NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 12/05/2026

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Open Interest Volume Analysis

Tuesday’s session witnessed aggressive risk-off sentiment across Indian equities, and the latest Open Interest Volume Analysis clearly indicates that bears maintained complete control throughout the day.

Sharp price decline in NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX along with heavy rise in futures open interest confirms broad-based Fresh Short buildup, signaling traders are preparing for further volatility ahead of weekly and monthly expiries.

The most important takeaway from today’s Open Interest Volume Analysis is that option writers aggressively shifted towards lower strike resistance zones, especially at 23500–24000 in NIFTY and 54000 in BANKNIFTY, which reflects weakening bullish confidence.

NIFTY’s PCR drop from 0.813 to 0.715 and BANKNIFTY’s PCR decline towards 0.702 indicate that market participants are increasingly hedging on the downside rather than expecting immediate recovery.

MIDCPNIFTY remained the weakest pocket of the market with visible Long Covering and Fresh Shorts in far-month contracts, showing that broader market sentiment has deteriorated faster than frontline indices.

Futures premium contraction across NIFTY and MIDCPNIFTY also suggests reduced optimism in near-term positioning, while higher rollover participation hints that traders are carrying bearish trades into upcoming series.

Despite heavy declines, option data still shows strong PUT base around NIFTY 23000 and BANKNIFTY 51000–52000 zones, which may act as temporary demand areas if panic selling cools down.

Overall, today’s Open Interest Volume Analysis reflects a defensive market structure where rallies are likely to face selling pressure unless key resistance zones are reclaimed decisively.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23379.55 (-1.832%)

Combined = May + June + July

Combined Fut Open Interest Change: 8.65%

Combined Fut Volume Change: 23.70%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 13% Previous 12%

NIFTY MAY Future closed at: 23424.7 (-1.859%)

May Fut Premium 45.15 (Decreased by -7.5 points)

May Fut Open Interest Change: 7.14%

May Fut Volume Change: 21.38%

May Fut Open Interest Analysis: Fresh Short

NIFTY JUNE Future closed at: 23528.4 (-1.861%)

June Fut Premium 148.85 (Decreased by -9.9 points)

June Fut Open Interest Change: 17.96%

June Fut Volume Change: 46.92%

June Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (19/05/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.715 (Decreased from 0.813)

Put-Call Ratio (Volume): 0.768

Max Pain Level: 23650

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23500

Highest PUT Addition: 23000

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

Put-Call Ratio (Open Interest): 0.992 (Decreased from 1.102)

Put-Call Ratio (Volume): 0.759

Max Pain Level: 24100

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23500

Highest PUT Addition: 23600

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 53555.2 (-1.625%)

Combined = May + June + July

Combined Fut Open Interest Change: 4.18%

Combined Fut Volume Change: -1.13%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 16% Previous 14%

BANKNIFTY MAY Future closed at: 53721.8 (-1.608%)

May Fut Premium 166.6 (Increased by 6.7 points)

May Fut Open Interest Change: 0.9%

May Fut Volume Change: -10.5%

May Fut Open Interest Analysis: Fresh Short

BANKNIFTY JUNE Future closed at: 53971 (-1.572%)

June Fut Premium 415.8 (Increased by 22.7 points)

June Fut Open Interest Change: 26.33%

June Fut Volume Change: 98.42%

June Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.702 (Decreased from 0.780)

Put-Call Ratio (Volume): 0.891

Max Pain Level: 55700

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 60000

Highest CALL Addition: 54000

Highest PUT Addition: 51000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13972.05 (-2.520%)

Combined = May + June + July

Combined Fut Open Interest Change: -8.03%

Combined Fut Volume Change: 28.11%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 4% Previous 3%

MIDCPNIFTY MAY Future closed at: 13999.2 (-2.607%)

May Fut Premium 27.15 (Decreased by -13.65 points)

May Fut Open Interest Change: -8.87%

May Fut Volume Change: 23.35%

May Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JUNE Future closed at: 14052.5 (-2.533%)

