NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 5/05/2026

Sharing is Supporting

Open Interest Volume Analysis

Today’s Open Interest Volume Analysis across index derivatives signals a clear undertone of distribution and caution, despite relatively muted price declines in frontline indices.
In NIFTY, the combination of price decline (-0.35%) + rising OI (+2.97%) + falling volume (-12%) strongly indicates Fresh Short formation, suggesting smart money is building bearish exposure rather than unwinding positions.

The premium contraction across May (-13 pts) and June (-11 pts) futures further confirms weakening bullish conviction — a classic sign of long unwinding + short build-up overlap, which typically precedes volatile moves.

On the options front, heavy writing at the 24000 strike (both CALL & PUT addition) highlights a tight range expectation, but with PCR still sub-1 (0.95 weekly), upside remains capped unless aggressive put writing resumes.

BANKNIFTY’s Open Interest Volume Analysis is even more concerning, with higher OI build-up (+5.11%) and sharp price decline (-0.60%), clearly reflecting institutional shorting pressure, especially visible in June series where OI surged 12% with strong volume expansion (+35%) — a strong positional bearish signal.

Meanwhile, MIDCPNIFTY shows relative resilience, with short covering + fresh long signals, indicating selective strength in broader markets, but the extremely low volume suggests lack of conviction and sustainability risk.

Overall, this Open Interest Volume Analysis reflects a market in transition, where index heavyweights are under short pressure while midcaps attempt stabilization, creating a fragile and range-bound setup heading into expiry cycles.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24032.8 (-0.359%)

Combined = May + June + July

Combined Fut Open Interest Change: 2.97%

Combined Fut Volume Change: -12.11%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 10% Previous 10%

NIFTY MAY Future closed at: 24106.3 (-0.412%)

May Fut Premium 73.5 (Decreased by -13.2 points)

May Fut Open Interest Change: 2.28%

May Fut Volume Change: -12.89%

May Fut Open Interest Analysis: Fresh Short

NIFTY JUNE Future closed at: 24215.1 (-0.402%)

June Fut Premium 182.3 (Decreased by -11.2 points)

June Fut Open Interest Change: 9.60%

June Fut Volume Change: -5.66%

June Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (12/05/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.953 (Increased from 0.905)

Put-Call Ratio (Volume): 0.846

Max Pain Level: 24050

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 24000

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

Put-Call Ratio (Open Interest): 1.149 (Increased from 1.137)

Put-Call Ratio (Volume): 0.846

Max Pain Level: 24400

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 23000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 54547.05 (-0.604%)

Combined = May + June + July

Combined Fut Open Interest Change: 5.11%

Combined Fut Volume Change: -6.91%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 10%

BANKNIFTY MAY Future closed at: 54808 (-0.627%)

May Fut Premium 260.95 (Decreased by -14.35 points)

May Fut Open Interest Change: 4.1%

May Fut Volume Change: -10.0%

May Fut Open Interest Analysis: Fresh Short

BANKNIFTY JUNE Future closed at: 55005 (-0.658%)

June Fut Premium 457.95 (Decreased by -32.75 points)

June Fut Open Interest Change: 12.17%

June Fut Volume Change: 35.77%

June Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.826 (Decreased from 0.846)

Put-Call Ratio (Volume): 0.846

Max Pain Level: 56000

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 60000

Highest PUT Addition: 50000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13950.25 (0.144%)

Combined = May + June + July

Combined Fut Open Interest Change: -0.12%

Combined Fut Volume Change: -34.27%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 2% Previous 2%

MIDCPNIFTY MAY Future closed at: 14000.85 (0.259%)

May Fut Premium 50.6 (Increased by 16.15 points)

May Fut Open Interest Change: -0.22%

May Fut Volume Change: -32.37%

May Fut Open Interest Analysis: Short Covering

MIDCPNIFTY JUNE Future closed at: 14047.75 (0.296%)

