NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/03/2026

Today’s Open Interest Volume Analysis clearly reflects a broad-based short covering rally across indices, but the structure underneath is not as clean as it looks on price. NIFTY and SENSEX are seeing consistent unwinding of shorts with declining OI, while BANKNIFTY and MIDCAP are showing selective fresh long build-up, indicating sectoral divergence rather than a uniform bull trend.

The drop in combined futures OI (NIFTY -1.53%) along with price rise confirms short covering, not aggressive long addition, which means this move lacks strong positional conviction. Even volumes have cooled off, suggesting participation is not expanding, a key caution signal in any upmove.

Options data further complicates the picture—despite PCR improving above 1, heavy CALL writing at higher strikes (25000–26000) and clustered PUT writing near 23700–23800 indicate a range-bound expectation with upside supply zones intact.

In BANKNIFTY, the Open Interest Volume Analysis shows a more constructive setup with fresh longs in April, but immediate resistance near 55500–56000 remains active due to aggressive call additions. Meanwhile, MIDCAP strength looks strong on price, but low rollover (7%) and sharp OI spike raise sustainability concerns.

Overall, this Open Interest Volume Analysis suggests a market driven by short covering and selective optimism, not broad-based institutional accumulation, making it vulnerable to sudden reversals near resistance zones.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23777.8 (0.834%)

Combined = March + April + May

Combined Fut Open Interest Change: -1.53%

Combined Fut Volume Change: -9.46%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 19% Previous 19%

NIFTY March Future closed at: 23776.4 (0.673%)

March Fut Discount -1.4 (Decreased by -37.65 points)

March Fut Open Interest Change: -1.90%

March Fut Volume Change: -9.49%

March Fut Open Interest Analysis: Short Covering

NIFTY April Future closed at: 23922.7 (0.653%)

April Fut Discount 144.9 (Decreased by -41.35 points)

April Fut Open Interest Change: -0.60%

April Fut Volume Change: -8.39%

April Fut Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (24/03/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.060 (Increased from 0.984)

Put-Call Ratio (Volume): 0.743

Max Pain Level: 23700

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 21000

Highest CALL Addition: 25200

Highest PUT Addition: 23700

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

Put-Call Ratio (Open Interest): 1.177 (Increased from 1.103)

Put-Call Ratio (Volume): 1.063

Max Pain Level: 24500

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 19000

Highest CALL Addition: 23800

Highest PUT Addition: 23800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55326.05 (0.820%)

Combined = March + April + May

Combined Fut Open Interest Change: 0.92%

Combined Fut Volume Change: 10.56%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 34% Previous 33%

BANKNIFTY MARCH Future closed at: 55416.2 (0.767%)

March Fut Premium 90.15 (Decreased by -28.45 points)

March Fut Open Interest Change: -1.3%

March Fut Volume Change: 6.4%

March Fut Open Interest Analysis: Short Covering

BANKNIFTY APRIL Future closed at: 55794.8 (0.776%)

April Fut Premium 468.75 (Decreased by -20.25 points)

April Fut Open Interest Change: 7.77%

April Fut Volume Change: 50.11%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.898 (Increased from 0.789)

Put-Call Ratio (Volume): 0.761

Max Pain Level: 57000

Maximum CALL Open Interest: 61000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 55500

Highest PUT Addition: 51500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12980.55 (1.918%)

Combined = March + April + May

Combined Fut Open Interest Change: 0.54%

Combined Fut Volume Change: 37.92%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 7% Previous 6%

MIDCPNIFTY MARCH Future closed at: 12969.9 (1.724%)

March Fut Discount -10.65 (Decreased by -24.4 points)

March Fut Open Interest Change: -0.59%

March Fut Volume Change: 32.93%

March Fut Open Interest Analysis: Short Covering

MIDCPNIFTY APRIL Future closed at: 13030.85 (1.654%)

April Fut Discount 50.3 (Decreased by -32.2 points)

April Fut Open Interest Change: 17.04%

April Fut Volume Change: 89.11%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.146 (Increased from 0.965)

Put-Call Ratio (Volume): 1.115

Max Pain Level: 13000

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 12500

Highest CALL Addition: 14000

Highest PUT Addition: 12500

SENSEX Monthly Expiry (25/03/2026) Future

SENSEX Spot closed at: 76,704.13 (0.833%)

SENSEX Monthly Future closed at: 76,739.60 (0.741%)

Premium: 35.47 (Decreased by -68.59 points)

Open Interest Change: -2.79%

Volume Change: 15.61%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.347 (Increased from 1.333)

Put-Call Ratio (Volume): 0.911

Max Pain Level: 76500

Maximum CALL OI: 78000

Maximum PUT OI: 74000

Highest CALL Addition: 77300

Highest PUT Addition: 74000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,714.35 Cr.

DIIs Net BUY: ₹ 3,253.03 Cr.

