Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 21/04/2026
Table of Contents
Today’s Open Interest Volume Analysis of index derivatives clearly reflects a short-covering driven rally across NIFTY, BANKNIFTY and SENSEX, while MIDCPNIFTY shows signs of aggressive fresh long build-up, indicating selective bullish participation in the broader market. The NIFTY closed at 24,576.6 (+0.87%) and the combined futures open interest declined by 1.41%, confirming that the upward move was largely fueled by short covering rather than strong conviction buying.
A closer Open Interest Volume Analysis shows that April NIFTY futures OI dropped 2.07% with volume down 18.51%, strengthening the short-covering interpretation as traders exited bearish bets ahead of the April expiry. Meanwhile, the May contract added fresh longs with OI rising 0.82% and volume jumping 28.67%, suggesting that bullish traders are gradually rolling positions forward, though not yet aggressively.
Options data adds another layer to the Open Interest Volume Analysis, with the PCR (OI) rising to 1.168, signaling a moderately bullish sentiment. However, the Max Pain level at 24,400 and heavy call open interest at 26,000 indicates that upside could face strong resistance zones as expiry approaches. The highest call addition at 25,500 and highest put addition at 24,500 also creates a tight expiry range expectation between 24,400–25,500, making the market vulnerable to sharp volatility spikes.
In BANKNIFTY, the 1.39% rally was again supported by short covering, as combined futures OI fell by 1.12% with volume dropping sharply by 18.43%. Even the May futures contract witnessed OI decline, indicating that fresh bullish conviction from institutions is still limited. Despite the rally, heavy call OI at 60,000 and significant additions at 57,300 suggest traders are hedging the upside aggressively, while the highest put addition at 57,000 builds a near-term support base.
The MIDCPNIFTY segment stands out in this Open Interest Volume Analysis, where combined OI surged by 6.20% along with a 19.27% rise in volume, clearly signaling fresh long build-up in the midcap derivative segment. The massive 118.8% jump in May futures OI with 201% volume expansion highlights strong positional interest shifting toward midcap stocks, indicating that traders may be rotating capital into higher-beta segments.
Meanwhile, SENSEX futures also confirmed a short-covering rally with OI dropping 10.28% while price and volume rose, which is typically seen when traders rush to close bearish bets before expiry. The PCR (OI) rising to 1.495 in weekly options suggests strong put writing, but the max pain level at 79,000 and aggressive call additions at 81,000 indicate the market may struggle to sustain moves beyond key resistance levels in the short term.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24576.6 (0.869%)
Combined = April + May + June
Combined Fut Open Interest Change: -1.41%
Combined Fut Volume Change: -8.93%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 18% Previous 17%
NIFTY April Future closed at: 24584.5 (1.039%)
April Fut Premium 7.9 (Increased by 40.95 points)
April Fut Open Interest Change: -2.07%
April Fut Volume Change: -18.51%
April Fut Open Interest Analysis: Short Covering
NIFTY MAY Future closed at: 24716.2 (1.001%)
May Fut Premium 139.6 (Increased by 33.15 points)
May Fut Open Interest Change: 0.82%
May Fut Volume Change: 28.67%
May Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.168 (Increased from 1.132)
Put-Call Ratio (Volume): 1.041
Max Pain Level: 24400
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 25500
Highest PUT Addition: 24500
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 57371.45 (1.395%)
Combined = April + May + June
Combined Fut Open Interest Change: -1.12%
Combined Fut Volume Change: -18.43%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 26% Previous 26%
BANKNIFTY APRIL Future closed at: 57374 (1.423%)
April Fut Premium 2.55 (Increased by 16.1 points)
April Fut Open Interest Change: -1.2%
April Fut Volume Change: -25.8%
April Fut Open Interest Analysis: Short Covering
BANKNIFTY MAY Future closed at: 57672.8 (1.381%)
May Fut Premium 301.35 (Decreased by -3.5 points)
May Fut Open Interest Change: -0.65%
May Fut Volume Change: 15.81%
May Fut Open Interest Analysis: Short Covering
BANKNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.120 (Increased from 1.014)
Put-Call Ratio (Volume): 1.108
Max Pain Level: 56400
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 52000
Highest CALL Addition: 57300
Highest PUT Addition: 57000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13919.45 (0.813%)
Combined = April + May + June
Combined Fut Open Interest Change: 6.20%
Combined Fut Volume Change: 19.27%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 12% Previous 6%
MIDCPNIFTY APRIL Future closed at: 13927.15 (1.029%)
April Fut Premium 7.7 (Increased by 29.7 points)
April Fut Open Interest Change: -0.64%
April Fut Volume Change: -15.00%
April Fut Open Interest Analysis: Short Covering
MIDCPNIFTY MAY Future closed at: 13977.3 (1.102%)
May Fut Premium 57.85 (Increased by 40.1 points)
May Fut Open Interest Change: 118.80%
May Fut Volume Change: 201.27%
May Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.195 (Decreased from 1.222)
Put-Call Ratio (Volume): 1.602
Max Pain Level: 13600
Maximum CALL Open Interest: 14000
Maximum PUT Open Interest: 13000
Highest CALL Addition: 14000
Highest PUT Addition: 13600
SENSEX Monthly Expiry (30/04/2026) Future
SENSEX Spot closed at: 79,273.33 (0.959%)
SENSEX Monthly Future closed at: 79,374.95 (1.050%)
Premium: 101.62 (Increased by 71.62 points)
Open Interest Change: -10.28%
Volume Change: 23.05%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (23/04/2026) Option Analysis
Put-Call Ratio (OI): 1.495 (Increased from 1.221)
Put-Call Ratio (Volume): 1.041
Max Pain Level: 79000
Maximum CALL OI: 82000
Maximum PUT OI: 76000
Highest CALL Addition: 81000
Highest PUT Addition: 76000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 1,918.99 Cr.
DIIs Net BUY: ₹ 2,221.27 Cr.
FII Derivatives Activity
| FII Trading Stats | 21.04.26 | 20.04.26 | 17.04.26 |
| FII Cash (Provisional Data) | -1,918.99 | -1,059.93 | 683.2 |
| Index Future Open Interest Long Ratio | 22.66% | 20.71% | 20.80% |
| Index Future Volume Long Ratio | 74.39% | 51.96% | 67.63% |
| Call Option Open Interest Long Ratio | 43.46% | 42.54% | 43.74% |
| Call Option Volume Long Ratio | 50.10% | 49.76% | 50.79% |
| Put Option Open Interest Long Ratio | 62.83% | 60.02% | 61.55% |
| Put Option Volume Long Ratio | 49.49% | 49.85% | 49.46% |
| Stock Future Open Interest Long Ratio | 57.15% | 56.96% | 57.10% |
| Stock Future Volume Long Ratio | 51.87% | 48.58% | 50.66% |
| Index Futures | Short Covering | Short Covering | Short Covering |
| Index Options | Long Covering | Fresh Short | Fresh Long |
| Nifty Futures | Short Covering | Short Covering | Short Covering |
| Nifty Options | Long Covering | Fresh Short | Fresh Long |
| BankNifty Futures | Fresh Long | Long Covering | Fresh Long |
| BankNifty Options | Fresh Short | Fresh Short | Fresh Long |
| FinNifty Futures | Short Covering | Long Covering | Fresh Short |
| FinNifty Options | Fresh Long | Long Covering | Fresh Long |
| MidcpNifty Futures | Short Covering | Long Covering | Fresh Short |
| MidcpNifty Options | Fresh Short | Long Covering | Fresh Short |
| NiftyNxt50 Futures | Long Covering | Fresh Long | Fresh Long |
| NiftyNxt50 Options | Fresh Long | Short Covering | Fresh Short |
| Stock Futures | Fresh Long | Long Covering | Fresh Long |
| Stock Options | Fresh Long | 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 (23/04/2026)
The SENSEX index closed at 79273.33. The SENSEX weekly expiry for APRIL 23, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.495 against previous 1.221. The 82000CE option holds the maximum open interest, followed by the 76000PE and 81000CE options. Market participants have shown increased interest with significant open interest additions in the 76000PE option, with open interest additions also seen in the 79000PE and 81000CE options. On the other hand, open interest reductions were prominent in the 78500CE, 78600CE, and 78700CE options. Trading volume was highest in the 79000CE option, followed by the 79000PE and 79200CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 23-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 79273.33 | 1.495 | 1.221 | 1.041 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,28,12,380 | 88,81,280 | 39,31,100 |
| PUT: | 1,91,51,180 | 1,08,46,940 | 83,04,240 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 82000 | 11,10,920 | 4,54,320 | 78,30,000 |
