NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 6/05/2026

The Indian equity derivatives market witnessed a powerful risk-on rally on 06/05/2026, and the latest Open Interest Volume Analysis clearly reflects aggressive bullish participation across index futures and options. NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX all closed with strong gains supported by significant rise in futures open interest, sharp jump in traded volumes, and expanding premiums — indicating fresh long build-up rather than mere short covering. The biggest highlight of this Open Interest Volume Analysis was the broad-based participation seen not only in frontline banking counters but also in midcap derivatives, where volume expansion crossed 190% in MIDCPNIFTY futures, signaling speculative momentum entering the broader market segment.

NIFTY futures data showed a classic “price up + OI up + premium expansion” structure, which generally confirms institutional long accumulation. Combined futures OI rose 2.71% while volume surged nearly 55%, suggesting traders were actively deploying fresh capital instead of simply rolling over existing positions. The rise in PCR (OI) from 0.953 to 1.183 for weekly expiry indicates improving bullish sentiment, while Max Pain at 24250 suggests option writers are attempting to anchor the market slightly below current spot levels. However, traders should not ignore that the highest CALL addition remains concentrated at 25000, which now becomes a major positional resistance zone. The sharp increase in premiums across May and June contracts also hints at aggressive directional bets, but elevated premiums after a one-sided move often increase the risk of profit booking if momentum slows.

BANKNIFTY delivered the strongest momentum among major indices with nearly 2.63% gains in spot, supported by aggressive short covering in May futures and fresh long addition in June contracts. This dual participation structure is important because it indicates that bears were forced to exit while fresh bulls simultaneously entered the system. In this Open Interest Volume Analysis, the sharp rise in futures premium and 74% jump in volumes suggest banking stocks continue to remain the primary driver of market strength. However, despite bullish price action, monthly PCR at 0.934 still remains below 1, indicating CALL writers have not fully surrendered. Simultaneously, maximum CALL OI and PUT OI both standing at 60000 reflect a high-volatility equilibrium zone where sharp two-way moves can emerge during expiry adjustments.

MIDCPNIFTY data was exceptionally strong from a momentum perspective. Fresh long build-up across all contracts combined with massive expansion in June futures OI (+18.29%) indicates strong speculative participation in broader market names. The PCR structure above 1.29 and strong PUT additions near 14100 show traders are actively building support expectations in the midcap segment. However, such aggressive volume spikes after a vertical rally can also become a sign of overheating in the near term. Traders should remain cautious about sudden intraday volatility because midcap derivatives tend to react sharply to profit booking once leveraged positions become crowded.

SENSEX derivatives also confirmed institutional bullish bias as futures OI jumped 7.84% alongside a 105% rise in volumes. The increase in PCR from 0.756 to 1.237 for weekly expiry suggests a major sentiment reversal from defensive positioning toward optimistic hedging. Still, aggressive CALL addition at 81000 indicates that option writers are preparing for resistance overhead, and this zone may become crucial for determining whether the current rally evolves into a sustainable breakout or remains a short-term momentum burst.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24330.95 (1.241%)

Combined = May + June + July

Combined Fut Open Interest Change: 2.71%

Combined Fut Volume Change: 54.99%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 11% Previous 10%

NIFTY MAY Future closed at: 24447.4 (1.415%)

May Fut Premium 116.45 (Increased by 42.95 points)

May Fut Open Interest Change: 1.83%

May Fut Volume Change: 55.18%

May Fut Open Interest Analysis: Fresh Long

NIFTY JUNE Future closed at: 24544.9 (1.362%)

June Fut Premium 213.95 (Increased by 31.65 points)

June Fut Open Interest Change: 9.50%

June Fut Volume Change: 51.99%

June Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.183 (Increased from 0.953)

Put-Call Ratio (Volume): 1.007

Max Pain Level: 24250

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): 1.166 (Increased from 1.149)

Put-Call Ratio (Volume): 1.071

Max Pain Level: 24500

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25500

Highest PUT Addition: 23500

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55981.05 (2.629%)

Combined = May + June + July

Combined Fut Open Interest Change: 0.78%

Combined Fut Volume Change: 73.97%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 12% Previous 11%

BANKNIFTY MAY Future closed at: 56348.6 (2.811%)