June Fut Premium 80.45 (Decreased by -4 points)

June Fut Open Interest Change: 12.69%

June Fut Volume Change: 114.29%

June Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.184 (Decreased from 1.264)

Put-Call Ratio (Volume): 0.989

Max Pain Level: 14225

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14200

Highest PUT Addition: 13800

SENSEX Monthly Expiry (27/05/2026) Future

SENSEX Spot closed at: 74,559.24 (-1.915%)

SENSEX Monthly Future closed at: 74,870.05 (-1.974%)

Premium: 310.81 (Decreased by -51.71 points)

Open Interest Change: -0.61%

Volume Change: 62.98%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (14/05/2026) Option Analysis

Put-Call Ratio (OI): 0.587 (Decreased from 0.674)

Put-Call Ratio (Volume): 0.960

Max Pain Level: 75300

Maximum CALL OI: 78000

Maximum PUT OI: 73000

Highest CALL Addition: 77000

Highest PUT Addition: 73500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,959.39 Cr.

DIIs Net BUY: ₹ 7,990.32 Cr.

FII Derivatives Activity

FII Trading Stats12.05.2611.05.268.05.26
FII Cash (Provisional Data)-1,959.39-8,437.56-4,110.60
    
Index Future Open Interest Long Ratio11.08%11.60%12.39%
Index Future Volume Long Ratio33.78%27.28%27.28%
Call Option Open Interest Long Ratio37.46%38.90%39.54%
Call Option Volume Long Ratio49.60%50.06%50.06%
Put Option Open Interest Long Ratio70.72%65.80%65.46%
Put Option Volume Long Ratio50.29%50.07%50.07%
Stock Future Open Interest Long Ratio54.30%54.44%54.61%
Stock Future Volume Long Ratio48.96%45.71%45.71%
    
Index FuturesFresh ShortFresh ShortFresh Short
Index OptionsLong CoveringFresh ShortFresh Long
    
Nifty FuturesFresh ShortFresh ShortFresh Short
Nifty OptionsLong CoveringFresh ShortFresh Long
    
BankNifty FuturesFresh ShortShort CoveringFresh Short
BankNifty OptionsFresh ShortShort CoveringFresh Short
    
FinNifty FuturesLong CoveringLong CoveringFresh Short
FinNifty OptionsLong CoveringFresh LongFresh Long
    
MidcpNifty FuturesLong CoveringLong CoveringLong Covering
MidcpNifty OptionsFresh ShortShort CoveringFresh Long
    
NiftyNxt50 FuturesFresh ShortLong CoveringFresh Short
NiftyNxt50 OptionsFresh ShortFresh ShortShort Covering
    
Stock FuturesLong CoveringLong CoveringLong Covering
Stock OptionsFresh LongFresh 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 (14/05/2026)

The SENSEX index closed at 74559.24. The SENSEX weekly expiry for MAY 14, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.587 against previous 0.674. The 78000CE option holds the maximum open interest, followed by the 79000CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 77000CE option, with open interest additions also seen in the 78000CE and 75500CE options. On the other hand, open interest reductions were prominent in the 76200PE, 76000PE, and 76100PE options. Trading volume was highest in the 75000PE option, followed by the 74000PE and 75500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:14-05-2026
Index SpotPCR OIPrev PCR OIPCR VOL
74559.240.5870.6740.960
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  3,05,17,540    1,47,50,400        1,57,67,140
PUT:  1,78,99,880        99,37,060           79,62,820
Top CALL Open Interest:
StrikeOIOI ChangeVolume
78000      19,66,040        10,54,860        1,03,39,020
79000      16,32,620          7,30,840        1,09,17,480
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
77000      15,89,060        11,07,940        1,10,40,420
78000      19,66,040        10,54,860        1,03,39,020
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
81500        2,26,460            -93,640           18,78,700
81200            35,260            -63,120              4,64,020
Top CALL Volume:
StrikeOIOI ChangeVolume
75500      10,69,460        10,47,540        1,46,26,560
76000      12,22,500        10,00,140        1,34,25,780
Top PUT Open Interest:
StrikeOIOI ChangeVolume
73000      11,96,800          6,80,540        1,34,45,180
73500      11,74,020          7,90,520           93,30,480
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
73500      11,74,020          7,90,520           93,30,480
72000      11,41,320          7,01,480           87,79,740
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
76200            90,820        -1,89,620              5,84,740
76000        1,98,000        -1,88,460           27,68,600
Top PUT Volume:
StrikeOIOI ChangeVolume
75000        5,79,040          1,99,200        2,25,43,480
74000        9,03,920          2,96,620        1,63,17,560