FII Derivatives Activity

FII Trading Stats	18.03.26	17.03.26	16.03.26
FII Cash (Provisional Data)	-2,714.35	-4,741.22	-9,365.52
Index Future Open Interest Long Ratio	14.12%	12.59%	11.82%
Index Future Volume Long Ratio	64.65%	57.31%	57.23%
Call Option Open Interest Long Ratio	42.70%	42.50%	41.79%
Call Option Volume Long Ratio	49.90%	50.15%	50.05%
Put Option Open Interest Long Ratio	62.62%	64.75%	62.23%
Put Option Volume Long Ratio	49.85%	49.77%	49.89%
Stock Future Open Interest Long Ratio	58.08%	58.35%	58.48%
Stock Future Volume Long Ratio	47.21%	48.96%	50.38%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Fresh Short	Long Covering	Long Covering
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Fresh Short	Long Covering	Long Covering
BankNifty Futures	Fresh Long	Short Covering	Fresh Long
BankNifty Options	Fresh Long	Fresh Short	Fresh Long
FinNifty Futures	Long Covering	Long Covering	Fresh Long
FinNifty Options	Fresh Long	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Long	Long Covering	Fresh Long
Stock Futures	Fresh Short	Fresh Short	Fresh Long
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 76704.13. The SENSEX weekly expiry for MARCH 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.347 against previous 1.333. The 74000PE option holds the maximum open interest, followed by the 73000PE and 75000PE options. Market participants have shown increased interest with significant open interest additions in the 74000PE option, with open interest additions also seen in the 75000PE and 76000PE options. On the other hand, open interest reductions were prominent in the 71000PE, 74300PE, and 76000CE options. Trading volume was highest in the 77000CE option, followed by the 78000CE and 76000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	19-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76704.13	1.347	1.333	0.911
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,62,39,140	1,59,14,880	1,03,24,260
PUT:	3,53,47,480	2,12,21,660	1,41,25,820
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	16,35,160	5,60,820	9,41,27,440
79000	15,78,940	5,69,900	2,81,38,300
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77300	9,07,860	7,46,660	4,24,89,540
77000	13,67,980	6,72,220	11,00,98,240
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
76000	5,09,740	-1,91,940	93,76,860
76200	85,360	-1,80,360	84,40,880
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	13,67,980	6,72,220	11,00,98,240
78000	16,35,160	5,60,820	9,41,27,440
Top PUT Open Interest:
Strike	OI	OI Change	Volume
74000	25,44,780	18,30,060	3,07,30,360
73000	19,02,420	6,07,060	2,80,21,900
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
74000	25,44,780	18,30,060	3,07,30,360
75000	17,63,100	11,13,440	5,51,00,080
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
71000	7,60,800	-4,52,880	1,40,34,740
74300	2,45,820	-3,99,100	94,42,620
Top PUT Volume:
Strike	OI	OI Change	Volume
76000	17,29,180	10,41,320	9,20,04,960
76500	9,81,760	8,68,960	7,73,74,080

NIFTY Weekly Expiry (24/03/2026)

The NIFTY index closed at 23777.8. The NIFTY weekly expiry for MARCH 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.060 against previous 0.984. The 21000PE 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 23700PE option, with open interest additions also seen in the 23800PE and 23500PE options. On the other hand, open interest reductions were prominent in the 23500CE, 22600PE, and 23400CE options. Trading volume was highest in the 23800CE option, followed by the 24000CE and 23700PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,777.80	1.060	0.984	0.743
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,48,03,680	5,82,77,765	2,65,25,915
PUT:	8,99,21,325	5,73,62,825	3,25,58,500
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	68,30,200	17,70,080	7,38,355
24,500	43,88,280	14,82,390	10,26,545
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,200	31,28,515	19,61,700	3,13,233
25,000	68,30,200	17,70,080	7,38,355
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	14,96,560	-8,13,280	3,03,720
23,400	6,37,325	-3,23,895	69,588
Top CALL Volume:
Strike	OI	OI Change	Volume
23,800	33,98,330	17,69,495	29,00,923
24,000	43,45,510	7,11,230	24,10,863
Top PUT Open Interest:
Strike	OI	OI Change	Volume
21,000	72,85,785	8,81,855	4,08,441
23,000	54,98,480	13,62,855	7,83,763
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,700	36,26,025	30,45,835	22,84,039
23,800	31,50,615	25,75,365	19,76,437
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,600	11,82,155	-3,75,700	2,49,988
21,700	7,21,045	-1,84,210	1,26,144
Top PUT Volume:
Strike	OI	OI Change	Volume
23,700	36,26,025	30,45,835	22,84,039
23,800	31,50,615	25,75,365	19,76,437

