Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/03/2026
Table of Contents
Today’s Open Interest Volume Analysis clearly reflects a sharp shift in market sentiment toward the bearish side. The heavy decline across NIFTY, BANKNIFTY and MIDCPNIFTY was not just price-led panic but also backed by derivatives data showing fresh short creation in next-series futures along with long covering in the current series.
This type of setup generally indicates institutional repositioning rather than just intraday selling, which makes this Open Interest Volume Analysis particularly important for traders tracking positional trends.
The derivatives data from 23/03/2026 shows a clear pattern: April futures witnessed strong Open Interest build-up with falling prices, confirming that traders are actively building bearish bets for the upcoming series. At the same time, option data shows declining PCR and aggressive call writing near resistance levels, which further strengthens the short-term bearish outlook.
In short, the current Open Interest Volume Analysis suggests that the market is entering a distribution phase with downside pressure, and traders should closely monitor how the indices behave around key support zones in the coming sessions.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 22512.65 (-2.604%)
Combined = March + April + May
Combined Fut Open Interest Change: 3.46%
Combined Fut Volume Change: 9.81%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 27% Previous 24%
NIFTY March Future closed at: 22514.9 (-2.703%)
March Fut Premium 2.25 (Decreased by -23.75 points)
March Fut Open Interest Change: -0.47%
March Fut Volume Change: -1.44%
March Fut Open Interest Analysis: Long Covering
NIFTY April Future closed at: 22648.2 (-2.690%)
April Fut Premium 135.55 (Decreased by -24.25 points)
April Fut Open Interest Change: 17.07%
April Fut Volume Change: 40.68%
April Fut Open Interest Analysis: Fresh Short
NIFTY Weekly Expiry (24/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.698 (Decreased from 0.788)
Put-Call Ratio (Volume): 1.033
Max Pain Level: 22750
Maximum CALL Open Interest: 24000
Maximum PUT Open Interest: 21000
Highest CALL Addition: 23000
Highest PUT Addition: 20500
NIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.972 (Decreased from 1.079)
Put-Call Ratio (Volume): 1.000
Max Pain Level: 23800
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 20000
Highest CALL Addition: 22500
Highest PUT Addition: 20000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 51437.75 (-3.723%)
Combined = March + April + May
Combined Fut Open Interest Change: 3.17%
Combined Fut Volume Change: 4.93%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 42% Previous 40%
BANKNIFTY MARCH Future closed at: 51496 (-3.843%)
March Fut Premium 58.25 (Decreased by -68.9 points)
March Fut Open Interest Change: -1.5%
March Fut Volume Change: -8.0%
March Fut Open Interest Analysis: Long Covering
BANKNIFTY APRIL Future closed at: 51850.6 (-3.862%)
April Fut Premium 412.85 (Decreased by -93.5 points)
April Fut Open Interest Change: 13.67%
April Fut Volume Change: 36.47%
April Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.733 (Decreased from 0.795)
Put-Call Ratio (Volume): 0.909
Max Pain Level: 55100
Maximum CALL Open Interest: 59000
Maximum PUT Open Interest: 59000
Highest CALL Addition: 52000
Highest PUT Addition: 50500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 12183.55 (-3.504%)
Combined = March + April + May
Combined Fut Open Interest Change: 1.13%
Combined Fut Volume Change: 44.42%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 13% Previous 10%
MIDCPNIFTY MARCH Future closed at: 12168.05 (-3.593%)
March Fut Discount -15.5 (Decreased by -11.2 points)
March Fut Open Interest Change: -2.43%
March Fut Volume Change: 23.69%
March Fut Open Interest Analysis: Long Covering
MIDCPNIFTY APRIL Future closed at: 12214.55 (-3.746%)
April Fut Discount 31 (Decreased by -33 points)
April Fut Open Interest Change: 35.83%
April Fut Volume Change: 141.49%
April Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (30/03/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.916 (Decreased from 1.051)
Put-Call Ratio (Volume): 1.121
Max Pain Level: 12800
Maximum CALL Open Interest: 13500
Maximum PUT Open Interest: 11500
Highest CALL Addition: 12500
Highest PUT Addition: 11000
SENSEX Monthly Expiry (25/03/2026) Future
SENSEX Spot closed at: 72,696.39 (-2.464%)
SENSEX Monthly Future closed at: 72,722.40 (-2.513%)
Premium: 26.01 (Decreased by -38.03 points)
Open Interest Change: -14.46%
Volume Change: 11.93%
Open Interest Analysis: Long Covering
SENSEX Weekly Expiry (25/03/2026) Option Analysis
Put-Call Ratio (OI): 0.771 (Decreased from 0.869)
Put-Call Ratio (Volume): 1.135
Max Pain Level: 73500
Maximum CALL OI: 78000
Maximum PUT OI: 68000
Highest CALL Addition: 73000
Highest PUT Addition: 69500
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 10,414.23 Cr.
