%

March Fut Open Interest Analysis: Fresh Short

BANKNIFTY APRIL Future closed at: 60517.6 (-1.247%)

April Fut Premium 677.95 (Decreased by -74.65 points)

April Fut Open Interest Change: 15.80%

April Fut Volume Change: -29.27%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.008 (Increased from 0.997)

Put-Call Ratio (Volume): 1.361

Max Pain Level: 61000

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 61000

Highest CALL Addition: 62000

Highest PUT Addition: 62000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13289.85 (-1.494%)

Combined = March + April + May

Combined Fut Open Interest Change: 3.35%

Combined Fut Volume Change: 78.96%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 3% Previous 3%

MIDCPNIFTY MARCH Future closed at: 13326.95 (-1.500%)

March Fut Premium 37.1 (Decreased by -1.3 points)

March Fut Open Interest Change: 3.28%

March Fut Volume Change: 73.50%

March Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY APRIL Future closed at: 13404.95 (-1.429%)

April Fut Premium 115.1 (Increased by 7.2 points)

April Fut Open Interest Change: 0.19%

April Fut Volume Change: 195.51%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.065 (Decreased from 1.082)

Put-Call Ratio (Volume): 1.234

Max Pain Level: 13500

Maximum CALL Open Interest: 14700

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13300

Highest PUT Addition: 11500

SENSEX Monthly Expiry (25/03/2026) Future

SENSEX Spot closed at: 80,238.85 (-1.290%)

SENSEX Monthly Future closed at: 80,579.40 (-1.501%)

Premium: 340.55 (Decreased by -179.91 points)

Open Interest Change: 3.49%

Volume Change: 49.28%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.937 (Increased from 0.543)

Put-Call Ratio (Volume): 1.100

Max Pain Level: 80600

Maximum CALL OI: 82000

Maximum PUT OI: 71200

Highest CALL Addition: 83500

Highest PUT Addition: 71200

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,295.64 Cr.

DIIs Net BUY: ₹ 8,593.87 Cr.

FII Derivatives Activity

FII Trading Stats2.03.2627.02.2626.02.26
FII Cash (Provisional Data)-3,295.64-7,536.36-3,465.99
    
Index Future Open Interest Long Ratio16.31%18.42%21.71%
Index Future Volume Long Ratio32.60%23.83%53.67%
Call Option Open Interest Long Ratio46.24%47.09%45.96%
Call Option Volume Long Ratio50.04%50.01%49.86%
Put Option Open Interest Long Ratio67.65%65.65%63.07%
Put Option Volume Long Ratio49.71%50.37%50.04%
Stock Future Open Interest Long Ratio59.08%59.11%59.38%
Stock Future Volume Long Ratio50.26%47.74%49.96%
    
Index FuturesFresh ShortFresh ShortFresh Long
Index OptionsLong CoveringFresh LongFresh Short
    
Nifty FuturesFresh ShortFresh ShortFresh Long
Nifty OptionsLong CoveringFresh LongFresh Short
    
BankNifty FuturesFresh ShortLong CoveringLong Covering
BankNifty OptionsFresh LongFresh LongFresh Long
    
FinNifty FuturesFresh LongLong CoveringShort Covering
FinNifty OptionsFresh ShortFresh ShortFresh Short
    
MidcpNifty FuturesFresh ShortLong CoveringFresh Long
MidcpNifty OptionsFresh ShortFresh ShortFresh Long
    
NiftyNxt50 FuturesLong CoveringLong CoveringLong Covering
NiftyNxt50 OptionsFresh LongFresh LongFresh Long
    
Stock FuturesShort CoveringLong CoveringFresh Short
Stock OptionsFresh LongFresh ShortFresh 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

SENSEX weekly Expiry (5/03/2026)

