Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 19/05/2026
Table of Contents
Today’s Open Interest Volume Analysis clearly reflects a market that is turning cautious near higher levels, with index futures data showing aggressive rollover positioning but weak participation in fresh directional buying. Despite limited downside in spot indices, the derivatives structure indicates traders are slowly shifting towards defensive positioning ahead of the May monthly expiry. In NIFTY and BANKNIFTY, combined futures open interest increased while prices declined and volumes sharply contracted, signalling fresh short formation rather than panic unwinding. This is important because the market is not witnessing aggressive long exits yet, but smart money appears reluctant to chase higher levels after the recent rally. The continuous fall in futures premium and discount compression further confirms fading bullish momentum in the near term.
NIFTY’s Open Interest Volume Analysis paints a mixed-to-bearish short-term picture. While May futures saw long covering, the sharp rise in June futures open interest with price decline strongly indicates traders are building fresh shorts into the next series. Option chain data also supports this cautious tone as PCR (OI) slipped to 1.032 while the highest CALL addition came at 23700, showing immediate resistance creation just above current levels. At the same time, PUT writers aggressively added positions at 22800, suggesting positional traders still expect broader downside support to hold. Max Pain at 23850 continues to indicate expiry magnet behaviour, but unless NIFTY decisively reclaims 23700–23850 with strong volumes, upside momentum may remain restricted.
BANKNIFTY continues to underperform in this Open Interest Volume Analysis, and the data suggests institutional traders are becoming increasingly defensive in financials. The sharp increase in June futures open interest alongside falling prices is a strong fresh-short signal, while the steep erosion in futures premium shows weakening confidence from bullish participants. Option chain positioning remains notably weak with PCR (OI) at just 0.763, highlighting CALL-heavy positioning across higher strikes. The highest CALL addition at 54000 confirms immediate supply pressure near resistance zones, while strong PUT writing at 50000 suggests traders are expecting a broader range-bound structure rather than a strong directional breakout. Unless BANKNIFTY sustains above 54000 on closing basis, rallies are likely to witness selling pressure.
MIDCPNIFTY stands out as the strongest pocket in today’s Open Interest Volume Analysis. Unlike frontline indices, MIDCAP futures witnessed genuine fresh long creation with both price and open interest rising together in June contracts alongside improving volumes. This indicates that traders are selectively rotating towards broader market momentum even while large-cap indices consolidate. PCR levels above 1 and aggressive PUT additions at 14300 reflect confidence from option writers that dips may continue to attract buyers. The data suggests that midcaps are currently displaying stronger risk appetite compared to NIFTY and BANKNIFTY, making this segment relatively resilient in the short term.
SENSEX derivatives data also reflects mild bearish undertones in the ongoing Open Interest Volume Analysis. Futures witnessed fresh short buildup with declining premium, while weekly option positioning saw a sharp collapse in PCR from 1.502 to 0.958, indicating rapidly rising hedging activity from traders. Although Max Pain remains near 75400, aggressive CALL additions at 79000 suggest participants are expecting upside exhaustion unless stronger institutional buying emerges during the expiry week.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23618 (-0.135%)
Combined = May + June + July
Combined Fut Open Interest Change: 0.38%
Combined Fut Volume Change: -38.00%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 22% Previous 21%
NIFTY MAY Future closed at: 23612 (-0.194%)
May Fut Discount -6 (Decreased by -14.05 points)
May Fut Open Interest Change: -0.87%
May Fut Volume Change: -39.52%
May Fut Open Interest Analysis: Long Covering
NIFTY JUNE Future closed at: 23701.2 (-0.164%)
June Fut Discount 83.2 (Decreased by -6.95 points)
June Fut Open Interest Change: 5.92%
June Fut Volume Change: -23.61%
June Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.032 (Decreased from 1.051)
Put-Call Ratio (Volume): 0.942
Max Pain Level: 23850