June Fut Premium 97.5 (Increased by 21.45 points)

June Fut Open Interest Change: 3.80%

June Fut Volume Change: -57.94%

June Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.144 (Increased from 1.135)

Put-Call Ratio (Volume): 0.933

Max Pain Level: 13975

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 15200

Highest PUT Addition: 12300

SENSEX Monthly Expiry (27/05/2026) Future

SENSEX Spot closed at: 77,017.79 (-0.326%)

SENSEX Monthly Future closed at: 77,537.40 (-0.474%)

Premium: 519.61 (Decreased by -117.34 points)

Open Interest Change: 12.34%

Volume Change: -12.01%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (7/05/2026) Option Analysis

Put-Call Ratio (OI): 0.756 (Increased from 0.708)

Put-Call Ratio (Volume): 0.932

Max Pain Level: 77000

Maximum CALL OI: 80000

Maximum PUT OI: 75000

Highest CALL Addition: 80000

Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,621.58 Cr.

DIIs Net BUY: ₹ 2,602.62 Cr.

FII Derivatives Activity

FII Trading Stats5.05.264.05.2630.04.26
FII Cash (Provisional Data)-3,621.582,835.62-8,047.86
    
Index Future Open Interest Long Ratio11.50%11.67%11.49%
Index Future Volume Long Ratio36.76%37.10%34.33%
Call Option Open Interest Long Ratio36.80%42.90%38.08%
Call Option Volume Long Ratio50.04%50.14%49.96%
Put Option Open Interest Long Ratio69.13%64.00%66.76%
Put Option Volume Long Ratio49.58%49.97%50.26%
Stock Future Open Interest Long Ratio55.40%55.53%55.51%
Stock Future Volume Long Ratio48.83%50.50%47.96%
    
Index FuturesFresh ShortFresh ShortFresh Short
Index OptionsLong CoveringFresh LongFresh Long
    
Nifty FuturesFresh ShortFresh ShortFresh Short
Nifty OptionsLong CoveringFresh LongFresh Long
    
BankNifty FuturesFresh ShortShort CoveringFresh Short
BankNifty OptionsFresh LongFresh ShortFresh Short
    
FinNifty FuturesFresh ShortShort CoveringFresh Short
FinNifty OptionsFresh LongFresh LongFresh Short
    
MidcpNifty FuturesShort CoveringFresh LongShort Covering
MidcpNifty OptionsFresh ShortFresh LongFresh Long
    
NiftyNxt50 FuturesShort CoveringFresh LongFresh Short
NiftyNxt50 OptionsFresh LongFresh LongLong Covering
    
Stock FuturesFresh ShortFresh LongLong Covering
Stock OptionsFresh ShortFresh ShortFresh 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

SENSEX weekly Expiry (7/05/2026)

The SENSEX index closed at 77017.79. The SENSEX weekly expiry for MAY 07, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.756 against previous 0.708. The 80000CE option holds the maximum open interest, followed by the 78000CE and 75000PE 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 79000CE options. On the other hand, open interest reductions were prominent in the 84000CE, 71000PE, and 77300PE options. Trading volume was highest in the 77000CE option, followed by the 77000PE and 76500PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:07-05-2026
Index SpotPCR OIPrev PCR OIPCR VOL
77017.790.7560.7080.932
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,23,20,840    1,28,07,220           95,13,620
PUT:  1,68,77,540        90,63,040           78,14,500
Top CALL Open Interest:
StrikeOIOI ChangeVolume
80000      23,75,640        15,54,700        1,43,38,560
78000      13,07,020          5,24,960        1,37,80,840
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
80000      23,75,640        15,54,700        1,43,38,560
79000      11,19,080          6,55,840        1,05,61,880
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
84000        1,07,480        -1,11,460              6,49,540
82500        2,42,840            -80,680           15,64,780
Top CALL Volume:
StrikeOIOI ChangeVolume
77000      10,04,280          4,82,900        2,38,90,200
80000      23,75,640        15,54,700        1,43,38,560
Top PUT Open Interest:
StrikeOIOI ChangeVolume
75000      11,87,900          7,62,700        1,22,22,240
74000      10,82,580          3,70,320           98,77,800
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
75000      11,87,900          7,62,700        1,22,22,240
76000        8,59,680          5,73,920        1,26,65,760
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
71000        2,36,760        -1,08,920           14,76,080
77300            92,460            -85,960           32,32,320
Top PUT Volume:
StrikeOIOI ChangeVolume
77000      10,56,480          4,22,200        2,38,40,160
76500        5,80,420          2,50,740        1,47,61,560