DIIs Net BUY: ₹ 12,033.97 Cr.
FII Derivatives Activity
| FII Trading Stats | 23.03.26 | 20.03.26 | 19.03.26 |
| FII Cash (Provisional Data) | -10,414.23 | -5,518.39 | -7,558.19 |
| Index Future Open Interest Long Ratio | 14.74% | 14.36% | 14.14% |
| Index Future Volume Long Ratio | 45.18% | 46.58% | 48.25% |
| Call Option Open Interest Long Ratio | 42.60% | 42.02% | 41.86% |
| Call Option Volume Long Ratio | 49.97% | 49.83% | 49.67% |
| Put Option Open Interest Long Ratio | 63.00% | 63.19% | 63.51% |
| Put Option Volume Long Ratio | 50.00% | 50.17% | 50.39% |
| Stock Future Open Interest Long Ratio | 56.88% | 56.99% | 57.12% |
| Stock Future Volume Long Ratio | 50.02% | 49.79% | 42.82% |
| Index Futures | Fresh Short | Fresh Short | Long Covering |
| Index Options | Fresh Short | Fresh Short | Fresh Short |
| Nifty Futures | Fresh Short | Fresh Short | Long Covering |
| Nifty Options | Fresh Short | Fresh Long | Fresh Long |
| BankNifty Futures | Fresh Short | Fresh Long | Fresh Long |
| BankNifty Options | Short Covering | Fresh Short | Fresh Short |
| FinNifty Futures | Long Covering | Fresh Long | Long Covering |
| FinNifty Options | Fresh Long | Fresh Short | Long Covering |
| MidcpNifty Futures | Fresh Long | Short Covering | Short Covering |
| MidcpNifty Options | Short Covering | Fresh Long | Fresh Short |
| NiftyNxt50 Futures | Long Covering | Long Covering | Short Covering |
| NiftyNxt50 Options | Long Covering | Fresh Long | Long Covering |
| Stock Futures | Short Covering | Fresh Long | Long Covering |
| Stock Options | Long Covering | Fresh Short | Fresh 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
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (25/03/2026)
The SENSEX index closed at 72696.39. The SENSEX weekly expiry for MARCH 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.771 against previous 0.869. The 78000CE option holds the maximum open interest, followed by the 73000CE and 73500CE options. Market participants have shown increased interest with significant open interest additions in the 73000CE option, with open interest additions also seen in the 73500CE and 69500PE options. On the other hand, open interest reductions were prominent in the 74500PE, 75000PE, and 75100CE options. Trading volume was highest in the 73000PE option, followed by the 73000CE and 70000PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 25-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 72696.39 | 0.771 | 0.869 | 1.135 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,14,81,480 | 81,83,160 | 32,98,320 |
| PUT: | 88,50,160 | 71,11,380 | 17,38,780 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 78000 | 5,75,060 | 2,47,540 | 48,46,040 |
| 73000 | 5,47,340 | 4,94,240 | 1,11,56,360 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 5,47,340 | 4,94,240 | 1,11,56,360 |
| 73500 | 5,14,680 | 4,94,060 | 68,19,440 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 75100 | 1,20,980 | -1,39,040 | 17,72,940 |
| 74900 | 1,12,880 | -61,300 | 14,61,320 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 5,47,340 | 4,94,240 | 1,11,56,360 |
| 73500 | 5,14,680 | 4,94,060 | 68,19,440 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 68000 | 4,85,880 | 1,99,600 | 87,90,360 |
| 73000 | 4,59,040 | 1,59,480 | 1,32,28,020 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 69500 | 3,45,520 | 2,69,980 | 38,51,620 |
| 65100 | 2,48,200 | 2,10,800 | 25,82,920 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 74500 | 73,540 | -1,62,560 | 4,51,580 |
| 75000 | 1,52,980 | -1,48,680 | 3,97,620 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 4,59,040 | 1,59,480 | 1,32,28,020 |
| 70000 | 4,09,020 | 93,340 | 97,04,580 |
NIFTY Weekly Expiry (24/03/2026)
The NIFTY index closed at 22512.65. The NIFTY weekly expiry for MARCH 24, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.698 against previous 0.788. The 24000CE option holds the maximum open interest, followed by the 21000PE and 22000PE options. Market participants have shown increased interest with significant open interest additions in the 23000CE option, with open interest additions also seen in the 22700CE and 24000CE options. On the other hand, open interest reductions were prominent in the 25000CE, 23000PE, and 23100PE options. Trading volume was highest in the 22500PE option, followed by the 22000PE and 22600PE options, indicating active trading in these strikes.
