Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/05/2026
Table of Contents
Today’s Open Interest Volume Analysis clearly indicates that the broader market structure remains bullish despite intermittent intraday volatility, as fresh long buildup dominated across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX futures on 20/05/2026. The most important signal coming from the derivatives space is the aggressive rollover participation along with rising premiums in June contracts, which suggests traders are confidently carrying long positions forward instead of booking profits near resistance zones.
In NIFTY, the sharp jump in combined futures open interest along with a 13.13% rise in volume confirms fresh positional buying, while the massive 11.15% rise in June futures OI with expanding premium strongly reflects bullish carry-forward sentiment. The significant improvement in Put-Call Ratio from 1.032 to 1.267 further strengthens the undertone, indicating heavy put writing activity and growing confidence around the 23400–23500 support region. However, the highest CALL addition at 24500 also suggests that upside may remain gradual unless this zone is decisively crossed.
BANKNIFTY’s Open Interest Volume Analysis was even more aggressive, where June futures witnessed a huge 22.36% rise in OI with nearly 80% volume expansion, confirming strong institutional long buildup in banking counters. Although the PCR still remains below 1, the increase from previous levels combined with rising futures premium indicates that traders are slowly shifting from defensive positioning toward bullish expansion. The aggressive CALL writing at 53500 simultaneously hints that expiry-related volatility may continue, making this level a key trigger zone for directional breakout traders.
MIDCPNIFTY continued to outperform on a relative strength basis with broad-based fresh longs across both May and June futures, highlighting sustained risk appetite in the broader market segment. Even though the PCR marginally cooled from previous levels, the index maintaining above Max Pain with strong futures participation suggests that dip-buying sentiment is still intact. Meanwhile, SENSEX derivatives also mirrored the same bullish carry-forward structure with fresh longs and rising premiums, showing that institutional participation remains supportive across benchmark indices. Overall, the derivatives data is currently signaling a “buy-on-dips” market structure rather than a distribution phase, though traders should closely monitor resistance-based CALL writing zones for signs of short-term exhaustion.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23659 (0.174%)
Combined = May + June + July
Combined Fut Open Interest Change: 0.47%
Combined Fut Volume Change: 13.13%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 24% Previous 22%
NIFTY MAY Future closed at: 23668.5 (0.239%)
May Fut Premium 9.5 (Increased by 15.5 points)
May Fut Open Interest Change: -2.19%
May Fut Volume Change: 6.69%
May Fut Open Interest Analysis: Short Covering
NIFTY JUNE Future closed at: 23755.6 (0.230%)
June Fut Premium 96.6 (Increased by 13.4 points)
June Fut Open Interest Change: 11.15%
June Fut Volume Change: 42.67%
June Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.267 (Increased from 1.032)
Put-Call Ratio (Volume): 0.833
Max Pain Level: 23750
Maximum CALL Open Interest: 24500
Maximum PUT Open Interest: 22500
Highest CALL Addition: 24500
Highest PUT Addition: 23400
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 53562.2 (0.287%)
Combined = May + June + July
Combined Fut Open Interest Change: 0.95%
Combined Fut Volume Change: 23.86%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 29% Previous 25%
BANKNIFTY MAY Future closed at: 53741.6 (0.448%)
May Fut Premium 179.4 (Increased by 86.75 points)
May Fut Open Interest Change: -5.4%
May Fut Volume Change: 9.5%
May Fut Open Interest Analysis: Short Covering
BANKNIFTY JUNE Future closed at: 53912.6 (0.393%)
June Fut Premium 350.4 (Increased by 58.15 points)
June Fut Open Interest Change: 22.36%
June Fut Volume Change: 79.84%
June Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.792 (Increased from 0.763)
Put-Call Ratio (Volume): 0.739
Max Pain Level: 54700