NIFTY Weekly Expiry (12/05/2026)

The NIFTY index closed at 24032.8. The NIFTY weekly expiry for MAY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.953 against previous 0.905. The 26000CE option holds the maximum open interest, followed by the 24500CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24000CE and 24500CE options. On the other hand, open interest reductions were prominent in the 24300PE, 25600CE, and 25900CE options. Trading volume was highest in the 24000CE option, followed by the 24000PE and 24500CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:12-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,032.80                0.953                  0.905               0.846
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    6,85,54,850      4,01,27,945   2,84,26,905
 PUT:    6,53,12,715      3,63,16,280   2,89,96,435
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,000       51,37,340            5,77,915         1,07,474
               24,500       49,92,390         24,16,050         4,02,798
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       36,84,070         25,24,080         4,85,121
               24,500       49,92,390         24,16,050         4,02,798
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,600       15,13,980          -1,95,390             93,821
               25,900          9,26,900              -47,840             42,724
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       36,84,070         25,24,080         4,85,121
               24,500       49,92,390         24,16,050         4,02,798
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       43,80,090         25,41,500         4,76,668
               23,000       41,80,930         18,14,605         2,33,514
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       43,80,090         25,41,500         4,76,668
               22,500       36,29,860         18,44,310         1,68,743
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,300          8,73,600          -3,46,320             38,937
               24,250          1,23,565              -37,960               9,886
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       43,80,090         25,41,500         4,76,668
               23,500       34,88,225         16,95,720         3,29,236

NIFTY Monthly Expiry (26/05/2026)

The NIFTY index closed at 24032.8. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.149 against previous 1.137. The 25000CE option holds the maximum open interest, followed by the 24000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 23000PE and 23500PE options. On the other hand, open interest reductions were prominent in the 26300CE, 25400CE, and 25150CE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 25000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,032.80                1.149                  1.137               0.846
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    3,97,24,230      3,83,22,895       14,01,335
 PUT:    4,56,33,900      4,35,82,435       20,51,465
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000       53,95,715            1,32,405             66,788
               26,000       40,82,780              -42,965             31,111
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       40,43,195            5,11,940             85,697
               24,500       38,06,985            2,41,865             61,724
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,300          2,41,150          -2,55,385               9,785
               25,400          3,93,315          -1,37,085             13,039
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       40,43,195            5,11,940             85,697
               25,000       53,95,715            1,32,405             66,788
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       42,24,870               92,105             96,479
               23,000       38,96,880            2,65,590             49,307
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,000       38,96,880            2,65,590             49,307
               23,500       32,91,470            2,51,810             34,201
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,300       10,80,040              -73,125               7,531
               22,400          3,36,115              -51,870             10,057
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       42,24,870               92,105             96,479
               23,000       38,96,880            2,65,590             49,307

BANKNIFTY Monthly Expiry (26/05/2026)

