NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 12/03/2026

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Open Interest Volume Analysis

The Indian derivatives market on 12/03/2026 reflected a clear risk-off tone, and a detailed Open Interest Volume Analysis across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX suggests that traders are gradually positioning for downside risk in the near term.

In NIFTY futures, the combination of price decline with rising open interest clearly indicates fresh short build-up, which signals that market participants are actively creating bearish bets rather than merely exiting long positions.

The Open Interest Volume Analysis further shows that while short positions are increasing in index futures, the options data is revealing strong overhead call writing, especially near the 23700–25000 region, reinforcing the view that traders expect limited upside in the immediate sessions.

BANKNIFTY futures, on the other hand, displayed long covering in the near contract, suggesting that earlier bullish positions are being unwound. However, the sharp open interest build-up in the April contract indicates fresh short positioning, hinting that traders are shifting bearish exposure to the next series.

Meanwhile, MIDCPNIFTY futures Open Interest Volume Analysis shows aggressive participation in the April series with a sharp rise in open interest and volume, indicating that institutional traders are actively building short exposure in the midcap space as well.

Adding to the cautious sentiment, the SENSEX futures also registered fresh short build-up, confirming that the bearish bias is not limited to one index but is broad-based across the index derivatives segment.

Overall, the Open Interest Volume Analysis across multiple indices suggests a defensive positioning by traders, with call writers gaining control of the market structure and short sellers dominating the futures segment.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23639.15 (-0.954%)

Combined = March + April + May

Combined Fut Open Interest Change: 1.64%

Combined Fut Volume Change: 7.26%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 16% Previous 15%

NIFTY March Future closed at: 23728.5 (-0.880%)

March Fut Premium 89.35 (Increased by 17.1 points)

March Fut Open Interest Change: 1.13%

March Fut Volume Change: 10.77%

March Fut Open Interest Analysis: Fresh Short

NIFTY April Future closed at: 23882.4 (-0.912%)

April Fut Premium 243.25 (Increased by 8 points)

April Fut Open Interest Change: 4.97%

April Fut Volume Change: -7.77%

April Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (17/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.697 (Increased from 0.613)

Put-Call Ratio (Volume): 0.842

Max Pain Level: 23900

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 21500

Highest CALL Addition: 23700

Highest PUT Addition: 21500

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

Put-Call Ratio (Open Interest): 1.078 (Decreased from 1.096)

Put-Call Ratio (Volume): 0.929

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24500

Highest PUT Addition: 23200

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55100.95 (-1.139%)

Combined = March + April + May

Combined Fut Open Interest Change: -1.17%

Combined Fut Volume Change: -2.42%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 29% Previous 27%

BANKNIFTY MARCH Future closed at: 55369.8 (-1.001%)

March Fut Premium 268.85 (Increased by 74.8 points)

March Fut Open Interest Change: -4.1%

March Fut Volume Change: -1.9%

March Fut Open Interest Analysis: Long Covering

BANKNIFTY APRIL Future closed at: 55751.2 (-1.019%)

April Fut Premium 650.25 (Increased by 61 points)

April Fut Open Interest Change: 9.27%

April Fut Volume Change: -18.45%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.786 (Increased from 0.758)

Put-Call Ratio (Volume): 0.730

Max Pain Level: 58200

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 59000

Highest CALL Addition: 55000

Highest PUT Addition: 50500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12961.15 (-0.006%)

Combined = March + April + May

Combined Fut Open Interest Change: 0.64%

Combined Fut Volume Change: 48.89%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 5% Previous 4%

MIDCPNIFTY MARCH Future closed at: 12962.8 (-0.003%)

March Fut Premium 1.65 (Increased by 0.35 points)

March Fut Open Interest Change: -0.06%

March Fut Volume Change: 48.28%

March Fut Open Interest Analysis: Long Covering

MIDCPNIFTY APRIL Future closed at: 13031.85 (-0.046%)

April Fut Premium 70.7 (Decreased by -5.25 points)

April Fut Open Interest Change: 18.53%

April Fut Volume Change: 55.23%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.955 (Increased from 0.935)

Put-Call Ratio (Volume): 1.053

Max Pain Level: 13200

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13000

Highest PUT Addition: 11400

SENSEX Monthly Expiry (25/03/2026) Future

SENSEX Spot closed at: 76,034.42 (-1.079%)

SENSEX Monthly Future closed at: 76,375.20 (-1.016%)

Premium: 340.78 (Increased by 45.24 points)

Open Interest Change: 0.21%

Volume Change: 24.51%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (19/03/2026) Option Analysis

Put-Call Ratio (OI): 0.831 (Decreased from 0.846)

Put-Call Ratio (Volume): 0.795

Max Pain Level: 76500

Maximum CALL OI: 76000

Maximum PUT OI: 76000

Highest CALL Addition: 76000

Highest PUT Addition: 76000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 7,049.87 Cr.

DIIs Net BUY: ₹ 7,449.77 Cr.

