NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/05/2026

Monday’s derivatives data clearly reflects a market that is stabilizing after recent volatility, and the overall Open Interest Volume Analysis indicates that traders are gradually shifting from aggressive bearish positioning toward selective long buildup in index futures. Despite NIFTY ending almost flat near 23650, the sharp 3.24% decline in combined futures open interest along with a 5.15% rise in volumes confirms meaningful short covering across near-month contracts. This suggests that bears are becoming cautious around the 23500–23600 support zone, especially ahead of weekly expiry. At the same time, rollover activity rising to 21% from 19% shows traders are actively repositioning for the June series instead of carrying panic-driven shorts. The increase in NIFTY weekly PCR from 0.928 to 1.344 further strengthens the short-term bullish undertone, although lower Put-Call Volume Ratio still indicates intraday traders remain hesitant to chase longs aggressively.

The most important takeaway from today’s Open Interest Volume Analysis is the divergence between May and June contracts. While May futures witnessed aggressive short covering, June futures saw fresh long addition with a 7.47% rise in open interest, indicating that institutional traders are slowly rebuilding positional bullish bets for the next series. However, resistance remains heavy near the 23700–24000 zone as maximum CALL open interest and highest CALL additions are concentrated there. On the downside, aggressive PUT writing at 23400 in weekly expiry suggests immediate support shifting higher from 23000 toward 23400–23500, which is a positive structural sign for bulls.

BANKNIFTY, however, continues to remain the weaker segment in the broader market structure. The combined futures data shows fresh short buildup with open interest rising alongside a massive 29.26% jump in volumes, which indicates that traders are still using rallies to create fresh bearish positions in banking counters. Even though May futures saw some long unwinding, the June contract registered a sharp 7.97% rise in OI with strong volume participation, confirming that positional traders are not yet confident about a sustained banking rally. The highest CALL addition and highest PUT addition both coming at the 53000 strike indicate a fierce battle around current levels, making BANKNIFTY highly range-bound and expiry-sensitive.

MIDCPNIFTY derivatives positioning also deserves attention because the index is beginning to show signs of exhaustion after recent outperformance. The latest Open Interest Volume Analysis reveals that June contracts are witnessing aggressive fresh shorts with OI surging more than 33%, while premiums are shrinking sharply. This combination generally reflects weakening bullish momentum in the midcap space. Although PCR remains above 1, traders are no longer showing aggressive upside conviction. The 13900–14000 region remains a strong support cluster, while 14100–14200 has now become an important supply zone for short-term traders.

SENSEX derivatives positioning paints a relatively stable picture compared to BANKNIFTY and MIDCPNIFTY. Short covering in futures combined with rising weekly PCR indicates that downside pressure is reducing near the 75000 mark. However, aggressive CALL concentration at 79000 suggests that traders still expect limited upside in the immediate term. The broader market tone therefore remains cautiously optimistic rather than aggressively bullish, with expiry-based volatility likely to dominate the next few sessions.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23649.95 (0.027%)

Combined = May + June + July

Combined Fut Open Interest Change: -3.24%

Combined Fut Volume Change: 5.15%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 21% Previous 19%

NIFTY MAY Future closed at: 23658 (0.060%)

May Fut Premium 8.05 (Increased by 7.65 points)

May Fut Open Interest Change: -5.68%

May Fut Volume Change: 6.93%

May Fut Open Interest Analysis: Short Covering

NIFTY JUNE Future closed at: 23740.1 (0.001%)

June Fut Premium 90.15 (Decreased by -6.15 points)

June Fut Open Interest Change: 7.47%

June Fut Volume Change: -12.22%

June Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.344 (Increased from 0.928)

Put-Call Ratio (Volume): 0.865

Max Pain Level: 23600

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 24000

Highest PUT Addition: 23400

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

Put-Call Ratio (Open Interest): 1.051 (Increased from 1.024)

Put-Call Ratio (Volume): 0.851

Max Pain Level: 24000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23700

Highest PUT Addition: 22000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 53537 (-0.323%)

Combined = May + June + July

Combined Fut Open Interest Change: 0.53%

Combined Fut Volume Change: 29.26%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 23% Previous 21%

BANKNIFTY MAY Future closed at: 53702.8 (-0.259%)

May Fut Premium 165.8 (Increased by 33.75 points)