The BANKNIFTY index closed at 54547.05. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.826 against previous 0.846. The 60000CE option holds the maximum open interest, followed by the 60000PE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 50000PE and 56000CE options. On the other hand, open interest reductions were prominent in the 55500PE, 60500CE, and 55000PE options. Trading volume was highest in the 55000CE option, followed by the 54500PE and 54000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         54,547.05                0.826                  0.846               0.846
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,34,60,820      1,24,46,190       10,14,630
 PUT:    1,11,21,180      1,05,32,940         5,88,240
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       22,66,950            1,89,540             52,051
               56,000       10,18,200               77,490             58,726
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               60,000       22,66,950            1,89,540             52,051
               56,000       10,18,200               77,490             58,726
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,500          1,95,990              -46,140               9,711
               57,000          7,78,620              -32,280             57,972
 Top CALL Volume:
 Strike OI OI Change Volume
               55,000          5,35,350                  8,280             86,604
               56,000       10,18,200               77,490             58,726
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000       10,46,670              -23,550               2,627
               50,000          8,30,040            1,10,910             31,560
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               50,000          8,30,040            1,10,910             31,560
               52,000          4,75,560               72,420             34,473
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               55,500          2,65,590              -52,890             12,410
               55,000          5,98,080              -33,720             58,100
 Top PUT Volume: 
 Strike OI OI Change Volume
               54,500          2,80,230               24,240             77,888
               54,000          4,72,650               44,130             61,120

MIDCPNIFTY Monthly Expiry (26/05/2026)

The MIDCPNIFTY index closed at 13950.25. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.144 against previous 1.135. The 13500PE option holds the maximum open interest, followed by the 13000PE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 15200CE option, with open interest additions also seen in the 12300PE and 13950CE options. On the other hand, open interest reductions were prominent in the 66000PE, 66000PE, and 66000CE options. Trading volume was highest in the 14500CE option, followed by the 14000CE and 13900PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,950.25                1.144                  1.135               0.933
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       36,40,920         34,15,680         2,25,240
 PUT:       41,64,840         38,76,600         2,88,240
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          5,26,080                -9,600               2,578
               14,000          4,89,120               26,760               7,818
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,200          2,90,640            1,51,440               2,842
               13,950             86,400               59,160               2,047
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,900          1,28,160              -15,480               6,129
               13,800          1,01,280              -15,240               1,195
 Top CALL Volume:
 Strike OI OI Change Volume
               14,500          4,53,720                  6,600             10,047
               14,000          4,89,120               26,760               7,818
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,500          5,54,520               39,000               3,216
               13,000          5,40,000               42,960               4,426
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,300          2,20,800            1,29,000               2,213
               13,000          5,40,000               42,960               4,426
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               12,000          3,10,920              -22,080               2,036
               13,950             30,240                -9,600               1,214
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,900          1,30,920                -2,520               6,357
               14,000          4,28,760               21,000               5,811

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

The broader Open Interest Volume Analysis clearly tilts bearish-to-neutral, with consistent Fresh Short build-up across NIFTY, BANKNIFTY, and SENSEX futures, indicating that institutional players are hedging or positioning for downside rather than chasing upside.
Key risk factor: Persistent call writing at immediate strikes (24000 in NIFTY, 60000 in BANKNIFTY) combined with falling premiums suggests upside is being actively sold into, limiting breakout potential in the near term.

Despite slightly improving monthly PCR (>1 in NIFTY & MIDCAP), the lack of volume support and continued short addition implies that this is not a strong bullish reversal signal, but rather a temporary balance before a directional move.

Traders should remain cautious of range breakdown scenarios, especially below 24000 in NIFTY and 54000 zone in BANKNIFTY, where aggressive unwinding could trigger sharp downside acceleration.

Strategy-wise:
Prefer sell-on-rise setups until clear short covering emerges with volume expansion
Avoid aggressive longs unless price rise is supported by OI reduction (short covering)

Focus on option writing strategies near resistance zones, given strong supply visible in data
In summary, this Open Interest Volume Analysis suggests a “fragile equilibrium” market, where downside risks outweigh upside opportunities, and disciplined risk management is essential in the coming sessions.

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.


Sharing is Supporting

Leave a Reply

Your email address will not be published. Required fields are marked *