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 53000
Highest CALL Addition: 53500
Highest PUT Addition: 52000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14369.6 (0.495%)
Combined = May + June + July
Combined Fut Open Interest Change: 4.80%
Combined Fut Volume Change: 15.82%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 10% Previous 8%
MIDCPNIFTY MAY Future closed at: 14396.2 (0.721%)
May Fut Premium 26.6 (Increased by 32.25 points)
May Fut Open Interest Change: 2.45%
May Fut Volume Change: 19.39%
May Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY JUNE Future closed at: 14427.3 (0.691%)
June Fut Premium 57.7 (Increased by 28.3 points)
June Fut Open Interest Change: 32.43%
June Fut Volume Change: 7.26%
June Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.187 (Decreased from 1.219)
Put-Call Ratio (Volume): 0.986
Max Pain Level: 14300
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 14000
Highest CALL Addition: 15100
Highest PUT Addition: 14200
SENSEX Monthly Expiry (27/05/2026) Future
SENSEX Spot closed at: 75,318.39 (0.156%)
SENSEX Monthly Future closed at: 75,411.50 (0.185%)
Premium: 93.11 (Increased by 21.61 points)
Open Interest Change: 3.19%
Volume Change: 15.94%
Open Interest Analysis: Fresh Long
SENSEX Weekly Expiry (21/05/2026) Option Analysis
Put-Call Ratio (OI): 1.376 (Increased from 0.958)
Put-Call Ratio (Volume): 0.910
Max Pain Level: 75300
Maximum CALL OI: 77000
Maximum PUT OI: 74000
Highest CALL Addition: 77000
Highest PUT Addition: 74000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 1,597.35 Cr.
DIIs Net BUY: ₹ 1,968.35 Cr.
FII Derivatives Activity
| FII Trading Stats | 20.05.26 | 19.05.26 | 18.05.26 |
| FII Cash (Provisional Data) | -1,597.35 | -2,457.49 | 2,813.69 |
| Index Future Open Interest Long Ratio | 11.99% | 12.29% | 12.49% |
| Index Future Volume Long Ratio | 40.00% | 40.08% | 56.68% |
| Call Option Open Interest Long Ratio | 39.95% | 39.91% | 41.42% |
| Call Option Volume Long Ratio | 49.83% | 49.28% | 50.20% |
| Put Option Open Interest Long Ratio | 64.23% | 67.83% | 61.35% |
| Put Option Volume Long Ratio | 49.41% | 50.22% | 50.06% |
| Stock Future Open Interest Long Ratio | 53.73% | 53.93% | 54.12% |
| Stock Future Volume Long Ratio | 48.88% | 48.33% | 49.38% |
| Index Futures | Fresh Short | Fresh Short | Short Covering |
| Index Options | Fresh Short | Long Covering | Fresh Long |
| Nifty Futures | Fresh Short | Fresh Short | Short Covering |
| Nifty Options | Fresh Short | Long Covering | Fresh Long |
| BankNifty Futures | Fresh Short | Fresh Short | Long Covering |
| BankNifty Options | Fresh Long | Fresh Long | Short Covering |
| FinNifty Futures | Short Covering | Fresh Short | Fresh Long |
| FinNifty Options | Fresh Short | Fresh Long | Fresh Long |
| MidcpNifty Futures | Fresh Long | Fresh Long | Fresh Short |
| MidcpNifty Options | Long Covering | Fresh Short | Short Covering |
| NiftyNxt50 Futures | Short Covering | Short Covering | Fresh Short |
| NiftyNxt50 Options | Long Covering | Short Covering | Fresh Short |
| Stock Futures | Fresh Short | Fresh Short | Fresh Short |
| Stock Options | Long Covering | Fresh Long | Fresh Short |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (21/05/2026)
The SENSEX index closed at 75318.39. The SENSEX weekly expiry for MAY 21, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.376 against previous 0.958. The 74000PE option holds the maximum open interest, followed by the 73000PE and 77000CE options. Market participants have shown increased interest with significant open interest additions in the 74000PE option, with open interest additions also seen in the 74500PE and 72000PE options. On the other hand, open interest reductions were prominent in the 79000CE, 66300PE, and 75500PE options. Trading volume was highest in the 76000CE option, followed by the 74000PE and 74500PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 21-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 75318.39 | 1.376 | 0.958 | 0.910 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,63,54,220 | 2,04,55,360 | 58,98,860 |
| PUT: | 3,62,66,720 | 1,95,92,660 | 1,66,74,060 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 20,97,860 | 7,97,540 | 4,47,70,540 |
