NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 10/04/2026

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Open Interest Volume Analysis

Today’s Open Interest Volume Analysis of the derivatives market clearly indicates that the sharp upside move across indices was largely driven by short covering rather than aggressive fresh long build-up. NIFTY, BANKNIFTY, and SENSEX futures all showed declining open interest along with rising prices, a classic derivative signal that bears were forced to exit positions as the market moved higher.

In NIFTY futures, the combined April–May–June contracts recorded a 5.36% drop in open interest with price rising 1.15%, confirming strong short covering pressure. At the same time, futures premiums narrowed sharply across April and May contracts, which means traders preferred to square off shorts rather than build new long positions at higher levels.

The options Open Interest Volume Analysis further strengthens this view. Weekly PCR jumped sharply from 0.921 to 1.171, suggesting rapid put writing and call unwinding, while the Max Pain level near 23950 indicates that option writers still see the 23900–24000 zone as a key equilibrium level for the coming expiry.

On the monthly expiry structure, the PCR also moved above 1.0, signaling gradual bullish positioning, but the presence of heavy call addition at 26000 shows that traders are still hedging against a strong upside breakout.

BANKNIFTY derivatives data tells a similar story. Futures open interest dropped while prices rallied nearly 2%, highlighting short covering-led momentum, while fresh long positions appeared only in the May contract, indicating that positional traders are slowly shifting their bullish exposure to the next series.

Across the broader derivatives space, including MIDCPNIFTY and SENSEX, the Open Interest Volume Analysis reflects improving sentiment with rising PCR and put additions at key support zones, suggesting that market participants are increasingly comfortable writing puts on dips rather than chasing calls aggressively.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24050.6 (1.159%)

Combined = April + May + June

Combined Fut Open Interest Change: -5.36%

Combined Fut Volume Change: -4.89%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 14% Previous 13%

NIFTY April Future closed at: 24101 (1.005%)

April Fut Premium 50.4 (Decreased by -35.8 points)

April Fut Open Interest Change: -6.06%

April Fut Volume Change: -6.18%

April Fut Open Interest Analysis: Short Covering

NIFTY MAY Future closed at: 24216.9 (0.950%)

May Fut Premium 166.3 (Decreased by -47.7 points)

May Fut Open Interest Change: -0.03%

May Fut Volume Change: 5.02%

May Fut Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.171 (Increased from 0.921)

Put-Call Ratio (Volume): 0.907

Max Pain Level: 23950

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24500

Highest PUT Addition: 23000

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

Put-Call Ratio (Open Interest): 1.026 (Increased from 0.961)

Put-Call Ratio (Volume): 1.087

Max Pain Level: 24000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 26000

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55912.75 (1.990%)

Combined = April + May + June

Combined Fut Open Interest Change: -0.68%

Combined Fut Volume Change: 0.72%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 16% Previous 16%

BANKNIFTY APRIL Future closed at: 56077.2 (1.810%)

April Fut Premium 164.45 (Decreased by -93.85 points)

April Fut Open Interest Change: -1.0%

April Fut Volume Change: 2.6%

April Fut Open Interest Analysis: Short Covering

BANKNIFTY MAY Future closed at: 56294 (1.754%)

May Fut Premium 381.25 (Decreased by -120.65 points)

May Fut Open Interest Change: 0.74%

May Fut Volume Change: -14.03%

May Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.835 (Increased from 0.766)

Put-Call Ratio (Volume): 0.681

Max Pain Level: 55500

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 62000

Highest PUT Addition: 56000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13406.35 (1.507%)

Combined = April + May + June

Combined Fut Open Interest Change: 2.78%

Combined Fut Volume Change: -1.66%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 4% Previous 4%

MIDCPNIFTY APRIL Future closed at: 13429.95 (1.486%)

April Fut Premium 23.6 (Decreased by -2.4 points)

April Fut Open Interest Change: 2.42%

April Fut Volume Change: -2.44%

April Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY MAY Future closed at: 13449.75 (1.341%)

