NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 8/04/2026

Today’s Open Interest Volume Analysis of the derivatives market for 8 April 2026 clearly signals a massive short-covering rally across all major indices—NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX. The sharp surge in prices combined with a consistent decline in futures open interest and a spike in trading volumes indicates that bears were forced to unwind positions aggressively as markets rallied strongly.
In NIFTY, the index surged 3.77%, while the combined futures open interest dropped 6.23% with volume rising 12.37%, confirming a classic short-covering setup rather than fresh bullish build-up. The April and May futures both showed falling OI with rising volume, reinforcing the view that existing shorts exited rapidly as the market moved higher. The sharp rise in futures premium also indicates improving sentiment among traders expecting higher levels ahead.
Looking deeper through Open Interest Volume Analysis of options, the weekly PCR (OI) slipped from 1.27 to 1.196 even as the index surged. This suggests call writers were active at higher strikes, especially at 25000, which also saw the highest call addition. At the same time, 23900 saw the highest put addition, indicating traders are positioning this zone as immediate support for the coming sessions. The weekly max pain at 23900 also aligns with this support expectation.
The monthly option structure shows a more balanced but slightly cautious positioning with PCR (OI) at 0.947, indicating that despite the rally, call writers remain active around 24000–25000 zones. This suggests that 24000 could act as a near-term resistance band unless strong follow-through buying appears.
The BANKNIFTY derivatives data strengthens the bullish momentum narrative. A massive 5.66% rally combined with a 7.24% drop in futures OI and a 70% surge in volume is a textbook short-covering squeeze. Premium expansion and strong volume growth in both April and May contracts confirm that banking stocks triggered aggressive short unwinding across the market.
However, the BANKNIFTY options Open Interest Volume Analysis reveals cautious positioning ahead, with PCR falling to 0.807 and large call concentrations building near 60000. This means traders are expecting resistance in the 58000–60000 zone, while 55000 continues to act as a strong base supported by fresh put additions.
MIDCPNIFTY derivatives data tells a similar story, where prices jumped 4.74% while futures OI declined 6.56%, confirming short covering rather than aggressive long build-up. The monthly option data shows balanced positioning with PCR near 1, while 13000–13200 appears to be the evolving support zone after strong put additions.
Finally, SENSEX derivatives Open Interest Volume Analysis shows one of the strongest unwinding signals with OI collapsing nearly 18% while volumes more than doubled, confirming panic short covering by institutional traders. The weekly option chain suggests 77000 as the short-term equilibrium zone, with resistance building near 80000 and support strengthening near 75000.
Overall, today’s Open Interest Volume Analysis across all indices highlights a market driven by forced short exits rather than fresh bullish conviction, which means traders should closely watch whether fresh long positions start building in the coming sessions to sustain this rally.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23997.35 (3.778%)

Combined = April + May + June

Combined Fut Open Interest Change: -6.23%

Combined Fut Volume Change: 12.37%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 12% Previous 12%

NIFTY April Future closed at: 24057.8 (3.916%)

April Fut Premium 60.45 (Increased by 33 points)

April Fut Open Interest Change: -6.59%

April Fut Volume Change: 10.04%

April Fut Open Interest Analysis: Short Covering

NIFTY MAY Future closed at: 24182.5 (3.861%)

May Fut Premium 185.15 (Increased by 25.3 points)

May Fut Open Interest Change: -6.36%

May Fut Volume Change: 61.29%

May Fut Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (13/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.196 (Decreased from 1.270)

Put-Call Ratio (Volume): 0.897

Max Pain Level: 23900

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 21000

Highest CALL Addition: 25000

Highest PUT Addition: 23900

NIFTY Monthly Expiry (28/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.947 (Decreased from 0.961)

Put-Call Ratio (Volume): 0.968

Max Pain Level: 23800

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 25000

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55703.9 (5.667%)

Combined = April + May + June

Combined Fut Open Interest Change: -7.24%

Combined Fut Volume Change: 70.34%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 15% Previous 14%

BANKNIFTY APRIL Future closed at: 55928 (5.778%)

April Fut Premium 224.1 (Increased by 67.55 points)

April Fut Open Interest Change: -8.8%

April Fut Volume Change: 66.5%

April Fut Open Interest Analysis: Short Covering

BANKNIFTY MAY Future closed at: 56149.8 (5.733%)

