Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 16/03/2026
Table of Contents
Monday’s session saw a strong rebound across the benchmark indices, but Open Interest Volume Analysis suggests the move was driven more by short covering than aggressive fresh buying, which calls for a cautious interpretation of the rally.
NIFTY, BANKNIFTY and SENSEX futures all witnessed meaningful declines in open interest while prices moved higher, a classic indication that traders who were short in the previous sessions rushed to cover positions rather than new long positions dominating the market.
The Open Interest Volume Analysis across weekly and monthly options further shows a mixed sentiment where put-call ratios have improved but heavy call open interest at higher strikes continues to act as a supply zone.
While derivatives positioning indicates short-term relief in the market, the broader setup still lacks strong conviction from institutional traders, and rollover data suggests participants are gradually shifting exposure to the next series without aggressively chasing the upside.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23408.8 (1.113%)
Combined = March + April + May
Combined Fut Open Interest Change: -6.51%
Combined Fut Volume Change: -4.88%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 18% Previous 16%
NIFTY March Future closed at: 23429.2 (0.991%)
March Fut Premium 20.4 (Decreased by -27.8 points)
March Fut Open Interest Change: -8.56%
March Fut Volume Change: -3.30%
March Fut Open Interest Analysis: Short Covering
NIFTY April Future closed at: 23564.5 (0.907%)
April Fut Premium 155.7 (Decreased by -45.9 points)
April Fut Open Interest Change: 5.34%
April Fut Volume Change: -11.37%
April Fut Open Interest Analysis: Fresh Long
NIFTY Weekly Expiry (17/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.019 (Increased from 0.578)
Put-Call Ratio (Volume): 0.855
Max Pain Level: 23400
Maximum CALL Open Interest: 24000
Maximum PUT Open Interest: 22000
Highest CALL Addition: 24000
Highest PUT Addition: 22000
NIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.070 (Increased from 1.030)
Put-Call Ratio (Volume): 0.970
Max Pain Level: 24500
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 23300
Highest PUT Addition: 19000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 54413.4 (1.219%)
Combined = March + April + May
Combined Fut Open Interest Change: -0.14%
Combined Fut Volume Change: -6.51%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 32% Previous 30%
BANKNIFTY MARCH Future closed at: 54556.8 (1.176%)
March Fut Premium 143.4 (Decreased by -21.55 points)
March Fut Open Interest Change: -2.9%
March Fut Volume Change: -2.9%
March Fut Open Interest Analysis: Short Covering
BANKNIFTY APRIL Future closed at: 54937.8 (1.181%)
April Fut Premium 524.4 (Decreased by -14.15 points)
April Fut Open Interest Change: 6.78%
April Fut Volume Change: 21.24%
April Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.752 (Decreased from 0.754)
Put-Call Ratio (Volume): 0.734
Max Pain Level: 57000
Maximum CALL Open Interest: 61000
Maximum PUT Open Interest: 51000
Highest CALL Addition: 56000
Highest PUT Addition: 50000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 12615.25 (-0.026%)
Combined = March + April + May
Combined Fut Open Interest Change: 1.26%
Combined Fut Volume Change: 0.21%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 6% Previous 6%
MIDCPNIFTY MARCH Future closed at: 12618.85 (0.095%)
March Fut Premium 3.6 (Increased by 15.25 points)
March Fut Open Interest Change: 1.12%
March Fut Volume Change: -0.22%
March Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY APRIL Future closed at: 12697.75 (0.149%)
April Fut Premium 82.5 (Increased by 22.2 points)
April Fut Open Interest Change: 3.40%
April Fut Volume Change: 20.38%
April Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.912 (Decreased from 0.993)
Put-Call Ratio (Volume): 0.810
Max Pain Level: 13000
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 12000
Highest CALL Addition: 13500
Highest PUT Addition: 11900
SENSEX Monthly Expiry (25/03/2026) Future
SENSEX Spot closed at: 75,502.85 (1.259%)
SENSEX Monthly Future closed at: 75,584.40 (1.128%)
Premium: 81.55 (Decreased by -95.68 points)
Open Interest Change: -6.70%
Volume Change: 8.14%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (19/03/2026) Option Analysis
Put-Call Ratio (OI): 1.218 (Increased from 0.719)
Put-Call Ratio (Volume): 0.836
Max Pain Level: 75500
Maximum CALL OI: 80000
Maximum PUT OI: 70000
Highest CALL Addition: 80000
Highest PUT Addition: 67000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 9,365.52 Cr.