May Fut Premium 367.55 (Increased by 106.6 points)

May Fut Open Interest Change: -0.6%

May Fut Volume Change: 73.7%

May Fut Open Interest Analysis: Short Covering

BANKNIFTY JUNE Future closed at: 56532.4 (2.777%)

June Fut Premium 551.35 (Increased by 93.4 points)

June Fut Open Interest Change: 8.26%

June Fut Volume Change: 62.99%

June Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.934 (Increased from 0.826)

Put-Call Ratio (Volume): 0.853

Max Pain Level: 56200

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 54300

Highest PUT Addition: 55000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14312.9 (2.600%)

Combined = May + June + July

Combined Fut Open Interest Change: 4.31%

Combined Fut Volume Change: 193.82%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 3% Previous 2%

MIDCPNIFTY MAY Future closed at: 14400.6 (2.855%)

May Fut Premium 87.7 (Increased by 37.1 points)

May Fut Open Interest Change: 3.85%

May Fut Volume Change: 186.87%

May Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY JUNE Future closed at: 14440.15 (2.793%)

June Fut Premium 127.25 (Increased by 29.75 points)

June Fut Open Interest Change: 18.29%

June Fut Volume Change: 308.16%

June Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.291 (Increased from 1.144)

Put-Call Ratio (Volume): 1.347

Max Pain Level: 14100

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14200

Highest PUT Addition: 14100

SENSEX Monthly Expiry (27/05/2026) Future

SENSEX Spot closed at: 77,958.52 (1.221%)

SENSEX Monthly Future closed at: 78,557.15 (1.315%)

Premium: 598.63 (Increased by 79.02 points)

Open Interest Change: 7.84%

Volume Change: 104.93%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (OI): 1.237 (Increased from 0.756)

Put-Call Ratio (Volume): 0.974

Max Pain Level: 77800

Maximum CALL OI: 80000

Maximum PUT OI: 77000

Highest CALL Addition: 81000

Highest PUT Addition: 77000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 5,834.90 Cr.

DIIs Net BUY: ₹ 6,836.87 Cr.

FII Derivatives Activity

FII Trading Stats	6.05.26	5.05.26	4.05.26
FII Cash (Provisional Data)	-5,834.90	-3,621.58	2,835.62
Index Future Open Interest Long Ratio	13.44%	11.50%	11.67%
Index Future Volume Long Ratio	54.09%	36.76%	37.10%
Call Option Open Interest Long Ratio	39.74%	36.80%	42.90%
Call Option Volume Long Ratio	50.17%	50.04%	50.14%
Put Option Open Interest Long Ratio	65.53%	69.13%	64.00%
Put Option Volume Long Ratio	49.78%	49.58%	49.97%
Stock Future Open Interest Long Ratio	55.42%	55.40%	55.53%
Stock Future Volume Long Ratio	50.49%	48.83%	50.50%
Index Futures	Fresh Long	Fresh Short	Fresh Short
Index Options	Fresh Short	Long Covering	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Long Covering	Fresh Long
BankNifty Futures	Fresh Long	Fresh Short	Short Covering
BankNifty Options	Fresh Long	Fresh Long	Fresh Short
FinNifty Futures	Short Covering	Fresh Short	Short Covering
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Fresh Long	Short Covering	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Long
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Short	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 (7/05/2026)

The SENSEX index closed at 77958.52. The SENSEX weekly expiry for MAY 07, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.237 against previous 0.756. The 77000PE option holds the maximum open interest, followed by the 80000CE and 76000PE options. Market participants have shown increased interest with significant open interest additions in the 77000PE option, with open interest additions also seen in the 76500PE and 81000CE options. On the other hand, open interest reductions were prominent in the 77000CE, 78700CE, and 78000CE options. Trading volume was highest in the 77000PE option, followed by the 78000CE and 76500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	07-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77958.52	1.237	0.756	0.974
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,75,89,900	2,23,20,840	52,69,060
PUT:	3,41,21,420	1,68,77,540	1,72,43,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	24,61,700	86,060	5,36,18,540
81000	19,91,580	11,92,940	1,99,93,760
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
81000	19,91,580	11,92,940	1,99,93,760
81500	10,14,120	6,64,640	89,25,900
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
77000	6,45,340	-3,58,940	4,82,14,700
78700	3,79,140	-2,92,600	3,23,54,840
Top CALL Volume:
Strike	OI	OI Change	Volume
78000	10,39,840	-2,67,180	13,62,54,920
77500	5,22,060	-1,62,060	10,46,72,940
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77000	27,45,620	16,89,140	15,52,83,560
76000	19,94,460	11,34,780	8,89,70,440
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
77000	27,45,620	16,89,140	15,52,83,560
76500	18,65,220	12,84,800	11,27,92,880
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
73500	4,03,920	-2,33,540	63,75,800
72000	2,53,420	-1,53,580	26,71,580
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	27,45,620	16,89,140	15,52,83,560
76500	18,65,220	12,84,800	11,27,92,880