Maximum CALL Open Interest: 24000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 23700
Highest PUT Addition: 22800
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 53409.15 (-0.239%)
Combined = May + June + July
Combined Fut Open Interest Change: 1.75%
Combined Fut Volume Change: -32.21%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 25% Previous 23%
BANKNIFTY MAY Future closed at: 53501.8 (-0.374%)
May Fut Premium 92.65 (Decreased by -73.15 points)
May Fut Open Interest Change: -1.0%
May Fut Volume Change: -32.3%
May Fut Open Interest Analysis: Long Covering
BANKNIFTY JUNE Future closed at: 53701.4 (-0.369%)
June Fut Premium 292.25 (Decreased by -70.95 points)
June Fut Open Interest Change: 12.21%
June Fut Volume Change: -24.95%
June Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.763 (Decreased from 0.799)
Put-Call Ratio (Volume): 0.864
Max Pain Level: 55000
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 50000
Highest CALL Addition: 54000
Highest PUT Addition: 50000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14298.85 (0.940%)
Combined = May + June + July
Combined Fut Open Interest Change: 0.85%
Combined Fut Volume Change: -19.79%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 8% Previous 7%
MIDCPNIFTY MAY Future closed at: 14293.2 (0.899%)
May Fut Discount -5.65 (Decreased by -5.8 points)
May Fut Open Interest Change: -0.83%
May Fut Volume Change: -28.62%
May Fut Open Interest Analysis: Short Covering
MIDCPNIFTY JUNE Future closed at: 14328.25 (0.901%)
June Fut Discount 29.4 (Decreased by -5.3 points)
June Fut Open Interest Change: 26.47%
June Fut Volume Change: 17.65%
June Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.219 (Decreased from 1.226)
Put-Call Ratio (Volume): 1.471
Max Pain Level: 14300
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 14000
Highest CALL Addition: 14900
Highest PUT Addition: 14300
SENSEX Monthly Expiry (27/05/2026) Future
SENSEX Spot closed at: 75,200.85 (-0.152%)
SENSEX Monthly Future closed at: 75,272.35 (-0.165%)
Premium: 71.5 (Decreased by -10.26 points)
Open Interest Change: 0.95%
Volume Change: -19.90%
Open Interest Analysis: Fresh Short
SENSEX Weekly Expiry (21/05/2026) Option Analysis
Put-Call Ratio (OI): 0.958 (Decreased from 1.502)
Put-Call Ratio (Volume): 1.140
Max Pain Level: 75400
Maximum CALL OI: 79000
Maximum PUT OI: 73000
Highest CALL Addition: 79000
Highest PUT Addition: 73000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 2,457.49 Cr.
DIIs Net BUY: ₹ 3,801.68 Cr.
FII Derivatives Activity
| FII Trading Stats | 19.05.26 | 18.05.26 | 15.05.26 |
| FII Cash (Provisional Data) | -2,457.49 | 2,813.69 | 1,329.17 |
| Index Future Open Interest Long Ratio | 12.29% | 12.49% | 12.43% |
| Index Future Volume Long Ratio | 40.08% | 56.68% | 60.21% |
| Call Option Open Interest Long Ratio | 39.91% | 41.42% | 40.30% |
| Call Option Volume Long Ratio | 49.28% | 50.20% | 49.83% |
| Put Option Open Interest Long Ratio | 67.83% | 61.35% | 63.80% |
| Put Option Volume Long Ratio | 50.22% | 50.06% | 50.08% |
| Stock Future Open Interest Long Ratio | 53.93% | 54.12% | 54.19% |
| Stock Future Volume Long Ratio | 48.33% | 49.38% | 49.17% |
| Index Futures | Fresh Short | Short Covering | Short Covering |
| Index Options | Long Covering | Fresh Long | Fresh Short |
| Nifty Futures | Fresh Short | Short Covering | Short Covering |
| Nifty Options | Long Covering | Fresh Long | Fresh Short |
| BankNifty Futures | Fresh Short | Long Covering | Short Covering |
| BankNifty Options | Fresh Long | Short Covering | Fresh Short |
| FinNifty Futures | Fresh Short | Fresh Long | Long Covering |
| FinNifty Options | Fresh Long | Fresh Long | Fresh Short |
| MidcpNifty Futures | Fresh Long | Fresh Short | Fresh Short |
| MidcpNifty Options | Fresh Short | Short Covering | Fresh Short |
| NiftyNxt50 Futures | Short Covering | Fresh Short | Short Covering |
| NiftyNxt50 Options | Short Covering | Fresh Short | Fresh Short |
| Stock Futures | Fresh Short | Fresh Short | Fresh Short |
| Stock Options | Fresh Long | 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 75200.85. The SENSEX weekly expiry for MAY 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.958 against previous 1.502. The 73000PE option holds the maximum open interest, followed by the 79000CE and 77000CE options. Market participants have shown increased interest with significant open interest additions in the 73000PE option, with open interest additions also seen in the 79000CE and 78000CE options. On the other hand, open interest reductions were prominent in the 71500PE, 74500CE, and 68000PE options. Trading volume was highest in the 75500PE option, followed by the 75500CE and 75000PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 21-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 75200.85 | 0.958 | 1.502 | 1.140 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,04,55,360 | 94,77,500 | 1,09,77,860 |
