Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 21/05/2026
Table of Contents
The Open Interest Volume Analysis for 21/05/2026 indicates that traders turned noticeably cautious ahead of the monthly expiry, with aggressive rollover activity and fresh short creation dominating across major indices. Despite NIFTY closing almost flat near 23655, the sharp 4.13% rise in combined futures open interest along with a massive 69.50% jump in volumes clearly reflects strong bearish positioning by institutional participants rather than directional bullish conviction. The continuous decline in PCR from elevated levels, reduction in futures premiums, and heavy CALL writing around higher strike zones suggest that market participants are preparing for resistance-led price action in the short term.
In the latest Open Interest Volume Analysis, NIFTY’s rollover jumped sharply to 32% from 24%, but the quality of rollover remained weak as June series contracts witnessed heavy fresh short additions instead of aggressive long carry-forward positions. Option data further highlights a cautious undertone with maximum CALL open interest standing at 25000 and highest CALL addition at 23800, showing that upside expectations remain capped unless these levels are decisively crossed. At the same time, PUT writers continued defending 22500 aggressively, keeping the broader range intact while traders await a stronger directional trigger.
BANKNIFTY also displayed a similar trend in the broader Open Interest Volume Analysis, where both May and June futures indicated long unwinding followed by fresh short build-up. The steep fall in premiums combined with weak PCR readings near 0.679 suggests that banking stocks are facing stronger resistance pressure compared to benchmark indices. Interestingly, both highest CALL and PUT additions came at the 54000 strike, reflecting a volatile tug-of-war zone which may act as the key pivot level for expiry week trading action.
MIDCPNIFTY remained relatively resilient in comparison, but the Open Interest Volume Analysis still points toward profit booking and cautious rollover behavior. Although combined open interest declined initially due to long covering, the extraordinary 198% jump in June futures open interest confirms that fresh shorts are gradually entering the midcap segment as well. Meanwhile, SENSEX derivatives data continued to mirror the broader market sentiment with rising volumes, declining premium structure, and fresh short creation dominating expiry positioning.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23654.7 (-0.018%)
Combined = May + June + July
Combined Fut Open Interest Change: 4.13%
Combined Fut Volume Change: 69.50%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 32% Previous 24%
NIFTY MAY Future closed at: 23631.4 (-0.157%)
May Fut Discount -23.3 (Decreased by -32.8 points)
May Fut Open Interest Change: -7.05%
May Fut Volume Change: 41.59%
May Fut Open Interest Analysis: Long Covering
NIFTY JUNE Future closed at: 23726.8 (-0.121%)
June Fut Discount 72.1 (Decreased by -24.5 points)
June Fut Open Interest Change: 45.72%
June Fut Volume Change: 182.27%
June Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.939 (Decreased from 1.267)
Put-Call Ratio (Volume): 1.051
Max Pain Level: 23700
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 22500
Highest CALL Addition: 23800
Highest PUT Addition: 22500
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 53439.4 (-0.229%)
Combined = May + June + July
Combined Fut Open Interest Change: 2.82%
Combined Fut Volume Change: 53.13%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 39% Previous 29%
BANKNIFTY MAY Future closed at: 53530.8 (-0.392%)
May Fut Premium 91.4 (Decreased by -88 points)
May Fut Open Interest Change: -11.7%
May Fut Volume Change: 44.5%
May Fut Open Interest Analysis: Long Covering
BANKNIFTY JUNE Future closed at: 53734 (-0.331%)
June Fut Premium 294.6 (Decreased by -55.8 points)
June Fut Open Interest Change: 40.39%
June Fut Volume Change: 80.96%
June Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.679 (Decreased from 0.792)
Put-Call Ratio (Volume): 0.901
Max Pain Level: 54100
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 53000
Highest CALL Addition: 54000
Highest PUT Addition: 54000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14351.9 (-0.123%)
Combined = May + June + July
Combined Fut Open Interest Change: -1.87%
Combined Fut Volume Change: 165.55%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 31% Previous 10%
MIDCPNIFTY MAY Future closed at: 14361.4 (-0.242%)
May Fut Premium 9.5 (Decreased by -17.1 points)
May Fut Open Interest Change: -23.92%
May Fut Volume Change: 98.39%
May Fut Open Interest Analysis: Long Covering
MIDCPNIFTY JUNE Future closed at: 14385.45 (-0.290%)
June Fut Premium 33.55 (Decreased by -24.15 points)
June Fut Open Interest Change: 198.43%
June Fut Volume Change: 371.84%
June Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.038 (Decreased from 1.187)
Put-Call Ratio (Volume): 1.257
Max Pain Level: 14300
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 14000
Highest CALL Addition: 14400
Highest PUT Addition: 14400
SENSEX Monthly Expiry (27/05/2026) Future
SENSEX Spot closed at: 75,183.36 (-0.179%)
SENSEX Monthly Future closed at: 75,162.10 (-0.331%)
Discount: -21.26 (Decreased by -114.37 points)
Open Interest Change: 0.74%
Volume Change: 78.30%
Open Interest Analysis: Fresh Short
SENSEX Weekly Expiry (27/05/2026) Option Analysis
Put-Call Ratio (OI): 0.901 (Decreased from 1.000)
Put-Call Ratio (Volume): 0.906
Max Pain Level: 75500
Maximum CALL OI: 78500
Maximum PUT OI: 73000
Highest CALL Addition: 78500
Highest PUT Addition: 73000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 1,891.21 Cr.
DIIs Net BUY: ₹ 2,492.42 Cr.
FII Derivatives Activity
| FII Trading Stats | 21.05.26 | 20.05.26 | 19.05.26 |
| FII Cash (Provisional Data) | -1,891.21 | -1,597.35 | -2,457.49 |
| Index Future Open Interest Long Ratio | 11.80% | 11.99% | 12.29% |
| Index Future Volume Long Ratio | 44.47% | 40.00% | 40.08% |
| Call Option Open Interest Long Ratio | 40.76% | 39.95% | 39.91% |
| Call Option Volume Long Ratio | 49.65% | 49.83% | 49.28% |
| Put Option Open Interest Long Ratio | 64.55% | 64.23% | 67.83% |
| Put Option Volume Long Ratio | 50.33% | 49.41% | 50.22% |
| Stock Future Open Interest Long Ratio | 53.73% | 53.73% | 53.93% |
| Stock Future Volume Long Ratio | 49.96% | 48.88% | 48.33% |
| Index Futures | Fresh Short | Fresh Short | Fresh Short |
| Index Options | Fresh Long | Fresh Short | Long Covering |
| Nifty Futures | Fresh Short | Fresh Short | Fresh Short |
| Nifty Options | Fresh Long | Fresh Short | Long Covering |
| BankNifty Futures | Fresh Short | Fresh Short | Fresh Short |
| BankNifty Options | Fresh Long | Fresh Long | Fresh Long |
| FinNifty Futures | Long Covering | Short Covering | Fresh Short |
| FinNifty Options | Short Covering | Fresh Short | Fresh Long |
| MidcpNifty Futures | Fresh Short | Fresh Long | Fresh Long |
| MidcpNifty Options | Fresh Short | Long Covering | Fresh Short |
| NiftyNxt50 Futures | Short Covering | Short Covering | Short Covering |
| NiftyNxt50 Options | Fresh Long | Long Covering | Short Covering |
| Stock Futures | Short Covering | Fresh Short | Fresh Short |
| Stock Options | Fresh Long | Long Covering | Fresh Long |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (27/05/2026)
The SENSEX index closed at 75183.36. The SENSEX weekly expiry for MAY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.901 against previous 1.000. The 78500CE option holds the maximum open interest, followed by the 78000CE and 75500CE options. Market participants have shown increased interest with significant open interest additions in the 78500CE option, with open interest additions also seen in the 75500CE and 78000CE options. On the other hand, open interest reductions were prominent in the 74600CE, 74700CE, and 77000PE options. Trading volume was highest in the 75500CE option, followed by the 76000CE and 75500PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 27-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 75183.36 | 0.901 | 1.000 | 0.906 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 46,31,140 | 18,22,100 | 28,09,040 |