May Fut Premium 445.9 (Increased by 56.95 points)

May Fut Open Interest Change: -0.90%

May Fut Volume Change: 116.01%

May Fut Open Interest Analysis: Short Covering

BANKNIFTY Monthly Expiry  (28/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.807 (Decreased from 0.860)

Put-Call Ratio (Volume): 0.681

Max Pain Level: 55000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 52000

Highest CALL Addition: 58000

Highest PUT Addition: 55000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13219.9 (4.747%)

Combined = April + May + June

Combined Fut Open Interest Change: -6.56%

Combined Fut Volume Change: 27.45%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 4% Previous 3%

MIDCPNIFTY APRIL Future closed at: 13264.85 (5.065%)

April Fut Premium 44.95 (Increased by 40.45 points)

April Fut Open Interest Change: -6.82%

April Fut Volume Change: 25.17%

April Fut Open Interest Analysis: Short Covering

MIDCPNIFTY MAY Future closed at: 13304.25 (5.010%)

May Fut Premium 84.35 (Increased by 35.7 points)

May Fut Open Interest Change: -0.66%

May Fut Volume Change: 53.79%

May Fut Open Interest Analysis: Short Covering

MIDCPNIFTY Monthly Expiry (28/04/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.974 (Decreased from 1.047)

Put-Call Ratio (Volume): 1.134

Max Pain Level: 12800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 12500

Highest CALL Addition: 14000

Highest PUT Addition: 13000

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 77,562.90 (3.949%)

SENSEX Monthly Future closed at: 77,894.35 (3.987%)

Premium: 331.45 (Increased by 40.28 points)

Open Interest Change: -17.78%

Volume Change: 114.40%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (9/04/2026) Option Analysis

Put-Call Ratio (OI): 1.254 (Decreased from 1.508)

Put-Call Ratio (Volume): 0.907

Max Pain Level: 77000

Maximum CALL OI: 80000

Maximum PUT OI: 74000

Highest CALL Addition: 80000

Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,811.97 Cr.

DIIs Net BUY: ₹ 4,168.17 Cr.

FII Derivatives Activity

FII Trading Stats	8.04.26	7.04.26	6.04.26
FII Cash (Provisional Data)	-2,811.97	-8,692.11	-8,167.17
Index Future Open Interest Long Ratio	21.01%	18.44%	17.55%
Index Future Volume Long Ratio	73.76%	57.91%	49.54%
Call Option Open Interest Long Ratio	40.72%	38.21%	39.62%
Call Option Volume Long Ratio	50.17%	50.20%	50.09%
Put Option Open Interest Long Ratio	62.31%	64.90%	61.26%
Put Option Volume Long Ratio	49.59%	49.78%	49.96%
Stock Future Open Interest Long Ratio	57.46%	57.25%	57.33%
Stock Future Volume Long Ratio	51.59%	49.04%	51.21%
Index Futures	Short Covering	Short Covering	Fresh Short
Index Options	Fresh Short	Short Covering	Fresh Long
Nifty Futures	Short Covering	Short Covering	Fresh Short
Nifty Options	Fresh Short	Short Covering	Fresh Long
BankNifty Futures	Fresh Long	Long Covering	Fresh Long
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Long	Short Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Fresh Long	Short Covering	Fresh Long
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Short Covering	Short Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Long	Fresh Long	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 (9/04/2026)