FII Derivatives Activity

FII Trading Stats12.03.2611.03.2610.03.26
FII Cash (Provisional Data)-7,049.87-6,267.31-4,672.64
    
Index Future Open Interest Long Ratio10.61%11.73%12.73%
Index Future Volume Long Ratio35.26%34.47%55.74%
Call Option Open Interest Long Ratio42.01%42.54%44.01%
Call Option Volume Long Ratio49.76%49.48%49.93%
Put Option Open Interest Long Ratio64.31%66.69%66.23%
Put Option Volume Long Ratio49.61%50.34%49.70%
Stock Future Open Interest Long Ratio58.70%58.78%59.06%
Stock Future Volume Long Ratio49.84%47.57%50.72%
    
Index FuturesFresh ShortFresh ShortShort Covering
Index OptionsFresh ShortFresh ShortLong Covering
    
Nifty FuturesFresh ShortFresh ShortShort Covering
Nifty OptionsFresh ShortFresh ShortLong Covering
    
BankNifty FuturesLong CoveringLong CoveringShort Covering
BankNifty OptionsFresh ShortFresh ShortFresh Short
    
FinNifty FuturesLong CoveringFresh LongLong Covering
FinNifty OptionsFresh ShortShort CoveringShort Covering
    
MidcpNifty FuturesLong CoveringLong CoveringShort Covering
MidcpNifty OptionsFresh ShortFresh ShortFresh Long
    
NiftyNxt50 FuturesFresh ShortFresh LongShort Covering
NiftyNxt50 OptionsFresh LongFresh LongShort Covering
    
Stock FuturesFresh ShortLong CoveringFresh Long
Stock OptionsFresh ShortFresh ShortFresh Short

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 (19/03/2026)

The SENSEX index closed at 76034.42. The SENSEX weekly expiry for MARCH 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.831 against previous 0.846. The 76000CE option holds the maximum open interest, followed by the 76000PE and 81000CE options. Market participants have shown increased interest with significant open interest additions in the 76000CE option, with open interest additions also seen in the 76000PE and 76500CE options. On the other hand, open interest reductions were prominent in the 77500PE, 80400CE, and 77200PE options. Trading volume was highest in the 76000PE option, followed by the 76500CE and 76000CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:19-03-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76034.420.8310.8460.795
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      35,88,020        12,07,580           23,80,440
PUT:      29,80,420        10,21,100           19,59,320
Top CALL Open Interest:
StrikeOIOI ChangeVolume
76000        3,96,760          3,94,020           12,26,540
81000        2,26,380          1,40,180              8,04,620
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
76000        3,96,760          3,94,020           12,26,540
76500        2,05,400          1,95,660           12,43,700
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
80400              5,380              -3,200                 28,120
89500                  100                    -40                       160
Top CALL Volume:
StrikeOIOI ChangeVolume
76500        2,05,400          1,95,660           12,43,700
76000        3,96,760          3,94,020           12,26,540
Top PUT Open Interest:
StrikeOIOI ChangeVolume
76000        3,39,600          2,90,520           17,23,500
73000        2,18,580          1,47,220              7,46,660
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
76000        3,39,600          2,90,520           17,23,500
73000        2,18,580          1,47,220              7,46,660
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
77500            58,720              -4,060                 41,760
77200              7,520              -2,720                 18,100
Top PUT Volume:
StrikeOIOI ChangeVolume
76000        3,39,600          2,90,520           17,23,500
76500        1,65,980          1,43,980           10,57,040

NIFTY Weekly Expiry (17/03/2026)

The NIFTY index closed at 23639.15. The NIFTY weekly expiry for MARCH 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.697 against previous 0.613. The 25000CE option holds the maximum open interest, followed by the 21500PE and 21450PE options. Market participants have shown increased interest with significant open interest additions in the 21500PE option, with open interest additions also seen in the 23600PE and 23700CE options. On the other hand, open interest reductions were prominent in the 25200CE, 26000CE, and 25400CE options. Trading volume was highest in the 23700PE option, followed by the 23600PE and 23700CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:17-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,639.15                0.697                  0.613               0.842
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 13,47,03,985   12,18,03,240   1,29,00,745
 PUT:    9,39,20,450      7,46,26,500   1,92,93,950
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       85,02,650         14,65,945         7,96,693
               24,500       66,37,085         13,15,990         9,87,612
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,700       30,41,740         25,18,880       16,91,174
               24,800       49,62,425         19,44,150         5,65,710
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,200       36,44,160        -21,46,430         5,04,099
               26,000       61,90,405        -19,06,125         4,45,470
 Top CALL Volume:
 Strike OI OI Change Volume
               23,700       30,41,740         25,18,880       16,91,174
               24,000       51,79,980         10,97,525       14,08,235
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               21,500       75,77,310         26,63,830         3,83,625
               21,450       68,21,360         21,01,515         3,85,067
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               21,500       75,77,310         26,63,830         3,83,625
               23,600       39,74,100         26,14,625       17,71,780
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,900          8,73,925        -10,74,710         2,72,644
               24,000       21,07,755          -9,95,865         3,11,776
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,700       29,29,290            7,21,565       18,81,238
               23,600       39,74,100         26,14,625       17,71,780

