Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/04/2026
Table of Contents
Today’s Open Interest Volume Analysis clearly reflects a distribution phase with increasing bearish undertone, rather than a clean directional trend. Across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX, the data is consistently showing a dangerous mix of long unwinding in near-month contracts and aggressive fresh short build-up in next-month futures.
The sharp spike in volumes (NIFTY +75%, MIDCAP +99%, SENSEX +108%) combined with declining or flat open interest is a textbook signal of position shifting (rollover-driven repositioning) rather than fresh bullish participation.
The drop in PCR (OI) across key indices — especially NIFTY (0.833) and BANKNIFTY (0.898) — indicates that market sentiment is tilting bearish, with call writers becoming more aggressive near immediate resistance zones like 24200 (NIFTY) and 56500 (BANKNIFTY).
Critically, the highest CALL additions exactly near current price levels (ATM strikes) suggest strong overhead supply, while PUT additions remain far OTM, indicating lack of conviction from bulls.
This Open Interest Volume Analysis suggests that the market is not correcting randomly — it is being systematically shorted on rallies, which is a cautionary sign for traders expecting quick pullbacks to reverse.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24173.05 (-0.841%)
Combined = April + May + June
Combined Fut Open Interest Change: -0.20%
Combined Fut Volume Change: 75.15%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 29% Previous 20%
NIFTY April Future closed at: 24163 (-0.895%)
April Fut Discount -10.05 (Decreased by -13.15 points)
April Fut Open Interest Change: -10.95%
April Fut Volume Change: 55.06%
April Fut Open Interest Analysis: Long Covering
NIFTY MAY Future closed at: 24257.9 (-1.030%)
May Fut Discount 84.85 (Decreased by -47.45 points)
May Fut Open Interest Change: 53.00%
May Fut Volume Change: 139.01%
May Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.833 (Decreased from 0.949)
Put-Call Ratio (Volume): 0.881
Max Pain Level: 24200
Maximum CALL Open Interest: 26000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 24200
Highest PUT Addition: 23000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 56305 (-1.434%)
Combined = April + May + June
Combined Fut Open Interest Change: 3.03%
Combined Fut Volume Change: 39.79%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 37% Previous 29%
BANKNIFTY APRIL Future closed at: 56344.2 (-1.405%)
April Fut Premium3 9.2 (Increased by 16.65 points)
April Fut Open Interest Change: -8.4%
April Fut Volume Change: 28.1%
April Fut Open Interest Analysis: Long Covering
BANKNIFTY MAY Future closed at: 56618.4 (-1.479%)
May Fut Premium 313.4 (Decreased by -30.75 points)
May Fut Open Interest Change: 33.28%
May Fut Volume Change: 83.85%
May Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.898 (Decreased from 0.995)
Put-Call Ratio (Volume): 0.906
Max Pain Level: 56100
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 54000
Highest CALL Addition: 56500
Highest PUT Addition: 56000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 13848.55 (-0.655%)
Combined = April + May + June
Combined Fut Open Interest Change: -3.46%
Combined Fut Volume Change: 99.66%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 24% Previous 14%
MIDCPNIFTY APRIL Future closed at: 13847.35 (-0.663%)
April Fut Discount -1.2 (Decreased by -1.2 points)
April Fut Open Interest Change: -15.12%
April Fut Volume Change: 75.48%
April Fut Open Interest Analysis: Long Covering
MIDCPNIFTY MAY Future closed at: 13864.35 (-0.827%)
May Fut Discount 15.8 (Decreased by -24.3 points)
May Fut Open Interest Change: 71.17%
May Fut Volume Change: 158.67%
May Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (28/04/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.056 (Decreased from 1.100)
Put-Call Ratio (Volume): 1.003
Max Pain Level: 13700
Maximum CALL Open Interest: 14500
Maximum PUT Open Interest: 13000
Highest CALL Addition: 14400
Highest PUT Addition: 13000
SENSEX Monthly Expiry (30/04/2026) Future
SENSEX Spot closed at: 77,664.00 (-1.086%)
SENSEX Monthly Future closed at: 77,721.15 (-1.125%)
Premium: 57.15 (Decreased by -31.86 points)
Open Interest Change: -0.33%
Volume Change: 108.79%
Open Interest Analysis: Long Covering
SENSEX Weekly Expiry (30/04/2026) Option Analysis
Put-Call Ratio (OI): 1.007 (Decreased from 1.233)
Put-Call Ratio (Volume): 1.003
Max Pain Level: 78000
Maximum CALL OI: 81000
Maximum PUT OI: 74000
Highest CALL Addition: 81500
Highest PUT Addition: 74500
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 3,254.71 Cr.
DIIs Net BUY: ₹ 941.35 Cr.
