NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 28/04/2026

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Open Interest Volume Analysis

Today’s Open Interest Volume Analysis clearly signals a risk-off undertone building in the index space, with NIFTY and BANKNIFTY witnessing aggressive fresh short build-up, while MIDCAPS continue to diverge with selective strength.

In NIFTY, a sharp 18.40% rise in combined OI with almost flat volume (+0.27%) is a classic indication of positional shorting rather than aggressive momentum selling, suggesting smart money is preparing for downside continuation rather than panic unwinding.

The falling premium across near and far month futures, especially the sharp drop in May premium, reinforces weakening bullish conviction and rising carry cost pressure.
Weekly option data adds another layer of caution — PCR (OI) slipping to 0.788 and heavy CALL writing at 25000, indicating overhead supply is getting stronger, while PUT base remains relatively weak at 23000.

BANKNIFTY’s Open Interest Volume Analysis is even more concerning, with a massive 31.68% OI build-up supported by 60.93% volume expansion, confirming high-conviction fresh shorts, not just hedging activity — this is a clear sign of institutional bearish positioning.

Meanwhile, MIDCPNIFTY stands out with consistent fresh long build-up and premium expansion, indicating rotation into broader markets, but the narrowing PCR suggests this strength may be getting crowded and vulnerable.

On the expiry front, SENSEX shows long covering with declining OI and premium compression, aligning with the broader theme of profit booking and cautious stance ahead of volatility triggers.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23995.7 (-0.403%)

Combined = May + June + July

Combined Fut Open Interest Change: 18.40%

Combined Fut Volume Change: 0.27%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 8% Previous 9%

NIFTY MAY Future closed at: 24069 (-0.581%)

May Fut Premium 73.3 (Decreased by -43.7 points)

May Fut Open Interest Change: 19.58%

May Fut Volume Change: 1.76%

May Fut Open Interest Analysis: Fresh Short

NIFTY JUNE Future closed at: 24201.5 (-0.523%)

June Fut Premium 205.8 (Decreased by -30.3 points)

June Fut Open Interest Change: 6.00%

June Fut Volume Change: -20.42%

June Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (5/05/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.788 (Decreased from 0.827)

Put-Call Ratio (Volume): 0.836

Max Pain Level: 24100

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 25000

Highest PUT Addition: 23000

NIFTY Monthly Expiry (26/05/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.126 (Increased from 1.118)

Put-Call Ratio (Volume): 0.984

Max Pain Level: 24500

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 23000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55400.35 (-1.536%)

Combined = May + June + July

Combined Fut Open Interest Change: 31.68%

Combined Fut Volume Change: 60.93%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 8% Previous 9%

BANKNIFTY MAY Future closed at: 55745.2 (-1.523%)

May Fut Premium 344.85 (Increased by 1.55 points)

May Fut Open Interest Change: 32.6%

May Fut Volume Change: 58.3%

May Fut Open Interest Analysis: Fresh Short

BANKNIFTY JUNE Future closed at: 55969.6 (-1.549%)

June Fut Premium 569.25 (Decreased by -16.65 points)

June Fut Open Interest Change: 22.80%

June Fut Volume Change: 105.79%

June Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (26/05/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.949 (Increased from 0.933)

Put-Call Ratio (Volume): 0.814

Max Pain Level: 57000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 56000

Highest PUT Addition: 56000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13976.15 (0.317%)

Combined = May + June + July

Combined Fut Open Interest Change: 15.60%

Combined Fut Volume Change: 21.21%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 2% Previous 2%

MIDCPNIFTY MAY Future closed at: 14043.8 (0.440%)

May Fut Premium 67.65 (Increased by 17.4 points)

May Fut Open Interest Change: 15.53%

May Fut Volume Change: 22.20%

May Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY JUNE Future closed at: 14067.35 (0.220%)

June Fut Premium 91.2 (Decreased by -13.2 points)

June Fut Open Interest Change: 19.25%

June Fut Volume Change: -10.24%

June Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.032 (Decreased from 1.262)

Put-Call Ratio (Volume): 1.200

Max Pain Level: 13950

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14000

Highest PUT Addition: 14000

SENSEX Monthly Expiry (30/04/2026) Future

SENSEX Spot closed at: 76,886.91 (-0.539%)

SENSEX Monthly Future closed at: 76,947.25 (-0.626%)

Premium: 60.34 (Decreased by -68.28 points)

Open Interest Change: -8.45%

Volume Change: -17.01%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (30/04/2026) Option Analysis

Put-Call Ratio (OI): 0.808 (Decreased from 1.091)

Put-Call Ratio (Volume): 1.102

Max Pain Level: 77000

Maximum CALL OI: 80000

Maximum PUT OI: 74000

Highest CALL Addition: 79500

Highest PUT Addition: 75500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,103.74 Cr.

DIIs Net BUY: ₹ 1,712.01 Cr.