| PUT: | 41,74,620 | 18,21,240 | 23,53,380 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 78500 | 4,37,460 | 3,49,580 | 12,33,240 |
| 78000 | 4,36,780 | 2,23,360 | 16,02,560 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 78500 | 4,37,460 | 3,49,580 | 12,33,240 |
| 75500 | 3,65,380 | 2,28,840 | 21,70,800 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 74600 | 3,440 | -1,820 | 19,860 |
| 74700 | 5,400 | -1,780 | 24,540 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 3,65,380 | 2,28,840 | 21,70,800 |
| 76000 | 2,66,980 | 1,34,760 | 17,53,880 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 2,96,140 | 1,86,360 | 16,75,920 |
| 75500 | 2,84,340 | 1,41,960 | 17,30,320 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 73000 | 2,96,140 | 1,86,360 | 16,75,920 |
| 70000 | 2,48,520 | 1,43,340 | 5,71,300 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 81,780 | -1,500 | 29,300 |
| 76400 | 2,860 | -120 | 4,700 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 2,84,340 | 1,41,960 | 17,30,320 |
| 75000 | 2,40,360 | 93,920 | 17,03,160 |
NIFTY Monthly Expiry (26/05/2026)
The NIFTY index closed at 23654.7. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.939 against previous 1.267. The 25000CE 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 23800CE option, with open interest additions also seen in the 25000CE and 24000CE options. On the other hand, open interest reductions were prominent in the 21000PE, 22350PE, and 22600PE options. Trading volume was highest in the 23800CE option, followed by the 23700CE and 23700PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,654.70 | 0.939 | 1.267 | 1.051 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 16,56,81,425 | 11,63,07,555 | 4,93,73,870 |
| PUT: | 15,55,38,435 | 14,74,14,345 | 81,24,090 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,32,47,780 | 45,11,260 | 6,59,233 |
| 24,000 | 1,28,95,545 | 40,97,795 | 18,40,356 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,800 | 83,94,165 | 46,97,615 | 24,77,084 |
| 25,000 | 1,32,47,780 | 45,11,260 | 6,59,233 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,100 | 2,38,420 | -2,13,135 | 21,447 |
| 23,550 | 6,26,405 | -1,95,130 | 2,07,800 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,800 | 83,94,165 | 46,97,615 | 24,77,084 |
| 23,700 | 75,62,360 | 24,69,415 | 23,17,707 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 1,09,12,070 | 21,16,920 | 8,44,637 |
| 23,000 | 92,14,530 | 6,20,360 | 12,38,933 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 1,09,12,070 | 21,16,920 | 8,44,637 |
| 22,900 | 37,08,185 | 17,49,215 | 5,48,216 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 21,000 | 45,11,650 | -9,13,185 | 1,03,199 |
| 22,350 | 5,32,220 | -8,75,810 | 1,04,786 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 56,79,505 | 16,06,215 | 19,02,623 |
| 23,600 | 52,88,465 | 2,59,805 | 16,25,410 |
BANKNIFTY Monthly Expiry (26/05/2026)
The BANKNIFTY index closed at 53439.4. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.679 against previous 0.792. 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 55000CE and 56000CE options. On the other hand, open interest reductions were prominent in the 60000CE, 52000PE, and 51000PE options. Trading volume was highest in the 54000CE option, followed by the 55000CE and 53500PE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 53,439.40 | 0.679 | 0.792 | 0.901 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,09,95,770 | 1,86,26,730 | 23,69,040 |
| PUT: | 1,42,57,200 | 1,47,49,200 | -4,92,000 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 15,76,200 | -1,45,620 | 54,831 |
| 56,000 | 14,66,940 | 2,57,340 | 1,20,715 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 12,05,430 | 4,77,750 | 2,74,410 |