| PUT: | 1,95,92,660 | 1,42,36,920 | 53,55,740 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 14,88,320 | 9,89,480 | 79,26,480 |
| 77000 | 13,00,320 | 8,77,020 | 1,23,02,580 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 14,88,320 | 9,89,480 | 79,26,480 |
| 78000 | 12,82,200 | 8,93,960 | 1,03,36,000 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 74500 | 1,82,960 | -94,360 | 5,90,640 |
| 81000 | 1,85,060 | -67,060 | 14,40,080 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 10,83,920 | 6,10,200 | 2,08,41,760 |
| 75600 | 4,37,300 | 2,90,320 | 1,58,57,320 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 22,84,740 | 17,95,820 | 1,38,73,020 |
| 74000 | 9,95,460 | 4,57,000 | 1,36,49,020 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 22,84,740 | 17,95,820 | 1,38,73,020 |
| 73500 | 8,20,100 | 5,15,820 | 92,54,700 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 71500 | 2,86,560 | -1,69,520 | 51,75,080 |
| 68000 | 4,68,220 | -92,300 | 11,35,200 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 7,35,620 | 4,37,740 | 2,30,37,540 |
| 75000 | 6,91,080 | 88,520 | 1,60,58,760 |
NIFTY Monthly Expiry (26/05/2026)
The NIFTY index closed at 23618. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.032 against previous 1.051. The 24000CE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 23700CE option, with open interest additions also seen in the 22800PE and 22500PE options. On the other hand, open interest reductions were prominent in the 26000CE, 23400CE, and 24000PE options. Trading volume was highest in the 23700CE option, followed by the 23700PE and 24000CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,618.00 | 1.032 | 1.051 | 0.942 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 10,47,73,695 | 7,26,29,050 | 3,21,44,645 |
| PUT: | 10,80,74,460 | 7,63,60,895 | 3,17,13,565 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 83,79,280 | 22,55,240 | 4,09,052 |
| 25,000 | 77,85,570 | 22,22,545 | 2,74,230 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 49,61,970 | 27,83,365 | 4,81,269 |
| 24,000 | 83,79,280 | 22,55,240 | 4,09,052 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 43,33,095 | -4,14,375 | 61,236 |
| 23,400 | 8,04,700 | -3,68,810 | 28,624 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 49,61,970 | 27,83,365 | 4,81,269 |
| 24,000 | 83,79,280 | 22,55,240 | 4,09,052 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 72,23,710 | 8,68,335 | 3,24,450 |
| 22,500 | 70,86,885 | 22,99,960 | 2,41,767 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 22,800 | 40,53,725 | 25,48,455 | 1,82,887 |
| 22,500 | 70,86,885 | 22,99,960 | 2,41,767 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 42,16,745 | -1,70,885 | 67,456 |
| 24,200 | 10,38,115 | -95,095 | 11,099 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 36,85,955 | 18,10,900 | 4,48,759 |
| 23,000 | 72,23,710 | 8,68,335 | 3,24,450 |
BANKNIFTY Monthly Expiry (26/05/2026)
The BANKNIFTY index closed at 53409.15. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.763 against previous 0.799. 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 53500CE and 53700CE options. On the other hand, open interest reductions were prominent in the 60000PE, 53000PE, and 61000CE options. Trading volume was highest in the 53500PE option, followed by the 53000PE and 53500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 53,409.15 | 0.763 | 0.799 | 0.864 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,89,47,070 | 1,76,33,190 | 13,13,880 |
| PUT: | 1,44,63,780 | 1,40,84,850 | 3,78,930 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 18,26,460 | -3,690 | 41,898 |
| 56,000 | 12,32,700 | 88,020 | 68,162 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 7,54,890 | 1,54,740 | 1,25,816 |
| 53,500 | 4,25,340 | 1,43,250 | 1,30,138 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 61,000 | 4,13,070 | -43,950 | 10,929 |
| 59,000 | 6,77,460 | -39,930 | 25,855 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 53,500 | 4,25,340 | 1,43,250 | 1,30,138 |
| 54,000 | 7,54,890 | 1,54,740 | 1,25,816 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 8,60,010 | 1,06,080 | 72,520 |