NIFTY Weekly Expiry (19/05/2026)

The NIFTY index closed at 23379.55. The NIFTY weekly expiry for MAY 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.715 against previous 0.813. The 24000CE option holds the maximum open interest, followed by the 25000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 23500CE option, with open interest additions also seen in the 24000CE and 25500CE options. On the other hand, open interest reductions were prominent in the 23900PE, 25400CE, and 26100CE options. Trading volume was highest in the 23500PE option, followed by the 24000CE and 23000PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:19-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,379.55                0.715                  0.813               0.768
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    7,97,46,290      3,91,31,560   4,06,14,730
 PUT:    5,69,90,960      3,18,29,005   2,51,61,955
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       54,31,400         32,91,925         3,73,231
               25,000       46,13,570         17,66,245         2,36,780
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,500       35,79,290         33,26,180         2,75,471
               24,000       54,31,400         32,91,925         3,73,231
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,400          6,91,925          -2,68,125             45,697
               26,100          3,80,965          -1,83,755             23,602
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       54,31,400         32,91,925         3,73,231
               23,500       35,79,290         33,26,180         2,75,471
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       43,91,725         23,14,520         3,20,938
               22,000       40,66,270         18,16,230         1,78,101
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,000       43,91,725         23,14,520         3,20,938
               22,800       31,11,485         22,13,965         1,54,065
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,900          7,36,450          -4,54,090             42,936
               23,800          8,74,575          -1,30,390             87,848
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,500       29,82,265         14,89,410         3,73,329
               23,000       43,91,725         23,14,520         3,20,938

NIFTY Monthly Expiry (26/05/2026)

The NIFTY index closed at 23379.55. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.992 against previous 1.102. The 24000CE 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 23500CE option, with open interest additions also seen in the 24000CE and 23600CE options. On the other hand, open interest reductions were prominent in the 24000PE, 25500CE, and 23500PE options. Trading volume was highest in the 24000CE option, followed by the 24500CE and 23000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,379.55                0.992                  1.102               0.759
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    5,33,06,175      4,60,11,810       72,94,365
 PUT:    5,28,61,705      5,06,96,100       21,65,605
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       61,22,090         14,34,615         1,70,011
               25,000       53,72,250               55,510         1,03,318
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,500       22,21,440         14,64,060             76,549
               24,000       61,22,090         14,34,615         1,70,011
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       22,27,680          -3,02,640             47,060
               26,000       40,14,985          -2,55,580             38,095
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       61,22,090         14,34,615         1,70,011
               24,500       47,50,265              -25,480         1,36,315
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       46,02,455            5,63,875         1,24,464
               24,000       41,30,555          -6,07,490             51,367
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,600       10,78,805            5,88,770             46,823
               23,000       46,02,455            5,63,875         1,24,464
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       41,30,555          -6,07,490             51,367
               23,500       33,57,185          -2,58,050         1,19,256
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,000       46,02,455            5,63,875         1,24,464
               23,500       33,57,185          -2,58,050         1,19,256

BANKNIFTY Monthly Expiry (26/05/2026)