May Fut Open Interest Change: -1.5%

May Fut Volume Change: 23.0%

May Fut Open Interest Analysis: Long Covering

BANKNIFTY JUNE Future closed at: 53900.2 (-0.323%)

June Fut Premium 363.2 (Decreased by -1.25 points)

June Fut Open Interest Change: 7.97%

June Fut Volume Change: 66.92%

June Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.799 (Increased from 0.774)

Put-Call Ratio (Volume): 0.719

Max Pain Level: 55200

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 53000

Highest CALL Addition: 53000

Highest PUT Addition: 53000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14165.65 (-0.023%)

Combined = May + June + July

Combined Fut Open Interest Change: -0.08%

Combined Fut Volume Change: 16.02%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 7% Previous 5%

MIDCPNIFTY MAY Future closed at: 14165.8 (-0.041%)

May Fut Premium 0.15 (Decreased by -2.55 points)

May Fut Open Interest Change: -1.82%

May Fut Volume Change: 6.98%

May Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JUNE Future closed at: 14200.35 (-0.135%)

June Fut Premium 34.7 (Decreased by -15.9 points)

June Fut Open Interest Change: 33.61%

June Fut Volume Change: 70.16%

June Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.226 (Increased from 1.223)

Put-Call Ratio (Volume): 0.978

Max Pain Level: 14200

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14100

Highest PUT Addition: 13900

SENSEX Monthly Expiry (27/05/2026) Future

SENSEX Spot closed at: 75,315.04 (0.102%)

SENSEX Monthly Future closed at: 75,396.80 (0.085%)

Premium: 81.76 (Decreased by -12.7 points)

Open Interest Change: -2.14%

Volume Change: 27.21%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (21/05/2026) Option Analysis

Put-Call Ratio (OI): 1.502 (Increased from 0.970)

Put-Call Ratio (Volume): 0.915

Max Pain Level: 75200

Maximum CALL OI: 79000

Maximum PUT OI: 72000

Highest CALL Addition: 75000

Highest PUT Addition: 72000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 2,813.69 Cr.

DIIs Net SELL: ₹ 2,682.12 Cr.

FII Derivatives Activity

FII Trading Stats	18.05.26	15.05.26	14.05.26
FII Cash (Provisional Data)	2,813.69	1,329.17	187.46
Index Future Open Interest Long Ratio	12.49%	12.43%	11.86%
Index Future Volume Long Ratio	56.68%	60.21%	63.34%
Call Option Open Interest Long Ratio	41.42%	40.30%	39.26%
Call Option Volume Long Ratio	50.20%	49.83%	50.23%
Put Option Open Interest Long Ratio	61.35%	63.80%	64.06%
Put Option Volume Long Ratio	50.06%	50.08%	49.32%
Stock Future Open Interest Long Ratio	54.12%	54.19%	54.29%
Stock Future Volume Long Ratio	49.38%	49.17%	48.81%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Long Covering	Short Covering	Fresh Long
BankNifty Options	Short Covering	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Long Covering	Fresh Long
FinNifty Options	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Options	Short Covering	Fresh Short	Short Covering
NiftyNxt50 Futures	Fresh Short	Short Covering	Short Covering
NiftyNxt50 Options	Fresh Short	Fresh Short	Short Covering
Stock Futures	Fresh Short	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 (21/05/2026)

The SENSEX index closed at 75315.04. The SENSEX weekly expiry for MAY 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.502 against previous 0.970. The 72000PE option holds the maximum open interest, followed by the 74500PE and 71000PE options. Market participants have shown increased interest with significant open interest additions in the 72000PE option, with open interest additions also seen in the 74500PE and 68000PE options. On the other hand, open interest reductions were prominent in the 75500PE, 75500CE, and 75800CE options. Trading volume was highest in the 74500PE option, followed by the 75000CE and 75500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	21-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
75315.04	1.502	0.970	0.915
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	94,77,500	79,02,300	15,75,200
PUT:	1,42,36,920	76,63,600	65,73,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
79000	4,98,840	1,05,480	46,07,880
75500	4,73,720	-1,27,140	1,38,73,000
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
75000	4,07,000	2,22,020	1,50,43,340
74500	2,77,320	1,74,940	90,23,360
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
75500	4,73,720	-1,27,140	1,38,73,000
75800	1,61,320	-92,840	51,67,220
Top CALL Volume:
Strike	OI	OI Change	Volume
75000	4,07,000	2,22,020	1,50,43,340
75500	4,73,720	-1,27,140	1,38,73,000
Top PUT Open Interest:
Strike	OI	OI Change	Volume
72000	9,17,040	6,47,480	66,91,880
74500	6,86,580	3,77,620	1,55,99,540
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
72000	9,17,040	6,47,480	66,91,880
74500	6,86,580	3,77,620	1,55,99,540
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
75500	2,97,880	-2,31,320	32,04,340
75800	1,05,040	-70,260	4,65,440
Top PUT Volume:
Strike	OI	OI Change	Volume
74500	6,86,580	3,77,620	1,55,99,540
74000	5,38,460	1,80,160	1,38,22,220