NIFTY Weekly Expiry (12/05/2026)

The NIFTY index closed at 24330.95. The NIFTY weekly expiry for MAY 12, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.183 against previous 0.953. The 25000CE 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 23000PE option, with open interest additions also seen in the 22900PE and 24200PE options. On the other hand, open interest reductions were prominent in the 24000CE, 25300CE, and 22600PE options. Trading volume was highest in the 24200CE option, followed by the 24100PE and 24000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	12-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,330.95	1.183	0.953	1.007
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,47,97,625	6,85,54,850	2,62,42,775
PUT:	11,21,45,475	6,53,12,715	4,68,32,760
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	79,00,880	29,70,175	11,52,864
24,500	63,32,365	13,39,975	19,81,661
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	79,00,880	29,70,175	11,52,864
25,500	60,31,285	27,05,170	7,26,419
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	25,49,170	-11,34,900	10,12,221
25,300	23,47,280	-6,87,245	5,13,656
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	34,55,335	3,47,555	27,43,503
24,500	63,32,365	13,39,975	19,81,661
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	77,32,855	35,51,925	9,09,487
24,000	66,30,195	22,50,105	24,12,103
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	77,32,855	35,51,925	9,09,487
22,900	47,10,355	32,35,310	4,59,087
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,600	10,72,695	-6,22,635	2,17,586
22,400	8,60,535	-3,68,810	1,01,479
Top PUT Volume:
Strike	OI	OI Change	Volume
24,100	41,72,480	23,92,260	25,63,762
24,000	66,30,195	22,50,105	24,12,103

NIFTY Monthly Expiry (26/05/2026)

The NIFTY index closed at 24330.95. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.166 against previous 1.149. 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 23500PE option, with open interest additions also seen in the 25500CE and 21000PE options. On the other hand, open interest reductions were prominent in the 23000PE, 22500PE, and 24000CE options. Trading volume was highest in the 24000PE option, followed by the 25000CE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	26-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,330.95	1.166	1.149	1.071
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,94,86,785	3,97,24,230	-2,37,445
PUT:	4,60,32,610	4,56,33,900	3,98,710
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	54,72,090	76,375	1,11,049
26,000	42,13,950	1,31,170	37,672
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	27,24,215	2,06,700	59,649
26,000	42,13,950	1,31,170	37,672
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	36,79,325	-3,63,870	74,143
24,500	36,25,375	-1,81,610	1,03,026
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	54,72,090	76,375	1,11,049
24,500	36,25,375	-1,81,610	1,03,026
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	42,56,200	31,330	1,13,359
23,500	36,77,375	3,85,905	77,248
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	36,77,375	3,85,905	77,248
21,000	14,23,825	1,92,660	18,064
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	34,09,055	-4,87,825	93,060
22,500	23,24,205	-3,77,195	57,236
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	42,56,200	31,330	1,13,359
23,000	34,09,055	-4,87,825	93,060

BANKNIFTY Monthly Expiry (26/05/2026)

