NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/03/2026

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Open Interest Volume Analysis

oday’s Open Interest Volume Analysis clearly reflects a market that is trying to stabilize after recent volatility, but underneath the surface, positioning remains mixed and slightly fragile.

In NIFTY, we are seeing fresh long build-up (OI +2.80%) with declining volume (-6.53%), which is not the most convincing bullish signal — it indicates participation is narrowing, not expanding. Even though price is up ~0.5%, this kind of setup often suggests slow accumulation rather than aggressive buying.

The premium contraction across March & April futures further hints that bullish conviction is not very strong, despite longs getting added. This divergence is something traders should not ignore in their Open Interest Volume Analysis.

On the options side, weekly PCR rising (0.788) but still below 1, combined with heavy call writing at 24000–25000, clearly establishes a supply zone overhead, while put additions at 22000 provide a near-term cushion.

BANKNIFTY tells a completely different story — combined data shows fresh shorts with weak volume, and April futures confirming short build-up (+8.92% OI). This divergence between NIFTY and BANKNIFTY is a key risk factor and signals lack of broad-based strength.

Meanwhile, MIDCAPNIFTY is witnessing short covering, which is typically bullish, but again low volumes reduce conviction.

Overall, this Open Interest Volume Analysis suggests that markets are not in a clean trend — rather in a transition phase with conflicting signals across indices, making stock/index selection and risk management critical.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23114.5 (0.488%)

Combined = March + April + May

Combined Fut Open Interest Change: 2.80%

Combined Fut Volume Change: -6.53%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 24% Previous 22%

NIFTY March Future closed at: 23140.5 (0.372%)

March Fut Premium 26 (Decreased by -26.65 points)

March Fut Open Interest Change: 0.29%

March Fut Volume Change: -4.79%

March Fut Open Interest Analysis: Fresh Long

NIFTY April Future closed at: 23274.3 (0.327%)

April Fut Premium 159.8 (Decreased by -36.45 points)

April Fut Open Interest Change: 15.99%

April Fut Volume Change: -0.97%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.788 (Increased from 0.710)

Put-Call Ratio (Volume): 1.027

Max Pain Level: 23250

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 21000

Highest CALL Addition: 24000

Highest PUT Addition: 22000

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

Put-Call Ratio (Open Interest): 1.079 (Decreased from 1.084)

Put-Call Ratio (Volume): 0.895

Max Pain Level: 24000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 19000

Highest CALL Addition: 23500

Highest PUT Addition: 23000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 53427.05 (-0.045%)

Combined = March + April + May

Combined Fut Open Interest Change: 0.64%

Combined Fut Volume Change: -18.68%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 40% Previous 37%

BANKNIFTY MARCH Future closed at: 53554.2 (-0.093%)

March Fut Premium 127.15 (Decreased by -25.65 points)

March Fut Open Interest Change: -2.7%

March Fut Volume Change: -18.4%

March Fut Open Interest Analysis: Long Covering

BANKNIFTY APRIL Future closed at: 53933.4 (-0.032%)

April Fut Premium 506.35 (Increased by 6.95 points)

April Fut Open Interest Change: 8.92%

April Fut Volume Change: -17.05%

April Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.795 (Increased from 0.787)

Put-Call Ratio (Volume): 0.840

Max Pain Level: 56000

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 59000

Highest CALL Addition: 57000

Highest PUT Addition: 54000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 12625.9 (0.870%)

Combined = March + April + May

Combined Fut Open Interest Change: -3.07%

Combined Fut Volume Change: -13.53%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 10% Previous 9%

MIDCPNIFTY MARCH Future closed at: 12621.6 (0.805%)

March Fut Discount -4.3 (Decreased by -8.05 points)

March Fut Open Interest Change: -3.48%

March Fut Volume Change: -10.39%

March Fut Open Interest Analysis: Short Covering

MIDCPNIFTY APRIL Future closed at: 12689.9 (0.673%)

April Fut Discount 64 (Decreased by -24.05 points)