NIFTY Weekly Expiry (19/05/2026)

The NIFTY index closed at 23649.95. The NIFTY weekly expiry for MAY 19, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.344 against previous 0.928. The 24000CE option holds the maximum open interest, followed by the 23000PE and 23400PE options. Market participants have shown increased interest with significant open interest additions in the 23400PE option, with open interest additions also seen in the 23300PE and 23350PE options. On the other hand, open interest reductions were prominent in the 25000CE, 23700PE, and 21500PE options. Trading volume was highest in the 23400PE option, followed by the 23600CE and 23500PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	19-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,649.95	1.344	0.928	0.865
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,48,97,935	14,89,42,560	-40,44,625
PUT:	19,46,86,635	13,82,41,025	5,64,45,610
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,26,15,980	22,54,200	49,08,214
24,500	1,00,28,980	-10,55,990	16,85,557
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,26,15,980	22,54,200	49,08,214
24,200	73,49,290	19,98,035	26,60,423
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	56,46,420	-41,67,345	6,06,541
25,500	34,66,450	-16,84,670	1,43,329
Top CALL Volume:
Strike	OI	OI Change	Volume
23,600	44,37,680	17,37,385	70,80,182
23,700	55,80,510	6,37,390	64,72,833
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,24,71,420	34,79,580	40,57,235
23,400	1,19,13,590	67,12,290	74,60,162
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,400	1,19,13,590	67,12,290	74,60,162
23,300	1,00,85,790	61,76,560	56,85,653
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,700	29,02,120	-20,68,495	16,36,345
21,500	29,27,535	-18,11,355	2,21,012
Top PUT Volume:
Strike	OI	OI Change	Volume
23,400	1,19,13,590	67,12,290	74,60,162
23,500	1,02,84,625	28,85,350	69,27,675

NIFTY Monthly Expiry (26/05/2026)

The NIFTY index closed at 23649.95. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.051 against previous 1.024. The 23000PE option holds the maximum open interest, followed by the 24000CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 22000PE option, with open interest additions also seen in the 23000PE and 23400PE options. On the other hand, open interest reductions were prominent in the 24200PE, 23800PE, and 26500CE options. Trading volume was highest in the 24000CE option, followed by the 23000PE and 23500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	26-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,649.95	1.051	1.024	0.851
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,26,29,050	6,20,53,095	1,05,75,955
PUT:	7,63,60,895	6,35,57,975	1,28,02,920
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	61,24,040	6,62,220	3,00,075
24,500	59,25,790	3,42,940	1,93,069
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,700	21,78,605	8,16,400	1,34,508
23,500	28,26,850	7,78,960	2,08,532
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	11,70,715	-2,11,575	15,588
27,000	12,26,355	-90,740	6,561
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	61,24,040	6,62,220	3,00,075
23,500	28,26,850	7,78,960	2,08,532
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	63,55,375	10,20,760	2,54,580
22,000	57,41,515	11,76,565	1,30,170
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,000	57,41,515	11,76,565	1,30,170
23,000	63,55,375	10,20,760	2,54,580
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	11,33,210	-3,88,765	17,963
23,800	12,97,465	-2,39,590	45,616
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	63,55,375	10,20,760	2,54,580
23,500	42,73,880	3,56,850	2,53,612

BANKNIFTY Monthly Expiry (26/05/2026)