FII Derivatives Activity

FII Trading Stats28.04.2627.04.2624.04.26
FII Cash (Provisional Data)-2,103.74-1,151.48-8,827.87
    
Index Future Open Interest Long Ratio13.08%19.47%19.28%
Index Future Volume Long Ratio40.39%49.38%44.46%
Call Option Open Interest Long Ratio35.86%42.93%42.66%
Call Option Volume Long Ratio49.72%50.13%50.20%
Put Option Open Interest Long Ratio69.95%60.49%63.43%
Put Option Volume Long Ratio50.10%49.70%50.09%
Stock Future Open Interest Long Ratio55.57%56.07%55.91%
Stock Future Volume Long Ratio48.32%50.43%49.73%
    
Index FuturesLong CoveringFresh ShortFresh Short
Index OptionsLong CoveringFresh ShortFresh Long
    
Nifty FuturesLong CoveringFresh ShortFresh Short
Nifty OptionsLong CoveringFresh ShortFresh Long
    
BankNifty FuturesLong CoveringFresh LongLong Covering
BankNifty OptionsLong CoveringFresh ShortFresh Short
    
FinNifty FuturesLong CoveringFresh ShortFresh Short
FinNifty OptionsShort CoveringFresh LongFresh Short
    
MidcpNifty FuturesLong CoveringShort CoveringFresh Long
MidcpNifty OptionsLong CoveringLong CoveringFresh Short
    
NiftyNxt50 FuturesLong CoveringFresh LongLong Covering
NiftyNxt50 OptionsShort CoveringFresh LongFresh Long
    
Stock FuturesLong CoveringFresh LongLong Covering
Stock OptionsLong CoveringLong CoveringLong Covering

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 (30/04/2026)

The SENSEX index closed at 76886.91. The SENSEX weekly expiry for APRIL 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.808 against previous 1.091. The 80000CE option holds the maximum open interest, followed by the 79000CE and 79500CE options. Market participants have shown increased interest with significant open interest additions in the 79500CE option, with open interest additions also seen in the 79000CE and 80000CE options. On the other hand, open interest reductions were prominent in the 77100PE, 77500PE, and 77300PE options. Trading volume was highest in the 77000PE option, followed by the 77000CE and 77500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:30-04-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76886.910.8081.0911.102
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,10,40,840    1,00,99,940        1,09,40,900
PUT:  1,69,93,320    1,10,16,920           59,76,400
Top CALL Open Interest:
StrikeOIOI ChangeVolume
80000      14,95,980          8,97,600           82,67,180
79000      13,76,840          9,25,680           85,47,600
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
79500      13,54,560          9,76,180           69,43,760
79000      13,76,840          9,25,680           85,47,600
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
84000        1,59,920        -1,01,640              6,47,240
81500        3,45,260            -77,540           17,50,060
Top CALL Volume:
StrikeOIOI ChangeVolume
77000      10,21,040          7,67,180        1,58,73,500
77500        7,21,880          2,60,140        1,44,85,300
Top PUT Open Interest:
StrikeOIOI ChangeVolume
74000      10,79,800          2,36,660           94,42,300
75000      10,37,000          6,30,420           96,61,760
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
75500      10,32,220          8,43,880           74,42,300
75000      10,37,000          6,30,420           96,61,760
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
77100        1,17,500        -1,68,260           90,38,720
77500        2,50,440        -1,26,560           62,05,780
Top PUT Volume:
StrikeOIOI ChangeVolume
77000        7,41,460          2,74,540        2,29,38,840
76000        7,71,240          4,34,380           98,82,920

NIFTY Weekly Expiry (5/05/2026)

The NIFTY index closed at 23995.7. The NIFTY weekly expiry for MAY 5, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.788 against previous 0.827. The 25000CE option holds the maximum open interest, followed by the 23000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 24500CE and 23000PE options. On the other hand, open interest reductions were prominent in the 22800PE, 22300PE, and 25950CE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 24100CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:05-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,995.70                0.788                  0.827               0.836
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    7,29,91,555      3,97,95,535   3,31,96,020
 PUT:    5,75,26,950      3,28,97,540   2,46,29,410
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       61,05,645         35,69,280         2,47,654
               26,000       46,03,625                  7,280         1,35,549
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000       61,05,645         35,69,280         2,47,654
               24,500       43,22,630         23,56,965         2,63,088
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,950          2,75,470              -28,470               8,837
               26,250             67,730                -9,425               1,825
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       37,48,875         22,10,845         3,65,575
               24,100       25,14,135         12,36,105         3,24,666
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       52,32,435         22,29,175         1,96,908
               24,000       36,33,760         15,67,085         4,53,075
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,000       52,32,435         22,29,175         1,96,908
               22,000       32,20,035         19,46,555             88,875
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,800       14,08,615          -1,76,410             82,867
               22,300          3,73,685              -64,675             31,145
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       36,33,760         15,67,085         4,53,075
               24,100       15,79,630            3,98,125         2,68,720

NIFTY Monthly Expiry (26/05/2026)