| 78000 | 14,96,460 | 2,14,260 | 2,08,39,980 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 20,97,860 | 7,97,540 | 4,47,70,540 |
| 76500 | 14,40,460 | 7,76,160 | 6,00,13,880 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 10,24,140 | -4,64,180 | 1,10,49,520 |
| 79500 | 3,55,000 | -1,98,560 | 45,35,400 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 76000 | 14,63,780 | 4,40,100 | 11,11,44,000 |
| 75500 | 9,47,480 | -1,36,440 | 9,11,67,060 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 23,73,220 | 13,77,760 | 9,24,23,240 |
| 73000 | 22,08,180 | -76,560 | 4,55,37,940 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 23,73,220 | 13,77,760 | 9,24,23,240 |
| 74500 | 18,30,600 | 12,18,760 | 9,17,01,120 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 66300 | 3,29,080 | -2,55,760 | 8,08,480 |
| 75500 | 5,03,940 | -2,31,680 | 1,23,20,500 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 23,73,220 | 13,77,760 | 9,24,23,240 |
| 74500 | 18,30,600 | 12,18,760 | 9,17,01,120 |
NIFTY Monthly Expiry (26/05/2026)
The NIFTY index closed at 23659. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.267 against previous 1.032. The 24500CE option holds the maximum open interest, followed by the 24000CE and 22500PE options. Market participants have shown increased interest with significant open interest additions in the 23400PE option, with open interest additions also seen in the 23500PE and 24500CE options. On the other hand, open interest reductions were prominent in the 24050CE, 24800CE, and 24000PE options. Trading volume was highest in the 23600CE option, followed by the 23500PE and 23500CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,659.00 | 1.267 | 1.032 | 0.833 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 11,63,07,555 | 10,47,73,695 | 1,15,33,860 |
| PUT: | 14,74,14,345 | 10,80,74,460 | 3,93,39,885 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 90,53,525 | 21,16,335 | 7,59,581 |
| 24,000 | 87,97,750 | 4,18,470 | 16,42,591 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 90,53,525 | 21,16,335 | 7,59,581 |
| 23,500 | 38,28,760 | 11,70,325 | 19,43,096 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,050 | 10,79,130 | -11,21,575 | 4,76,265 |
| 24,800 | 27,72,770 | -9,09,480 | 2,83,288 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,600 | 31,69,595 | 7,32,875 | 22,39,311 |
| 23,500 | 38,28,760 | 11,70,325 | 19,43,096 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 87,95,150 | 17,08,265 | 5,08,253 |
| 22,000 | 86,79,125 | 17,99,915 | 3,53,575 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,400 | 53,57,300 | 27,73,030 | 13,89,975 |
| 23,500 | 76,07,080 | 26,68,900 | 22,19,615 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 36,68,600 | -5,48,145 | 87,258 |
| 22,150 | 4,85,745 | -3,79,210 | 93,975 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 76,07,080 | 26,68,900 | 22,19,615 |
| 23,600 | 50,28,660 | 17,56,495 | 15,74,841 |
BANKNIFTY Monthly Expiry (26/05/2026)
The BANKNIFTY index closed at 53562.2. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.792 against previous 0.763. 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 52000PE option, with open interest additions also seen in the 53500CE and 56500CE options. On the other hand, open interest reductions were prominent in the 60000PE, 60000CE, and 57500CE options. Trading volume was highest in the 53000PE option, followed by the 53000CE and 53500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 53,562.20 | 0.792 | 0.763 | 0.739 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,86,26,730 | 1,89,47,070 | -3,20,340 |
| PUT: | 1,47,49,200 | 1,44,63,780 | 2,85,420 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 17,21,820 | -1,04,640 | 31,895 |
| 56,000 | 12,09,600 | -23,100 | 1,22,936 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 53,500 | 5,33,700 | 1,08,360 | 1,88,064 |
| 56,500 | 9,01,470 | 80,310 | 85,215 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 17,21,820 | -1,04,640 | 31,895 |
| 57,500 | 5,74,650 | -70,440 | 68,856 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 53,000 | 4,34,850 | 52,380 | 1,90,026 |