| 81000 | 10,38,280 | 5,46,120 | 84,35,800 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 10,38,280 | 5,46,120 | 84,35,800 |
| 82000 | 11,10,920 | 4,54,320 | 78,30,000 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 78500 | 1,55,560 | -3,88,440 | 27,79,600 |
| 78600 | 88,460 | -1,77,980 | 18,29,080 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 3,07,220 | 25,100 | 1,38,26,480 |
| 79200 | 3,33,420 | 2,51,780 | 1,12,48,440 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 76000 | 10,67,380 | 6,77,360 | 70,16,580 |
| 75000 | 10,22,380 | 3,95,520 | 80,81,880 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 76000 | 10,67,380 | 6,77,360 | 70,16,580 |
| 79000 | 7,31,080 | 5,93,840 | 1,37,56,360 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 73500 | 2,94,120 | -1,23,440 | 35,49,780 |
| 78500 | 5,41,280 | -45,020 | 78,00,340 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 7,31,080 | 5,93,840 | 1,37,56,360 |
| 79200 | 4,29,180 | 4,09,860 | 82,46,200 |
NIFTY Monthly Expiry (28/04/2026)
The NIFTY index closed at 24576.6. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.168 against previous 1.132. The 26000CE option holds the maximum open interest, followed by the 23000PE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24500PE option, with open interest additions also seen in the 24000PE and 25500CE options. On the other hand, open interest reductions were prominent in the 24350CE, 22300PE, and 22100PE options. Trading volume was highest in the 24500CE option, followed by the 24500PE and 25000CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,576.60 | 1.168 | 1.132 | 1.041 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 9,05,23,225 | 7,03,56,455 | 2,01,66,770 |
| PUT: | 10,57,26,270 | 7,96,44,500 | 2,60,81,770 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,04,02,665 | 23,11,270 | 1,70,547 |
| 25,000 | 67,43,945 | 14,21,160 | 3,72,308 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,500 | 64,23,430 | 24,38,800 | 2,64,694 |
| 26,000 | 1,04,02,665 | 23,11,270 | 1,70,547 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,350 | 2,30,815 | -1,98,705 | 25,277 |
| 24,450 | 3,12,065 | -95,745 | 66,977 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 46,73,565 | 6,17,890 | 4,15,331 |
| 25,000 | 67,43,945 | 14,21,160 | 3,72,308 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 76,20,210 | 18,24,420 | 2,19,015 |
| 24,000 | 73,94,660 | 28,04,295 | 3,37,413 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 56,34,655 | 29,36,310 | 3,90,895 |
| 24,000 | 73,94,660 | 28,04,295 | 3,37,413 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,300 | 10,89,530 | -1,94,610 | 43,660 |
| 22,100 | 2,69,230 | -1,61,525 | 14,583 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 56,34,655 | 29,36,310 | 3,90,895 |
| 24,000 | 73,94,660 | 28,04,295 | 3,37,413 |
BANKNIFTY Monthly Expiry (28/04/2026)
The BANKNIFTY index closed at 57371.45. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.120 against previous 1.014. The 60000CE option holds the maximum open interest, followed by the 52000PE and 55000PE options. Market participants have shown increased interest with significant open interest additions in the 57000PE option, with open interest additions also seen in the 57500PE and 57200PE options. On the other hand, open interest reductions were prominent in the 57000CE, 56500CE, and 49500PE options. Trading volume was highest in the 57000CE option, followed by the 57000PE and 57500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 57,371.45 | 1.120 | 1.014 | 1.108 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,52,40,840 | 1,55,93,790 | -3,52,950 |
| PUT: | 1,70,65,560 | 1,58,15,910 | 12,49,650 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 13,30,890 | -40,560 | 74,229 |
| 59,000 | 8,33,430 | -34,860 | 67,677 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,300 | 1,82,430 | 97,590 | 65,632 |
| 60,200 | 1,34,100 | 84,900 | 7,478 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 6,24,360 | -1,55,130 | 1,31,617 |
| 56,500 | 4,11,870 | -1,41,420 | 27,921 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 6,24,360 | -1,55,130 | 1,31,617 |
| 57,500 | 4,55,220 | 51,210 | 1,19,551 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 8,83,410 | 96,150 | 57,324 |