| 55,000 | 11,70,840 | 2,95,650 | 2,30,844 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 15,76,200 | -1,45,620 | 54,831 |
| 59,500 | 1,79,370 | -66,960 | 17,198 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 12,05,430 | 4,77,750 | 2,74,410 |
| 55,000 | 11,70,840 | 2,95,650 | 2,30,844 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 53,000 | 8,27,400 | -57,420 | 1,92,767 |
| 54,000 | 8,04,330 | 1,61,700 | 1,57,789 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 8,04,330 | 1,61,700 | 1,57,789 |
| 52,500 | 3,79,710 | 37,710 | 1,22,881 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 52,000 | 6,33,420 | -1,09,320 | 1,53,730 |
| 51,000 | 5,40,600 | -86,520 | 1,12,048 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 53,500 | 6,34,860 | 5,160 | 2,18,668 |
| 53,000 | 8,27,400 | -57,420 | 1,92,767 |
MIDCPNIFTY Monthly Expiry (26/05/2026)
The MIDCPNIFTY index closed at 14351.9. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.038 against previous 1.187. The 15000CE option holds the maximum open interest, followed by the 14000PE and 14400CE options. Market participants have shown increased interest with significant open interest additions in the 14400CE option, with open interest additions also seen in the 15300CE and 14400PE options. On the other hand, open interest reductions were prominent in the 72000CE, 69000CE, and 68000PE options. Trading volume was highest in the 14400PE option, followed by the 14500CE and 14400CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,351.90 | 1.038 | 1.187 | 1.257 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 76,65,840 | 67,30,560 | 9,35,280 |
| PUT: | 79,53,960 | 79,90,320 | -36,360 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 10,26,720 | 86,040 | 9,232 |
| 14,400 | 7,08,360 | 2,35,680 | 22,250 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 7,08,360 | 2,35,680 | 22,250 |
| 15,300 | 3,53,640 | 2,07,360 | 4,176 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,900 | 3,08,400 | -49,560 | 8,725 |
| 14,300 | 3,20,880 | -39,600 | 9,857 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 5,95,560 | 1,79,400 | 23,059 |
| 14,400 | 7,08,360 | 2,35,680 | 22,250 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 7,08,960 | -35,280 | 17,035 |
| 14,300 | 6,46,560 | -14,160 | 21,979 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 4,54,680 | 1,96,920 | 23,509 |
| 13,300 | 1,95,840 | 86,160 | 3,680 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,900 | 1,80,480 | -1,19,040 | 11,988 |
| 13,200 | 1,65,000 | -1,15,560 | 2,911 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 4,54,680 | 1,96,920 | 23,509 |
| 14,300 | 6,46,560 | -14,160 | 21,979 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Overall, the broader Open Interest Volume Analysis suggests that the market is entering the final leg of monthly expiry with a defensive and range-bound bias rather than a trending bullish setup. The combination of rising rollover percentages, declining PCR readings, falling futures premiums, and aggressive CALL writing across NIFTY, BANKNIFTY, MIDCPNIFTY, and SENSEX clearly indicates that traders are shifting towards hedged and cautious positioning. Unless NIFTY decisively sustains above the 23700–23800 resistance zone and BANKNIFTY reclaims 54000 with strong short covering, upside momentum is likely to remain restricted.
From a trading perspective, the current Open Interest Volume Analysis favors stock-specific opportunities and disciplined risk management over aggressive index longs. Traders should closely monitor whether fresh shorts continue building in June series or if sudden short-covering emerges near expiry. Immediate supports are visible near 23500 in NIFTY and 53000 in BANKNIFTY, while resistance zones remain heavily defended by option writers. As volatility expands near expiry, participants should remain selective, avoid overleveraged positions, and focus on confirmation-based trades rather than anticipating directional breakouts prematurely.
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