| 53,500 | 5,33,700 | 1,08,360 | 1,88,064 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 53,000 | 8,84,820 | 64,080 | 2,59,564 |
| 50,000 | 8,75,580 | 15,570 | 1,11,524 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 7,42,740 | 1,16,130 | 1,10,914 |
| 53,500 | 6,29,700 | 73,020 | 1,34,982 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 5,69,700 | -1,34,760 | 5,461 |
| 51,500 | 3,93,450 | -63,240 | 58,705 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 53,000 | 8,84,820 | 64,080 | 2,59,564 |
| 53,500 | 6,29,700 | 73,020 | 1,34,982 |
MIDCPNIFTY Monthly Expiry (26/05/2026)
The MIDCPNIFTY index closed at 14369.6. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.187 against previous 1.219. The 15000CE option holds the maximum open interest, followed by the 14000PE and 14300PE options. Market participants have shown increased interest with significant open interest additions in the 14200PE option, with open interest additions also seen in the 14300PE and 15100CE options. On the other hand, open interest reductions were prominent in the 72500CE, 72500CE, and 70000PE options. Trading volume was highest in the 14500CE option, followed by the 14300CE and 14000PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,369.60 | 1.187 | 1.219 | 0.986 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 67,30,560 | 66,60,120 | 70,440 |
| PUT: | 79,90,320 | 81,20,760 | -1,30,440 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 9,40,680 | 87,600 | 9,223 |
| 15,200 | 5,58,720 | 4,560 | 4,459 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 15,100 | 2,91,000 | 88,680 | 2,917 |
| 15,000 | 9,40,680 | 87,600 | 9,223 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 15,500 | 1,98,840 | -70,320 | 2,057 |
| 14,800 | 4,70,280 | -37,080 | 14,135 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 4,16,160 | -17,280 | 26,071 |
| 14,300 | 3,60,480 | 37,680 | 22,539 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 7,44,240 | -87,600 | 19,323 |
| 14,300 | 6,60,720 | 97,200 | 18,857 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,200 | 3,96,960 | 1,19,280 | 17,244 |
| 14,300 | 6,60,720 | 97,200 | 18,857 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,100 | 84,720 | -1,28,880 | 3,624 |
| 12,300 | 1,04,760 | -1,21,200 | 1,425 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 7,44,240 | -87,600 | 19,323 |
| 14,300 | 6,60,720 | 97,200 | 18,857 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The overall Open Interest Volume Analysis for 20/05/2026 reflects a market that is gradually transitioning from short-covering-led recovery into a broader fresh long driven uptrend. Rising rollover percentages across major indices indicate that traders are willing to maintain bullish exposure into the next series, which is generally considered a positive medium-term signal. Increasing futures premiums across May and June contracts further confirm that bullish sentiment is not limited to expiry adjustments alone but is supported by genuine positional buildup.
From a trading perspective, NIFTY continues to hold a bullish bias above the 23400–23500 support cluster, while 24500 remains the major positional hurdle due to heavy CALL concentration. BANKNIFTY is showing stronger momentum leadership, but traders should remain cautious around the 53500–54000 region where aggressive option activity could trigger sharp expiry swings. MIDCPNIFTY remains structurally strongest among all indices and continues to favor momentum traders as long as fresh long buildup persists.
The key takeaway from this derivatives setup is that institutions are not showing panic hedging behavior yet, which keeps the broader trend positive. However, since several indices are approaching strong CALL-heavy resistance zones, traders should avoid chasing extended moves and instead focus on disciplined dip-buying opportunities with strict risk management. Unless there is sudden unwinding in futures open interest or aggressive put writing collapse in upcoming sessions, the derivatives structure currently favors continuation of bullish momentum with stock-specific participation likely to remain strong in banking, midcap, and high-beta sectors.
Check Previous Day’s NSE & BSE Indices F&O Analysis
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