The SENSEX index closed at 80238.85. The SENSEX weekly expiry for MARCH 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.937 against previous 0.543. The 82000CE option holds the maximum open interest, followed by the 83000CE and 71200PE options. Market participants have shown increased interest with significant open interest additions in the 71200PE option, with open interest additions also seen in the 74000PE and 76000PE options. On the other hand, open interest reductions were prominent in the 81500PE, 85500CE, and 86000CE options. Trading volume was highest in the 80000PE option, followed by the 82000CE and 79000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:05-03-2026
Index SpotPCR OIPrev PCR OIPCR VOL
80238.850.9370.5431.100
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,99,66,420    1,33,37,620           66,28,800
PUT:  1,87,06,220        72,38,900        1,14,67,320
Top CALL Open Interest:
StrikeOIOI ChangeVolume
82000      14,32,680          6,69,640        1,65,83,580
83000      13,96,280          5,40,840        1,13,64,680
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
83500      12,38,320          7,64,680           91,18,180
82000      14,32,680          6,69,640        1,65,83,580
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
85500        3,80,780        -2,32,500           51,35,340
86000        6,33,300        -1,64,760           62,46,100
Top CALL Volume:
StrikeOIOI ChangeVolume
82000      14,32,680          6,69,640        1,65,83,580
80500        4,17,440          4,11,280        1,36,59,680
Top PUT Open Interest:
StrikeOIOI ChangeVolume
71200      12,41,540        12,18,580           38,97,860
76000        9,62,440          8,25,960           88,01,300
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
71200      12,41,540        12,18,580           38,97,860
74000        9,23,180          8,47,720           83,57,260
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
81500        1,05,440        -2,79,440           10,80,480
82000        1,82,280        -1,57,440              5,60,360
Top PUT Volume:
StrikeOIOI ChangeVolume
80000        6,16,380          2,86,260        2,28,11,500
79000        7,30,680          3,06,300        1,53,15,280

NIFTY Weekly Expiry (10/03/2026)

The NIFTY index closed at 24865.7. The NIFTY weekly expiry for MARCH 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.739 against previous 0.547. The 26000CE option holds the maximum open interest, followed by the 25500CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 23500PE option, with open interest additions also seen in the 25000CE and 26000CE options. On the other hand, open interest reductions were prominent in the 26100CE, 27000CE, and 25200PE options. Trading volume was highest in the 25000CE option, followed by the 24800PE and 25500CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:10-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,865.70                0.739                  0.547               0.833
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    6,58,42,270      3,82,55,945   2,75,86,325
 PUT:    4,86,25,200      2,09,08,940   2,77,16,260
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       58,51,495         29,25,715         3,44,866
               25,500       45,97,710         19,80,355         5,02,202
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000       37,13,125         34,54,490         5,58,076
               26,000       58,51,495         29,25,715         3,44,866
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,100       12,67,370          -8,06,910         1,46,146
               27,000       31,12,460          -5,78,565         1,83,239
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       37,13,125         34,54,490         5,58,076
               25,500       45,97,710         19,80,355         5,02,202
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       42,18,370         28,59,610         4,49,358
               23,500       41,67,800         41,67,800         3,05,216
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,500       41,67,800         41,67,800         3,05,216
               24,000       42,18,370         28,59,610         4,49,358
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,200          7,18,770          -3,83,760             64,821
               25,300          5,54,450          -3,35,075             39,933
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,800       23,21,670         14,76,865         5,16,365
               24,500       33,13,765         18,90,850         4,78,346

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 24865.7. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.182 against previous 1.229. 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 25000CE option, with open interest additions also seen in the 24000PE and 24900CE options. On the other hand, open interest reductions were prominent in the 25500PE, 25000PE, and 25400PE options. Trading volume was highest in the 25000PE option, followed by the 26000CE and 24000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,865.70                1.182                  1.229               1.045
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,69,83,670      4,46,78,690       23,04,980
 PUT:    5,55,33,350      5,49,10,280         6,23,070
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       66,34,575            3,00,945         1,78,277
               27,000       37,35,470          -2,97,030             50,946
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000       25,27,555         13,11,530         1,52,582
               24,900          5,11,550            4,74,435             38,633
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,500       26,20,085          -3,93,640             68,497
               26,700          3,81,615          -3,14,665             20,496
 Top CALL Volume:
 Strike OI OI Change Volume
               26,000       66,34,575            3,00,945         1,78,277
               25,500       36,30,120            2,35,820         1,53,676
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,000       56,70,945          -5,98,815         1,96,049
               24,000       53,03,695            7,40,455         1,59,705
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       53,03,695            7,40,455         1,59,705
               23,000       32,33,290            4,44,800             89,900
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       24,90,020          -9,33,660             63,041
               25,000       56,70,945          -5,98,815         1,96,049
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,000       56,70,945          -5,98,815         1,96,049
               24,000       53,03,695            7,40,455         1,59,705