The NIFTY index closed at 23995.7. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.126 against previous 1.118. The 25000CE option holds the maximum open interest, followed by the 26000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 24000CE and 26000CE options. On the other hand, open interest reductions were prominent in the 26500CE, 26700CE, and 24600CE options. Trading volume was highest in the 24000PE option, followed by the 25000CE and 23000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,995.70                1.126                  1.118               0.984
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    3,19,97,745      2,74,00,100       45,97,645
 PUT:    3,60,15,135      3,06,31,575       53,83,560
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       43,99,330            9,61,675             74,191
               26,000       37,65,710            7,08,175             48,238
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000       43,99,330            9,61,675             74,191
               24,000       30,95,300            7,82,470             54,948
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,500          8,45,260              -51,545               9,340
               26,700          2,83,465              -51,155               4,625
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000       43,99,330            9,61,675             74,191
               24,000       30,95,300            7,82,470             54,948
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       36,90,245            6,76,845             82,683
               23,000       31,50,940            7,02,065             65,212
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,000       31,50,940            7,02,065             65,212
               24,000       36,90,245            6,76,845             82,683
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,600             94,120              -19,435               2,971
               23,900          3,09,985              -11,180               6,303
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       36,90,245            6,76,845             82,683
               23,000       31,50,940            7,02,065             65,212

BANKNIFTY Monthly Expiry (26/05/2026)

The BANKNIFTY index closed at 55400.35. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.949 against previous 0.933. The 60000CE option holds the maximum open interest, followed by the 60000PE and 56000PE options. Market participants have shown increased interest with significant open interest additions in the 56000CE option, with open interest additions also seen in the 56000PE and 57000CE options. On the other hand, open interest reductions were prominent in the 56300PE, 56500PE, and 56200PE options. Trading volume was highest in the 56000CE option, followed by the 56000PE and 60000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         55,400.35                0.949                  0.933               0.814
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       82,40,340         62,18,610       20,21,730
 PUT:       78,17,430         58,02,360       20,15,070
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       16,96,650            1,63,590             35,414
               56,000          7,24,530            3,15,540             50,409
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               56,000          7,24,530            3,15,540             50,409
               57,000          6,74,880            2,54,250             33,135
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               67,000                3,990                -1,950                   125
               61,100                5,400                -1,080                   293
 Top CALL Volume:
 Strike OI OI Change Volume
               56,000          7,24,530            3,15,540             50,409
               60,000       16,96,650            1,63,590             35,414
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       11,04,120               24,240               4,779
               56,000          8,27,370            2,64,570             49,064
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,000          8,27,370            2,64,570             49,064
               50,000          5,83,680            1,94,100             18,336
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               56,300             50,310                -7,110               2,356
               56,500          3,39,150                -6,720             11,062
 Top PUT Volume: 
 Strike OI OI Change Volume
               56,000          8,27,370            2,64,570             49,064
               55,000          4,09,950            1,30,380             25,113

MIDCPNIFTY Monthly Expiry (26/05/2026)

The MIDCPNIFTY index closed at 13976.15. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.032 against previous 1.262. The 14000CE option holds the maximum open interest, followed by the 14000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 14000CE and 15400CE options. On the other hand, open interest reductions were prominent in the 80000CE, 80000CE, and 80000CE options. Trading volume was highest in the 14000PE option, followed by the 14000CE and 13000PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,976.15                1.032                  1.262               1.200
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       15,58,800            7,71,240         7,87,560
 PUT:       16,08,960            9,73,560         6,35,400
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000          3,04,200            1,68,600               5,212
               15,000          2,25,000               98,640               3,221
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,000          3,04,200            1,68,600               5,212
               15,400          1,35,240            1,17,120               1,547
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,850                2,400                    -120                       3
               13,850                2,400                    -120                       3
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          3,04,200            1,68,600               5,212
               15,000          2,25,000               98,640               3,221
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000          3,03,600            2,16,360               5,888
               13,500          2,68,200            1,15,800               3,894
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,000          3,03,600            2,16,360               5,888
               13,500          2,68,200            1,15,800               3,894
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,000          2,40,240              -20,640               3,949
               13,725                1,800                    -240                       2
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,000          3,03,600            2,16,360               5,888
               13,000          2,40,240              -20,640               3,949

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

The overall Open Interest Volume Analysis across indices points toward a fragile and distribution-heavy market structure, where large players are gradually shifting towards defensive and bearish bets, especially in heavyweight indices like NIFTY and BANKNIFTY.

The combination of fresh shorts, declining premiums, weak PCR in weekly data, and strong CALL writing at higher strikes suggests that upside is likely to remain capped unless there is a decisive short covering trigger above key resistance zones (NIFTY 24200–24500 / BANKNIFTY 56000–57000).

MIDCAP strength, although supportive on the surface, could act as a bull trap if broader indices fail to stabilize, as divergence at later stages often precedes market-wide mean reversion.

Traders should remain highly cautious with long positions, avoid chasing strength, and instead prefer sell-on-rise strategies until clear evidence of short covering emerges.

Watch for Max Pain gravitation (NIFTY 24100 / BANKNIFTY 57000) — any failure to hold near these levels can accelerate downside momentum due to option writers’ dominance.
Bottom line: market is not weak because of panic, but because of calculated short positioning — and that’s a more dangerous setup.

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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