The BANKNIFTY index closed at 55981.05. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.934 against previous 0.826. The 60000CE option holds the maximum open interest, followed by the 60000PE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 55000PE option, with open interest additions also seen in the 55500PE and 56000PE options. On the other hand, open interest reductions were prominent in the 50000PE, 60000CE, and 56000CE options. Trading volume was highest in the 55000PE option, followed by the 56000CE and 55000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	26-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,981.05	0.934	0.826	0.853
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,26,38,760	1,34,60,820	-8,22,060
PUT:	1,18,04,190	1,11,21,180	6,83,010
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	20,80,830	-1,86,120	95,745
58,000	9,45,000	9,180	86,566
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,300	43,890	26,100	2,721
64,000	1,58,010	21,720	4,970
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	20,80,830	-1,86,120	95,745
56,000	8,70,690	-1,47,510	1,23,969
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	8,70,690	-1,47,510	1,23,969
55,000	5,22,510	-12,840	1,11,757
Top PUT Open Interest:
Strike	OI	OI Change	Volume
60,000	11,16,990	70,320	4,121
56,000	8,59,590	88,200	40,371
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	8,03,190	2,05,110	1,37,414
55,500	3,85,560	1,19,970	54,161
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
50,000	5,91,750	-2,38,290	60,786
52,000	4,27,800	-47,760	55,935
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	8,03,190	2,05,110	1,37,414
53,000	4,37,160	67,590	71,578

MIDCPNIFTY Monthly Expiry (26/05/2026)

The MIDCPNIFTY index closed at 14312.9. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.291 against previous 1.144. The 15000CE option holds the maximum open interest, followed by the 14500CE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 14100PE option, with open interest additions also seen in the 14300PE and 14200PE options. On the other hand, open interest reductions were prominent in the 69000PE, 70500CE, and 57300PE options. Trading volume was highest in the 14500CE option, followed by the 14000PE and 15000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	26-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,312.90	1.291	1.144	1.347
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	41,91,720	36,40,920	5,50,800
PUT:	54,12,960	41,64,840	12,48,120
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	5,63,760	37,680	11,945
14,500	5,18,280	64,560	12,706
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,200	1,95,120	1,20,000	8,721
15,300	1,66,560	97,320	2,852
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	3,45,840	-1,43,280	5,996
13,900	68,400	-59,760	1,383
Top CALL Volume:
Strike	OI	OI Change	Volume
14,500	5,18,280	64,560	12,706
15,000	5,63,760	37,680	11,945
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	5,16,720	-23,280	10,418
13,500	4,21,560	-1,32,960	11,697
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,100	3,49,680	3,15,960	8,959
14,300	2,69,640	2,65,200	4,859
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,500	4,21,560	-1,32,960	11,697
12,500	3,70,920	-1,32,600	7,109
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	4,17,600	-11,160	12,341
13,500	4,21,560	-1,32,960	11,697

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

Overall, the broader derivatives setup remains bullish and the latest Open Interest Volume Analysis strongly favors continuation of upward momentum as long as key support zones remain protected. Fresh long build-up across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX, combined with rising premiums and improving PCR readings, confirms that institutional traders are currently positioning for higher levels. The rollover data also indicates traders are gradually carrying forward bullish exposure into upcoming series rather than reducing risk aggressively.

However, despite the strong undertone, this market structure also contains multiple caution signals that traders should not ignore. One-sided long positioning after a sharp rally increases the probability of sudden volatility spikes, especially near heavy CALL writing zones like NIFTY 25000, BANKNIFTY 60000, and SENSEX 81000. Another important factor from this Open Interest Volume Analysis is that many indices are now trading significantly above Max Pain levels, which often creates mean-reversion pressure during weekly expiry adjustments. If FIIs or global markets show even mild weakness, leveraged long positions may unwind quickly and trigger fast intraday corrections.

Traders should therefore avoid emotional chasing at elevated levels and instead focus on “buy-on-dips” strategies near strong option support zones. For NIFTY, 24250–24000 remains an important demand area, while BANKNIFTY needs to sustain above 55500 to maintain bullish momentum. MIDCPNIFTY remains structurally strong but is also the most vulnerable to profit booking because of excessive speculative participation. Risk management remains critical because rallies supported by aggressive derivatives positioning can accelerate quickly, but reversals can be equally sharp when option writers regain control.

From a broader market perspective, the undertone remains positive, but sustainability of this rally will now depend on whether fresh longs continue getting added above resistance levels instead of only short covering driving prices higher. The next few sessions will be crucial in determining whether this move evolves into a sustainable trending phase or transitions into a high-volatility consolidation before expiry.

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