| NIFTY | Weekly | Expiry: | 24-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 22,512.65 | 0.698 | 0.788 | 1.033 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,64,05,340 | 13,71,18,150 | 1,92,87,190 |
| PUT: | 10,91,68,280 | 10,80,11,085 | 11,57,195 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,21,54,545 | 35,85,075 | 17,17,327 |
| 23,500 | 78,21,515 | 25,42,995 | 16,72,233 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 71,89,585 | 44,81,100 | 35,09,912 |
| 22,700 | 41,00,070 | 39,15,015 | 35,65,451 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 45,90,690 | -45,64,885 | 6,20,413 |
| 24,500 | 54,20,870 | -20,74,735 | 11,41,174 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 22,700 | 41,00,070 | 39,15,015 | 35,65,451 |
| 23,000 | 71,89,585 | 44,81,100 | 35,09,912 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 21,000 | 91,47,060 | 2,00,135 | 12,10,022 |
| 22,000 | 79,06,470 | -3,99,425 | 43,44,319 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 20,500 | 29,55,940 | 29,55,940 | 3,39,681 |
| 21,500 | 72,79,805 | 22,35,870 | 19,42,502 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 23,62,815 | -39,70,980 | 4,56,316 |
| 23,100 | 7,30,795 | -24,34,510 | 1,23,314 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 55,16,745 | 2,00,915 | 58,78,047 |
| 22,000 | 79,06,470 | -3,99,425 | 43,44,319 |
NIFTY Monthly Expiry (30/03/2026)
The NIFTY index closed at 22512.65. The NIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.972 against previous 1.079. The 20000PE option holds the maximum open interest, followed by the 26000CE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 20000PE option, with open interest additions also seen in the 22500CE and 21000PE options. On the other hand, open interest reductions were prominent in the 23000PE, 23200PE, and 19000PE options. Trading volume was highest in the 22500PE option, followed by the 22000PE and 19000PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 22,512.65 | 0.972 | 1.079 | 1.000 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 7,91,45,975 | 6,86,07,350 | 1,05,38,625 |
| PUT: | 7,69,01,955 | 7,40,25,110 | 28,76,845 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 54,65,280 | 2,43,265 | 59,007 |
| 24,000 | 53,96,125 | 4,80,485 | 1,86,594 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 19,65,340 | 16,70,240 | 1,47,170 |
| 23,000 | 30,50,610 | 11,39,915 | 2,10,976 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 16,32,280 | -2,85,220 | 21,336 |
| 27,000 | 26,36,020 | -1,48,720 | 18,967 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 41,27,305 | 4,97,575 | 2,18,650 |
| 23,000 | 30,50,610 | 11,39,915 | 2,10,976 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 20,000 | 72,34,020 | 20,03,210 | 1,89,391 |
| 19,000 | 51,11,690 | -6,50,390 | 2,70,442 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 20,000 | 72,34,020 | 20,03,210 | 1,89,391 |
| 21,000 | 48,17,855 | 11,40,190 | 2,20,694 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 30,72,945 | -13,56,555 | 1,22,395 |
| 23,200 | 10,58,005 | -6,73,530 | 31,741 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 37,97,430 | 9,89,560 | 3,15,097 |
| 22,000 | 50,67,635 | 2,21,430 | 3,10,594 |
BANKNIFTY Monthly Expiry (30/03/2026)
The BANKNIFTY index closed at 51437.75. The BANKNIFTY monthly expiry for MARCH 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.733 against previous 0.795. The 59000CE option holds the maximum open interest, followed by the 61000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 52000CE option, with open interest additions also seen in the 53000CE and 50500PE options. On the other hand, open interest reductions were prominent in the 54000PE, 53000PE, and 53500PE options. Trading volume was highest in the 51000PE option, followed by the 52000PE and 50000PE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 51,437.75 | 0.733 | 0.795 | 0.909 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,97,27,685 | 1,90,34,640 | 6,93,045 |