DIIs Net BUY: ₹ 12,593.36 Cr.
FII Derivatives Activity
| FII Trading Stats | 16.03.26 | 13.03.26 | 12.03.26 |
| FII Cash (Provisional Data) | -9,365.52 | -10,716.64 | -7,049.87 |
| Index Future Open Interest Long Ratio | 11.82% | 9.93% | 10.61% |
| Index Future Volume Long Ratio | 57.23% | 35.07% | 35.26% |
| Call Option Open Interest Long Ratio | 41.79% | 42.11% | 42.01% |
| Call Option Volume Long Ratio | 50.05% | 49.73% | 49.76% |
| Put Option Open Interest Long Ratio | 62.23% | 63.86% | 64.31% |
| Put Option Volume Long Ratio | 49.89% | 50.30% | 49.61% |
| Stock Future Open Interest Long Ratio | 58.48% | 58.49% | 58.70% |
| Stock Future Volume Long Ratio | 50.38% | 49.22% | 49.84% |
| Index Futures | Fresh Long | Fresh Short | Fresh Short |
| Index Options | Long Covering | Fresh Short | Fresh Short |
| Nifty Futures | Short Covering | Fresh Short | Fresh Short |
| Nifty Options | Long Covering | Fresh Short | Fresh Short |
| BankNifty Futures | Fresh Long | Fresh Long | Long Covering |
| BankNifty Options | Fresh Long | Fresh Short | Fresh Short |
| FinNifty Futures | Fresh Long | Fresh Long | Long Covering |
| FinNifty Options | Fresh Short | Short Covering | Fresh Short |
| MidcpNifty Futures | Fresh Short | Long Covering | Long Covering |
| MidcpNifty Options | Fresh Short | Fresh Short | Fresh Short |
| NiftyNxt50 Futures | Fresh Short | Fresh Short | Fresh Short |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Long |
| Stock Futures | Fresh Long | Long Covering | Fresh Short |
| Stock Options | Fresh Short | Fresh Short | Fresh 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
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (19/03/2026)
The SENSEX index closed at 75502.85. The SENSEX weekly expiry for MARCH 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.218 against previous 0.719. The 70000PE option holds the maximum open interest, followed by the 80000CE and 67000PE options. Market participants have shown increased interest with significant open interest additions in the 67000PE option, with open interest additions also seen in the 66900PE and 71500PE options. On the other hand, open interest reductions were prominent in the 75200CE, 75100CE, and 77000CE options. Trading volume was highest in the 74500PE option, followed by the 76000CE and 75000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 19-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 75502.85 | 1.218 | 0.719 | 0.836 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 91,13,080 | 76,19,820 | 14,93,260 |
| PUT: | 1,10,96,560 | 54,78,040 | 56,18,520 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 5,69,020 | 1,60,280 | 97,61,900 |
| 78500 | 4,47,340 | 88,440 | 63,74,220 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 5,69,020 | 1,60,280 | 97,61,900 |
| 81000 | 3,79,200 | 1,57,840 | 42,74,560 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 75200 | 61,360 | -64,400 | 34,50,720 |
| 75100 | 48,680 | -58,080 | 30,87,100 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 76000 | 4,09,420 | -11,200 | 1,24,60,640 |
| 75000 | 1,97,660 | 44,620 | 1,00,45,740 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 70000 | 6,20,440 | 3,49,280 | 96,89,440 |
| 67000 | 5,25,460 | 5,25,460 | 24,90,660 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 67000 | 5,25,460 | 5,25,460 | 24,90,660 |
| 66900 | 4,02,940 | 4,02,420 | 20,05,800 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 75100 | 61,940 | -19,440 | 14,52,980 |
| 76500 | 77,040 | -14,720 | 1,06,060 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 74500 | 4,94,180 | 2,86,540 | 1,37,13,840 |
| 74000 | 3,82,340 | 2,19,140 | 97,09,060 |
NIFTY Weekly Expiry (17/03/2026)