April Fut Open Interest Change: 0.78%

April Fut Volume Change: -23.62%

April Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.051 (Decreased from 1.054)

Put-Call Ratio (Volume): 1.024

Max Pain Level: 13000

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13700

Highest PUT Addition: 11400

SENSEX Monthly Expiry (25/03/2026) Future

SENSEX Spot closed at: 74,532.96 (0.439%)

SENSEX Monthly Future closed at: 74,597.00 (0.434%)

Premium: 64.04 (Decreased by -3.67 points)

Open Interest Change: -13.21%

Volume Change: -38.95%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (25/03/2026) Option Analysis

Put-Call Ratio (OI): 0.869 (Increased from 0.768)

Put-Call Ratio (Volume): 0.950

Max Pain Level: 75000

Maximum CALL OI: 79000

Maximum PUT OI: 70000

Highest CALL Addition: 75100

Highest PUT Addition: 68000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 5,518.39 Cr.

DIIs Net BUY: ₹ 5,706.23 Cr.

FII Derivatives Activity

FII Trading Stats20.03.2619.03.2618.03.26
FII Cash (Provisional Data)-5,518.39-7,558.19-2,714.35
    
Index Future Open Interest Long Ratio14.36%14.14%14.12%
Index Future Volume Long Ratio46.58%48.25%64.65%
Call Option Open Interest Long Ratio42.02%41.86%42.70%
Call Option Volume Long Ratio49.83%49.67%49.90%
Put Option Open Interest Long Ratio63.19%63.51%62.62%
Put Option Volume Long Ratio50.17%50.39%49.85%
Stock Future Open Interest Long Ratio56.99%57.12%58.08%
Stock Future Volume Long Ratio49.79%42.82%47.21%
    
Index FuturesFresh ShortLong CoveringShort Covering
Index OptionsFresh ShortFresh ShortFresh Short
    
Nifty FuturesFresh ShortLong CoveringShort Covering
Nifty OptionsFresh LongFresh LongFresh Short
    
BankNifty FuturesFresh LongFresh LongFresh Long
BankNifty OptionsFresh ShortFresh ShortFresh Long
    
FinNifty FuturesFresh LongLong CoveringLong Covering
FinNifty OptionsFresh ShortLong CoveringFresh Long
    
MidcpNifty FuturesShort CoveringShort CoveringFresh Long
MidcpNifty OptionsFresh LongFresh ShortFresh Long
    
NiftyNxt50 FuturesLong CoveringShort CoveringFresh Short
NiftyNxt50 OptionsFresh LongLong CoveringFresh Long
    
Stock FuturesFresh LongLong CoveringFresh Short
Stock OptionsFresh ShortFresh LongFresh 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 (25/03/2026)

The SENSEX index closed at 74532.96. The SENSEX weekly expiry for MARCH 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.869 against previous 0.768. The 79000CE option holds the maximum open interest, followed by the 75000CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 68000PE option, with open interest additions also seen in the 75100CE and 69000PE options. On the other hand, open interest reductions were prominent in the 74200CE, 74000CE, and 74100CE options. Trading volume was highest in the 75000PE option, followed by the 75000CE and 76000CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:25-03-2026
Index SpotPCR OIPrev PCR OIPCR VOL
74532.960.8690.7680.950
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      81,83,160        45,05,260           36,77,900
PUT:      71,11,380        34,61,020           36,50,360
Top CALL Open Interest:
StrikeOIOI ChangeVolume
79000        4,14,640          1,39,720           60,87,500
75000        4,06,960          1,35,780        1,41,73,640
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
75100        2,60,020          1,83,880           69,38,680
78000        3,27,520          1,59,180           45,56,580
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
74200            48,220            -21,000              4,11,960
74000        1,14,900            -14,820              6,94,820
Top CALL Volume:
StrikeOIOI ChangeVolume
75000        4,06,960          1,35,780        1,41,73,640
76000        3,47,560              79,400           79,00,540
Top PUT Open Interest:
StrikeOIOI ChangeVolume
70000        3,15,680          1,45,560           51,99,200
75000        3,01,660          1,57,240        1,44,87,200
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
68000        2,86,280          2,17,280           33,34,040
69000        2,42,400          1,72,120           31,65,800
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
77000            98,180              -5,800                 34,800
74100            52,320              -2,140           18,85,340
Top PUT Volume:
StrikeOIOI ChangeVolume
75000        3,01,660          1,57,240        1,44,87,200
74000        2,26,960                3,740           77,00,760