The BANKNIFTY index closed at 53537. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.799 against previous 0.774. The 60000CE option holds the maximum open interest, followed by the 58000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 53000CE option, with open interest additions also seen in the 53000PE and 55000CE options. On the other hand, open interest reductions were prominent in the 54000PE, 58000CE, and 58500CE options. Trading volume was highest in the 53000PE option, followed by the 53000CE and 54000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	26-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
53,537.00	0.799	0.774	0.719
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,76,33,190	1,77,80,730	-1,47,540
PUT:	1,40,84,850	1,37,69,880	3,14,970
Top CALL Open Interest:
Strike	OI	OI Change	Volume
60,000	18,30,150	-46,080	45,890
58,000	11,50,350	-1,50,960	87,499
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
53,000	4,06,260	2,59,800	1,40,622
55,000	8,49,840	1,59,330	1,25,430
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	11,50,350	-1,50,960	87,499
58,500	3,44,820	-1,35,360	43,468
Top CALL Volume:
Strike	OI	OI Change	Volume
53,000	4,06,260	2,59,800	1,40,622
54,000	6,00,150	-78,900	1,31,206
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,000	8,75,340	1,86,120	2,01,163
60,000	8,44,050	-1,28,760	4,662
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,000	8,75,340	1,86,120	2,01,163
52,900	86,640	50,640	60,556
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
54,000	6,74,160	-1,73,520	54,788
60,000	8,44,050	-1,28,760	4,662
Top PUT Volume:
Strike	OI	OI Change	Volume
53,000	8,75,340	1,86,120	2,01,163
52,000	6,35,490	-55,650	98,295

MIDCPNIFTY Monthly Expiry (26/05/2026)

The MIDCPNIFTY index closed at 14165.65. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.226 against previous 1.223. The 14000PE option holds the maximum open interest, followed by the 15000CE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 14100CE option, with open interest additions also seen in the 13900PE and 14000CE options. On the other hand, open interest reductions were prominent in the 69900PE, 69900PE, and 70500PE options. Trading volume was highest in the 14000PE option, followed by the 14000CE and 13500PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	26-05-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,165.65	1.226	1.223	0.978
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	58,73,760	58,23,960	49,800
PUT:	72,00,840	71,23,200	77,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,22,640	31,080	8,243
15,200	5,27,640	12,480	1,927
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,100	1,89,840	1,21,200	11,962
14,000	3,91,920	83,520	17,890
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,900	1,38,480	-1,11,000	5,286
14,400	2,07,600	-87,360	4,794
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	3,91,920	83,520	17,890
14,100	1,89,840	1,21,200	11,962
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	9,63,840	-1,320	21,433
13,500	6,50,880	4,680	12,552
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,900	2,24,160	96,360	7,330
13,100	71,280	24,720	1,313
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,200	1,71,240	-63,480	5,786
14,100	3,34,920	-59,040	10,810
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	9,63,840	-1,320	21,433
13,500	6,50,880	4,680	12,552

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

Overall, today’s Open Interest Volume Analysis suggests that the market is entering a transition phase where aggressive bearish momentum is fading, but strong directional bullish conviction has still not fully emerged. NIFTY continues to display resilience through persistent short covering, rising rollover participation, improving PCR readings, and fresh long buildup in June futures. As long as the index sustains above the 23400–23500 support band, traders may continue buying dips rather than chasing breakdowns. However, the heavy CALL base near 23700–24000 remains a major hurdle and could cap sharp upside moves unless strong institutional buying returns.

BANKNIFTY remains the key concern for bulls because fresh shorts in June futures indicate that traders still expect pressure in financial stocks. Until BANKNIFTY decisively crosses and sustains above the 54000–54200 zone, the broader market may struggle to enter a full-fledged trending rally. MIDCPNIFTY is also beginning to lose momentum, with fresh short additions suggesting that traders are becoming cautious in high-beta midcap counters after the recent run-up.

From a strategy perspective, the current derivatives setup favors a “buy on dips but avoid overleveraging” approach rather than aggressive breakout chasing. Traders should closely monitor whether NIFTY sustains above 23600 during weekly expiry because continued PUT writing above this level could trigger another round of short covering toward 23750–23900. On the other hand, any sharp unwinding below 23500 may quickly revive volatility as BANKNIFTY and MIDCPNIFTY positioning still remain fragile. Overall, the broader derivatives structure has improved meaningfully compared to previous sessions, but confirmation of a stronger bullish trend will require sustained long buildup along with stronger participation from banking stocks.

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