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 23777.8. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.177 against previous 1.103. The 26000CE option holds the maximum open interest, followed by the 19000PE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 23800PE option, with open interest additions also seen in the 22800PE and 23800CE options. On the other hand, open interest reductions were prominent in the 23500CE, 26000CE, and 22000PE options. Trading volume was highest in the 23000PE option, followed by the 24000CE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,777.80	1.177	1.103	1.063
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,53,44,075	6,24,41,520	29,02,555
PUT:	7,68,93,865	6,88,95,870	79,97,995
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	58,68,275	-1,56,485	37,354
25,000	51,63,980	1,89,875	93,502
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,800	16,81,095	7,69,340	92,039
24,500	40,00,490	4,09,240	1,31,000
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	20,13,960	-3,10,115	48,803
26,000	58,68,275	-1,56,485	37,354
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	42,52,990	-25,290	1,34,567
24,500	40,00,490	4,09,240	1,31,000
Top PUT Open Interest:
Strike	OI	OI Change	Volume
19,000	54,57,020	5,53,555	49,676
23,000	53,39,645	3,40,385	1,39,620
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,800	21,20,625	12,25,055	98,933
22,800	14,41,440	7,98,070	53,804
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	42,94,120	-1,49,640	82,172
24,200	5,35,535	-1,26,425	8,161
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	53,39,645	3,40,385	1,39,620
23,500	37,26,840	4,96,015	1,29,132

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 55326.05. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.898 against previous 0.789. 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 51500PE option, with open interest additions also seen in the 55000PE and 54000PE options. On the other hand, open interest reductions were prominent in the 51000PE, 59000CE, and 61000CE options. Trading volume was highest in the 55000CE option, followed by the 55000PE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,326.05	0.898	0.789	0.761
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,75,84,385	1,81,73,820	-5,89,435
PUT:	1,57,90,575	1,43,36,800	14,53,775
Top CALL Open Interest:
Strike	OI	OI Change	Volume
61,000	10,95,930	-59,970	38,859
60,000	10,15,400	-56,880	63,827
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,500	3,33,620	75,960	1,02,286
58,000	7,29,300	56,940	74,227
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	9,70,800	-66,870	55,697
61,000	10,95,930	-59,970	38,859
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	6,21,900	17,850	1,86,278
56,000	7,70,760	-4,560	1,19,526
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	8,20,685	1,61,575	80,803
55,000	7,30,170	1,84,920	1,79,654
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
51,500	5,40,450	3,03,300	52,733
55,000	7,30,170	1,84,920	1,79,654
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
51,000	7,24,110	-1,21,920	78,906
49,500	3,24,240	-48,210	22,064
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	7,30,170	1,84,920	1,79,654
54,000	8,20,685	1,61,575	80,803

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 12980.55. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.146 against previous 0.965. The 12500PE option holds the maximum open interest, followed by the 12000PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 12500PE option, with open interest additions also seen in the 12900PE and 11400PE options. On the other hand, open interest reductions were prominent in the 66200CE, 65000PE, and 65000CE options. Trading volume was highest in the 12500PE option, followed by the 13000CE and 12800PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-03-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,980.55	1.146	0.965	1.115
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	70,77,600	69,78,120	99,480
PUT:	81,08,160	67,33,440	13,74,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	7,01,640	63,480	4,721
13,500	6,40,920	36,480	11,667
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	7,01,640	63,480	4,721
13,000	6,05,160	60,720	19,873
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,750	49,800	-82,560	1,670
12,700	1,33,440	-49,560	2,104
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	6,05,160	60,720	19,873
13,500	6,40,920	36,480	11,667
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,500	10,63,440	4,39,560	21,050
12,000	9,04,200	71,760	10,627
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,500	10,63,440	4,39,560	21,050
12,900	2,34,360	1,74,720	11,195
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,700	2,33,760	-61,560	8,156
12,200	3,12,720	-40,680	7,622
Top PUT Volume:
Strike	OI	OI Change	Volume
12,500	10,63,440	4,39,560	21,050
12,800	2,12,520	59,280	12,810

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

This Open Interest Volume Analysis suggests the market is currently in a relief rally phase rather than a confirmed bullish trend, with short covering dominating NIFTY and SENSEX, while BANKNIFTY and MIDCAP are attempting fresh long-driven breakouts.

However, multiple caution signals remain:

Declining volumes in NIFTY futures → weak follow-through risk

Heavy CALL writing at higher strikes → upside capped zones (25000 NIFTY / 55500–56000 BANKNIFTY)

Max Pain clustering below spot → mean reversion possibility

Premium contraction across futures → reduced bullish aggression

Actionable strategy based on this Open Interest Volume Analysis:

Avoid chasing highs in NIFTY; prefer buy-on-dips near 23700–23650 zone with strict risk control

Watch BANKNIFTY closely—sustained move above 55600 can trigger momentum longs, else expect sideways consolidation

MIDCAP traders should stay cautious—sharp OI build-up with low rollover can unwind quickly

Keep an eye on 23800–24000 zone in NIFTY—this is now a supply zone unless strong long OI addition comes in

Bottom line: trend is fragile. This is a trader’s market, not an investor’s breakout yet, and the next move will depend on whether fresh long addition replaces short covering 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

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