The NIFTY index closed at 23408.8. The NIFTY weekly expiry for MARCH 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.019 against previous 0.578. The 22000PE option holds the maximum open interest, followed by the 24000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 22000PE option, with open interest additions also seen in the 21000PE and 21700PE options. On the other hand, open interest reductions were prominent in the 25000CE, 26000CE, and 25500CE options. Trading volume was highest in the 23000PE option, followed by the 23500CE and 23200CE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 17-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,408.80 | 1.019 | 0.578 | 0.855 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,07,22,455 | 17,66,38,020 | -2,59,15,565 |
| PUT: | 15,36,38,680 | 10,20,49,545 | 5,15,89,135 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,05,79,595 | 20,42,690 | 40,59,557 |
| 24,500 | 82,80,025 | 7,93,780 | 17,11,101 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,05,79,595 | 20,42,690 | 40,59,557 |
| 23,500 | 68,69,395 | 20,16,560 | 71,85,419 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 79,62,955 | -50,23,590 | 12,05,533 |
| 26,000 | 34,72,690 | -26,00,975 | 2,62,483 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 68,69,395 | 20,16,560 | 71,85,419 |
| 23,200 | 22,68,305 | -3,85,125 | 59,12,439 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 1,17,79,885 | 43,01,310 | 21,81,303 |
| 23,000 | 83,33,325 | 19,04,435 | 73,17,089 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 1,17,79,885 | 43,01,310 | 21,81,303 |
| 21,000 | 50,74,290 | 24,89,435 | 5,10,443 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 21,450 | 46,89,035 | -25,17,255 | 4,57,706 |
| 21,500 | 75,18,355 | -8,28,490 | 11,18,341 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 83,33,325 | 19,04,435 | 73,17,089 |
| 23,100 | 42,80,770 | 21,00,670 | 56,55,857 |
NIFTY Monthly Expiry (30/03/2026)
The NIFTY index closed at 23408.8. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.070 against previous 1.030. The 26000CE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 19000PE option, with open interest additions also seen in the 20000PE and 21000PE options. On the other hand, open interest reductions were prominent in the 22000PE, 23500CE, and 22800PE options. Trading volume was highest in the 23000PE option, followed by the 24000CE and 22000PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,408.80 | 1.070 | 1.030 | 0.970 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 6,19,15,275 | 6,39,34,950 | -20,19,675 |
| PUT: | 6,62,40,285 | 6,58,41,425 | 3,98,860 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 60,53,100 | -3,65,880 | 50,838 |
| 25,000 | 47,59,715 | -1,11,785 | 80,699 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,300 | 7,30,145 | 1,08,160 | 38,282 |
| 25,500 | 34,47,730 | 1,02,505 | 47,348 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 20,30,470 | -4,09,175 | 1,14,829 |
| 26,000 | 60,53,100 | -3,65,880 | 50,838 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 40,92,265 | -93,025 | 1,55,532 |
| 23,500 | 20,30,470 | -4,09,175 | 1,14,829 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 45,71,830 | -1,93,985 | 1,93,700 |
| 22,000 | 45,63,440 | -7,66,600 | 1,49,370 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 19,000 | 44,21,765 | 18,49,885 | 87,278 |
| 20,000 | 44,82,985 | 16,47,475 | 94,552 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 45,63,440 | -7,66,600 | 1,49,370 |
| 22,800 | 4,97,770 | -3,86,555 | 39,511 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 45,71,830 | -1,93,985 | 1,93,700 |
| 22,000 | 45,63,440 | -7,66,600 | 1,49,370 |
BANKNIFTY Monthly Expiry (30/03/2026)
The BANKNIFTY index closed at 54413.4. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.752 against previous 0.754. The 61000CE option holds the maximum open interest, followed by the 60000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 56000CE option, with open interest additions also seen in the 50000PE and 51000PE options. On the other hand, open interest reductions were prominent in the 55000PE, 55000CE, and 62000PE options. Trading volume was highest in the 54000CE option, followed by the 54000PE and 55000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 54,413.40 | 0.752 | 0.754 | 0.734 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,81,47,030 | 1,78,51,810 | 2,95,220 |