May Fut Premium 43.4 (Decreased by -21.1 points)

May Fut Open Interest Change: 12.12%

May Fut Volume Change: 6.54%

May Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.165 (Increased from 1.091)

Put-Call Ratio (Volume): 1.035

Max Pain Level: 13000

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 12500

Highest CALL Addition: 14300

Highest PUT Addition: 12900

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 77,550.25 (1.199%)

SENSEX Monthly Future closed at: 77,828.10 (0.992%)

Premium: 277.85 (Decreased by -153.95 points)

Open Interest Change: -5.47%

Volume Change: -49.07%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (16/04/2026) Option Analysis

Put-Call Ratio (OI): 1.384 (Increased from 0.905)

Put-Call Ratio (Volume): 0.927

Max Pain Level: 77400

Maximum CALL OI: 80000

Maximum PUT OI: 73000

Highest CALL Addition: 82000

Highest PUT Addition: 73000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 672.09 Cr.

DIIs Net BUY: ₹ 410.05 Cr.

FII Derivatives Activity

FII Trading Stats10.04.269.04.268.04.26
FII Cash (Provisional Data)672.09-1,711.19-2,811.97
    
Index Future Open Interest Long Ratio22.06%20.48%21.01%
Index Future Volume Long Ratio71.52%49.49%73.76%
Call Option Open Interest Long Ratio42.65%40.20%40.72%
Call Option Volume Long Ratio50.35%49.67%50.17%
Put Option Open Interest Long Ratio61.78%63.07%62.31%
Put Option Volume Long Ratio50.01%50.48%49.59%
Stock Future Open Interest Long Ratio57.34%57.36%57.46%
Stock Future Volume Long Ratio49.79%49.39%51.59%
    
Index FuturesShort CoveringLong CoveringShort Covering
Index OptionsFresh LongFresh LongFresh Short
    
Nifty FuturesShort CoveringShort CoveringShort Covering
Nifty OptionsFresh LongFresh LongFresh Short
    
BankNifty FuturesFresh LongLong CoveringFresh Long
BankNifty OptionsFresh LongShort CoveringFresh Short
    
FinNifty FuturesFresh LongFresh ShortFresh Short
FinNifty OptionsFresh LongFresh LongFresh Short
    
MidcpNifty FuturesFresh LongLong CoveringFresh Long
MidcpNifty OptionsFresh LongFresh LongFresh Short
    
NiftyNxt50 FuturesFresh ShortShort CoveringShort Covering
NiftyNxt50 OptionsShort CoveringFresh LongFresh Long
    
Stock FuturesFresh LongFresh ShortFresh Long
Stock OptionsFresh ShortFresh ShortFresh 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

SENSEX weekly Expiry (16/04/2026)

The SENSEX index closed at 77550.25. The SENSEX weekly expiry for APRIL 16, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.384 against previous 0.905. The 73000PE option holds the maximum open interest, followed by the 74000PE and 77000PE options. Market participants have shown increased interest with significant open interest additions in the 73000PE option, with open interest additions also seen in the 74000PE and 70000PE options. On the other hand, open interest reductions were prominent in the 79500CE, 76600CE, and 76900CE options. Trading volume was highest in the 77500CE option, followed by the 77000PE and 78000CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:16-04-2026
Index SpotPCR OIPrev PCR OIPCR VOL
77550.251.3840.9050.927
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      73,49,220        38,30,380           35,18,840
PUT:  1,01,68,700        34,65,420           67,03,280
Top CALL Open Interest:
StrikeOIOI ChangeVolume
80000        4,04,020          1,60,900           58,47,580
82000        3,98,600          2,70,400           30,48,060
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
82000        3,98,600          2,70,400           30,48,060
77400        2,47,880          2,26,360           78,66,320
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
79500        1,44,440        -1,82,420           27,87,460
76600            28,940            -89,600              4,66,200
Top CALL Volume:
StrikeOIOI ChangeVolume
77500        2,95,720          1,14,000        1,02,93,620
78000        2,22,840              49,260           79,59,140
Top PUT Open Interest:
StrikeOIOI ChangeVolume
73000        5,41,260          3,82,820           40,88,840
74000        4,94,380          3,29,440           35,29,000
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
73000        5,41,260          3,82,820           40,88,840
74000        4,94,380          3,29,440           35,29,000
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
75500        1,39,740            -32,580           24,86,540
75600            24,520            -14,960              6,81,680
Top PUT Volume:
StrikeOIOI ChangeVolume
77000        4,84,760          2,36,300           91,04,900
77300        2,75,740          2,60,560           70,45,940