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 59839.65. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.008 against previous 0.997. 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 62000CE option, with open interest additions also seen in the 62000PE and 60000CE options. On the other hand, open interest reductions were prominent in the 61000PE, 61000CE, and 60500PE options. Trading volume was highest in the 60000PE option, followed by the 61000CE and 59000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         59,839.65                1.008                  0.997               1.361
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,03,65,595      1,01,46,490         2,19,105
 PUT:    1,04,49,155      1,01,14,955         3,34,200
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               61,000       12,71,400          -4,12,680         1,06,233
               62,000          8,87,790            2,93,670             84,433
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               62,000          8,87,790            2,93,670             84,433
               60,000          4,61,570            2,16,005             83,867
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               61,000       12,71,400          -4,12,680         1,06,233
               63,500          2,89,830              -51,870             27,090
 Top CALL Volume:
 Strike OI OI Change Volume
               61,000       12,71,400          -4,12,680         1,06,233
               62,000          8,87,790            2,93,670             84,433
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               61,000       10,93,410          -4,96,110             56,734
               60,000       10,46,125                -6,845         1,73,155
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               62,000          4,36,770            2,52,720             16,659
               59,500          4,54,950               92,040             97,803
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               61,000       10,93,410          -4,96,110             56,734
               60,500          3,65,160              -71,820             50,145
 Top PUT Volume: 
 Strike OI OI Change Volume
               60,000       10,46,125                -6,845         1,73,155
               59,000          5,23,440               35,850         1,01,448

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 13289.85. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.065 against previous 1.082. The 14700CE option holds the maximum open interest, followed by the 12000PE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 11500PE option, with open interest additions also seen in the 11700PE and 13300CE options. On the other hand, open interest reductions were prominent in the 78000PE, 78000PE, and 78000PE options. Trading volume was highest in the 13000PE option, followed by the 14000CE and 13300PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,289.85                1.065                  1.082               1.234
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       47,42,760         44,32,320         3,10,440
 PUT:       50,52,000         47,94,600         2,57,400
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,700          7,67,040              -12,600               3,844
               13,500          4,34,640               57,240             10,293
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,300             96,480               72,360               6,211
               13,800          2,39,040               66,960               5,130
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,000          3,30,840          -1,21,680             12,537
               14,200          2,01,480              -56,400               6,274
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          3,30,840          -1,21,680             12,537
               13,500          4,34,640               57,240             10,293
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               12,000          5,65,920               57,120               6,266
               13,000          5,60,040              -99,720             17,774
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               11,500          1,92,360            1,17,000               4,163
               11,700          1,49,760            1,08,120               2,749
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,000          5,60,040              -99,720             17,774
               12,600             94,800              -58,080               2,979
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,000          5,60,040              -99,720             17,774
               13,300          2,44,440                  8,280             11,781

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

This Open Interest Volume Analysis shows synchronized fresh short buildup across all major indices — a strong institutional footprint.

Premium contraction across contracts confirms bearish forward expectations rather than temporary correction.

Weekly option positioning suggests resistance shifting lower (25,000 in NIFTY and 60,000 in BANKNIFTY).

Broader market weakness (MIDCPNIFTY under-performance) strengthens the bearish narrative.

Until we see decisive short covering (price up + OI down), rallies are likely to be supply-driven.

Traders should remain tactically defensive, hedge aggressively, and treat rebounds as opportunity unless structure changes.

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

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