| 53,000 | 8,20,740 | -54,600 | 1,32,629 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 8,60,010 | 1,06,080 | 72,520 |
| 49,000 | 4,21,830 | 93,780 | 28,260 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 7,04,460 | -1,39,590 | 5,090 |
| 53,000 | 8,20,740 | -54,600 | 1,32,629 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 53,500 | 5,56,680 | 42,210 | 1,50,452 |
| 53,000 | 8,20,740 | -54,600 | 1,32,629 |
MIDCPNIFTY Monthly Expiry (26/05/2026)
The MIDCPNIFTY index closed at 14298.85. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.219 against previous 1.226. The 15000CE 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 14300PE option, with open interest additions also seen in the 14900CE and 14400CE options. On the other hand, open interest reductions were prominent in the 73000CE, 69500CE, and 67500PE options. Trading volume was highest in the 14000PE option, followed by the 14300PE and 14100PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,298.85 | 1.219 | 1.226 | 1.471 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 66,60,120 | 58,73,760 | 7,86,360 |
| PUT: | 81,20,760 | 72,00,840 | 9,19,920 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 8,53,080 | 1,30,440 | 10,549 |
| 15,200 | 5,54,160 | 26,520 | 4,140 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,900 | 3,76,920 | 2,38,440 | 9,905 |
| 14,400 | 4,45,680 | 2,38,080 | 12,921 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,200 | 1,83,240 | -1,04,640 | 6,173 |
| 14,000 | 3,60,360 | -31,560 | 2,365 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 4,45,680 | 2,38,080 | 12,921 |
| 14,500 | 4,33,440 | -14,760 | 11,261 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,31,840 | -1,32,000 | 20,131 |
| 13,500 | 6,80,160 | 29,280 | 13,113 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,300 | 5,63,520 | 2,53,920 | 15,649 |
| 13,700 | 2,66,640 | 1,56,480 | 7,468 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,31,840 | -1,32,000 | 20,131 |
| 12,000 | 1,18,920 | -83,640 | 1,823 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 8,31,840 | -1,32,000 | 20,131 |
| 14,300 | 5,63,520 | 2,53,920 | 15,649 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Overall, this Open Interest Volume Analysis suggests the market is entering a phase of cautious consolidation rather than aggressive bullish continuation. The broader derivatives setup across NIFTY, BANKNIFTY, and SENSEX shows that traders are increasingly shifting positions into the June series with fresh shorts dominating heavyweight indices. Falling futures premiums, declining PCR readings, and aggressive CALL writing near resistance zones indicate that institutions are currently prioritizing risk management over momentum chasing. Unless fresh long buildup returns with stronger volumes, rallies may continue facing resistance at higher levels.
From a trading perspective, NIFTY traders should closely monitor the 23700–23850 resistance band because this region is now heavily defended by CALL writers. Sustained movement above this zone could trigger short covering, but failure to cross it may drag the index toward 23300–23000 support areas where strong PUT writing exists. BANKNIFTY remains structurally weaker than NIFTY and could continue underperforming unless it decisively regains 54000 with rising participation. Until then, intraday rallies may offer short-selling opportunities rather than breakout trades.
The biggest positive takeaway from today’s Open Interest Volume Analysis is the relative strength emerging in MIDCPNIFTY and broader market counters. Fresh long creation, improving participation, and stronger option support indicate traders are selectively favouring midcaps despite hesitation in large-cap indices. This divergence is important because it suggests underlying market sentiment has not completely deteriorated, even though frontline indices are witnessing rollover pressure and defensive hedging.
Going into the remaining May expiry sessions, traders should stay highly data-driven rather than emotionally biased. Watch for changes in PCR, futures premium recovery, and whether fresh longs return in June contracts. If volumes expand alongside price recovery, the market could quickly shift back into bullish momentum mode. However, if fresh shorts continue increasing with weak participation, the probability of a broader corrective or sideways expiry structure will remain elevated.
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