NIFTY Weekly Expiry (13/04/2026)

The NIFTY index closed at 24050.6. The NIFTY weekly expiry for APRIL 13, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.171 against previous 0.921. The 25000CE option holds the maximum open interest, followed by the 23000PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 23000PE option, with open interest additions also seen in the 24000PE and 23900PE options. On the other hand, open interest reductions were prominent in the 21000PE, 24000CE, and 23800CE options. Trading volume was highest in the 24000CE option, followed by the 24000PE and 24100CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:13-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,050.60                1.171                  0.921               0.907
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 12,17,69,765   11,92,17,085       25,52,680
 PUT: 14,26,30,150   10,97,40,475   3,28,89,675
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000    1,28,52,515         10,07,630       11,70,269
               24,500    1,11,10,580         24,52,450       23,89,184
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,500    1,11,10,580         24,52,450       23,89,184
               24,900       51,99,480         19,36,610         6,04,040
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       51,78,225        -23,16,275       71,18,810
               23,800       13,29,835        -19,99,270         9,83,085
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       51,78,225        -23,16,275       71,18,810
               24,100       34,36,940            2,58,115       37,93,209
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000    1,19,80,865         38,88,560       12,65,612
               22,500       68,21,100            3,83,825         7,66,652
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,000    1,19,80,865         38,88,560       12,65,612
               24,000       61,65,120         36,25,700       56,20,926
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               21,000       39,78,260        -25,54,825         2,10,560
               20,100       21,32,260        -11,36,005             88,055
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       61,65,120         36,25,700       56,20,926
               23,900       55,14,405         29,59,320       37,65,671

NIFTY Monthly Expiry (28/04/2026)

The NIFTY index closed at 24050.6. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.026 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 24200PE and 24400PE options. On the other hand, open interest reductions were prominent in the 24500CE, 23500CE, and 24000CE options. Trading volume was highest in the 24000CE option, followed by the 24000PE and 25000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,050.60                1.026                  0.961               1.087
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,76,11,070      4,85,19,120       -9,08,050
 PUT:    4,88,31,835      4,66,36,785       21,95,050
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       44,11,160          -3,42,290         1,19,343
               26,000       42,82,265            1,97,795             30,521
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000       42,82,265            1,97,795             30,521
               27,000       15,46,415            1,85,055             12,659
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,500       30,22,890          -6,28,030             83,247
               23,500       16,27,340          -4,26,205             26,384
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       44,11,160          -3,42,290         1,19,343
               25,000       41,36,795              -49,530             86,182
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       47,64,630              -44,070             78,896
               22,000       38,46,505            3,27,795             59,869
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       37,37,370            4,38,230         1,06,429
               24,200          8,38,760            4,23,475             18,912
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               21,500       12,66,330          -2,47,845             29,847
               22,500       32,88,610          -2,05,465             53,054
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       37,37,370            4,38,230         1,06,429
               23,000       47,64,630              -44,070             78,896

BANKNIFTY Monthly Expiry (28/04/2026)