FII Derivatives Activity
| FII Trading Stats | 23.04.26 | 22.04.26 | 21.04.26 |
| FII Cash (Provisional Data) | -3,254.71 | -2,078.36 | -1,918.99 |
| Index Future Open Interest Long Ratio | 20.80% | 21.72% | 22.66% |
| Index Future Volume Long Ratio | 45.70% | 36.11% | 74.39% |
| Call Option Open Interest Long Ratio | 40.02% | 40.91% | 43.46% |
| Call Option Volume Long Ratio | 49.52% | 48.74% | 50.10% |
| Put Option Open Interest Long Ratio | 64.03% | 63.39% | 62.83% |
| Put Option Volume Long Ratio | 50.40% | 50.70% | 49.49% |
| Stock Future Open Interest Long Ratio | 56.15% | 56.63% | 57.15% |
| Stock Future Volume Long Ratio | 49.27% | 47.17% | 51.87% |
| Index Futures | Long Covering | Fresh Short | Short Covering |
| Index Options | Fresh Short | Fresh Short | Long Covering |
| Nifty Futures | Fresh Short | Fresh Short | Short Covering |
| Nifty Options | Fresh Short | Fresh Short | Long Covering |
| BankNifty Futures | Long Covering | Long Covering | Fresh Long |
| BankNifty Options | Fresh Long | Fresh Short | Fresh Short |
| FinNifty Futures | Fresh Short | Fresh Short | Short Covering |
| FinNifty Options | Fresh Short | Fresh Long | Fresh Long |
| MidcpNifty Futures | Fresh Short | Fresh Short | Short Covering |
| MidcpNifty Options | Long Covering | Fresh Long | Fresh Short |
| NiftyNxt50 Futures | Long Covering | Long Covering | Long Covering |
| NiftyNxt50 Options | Short Covering | Fresh Short | Fresh Long |
| Stock Futures | Long Covering | Fresh Short | Fresh Long |
| Stock Options | Short 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 (30/04/2026)
The SENSEX index closed at 77664. The SENSEX weekly expiry for APRIL 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.007 against previous 1.233. The 74000PE option holds the maximum open interest, followed by the 81000CE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 81500CE option, with open interest additions also seen in the 77700CE and 78000CE options. On the other hand, open interest reductions were prominent in the 80000CE, 79000PE, and 80100PE options. Trading volume was highest in the 78000CE option, followed by the 78000PE and 82000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 30-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 77664 | 1.007 | 1.233 | 1.003 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 46,16,440 | 20,29,420 | 25,87,020 |
| PUT: | 46,50,280 | 25,01,920 | 21,48,360 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 3,93,080 | 1,42,740 | 10,52,180 |
| 78000 | 3,72,320 | 2,35,340 | 18,95,020 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 81500 | 3,37,100 | 2,81,860 | 12,10,020 |
| 77700 | 2,51,920 | 2,50,420 | 5,71,080 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 2,19,660 | -57,860 | 12,28,720 |
| 86000 | 12,480 | -1,080 | 18,360 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 78000 | 3,72,320 | 2,35,340 | 18,95,020 |
| 82000 | 2,32,880 | 77,280 | 13,86,240 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 4,21,660 | 1,14,360 | 10,22,280 |
| 70000 | 3,41,020 | 1,57,320 | 4,52,340 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 74500 | 2,69,040 | 2,27,600 | 9,06,040 |
| 77800 | 1,68,260 | 1,64,880 | 6,99,020 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 1,77,520 | -3,040 | 70,040 |
| 80100 | 1,880 | -2,680 | 3,960 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 78000 | 2,93,000 | 1,06,740 | 16,98,500 |
| 75000 | 3,09,760 | 76,640 | 12,46,080 |
NIFTY Monthly Expiry (28/04/2026)
The NIFTY index closed at 24173.05. The NIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.833 against previous 0.949. The 26000CE option holds the maximum open interest, followed by the 25000CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24200CE option, with open interest additions also seen in the 25200CE and 24500CE options. On the other hand, open interest reductions were prominent in the 24400PE, 24500PE, and 24000PE options. Trading volume was highest in the 24200PE option, followed by the 24200CE and 24500CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,173.05 | 0.833 | 0.949 | 0.881 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 16,07,77,110 | 12,85,05,845 | 3,22,71,265 |
| PUT: | 13,38,58,530 | 12,19,71,070 | 1,18,87,460 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,23,97,255 | -3,53,275 | 3,82,873 |
| 25,000 | 1,08,38,620 | 8,49,225 | 8,43,041 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 59,97,485 | 47,45,000 | 22,55,325 |
| 25,200 | 77,90,510 | 39,13,780 | 6,02,619 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,650 | 5,65,110 | -7,02,325 | 82,752 |
| 25,900 | 25,26,095 | -3,89,220 | 1,37,970 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 59,97,485 | 47,45,000 | 22,55,325 |
| 24,500 | 1,06,50,835 | 28,54,865 | 13,93,603 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 1,06,09,885 | 27,71,405 | 4,82,621 |
| 22,000 | 70,43,270 | -2,22,300 | 1,42,329 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 1,06,09,885 | 27,71,405 | 4,82,621 |
| 24,200 | 47,03,660 | 21,70,675 | 23,16,728 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,400 | 28,80,605 | -21,91,280 | 3,57,783 |