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 23639.15. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.078 against previous 1.096. The 26000CE option holds the maximum open interest, followed by the 23000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24500CE option, with open interest additions also seen in the 23800CE and 23700CE options. On the other hand, open interest reductions were prominent in the 24000PE, 24100PE, and 25500CE options. Trading volume was highest in the 25000CE option, followed by the 23000PE and 24000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,639.15                1.078                  1.096               0.929
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    5,94,79,870      5,91,66,605         3,13,265
 PUT:    6,41,23,860      6,48,49,445       -7,25,585
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       64,70,000          -1,41,730             40,767
               25,000       50,62,790          -2,35,095         1,34,969
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,500       34,76,785            5,04,725             96,687
               23,800          9,12,925            4,14,440             39,824
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       34,83,935          -6,50,975             60,499
               25,000       50,62,790          -2,35,095         1,34,969
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       50,62,790          -2,35,095         1,34,969
               24,000       35,81,330            1,99,715         1,11,171
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       56,72,180            1,67,660         1,25,188
               24,000       49,72,190          -8,08,195             91,888
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,200          9,17,540            2,89,705             22,723
               22,500       12,53,135            2,84,245             53,997
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       49,72,190          -8,08,195             91,888
               24,100          4,48,565          -6,66,445             19,724
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,000       56,72,180            1,67,660         1,25,188
               22,000       40,12,110              -83,780         1,00,888

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 55100.95. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.786 against previous 0.758. The 61000CE option holds the maximum open interest, followed by the 59000CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 55000CE option, with open interest additions also seen in the 50500PE and 57000CE options. On the other hand, open interest reductions were prominent in the 62000CE, 60000CE, and 56000PE options. Trading volume was highest in the 55000PE option, followed by the 56000CE and 57000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         55,100.95                0.786                  0.758               0.730
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,66,52,900      1,66,27,950             24,950
 PUT:    1,30,89,420      1,25,99,715         4,89,705
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               61,000       13,21,860               33,990             41,965
               59,000       11,40,180               13,200             71,204
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               55,000          4,03,140            1,53,960             63,737
               57,000          5,74,500            1,20,545             88,561
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               62,000          7,46,790          -1,85,760             43,106
               60,000          9,80,650          -1,20,900             77,906
 Top CALL Volume:
 Strike OI OI Change Volume
               56,000          5,65,080            1,06,170             93,400
               57,000          5,74,500            1,20,545             88,561
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               59,000          7,25,280                -8,610               1,317
               51,000          7,09,200            1,16,430             65,704
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               50,500          1,48,770            1,38,420             25,567
               55,000          6,58,920            1,19,490         1,19,194
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               56,000          5,83,080          -1,18,020             44,929
               62,000          3,33,570              -82,710               4,517
 Top PUT Volume: 
 Strike OI OI Change Volume
               55,000          6,58,920            1,19,490         1,19,194
               53,000          5,31,450               72,360             66,124

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 12961.15. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.955 against previous 0.935. The 12000PE option holds the maximum open interest, followed by the 12500PE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 13000CE option, with open interest additions also seen in the 11400PE and 13800CE options. On the other hand, open interest reductions were prominent in the 66000PE, 66000PE, and 66000CE options. Trading volume was highest in the 13000CE option, followed by the 13000PE and 12000PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         12,961.15                0.955                  0.935               1.053
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       64,19,760         63,18,360         1,01,400
 PUT:       61,29,360         59,07,720         2,21,640
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,500          6,84,000               49,320               7,441
               14,000          5,44,920              -55,440               6,480
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,000          3,77,520               94,560             13,898
               13,800          3,08,880               50,160               5,253
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,100          2,00,880              -66,000               2,057
               14,000          5,44,920              -55,440               6,480
 Top CALL Volume:
 Strike OI OI Change Volume
               13,000          3,77,520               94,560             13,898
               13,500          6,84,000               49,320               7,441
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               12,000          9,29,280               34,320               9,757
               12,500          7,49,280               41,400               6,977
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               11,400             98,400               69,000               1,747
               12,400          1,23,480               50,040               2,593
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,000          4,96,200              -30,360             13,098
               13,300             92,520              -26,880                   495
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,000          4,96,200              -30,360             13,098
               12,000          9,29,280               34,320               9,757

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

The Open Interest Volume Analysis for 12 March 2026 clearly indicates that bears are gradually tightening their grip on the index derivatives market.

Rising open interest alongside falling prices in NIFTY and SENSEX futures confirms fresh short build-up, while BANKNIFTY shows long covering followed by fresh shorts in the next series, which strengthens the bearish undertone.

Options data further supports this view as aggressive call writing is visible across multiple strikes, suggesting that traders expect limited upside in the near term unless key resistance levels are reclaimed.

From a trading perspective, markets may remain volatile and range-bound with a downward bias, and the Open Interest Volume Analysis suggests that rallies may continue to attract selling pressure rather than fresh buying interest.

Traders should therefore closely watch resistance zones such as 23700 in NIFTY and 55500 in BANKNIFTY, because only a sustained breakout above these levels can invalidate the current bearish derivative structure. Otherwise, the probability of further downside consolidation remains elevated in the coming sessions.

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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