The BANKNIFTY index closed at 55912.75. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.835 against previous 0.766. The 58000CE option holds the maximum open interest, followed by the 60000CE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 56000PE option, with open interest additions also seen in the 58000PE and 62000CE options. On the other hand, open interest reductions were prominent in the 55000CE, 55500CE, and 59000PE options. Trading volume was highest in the 56000CE option, followed by the 57000CE and 58000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         55,912.75                0.835                  0.766               0.681
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,52,14,230      1,53,72,330       -1,58,100
 PUT:    1,27,08,960      1,17,77,820         9,31,140
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               58,000       14,73,270               12,180             84,590
               60,000       13,21,680              -79,410             74,183
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               62,000          4,36,260            1,01,130             20,303
               58,200          1,18,200               46,860             11,081
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               55,000          5,99,610          -1,60,770             41,379
               55,500          2,41,500          -1,34,850             59,737
 Top CALL Volume:
 Strike OI OI Change Volume
               56,000          5,92,080                -6,690         1,08,526
               57,000          6,26,700              -39,120             99,328
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000          9,84,690            1,32,330               7,636
               52,000          7,29,780               82,680             33,165
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,000          4,59,060            1,79,370             55,377
               58,000          9,84,690            1,32,330               7,636
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               59,000          2,83,020          -1,13,670               6,049
               49,000          2,82,930              -31,020             18,505
 Top PUT Volume: 
 Strike OI OI Change Volume
               55,000          6,80,040               87,150             75,788
               56,000          4,59,060            1,79,370             55,377

MIDCPNIFTY Monthly Expiry (28/04/2026)

The MIDCPNIFTY index closed at 13406.35. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.165 against previous 1.091. The 12500PE option holds the maximum open interest, followed by the 12000PE and 12900PE options. Market participants have shown increased interest with significant open interest additions in the 12900PE option, with open interest additions also seen in the 12000PE and 14300CE options. On the other hand, open interest reductions were prominent in the 61200PE, 67100CE, and 67000CE options. Trading volume was highest in the 14000CE option, followed by the 12000PE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-04-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,406.35                1.165                  1.091               1.035
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       42,85,200         36,95,640         5,89,560
 PUT:       49,93,200         40,33,320         9,59,880
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000          3,97,200              -23,880             16,386
               14,500          3,87,240            1,66,680               3,964
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,300          2,65,800            2,11,560               4,841
               14,500          3,87,240            1,66,680               3,964
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,000          2,61,600              -36,480               1,647
               13,200          1,44,720              -36,240               2,563
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          3,97,200              -23,880             16,386
               13,500          2,45,520              -24,960               7,631
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               12,500          6,04,800               88,560               7,521
               12,000          5,62,800            2,69,760               8,784
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,900          4,26,720            3,94,920               5,305
               12,000          5,62,800            2,69,760               8,784
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,700             85,440              -54,240               4,749
               12,600          1,36,200              -42,600               3,185
 Top PUT Volume: 
 Strike OI OI Change Volume
               12,000          5,62,800            2,69,760               8,784
               12,500          6,04,800               88,560               7,521

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

The broader Open Interest Volume Analysis suggests that the current rally across indices is technically strong but structurally driven by short covering rather than aggressive fresh buying, which means the market may pause or consolidate before the next directional move.

For NIFTY, the derivatives positioning indicates a strong support zone around 23900–24000, backed by Max Pain and fresh put writing at 23000 and 24000 strikes, while resistance is gradually building near 24500–25000 due to heavy call additions. A sustained move above 24200–24300 could trigger fresh long build-up and extend the rally, but failure to hold 24000 may bring profit-booking pressure.

In BANKNIFTY, the 55500 Max Pain level and strong put activity near 56000 suggest that dips may attract buying interest, but the presence of large call positions near 58000 and aggressive call additions at 62000 indicates that option writers still expect limited upside in the near term unless fresh longs enter aggressively.

The MIDCPNIFTY and SENSEX derivatives positioning also reflects improving bullish sentiment with rising PCR levels, but the sharp decline in SENSEX futures volume highlights that the rally lacked strong participation from large positional traders, making the market vulnerable to short-term volatility.

Overall, this Open Interest Volume Analysis points toward a short-covering driven bullish phase transitioning into a consolidation zone, where traders should focus on buying near derivative support levels rather than chasing breakouts, while closely monitoring whether the next move brings fresh long build-up or renewed short selling.

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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BSE Derivatives Raw Data

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