| 24,500 | 34,91,800 | -12,28,305 | 2,15,070 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 47,03,660 | 21,70,675 | 23,16,728 |
| 24,000 | 69,73,265 | -7,80,260 | 13,40,334 |
BANKNIFTY Monthly Expiry (28/04/2026)
The BANKNIFTY index closed at 56305. The BANKNIFTY monthly expiry for APRIL 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.898 against previous 0.995. The 60000CE option holds the maximum open interest, followed by the 59000CE and 57000CE options. Market participants have shown increased interest with significant open interest additions in the 56500CE option, with open interest additions also seen in the 56700CE and 57000CE options. On the other hand, open interest reductions were prominent in the 60000CE, 55000PE, and 52500PE options. Trading volume was highest in the 56500PE option, followed by the 57000CE and 56500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 56,305.00 | 0.898 | 0.995 | 0.906 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,69,71,900 | 1,60,42,920 | 9,28,980 |
| PUT: | 1,52,37,570 | 1,59,62,160 | -7,24,590 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 12,46,860 | -1,54,920 | 96,114 |
| 59,000 | 9,23,820 | 69,780 | 1,07,463 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,500 | 5,88,810 | 2,04,570 | 1,43,105 |
| 56,700 | 2,38,740 | 1,72,890 | 76,275 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 12,46,860 | -1,54,920 | 96,114 |
| 61,000 | 6,56,040 | -93,300 | 54,975 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 8,19,780 | 1,70,340 | 1,82,522 |
| 56,500 | 5,88,810 | 2,04,570 | 1,43,105 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 7,52,850 | 43,800 | 81,331 |
| 52,000 | 7,29,810 | -51,510 | 46,854 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 6,26,730 | 93,570 | 1,32,477 |
| 47,000 | 3,63,210 | 65,280 | 9,929 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 7,09,590 | -1,13,640 | 92,257 |
| 52,500 | 3,35,340 | -1,09,320 | 44,421 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,500 | 5,05,200 | -61,980 | 1,82,970 |
| 56,000 | 6,26,730 | 93,570 | 1,32,477 |
MIDCPNIFTY Monthly Expiry (28/04/2026)
The MIDCPNIFTY index closed at 13848.55. The MIDCPNIFTY monthly expiry for APRIL 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.056 against previous 1.100. The 13000PE option holds the maximum open interest, followed by the 14500CE and 14400CE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 14400CE and 14100CE options. On the other hand, open interest reductions were prominent in the 71000PE, 70000PE, and 71100CE options. Trading volume was highest in the 14000CE option, followed by the 14200CE and 13800PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-04-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 13,848.55 | 1.056 | 1.100 | 1.003 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 79,34,760 | 75,56,280 | 3,78,480 |
| PUT: | 83,80,440 | 83,14,920 | 65,520 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 6,67,920 | 47,160 | 9,481 |
| 14,400 | 6,31,200 | 2,24,640 | 13,299 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 6,31,200 | 2,24,640 | 13,299 |
| 14,100 | 2,88,600 | 1,08,000 | 11,312 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 2,52,840 | -2,17,920 | 7,091 |
| 14,000 | 5,62,920 | -1,21,320 | 18,419 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 5,62,920 | -1,21,320 | 18,419 |
| 14,200 | 5,48,880 | 74,880 | 17,879 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 9,12,480 | 2,34,240 | 13,903 |
| 13,500 | 6,00,360 | 63,120 | 15,802 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,000 | 9,12,480 | 2,34,240 | 13,903 |
| 12,700 | 3,77,040 | 74,640 | 4,375 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 4,30,320 | -1,32,840 | 3,600 |
| 12,750 | 55,080 | -80,640 | 1,581 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 4,32,240 | 69,000 | 16,794 |
| 13,500 | 6,00,360 | 63,120 | 15,802 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The combined Open Interest Volume Analysis across all indices signals a bearish rollover structure, where:
Near-month → Long Covering (exit of weak bulls)
Next-month → Fresh Shorts (smart money positioning)
Despite indices not breaking down sharply yet, the derivatives structure is weakening underneath, which often precedes price decline rather than follows it.
The alignment of:
Falling PCR
ATM call writing
Rising volumes with short build-up
Max Pain shifting close to spot
creates a high-risk environment for aggressive long positions.
Traders should remain cautious because:
Any bounce toward 24200–24350 (NIFTY) or 56500–56800 (BANKNIFTY) is likely to face selling pressure
Lack of strong PUT support addition near spot indicates limited downside protection
Practical approach:
Avoid chasing longs unless short covering is confirmed with OI drop + price rise
Prefer sell-on-rise strategy till structure changes
Watch for sudden volatility spikes due to high rollover activity (29–37%), which can trigger sharp intraday moves
Bottom line: This is not a panic sell market yet — but the Open Interest Volume Analysis strongly indicates a controlled bearish build-up, and ignoring that could be costly.
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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