The BANKNIFTY index closed at 53555.2. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.702 against previous 0.780. The 60000CE option holds the maximum open interest, followed by the 56000CE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 54000CE option, with open interest additions also seen in the 54500CE and 53500CE options. On the other hand, open interest reductions were prominent in the 60000CE, 55000PE, and 52500PE options. Trading volume was highest in the 54000PE option, followed by the 54000CE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:26-05-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         53,555.20                0.702                  0.780               0.891
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,77,60,480      1,63,66,380       13,94,100
 PUT:    1,24,60,440      1,27,66,800       -3,06,360
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       23,46,270              -99,570             63,544
               56,000       12,83,040               88,800             81,994
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               54,000          4,19,280            2,38,560             86,456
               54,500          3,47,190            1,29,930             52,772
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       23,46,270              -99,570             63,544
               61,000          7,92,060              -77,790             23,482
 Top CALL Volume:
 Strike OI OI Change Volume
               54,000          4,19,280            2,38,560             86,456
               56,000       12,83,040               88,800             81,994
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               60,000          9,99,330                -6,000                   960
               56,000          7,20,630              -38,670               7,845
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               51,000          4,69,050            1,01,250             43,493
               53,500          3,93,090               78,390             58,777
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               55,000          5,14,020              -87,930             28,371
               52,500          2,20,800              -86,970             28,237
 Top PUT Volume: 
 Strike OI OI Change Volume
               54,000          5,54,160              -62,940         1,21,308
               53,000          5,34,420               33,540             74,503

MIDCPNIFTY Monthly Expiry (26/05/2026)

The MIDCPNIFTY index closed at 13972.05. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.184 against previous 1.264. The 14000PE 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 14200CE option, with open interest additions also seen in the 13800PE and 13000PE options. On the other hand, open interest reductions were prominent in the 73000CE, 71000CE, and 71500PE 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
         13,972.05                1.184                  1.264               0.989
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       52,62,000         50,61,000         2,01,000
 PUT:       62,31,240         63,96,240       -1,65,000
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          5,35,920              -70,320             12,579
               14,500          4,90,080               17,160             12,928
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,200          2,66,040            1,40,160               9,122
               14,400          2,67,840               55,200               5,029
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               15,000          5,35,920              -70,320             12,579
               14,600          1,59,720              -44,520               3,655
 Top CALL Volume:
 Strike OI OI Change Volume
               14,500          4,90,080               17,160             12,928
               15,000          5,35,920              -70,320             12,579
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000          8,21,280              -25,320             12,762
               13,000          5,43,120               74,400               6,177
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,800          3,07,200               83,640               6,095
               13,000          5,43,120               74,400               6,177
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               11,500             59,400              -90,480               1,381
               14,500          2,63,160              -79,200               2,341
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,000          8,21,280              -25,320             12,762
               14,200          1,51,320              -50,880             10,493

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

The derivatives setup after 12/05/2026 strongly favors bears as price decline supported by rising open interest is one of the clearest signs of sustained short positioning in the market.

The latest Open Interest Volume Analysis suggests traders should remain cautious because both index futures and options data continue to show stronger resistance creation than support formation.

NIFTY closing below important psychological levels with highest CALL additions at 23500 signals that upside recovery may remain capped unless aggressive short covering emerges.

BANKNIFTY’s heavy June open interest addition with weak PCR structure indicates banking stocks may continue to witness volatile swings and sell-on-rise activity in the near term.

MIDCPNIFTY remains structurally weak as long covering in current series combined with fresh short additions in next series reflects continued pressure in broader market counters.

SENSEX derivatives data also failed to show any meaningful bullish conviction, as falling premium and long unwinding point towards weakening institutional confidence.

Traders should closely monitor NIFTY 23000 and BANKNIFTY 53000 support zones because any decisive breakdown below these levels can trigger another round of panic-driven selling.

Until PCR improves and short covering becomes visible in futures data, the broader market tone is likely to remain cautious, volatile, and heavily news-sensitive according to current Open Interest Volume Analysis.

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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