| PUT: | 1,44,60,780 | 1,51,34,940 | -6,74,160 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 10,06,830 | -96,750 | 52,878 |
| 61,000 | 9,94,530 | -96,930 | 22,597 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 3,57,390 | 2,84,940 | 1,13,730 |
| 53,000 | 3,86,250 | 2,50,470 | 98,782 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 7,96,550 | -1,15,035 | 33,385 |
| 61,000 | 9,94,530 | -96,930 | 22,597 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 3,57,390 | 2,84,940 | 1,13,730 |
| 56,000 | 8,66,760 | 26,490 | 1,07,410 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 6,73,950 | -12,420 | 1,010 |
| 51,000 | 6,32,580 | -30,390 | 1,52,654 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 50,500 | 4,86,570 | 2,09,760 | 87,023 |
| 49,000 | 3,88,710 | 1,91,790 | 96,757 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 4,26,025 | -2,46,085 | 28,521 |
| 53,000 | 3,12,150 | -2,08,650 | 51,153 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 51,000 | 6,32,580 | -30,390 | 1,52,654 |
| 52,000 | 4,19,340 | -1,52,790 | 1,48,255 |
MIDCPNIFTY Monthly Expiry (30/03/2026)
The MIDCPNIFTY index closed at 12183.55. The MIDCPNIFTY monthly expiry for MARCH 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.916 against previous 1.051. The 13500CE option holds the maximum open interest, followed by the 11500PE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 11000PE option, with open interest additions also seen in the 11200PE and 12500CE options. On the other hand, open interest reductions were prominent in the 68000CE, 70000CE, and 66000PE options. Trading volume was highest in the 12000PE option, followed by the 12200PE and 13000CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 30-03-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 12,183.55 | 0.916 | 1.051 | 1.121 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 83,40,720 | 76,47,480 | 6,93,240 |
| PUT: | 76,38,480 | 80,34,960 | -3,96,480 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 7,89,960 | 63,480 | 8,979 |
| 13,000 | 6,86,880 | -360 | 18,669 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 2,75,400 | 1,31,040 | 14,475 |
| 12,200 | 1,35,000 | 1,29,240 | 11,615 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 5,73,960 | -84,600 | 5,630 |
| 13,400 | 1,62,240 | -50,520 | 3,854 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,86,880 | -360 | 18,669 |
| 12,500 | 2,75,400 | 1,31,040 | 14,475 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 11,500 | 6,95,520 | 77,280 | 18,326 |
| 12,000 | 6,78,120 | -1,68,840 | 32,006 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 11,000 | 3,96,240 | 3,19,680 | 11,903 |
| 11,200 | 2,42,760 | 1,95,120 | 7,507 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 4,68,480 | -2,64,000 | 9,601 |
| 12,000 | 6,78,120 | -1,68,840 | 32,006 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 6,78,120 | -1,68,840 | 32,006 |
| 12,200 | 2,36,520 | -39,840 | 21,837 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The overall Open Interest Volume Analysis for 23/03/2026 clearly indicates that the market is witnessing broad-based derivative selling pressure, with traders aggressively building fresh short positions in April futures while unwinding longs in the March series.
Falling PCR levels, heavy call writing near resistance zones and rising open interest with declining prices together confirm that the derivatives market is currently positioned for further downside volatility in the near term.
Unless NIFTY manages to reclaim the 22800–23000 resistance zone, the current Open Interest Volume Analysis suggests that sellers are likely to maintain control, with downside levels gradually opening toward 22000 and lower zones.
For traders, the strategy remains clear from this Open Interest Volume Analysis: avoid aggressive longs, trade with the trend, and focus on short-side opportunities near resistance levels until derivatives data begins to show short covering signals.
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