| 55,000 | 8,64,330 | 19,050 | 82,416 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 8,12,010 | 2,19,540 | 1,23,593 |
| 57,500 | 2,97,000 | 1,55,340 | 37,124 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 49,500 | 1,32,780 | -1,14,150 | 16,755 |
| 55,500 | 3,51,330 | -63,900 | 37,211 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 8,12,010 | 2,19,540 | 1,23,593 |
| 55,000 | 8,64,330 | 19,050 | 82,416 |
MIDCPNIFTY Monthly Expiry (28/04/2026)
The MIDCPNIFTY index closed at 13919.45. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.195 against previous 1.222. The 14000CE option holds the maximum open interest, followed by the 13000PE and 12500PE options. Market participants have shown increased interest with significant open interest additions in the 13600PE option, with open interest additions also seen in the 13900PE and 14000CE options. On the other hand, open interest reductions were prominent in the 70500CE, 54000PE, and 61000PE options. Trading volume was highest in the 13500PE option, followed by the 13900CE and 13900PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,919.45 | 1.195 | 1.222 | 1.602 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 63,51,240 | 58,44,480 | 5,06,760 |
| PUT: | 75,90,360 | 71,43,960 | 4,46,400 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,58,320 | 1,30,080 | 9,347 |
| 14,500 | 5,50,080 | 50,760 | 6,312 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,58,320 | 1,30,080 | 9,347 |
| 14,700 | 2,62,440 | 1,21,320 | 1,851 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 1,50,480 | -90,000 | 4,499 |
| 14,400 | 2,21,280 | -46,440 | 5,860 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 2,87,640 | 1,13,520 | 10,493 |
| 14,000 | 6,58,320 | 1,30,080 | 9,347 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 6,11,040 | 1,29,600 | 9,931 |
| 12,500 | 5,85,720 | -63,960 | 5,011 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 4,86,960 | 1,77,240 | 9,815 |
| 13,900 | 2,48,760 | 1,46,880 | 10,035 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,400 | 1,50,840 | -93,360 | 5,992 |
| 12,400 | 1,22,880 | -84,960 | 2,221 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 5,38,560 | -11,520 | 13,953 |
| 13,900 | 2,48,760 | 1,46,880 | 10,035 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The broader Open Interest Volume Analysis suggests that today’s market rally was primarily driven by short covering rather than aggressive fresh buying, which means the sustainability of the uptrend still needs confirmation. While the shift of positions into May contracts indicates some bullish rollover activity, the relatively modest increase in futures OI shows that institutional traders are still cautious at higher levels.
For NIFTY, the options positioning hints at a probable trading range between 24,400 and 25,500, with the 26,000 strike acting as a major positional resistance zone. Traders should remain alert because short-covering rallies often lose momentum once bearish positions are fully unwound. A failure to attract fresh long build-up above 24,800–25,000 could trigger profit booking.
BANKNIFTY’s derivative structure also reflects hesitation among aggressive buyers, as both near-month and next-month futures showed declining open interest despite the price rise. The 57,000 level is emerging as a strong support due to put writing, but call writers near 60,000 continue to cap the upside, suggesting limited room for a sustained breakout unless fresh institutional longs emerge.
The only segment showing strong conviction in this Open Interest Volume Analysis is MIDCPNIFTY, where massive OI and volume expansion in the May series indicates fresh bullish bets in midcap derivatives. However, such rapid build-ups can also lead to sharp unwinding if the broader market sentiment weakens, making risk management crucial for traders.
Overall, the derivatives positioning indicates a cautiously bullish market with strong expiry-related positioning, but the lack of widespread fresh long build-up across major indices is a key reason to remain careful. Traders should closely monitor open interest expansion along with price movement, as sustained rallies require fresh longs rather than just short covering. Until that confirmation appears, volatility and sudden pullbacks near resistance zones remain a real possibility.
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