The SENSEX index closed at 77562.9. The SENSEX weekly expiry for APRIL 9, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.254 against previous 1.508. The 80000CE option holds the maximum open interest, followed by the 74000PE and 79000CE options. Market participants have shown increased interest with significant open interest additions in the 80000CE option, with open interest additions also seen in the 75000PE and 81000CE options. On the other hand, open interest reductions were prominent in the 64900PE, 77000CE, and 69000PE options. Trading volume was highest in the 78000CE option, followed by the 77500CE and 77000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	09-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77562.9	1.254	1.508	0.907
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,01,84,840	1,32,05,900	1,69,78,940
PUT:	3,78,66,800	1,99,20,320	1,79,46,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	29,45,200	22,48,900	4,29,42,060
79000	20,88,020	15,29,960	5,92,82,400
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
80000	29,45,200	22,48,900	4,29,42,060
81000	18,73,780	17,97,120	1,75,33,580
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
77000	5,20,060	-7,55,020	2,64,92,740
76000	1,49,940	-3,89,740	21,08,380
Top CALL Volume:
Strike	OI	OI Change	Volume
78000	13,51,040	2,64,200	10,76,99,860
77500	8,87,960	2,94,940	9,89,77,780
Top PUT Open Interest:
Strike	OI	OI Change	Volume
74000	22,82,080	16,09,220	2,69,81,220
75000	20,14,080	19,00,940	3,42,05,000
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75000	20,14,080	19,00,940	3,42,05,000
77000	17,42,080	17,17,960	8,49,46,780
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
64900	4,55,740	-10,75,320	35,82,640
69000	2,73,720	-6,16,360	32,77,820
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	17,42,080	17,17,960	8,49,46,780
76000	12,66,940	12,41,820	5,33,77,200

NIFTY Weekly Expiry (13/04/2026)

The NIFTY index closed at 23997.35. The NIFTY weekly expiry for APRIL 13, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.196 against previous 1.270. The 25000CE option holds the maximum open interest, followed by the 24500CE and 21000PE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 23900PE and 24000PE options. On the other hand, open interest reductions were prominent in the 20100PE, 23500CE, and 20700PE options. Trading volume was highest in the 24000CE option, followed by the 23900CE and 23900PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	13-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,997.35	1.196	1.270	0.897
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,53,18,935	5,17,60,150	3,35,58,785
PUT:	10,20,29,980	6,57,30,795	3,62,99,185
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	89,94,960	45,48,635	9,77,851
24,500	65,42,120	28,72,285	16,12,417
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	89,94,960	45,48,635	9,77,851
24,500	65,42,120	28,72,285	16,12,417
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	12,45,205	-16,89,415	1,54,023
23,000	14,81,285	-9,61,025	53,787
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	52,83,915	13,94,640	33,75,946
23,900	18,75,900	11,03,115	19,23,188
Top PUT Open Interest:
Strike	OI	OI Change	Volume
21,000	61,99,570	11,76,110	4,22,415
23,000	61,11,040	32,91,275	7,58,544
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,900	36,12,570	36,00,805	18,35,657
24,000	38,31,490	33,36,645	17,89,029
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
20,100	39,63,245	-21,76,590	3,14,303
20,700	8,99,275	-14,52,685	1,75,922
Top PUT Volume:
Strike	OI	OI Change	Volume
23,900	36,12,570	36,00,805	18,35,657
24,000	38,31,490	33,36,645	17,89,029

NIFTY Monthly Expiry (28/04/2026)

The NIFTY index closed at 23997.35. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.947 against previous 0.961. The 23000PE option holds the maximum open interest, followed by the 24000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 25000CE and 26400CE options. On the other hand, open interest reductions were prominent in the 21000PE, 23000CE, and 23500CE options. Trading volume was highest in the 24000CE option, followed by the 25000CE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,997.35	0.947	0.961	0.968
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,60,90,850	4,74,02,550	-13,11,700
PUT:	4,36,39,960	4,55,70,005	-19,30,045
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	41,61,820	-6,55,525	1,76,646
26,000	40,63,150	1,91,295	62,556
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	39,76,830	6,49,935	1,46,832
26,400	5,94,815	4,96,795	16,450
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	29,00,040	-15,79,695	47,215
23,500	19,64,560	-12,74,650	52,814
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	41,61,820	-6,55,525	1,76,646
25,000	39,76,830	6,49,935	1,46,832
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	43,94,520	-5,69,660	1,21,118
22,500	31,05,960	-2,26,655	79,835
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	30,00,075	9,30,215	1,12,272
23,500	19,98,815	4,78,790	83,455
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,000	25,14,330	-16,05,565	91,501
20,500	14,96,105	-6,14,640	59,350
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	43,94,520	-5,69,660	1,21,118
24,000	30,00,075	9,30,215	1,12,272

BANKNIFTY Monthly Expiry (28/04/2026)