| PUT: | 1,36,54,845 | 1,34,67,100 | 1,87,745 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 11,61,240 | -21,360 | 41,676 |
| 60,000 | 10,99,110 | 90,315 | 59,533 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 8,00,130 | 1,45,110 | 93,015 |
| 60,000 | 10,99,110 | 90,315 | 59,533 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 5,92,470 | -65,730 | 1,01,249 |
| 64,000 | 2,29,320 | -57,750 | 10,415 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 3,35,910 | 67,560 | 1,17,945 |
| 55,000 | 5,92,470 | -65,730 | 1,01,249 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 51,000 | 7,86,240 | 1,10,610 | 89,089 |
| 59,000 | 7,14,660 | -2,700 | 915 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 1,42,170 | 1,26,630 | 31,264 |
| 51,000 | 7,86,240 | 1,10,610 | 89,089 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 4,83,810 | -87,720 | 29,208 |
| 62,000 | 2,04,330 | -59,610 | 3,405 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 6,71,205 | 21,410 | 1,14,793 |
| 53,000 | 5,25,090 | -50,100 | 90,738 |
MIDCPNIFTY Monthly Expiry (30/03/2026)
The MIDCPNIFTY index closed at 12615.25. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.912 against previous 0.993. The 12000PE option holds the maximum open interest, followed by the 14000CE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 11900PE option, with open interest additions also seen in the 13500CE and 13800CE options. On the other hand, open interest reductions were prominent in the 65000PE, 66000PE, and 68000CE options. Trading volume was highest in the 12500PE option, followed by the 13000CE and 12600PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 12,615.25 | 0.912 | 0.993 | 0.810 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 68,16,840 | 65,29,440 | 2,87,400 |
| PUT: | 62,17,800 | 64,83,960 | -2,66,160 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 7,07,160 | 14,280 | 3,476 |
| 13,500 | 6,32,040 | 1,47,240 | 10,904 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 6,32,040 | 1,47,240 | 10,904 |
| 13,800 | 3,55,320 | 1,00,440 | 4,681 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 45,960 | -66,600 | 1,005 |
| 14,700 | 3,47,520 | -66,240 | 973 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 5,30,160 | -19,800 | 14,819 |
| 12,600 | 1,14,720 | 39,600 | 11,847 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 8,22,840 | -76,680 | 9,085 |
| 12,500 | 6,17,400 | -65,040 | 17,261 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 11,900 | 2,47,200 | 1,81,920 | 4,727 |
| 11,400 | 2,01,360 | 33,120 | 3,870 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,600 | 1,90,080 | -98,280 | 14,682 |
| 12,000 | 8,22,840 | -76,680 | 9,085 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 6,17,400 | -65,040 | 17,261 |
| 12,600 | 1,90,080 | -98,280 | 14,682 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The derivatives data for 16 March 2026 indicates that the market bounce is largely technical and driven by short covering rather than structural bullish positioning.
Open Interest Volume Analysis across NIFTY, BANKNIFTY and SENSEX clearly shows declining open interest during the rally, which typically signals that traders are exiting bearish positions instead of aggressively building new longs.
While improving put-call ratios and increasing put writing provide short-term support levels, heavy call open interest at higher strikes continues to cap the upside, suggesting the market could move into a range-bound phase rather than a strong trending rally.
Traders should therefore avoid excessive bullishness and focus on range trading strategies while closely monitoring fresh long buildup in the upcoming series, as sustained upside will require genuine long participation rather than short-covering driven moves.
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