NIFTY Weekly Expiry (24/03/2026)

The NIFTY index closed at 23114.5. The NIFTY weekly expiry for MARCH 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.788 against previous 0.710. The 25000CE option holds the maximum open interest, followed by the 21000PE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 22000PE option, with open interest additions also seen in the 21500PE and 24000CE options. On the other hand, open interest reductions were prominent in the 27500CE, 23000CE, and 25200CE options. Trading volume was highest in the 23300CE option, followed by the 23200PE and 23000PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:24-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,114.50                0.788                  0.710               1.027
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 13,71,18,150   11,89,19,580   1,81,98,570
 PUT: 10,80,11,085      8,44,42,475   2,35,68,610
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       91,55,575            6,76,260         7,07,764
               24,000       85,69,470         17,81,260       21,91,573
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       85,69,470         17,81,260       21,91,573
               23,800       55,93,250         13,44,850       17,59,758
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,500          7,28,780          -6,79,965             41,324
               23,000       27,08,485          -5,85,975         6,17,570
 Top CALL Volume:
 Strike OI OI Change Volume
               23,300       50,74,290            7,55,235       40,75,145
               23,500       52,78,520            8,42,010       33,10,254
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               21,000       89,46,925            2,30,425         6,40,532
               22,000       83,05,895         26,52,845       15,53,352
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               22,000       83,05,895         26,52,845       15,53,352
               21,500       50,43,935         18,42,035         6,33,161
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               20,950       45,85,880          -3,09,140         1,61,831
               23,600       10,11,075          -2,65,395         1,03,275
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,200       25,67,760            8,58,780       40,39,308
               23,000       63,33,795          -1,93,570       37,36,735

NIFTY Monthly Expiry (30/03/2026)

The NIFTY index closed at 23114.5. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.079 against previous 1.084. The 19000PE option holds the maximum open interest, followed by the 20000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 23500CE option, with open interest additions also seen in the 23200CE and 23000PE options. On the other hand, open interest reductions were prominent in the 22000PE, 26000CE, and 24000PE options. Trading volume was highest in the 24000CE option, followed by the 23000PE and 23500CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,114.50                1.079                  1.084               0.895
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    6,86,07,350      6,57,64,455       28,42,895
 PUT:    7,40,25,110      7,13,07,400       27,17,710
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       52,22,015          -2,72,575             38,757
               24,000       49,15,640            1,59,275         2,12,920
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,500       36,29,730            6,25,235         1,71,365
               23,200       16,77,260            5,32,935         1,26,440
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       52,22,015          -2,72,575             38,757
               28,000       13,24,955          -1,40,005               6,655
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       49,15,640            1,59,275         2,12,920
               23,500       36,29,730            6,25,235         1,71,365
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               19,000       57,62,080            2,69,990             43,156
               20,000       52,30,810            3,04,115             60,410
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,000       44,29,500            5,25,335         2,08,467
               21,500       21,58,260            4,32,185             71,670
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,000       48,46,205          -3,14,815         1,46,620
               24,000       32,58,535          -2,28,305             22,362
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,000       44,29,500            5,25,335         2,08,467
               23,200       17,31,535            4,05,275         1,52,046

BANKNIFTY Monthly Expiry (30/03/2026)