The BANKNIFTY index closed at 55703.9. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.807 against previous 0.860. The 60000CE option holds the maximum open interest, followed by the 58000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 58000CE option, with open interest additions also seen in the 55000PE and 54000PE options. On the other hand, open interest reductions were prominent in the 53000CE, 54000CE, and 47000PE options. Trading volume was highest in the 60000CE option, followed by the 58000CE and 57000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,703.90	0.807	0.860	0.681
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,43,51,520	1,21,07,670	22,43,850
PUT:	1,15,82,310	1,04,13,540	11,68,770
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	13,38,330	65,940	1,30,363
58,000	12,70,710	4,89,420	1,19,316
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
58,000	12,70,710	4,89,420	1,19,316
61,000	6,06,690	2,16,300	45,814
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	4,08,780	-2,05,560	14,485
54,000	4,35,060	-1,77,630	26,828
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	13,38,330	65,940	1,30,363
58,000	12,70,710	4,89,420	1,19,316
Top PUT Open Interest:
Strike	OI	OI Change	Volume
52,000	6,53,580	52,140	78,162
55,000	6,24,300	3,28,050	91,773
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	6,24,300	3,28,050	91,773
54,000	5,79,690	2,54,610	58,129
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
47,000	1,95,180	-98,880	25,994
44,000	2,69,340	-98,130	22,985
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	6,24,300	3,28,050	91,773
52,000	6,53,580	52,140	78,162

MIDCPNIFTY Monthly Expiry (28/04/2026)

The MIDCPNIFTY index closed at 13219.9. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.974 against previous 1.047. The 12500PE option holds the maximum open interest, followed by the 14000CE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 14000CE and 12300PE options. On the other hand, open interest reductions were prominent in the 63000PE, 61000PE, and 64000PE options. Trading volume was highest in the 14000CE option, followed by the 11500PE and 12000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-04-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,219.90	0.974	1.047	1.134
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	34,94,760	31,66,560	3,28,200
PUT:	34,03,920	33,14,760	89,160
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	3,15,720	1,12,680	13,708
13,000	3,15,120	12,600	7,695
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	3,15,720	1,12,680	13,708
13,900	1,21,440	78,480	2,858
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	1,76,640	-99,120	1,665
12,600	71,280	-73,080	1,101
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	3,15,720	1,12,680	13,708
13,500	2,67,120	-52,080	8,634
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,500	3,35,520	98,280	7,543
11,000	3,06,000	-1,81,080	6,285
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,000	2,64,480	1,60,440	8,700
12,300	1,94,520	1,03,440	4,107
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,500	2,30,640	-3,97,200	10,504
11,000	3,06,000	-1,81,080	6,285
Top PUT Volume:
Strike	OI	OI Change	Volume
11,500	2,30,640	-3,97,200	10,504
12,000	2,26,320	-1,47,840	9,391

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

The Open Interest Volume Analysis of 8 April 2026 derivatives data clearly indicates that the market witnessed one of the strongest short-covering rallies seen in recent weeks, with sharp price gains across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX supported by falling open interest and rising trading volumes. This pattern confirms that existing bearish positions were aggressively unwound as the market moved higher, rather than the rally being driven by fresh institutional long build-ups.
The options positioning provides important tactical levels for traders. In NIFTY, 23900–23800 emerges as a strong support band, while 24000–25000 remains the key resistance zone due to heavy call writing. In BANKNIFTY, 55000 has become a strong defensive level, whereas 58000–60000 will likely act as a supply zone where traders may attempt fresh short positions.
Another critical insight from this Open Interest Volume Analysis is the rapid increase in futures premium across all indices, which reflects improving sentiment and expectations of further upside, but traders should remain cautious because fresh long accumulation has not yet fully replaced the unwound short positions.
From a trading perspective, the key signal to watch in the next few sessions will be whether futures open interest starts rising along with prices. If that happens, it would confirm fresh long build-up and continuation of the bullish trend. However, if prices move higher while OI continues to fall, the rally may lose momentum after the short-covering phase ends.
In conclusion, today’s Open Interest Volume Analysis suggests that the market has shifted from panic short positioning to a neutral-to-bullish stance, but sustained upside will depend on fresh long participation from institutional traders in the coming days. Traders should therefore respect the newly formed support levels while remaining alert to resistance zones where call writers are aggressively positioning themselves.

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.