The BANKNIFTY index closed at 53427.05. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.795 against previous 0.787. The 59000CE option holds the maximum open interest, followed by the 61000CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 54000CE and 59500CE options. On the other hand, open interest reductions were prominent in the 56000CE, 51000PE, and 55400CE options. Trading volume was highest in the 54000PE option, followed by the 54000CE and 55000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         53,427.05                0.795                  0.787               0.840
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,90,34,640      1,89,71,770             62,870
 PUT:    1,51,34,940      1,49,35,075         1,99,865
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               59,000       11,03,580              -48,600             59,014
               61,000       10,91,460                  1,740             25,403
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               57,000          7,24,485            1,10,420         1,01,968
               54,000          5,03,340               83,670         1,65,410
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               56,000          8,40,270          -1,72,890         1,29,252
               55,400          1,13,940              -71,130             28,077
 Top CALL Volume:
 Strike OI OI Change Volume
               54,000          5,03,340               83,670         1,65,410
               55,000          7,21,800               12,390         1,43,615
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               59,000          6,86,370                -1,890                   260
               54,000          6,72,110               69,430         1,73,468
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               54,000          6,72,110               69,430         1,73,468
               46,000             67,740               67,740             13,317
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               51,000          6,62,970              -81,600             86,693
               52,500          3,95,495              -68,700             58,777
 Top PUT Volume: 
 Strike OI OI Change Volume
               54,000          6,72,110               69,430         1,73,468
               53,500          4,98,480                -7,950         1,21,075

MIDCPNIFTY Monthly Expiry (30/03/2026)

The MIDCPNIFTY index closed at 12625.9. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.051 against previous 1.054. 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 13700CE option, with open interest additions also seen in the 11400PE and 13000CE options. On the other hand, open interest reductions were prominent in the 67000CE, 66500CE, and 66900PE options. Trading volume was highest in the 12200PE option, followed by the 12700CE and 12700PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:30-03-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         12,625.90                1.051                  1.054               1.024
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       76,47,480         72,50,160         3,97,320
 PUT:       80,34,960         76,39,560         3,95,400
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,500          7,26,480               84,240               7,813
               13,000          6,87,240            1,01,640             14,049
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,700          5,31,960            2,74,800               5,504
               13,000          6,87,240            1,01,640             14,049
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,100          2,48,280              -48,480               8,823
               13,300          3,13,320              -39,240               4,832
 Top CALL Volume:
 Strike OI OI Change Volume
               12,700          2,60,040               28,200             19,560
               13,000          6,87,240            1,01,640             14,049
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               12,000          8,46,960               17,520             12,262
               12,500          7,32,480              -70,080             13,488
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               11,400          4,82,520            1,28,160               3,671
               11,000             76,560               76,560               2,295
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,500          7,32,480              -70,080             13,488
               12,200          2,76,360              -45,120             19,799
 Top PUT Volume: 
 Strike OI OI Change Volume
               12,200          2,76,360              -45,120             19,799
               12,700          2,18,400               39,000             18,621

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

  • Summarizing this Open Interest Volume Analysis, the market is showing selective strength but not broad confirmation, which is a classic sign of a fragile up-move.
  • NIFTY’s fresh longs without volume support + falling premiums indicate that upside may remain slow and capped near 23500–24000 zones, where aggressive call writing is visible.
  • BANKNIFTY’s continued short bias is a major red flag — until banking participates, any rally in NIFTY can remain unsustainable or prone to sharp reversals.
  • MIDCAP strength due to short covering can provide temporary support, but it is not a structural bullish trigger yet.
  • Key levels to watch based on this data:
    • Support: 22800–23000 (put base forming)
    • Resistance: 23500–24000 (heavy call supply zone)
  • Strategy-wise:
    • Avoid aggressive longs at higher levels — buy on dips with strict risk management
    • Prefer hedged strategies (like spreads) instead of naked positions
    • Watch for volume expansion — that will confirm the next directional move

Final takeaway: This Open Interest Volume Analysis is not signaling a strong trending market yet — it’s a “cautious optimism with underlying weakness” phase. Traders should stay nimble, protect capital, and avoid over-leveraging until clearer confirmation emerges.

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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