Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/05/2026
Table of Contents
Friday’s derivatives session clearly reflected a rollover-driven bullish undertone across major indices, and the overall Open Interest Volume Analysis strongly indicated aggressive positioning into the June series rather than mere expiry-related adjustments. NIFTY witnessed combined futures open interest decline with sharp volume expansion, confirming large-scale short covering in the near-month contract, while the June futures contract simultaneously saw massive fresh long build-up with premiums expanding sharply — a classic sign that traders are carrying bullish bets forward into the next series.
The jump in NIFTY PCR OI from 0.939 to 1.023, along with heavy PUT additions at 23750 and Max Pain shifting higher toward 23800, suggests that market participants are gradually building confidence that dips may continue to get bought. BANKNIFTY remained the strongest pocket of the market as both price and open interest rose together in the combined series, confirming genuine fresh long creation instead of temporary short squeeze action. The significant rise in June futures premium and strong rollover data above 50% indicate institutions are positioning for continuation of banking sector outperformance.
MIDCPNIFTY also displayed constructive price structure with exceptionally strong June open interest addition, though aggressive CALL writing near 14400–15000 may restrict immediate upside momentum. Overall, the broader Open Interest Volume Analysis continues to favor a “buy on dips” structure heading into the new series, with banking and selective midcaps still leading the momentum while option writers gradually shift support bases higher.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23719.3 (0.273%)
Combined = May + June + July
Combined Fut Open Interest Change: -0.62%
Combined Fut Volume Change: 28.67%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 46% Previous 32%
NIFTY MAY Future closed at: 23744 (0.476%)
May Fut Premium 24.7 (Increased by 48 points)
May Fut Open Interest Change: -21.70%
May Fut Volume Change: 14.77%
May Fut Open Interest Analysis: Short Covering
NIFTY JUNE Future closed at: 23801.4 (0.314%)
June Fut Premium 82.1 (Increased by 10 points)
June Fut Open Interest Change: 46.94%
June Fut Volume Change: 53.73%
June Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.023 (Increased from 0.939)
Put-Call Ratio (Volume): 0.974
Max Pain Level: 23800
Maximum CALL Open Interest: 24000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 24400
Highest PUT Addition: 23750
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 54055.35 (1.153%)
Combined = May + June + July
Combined Fut Open Interest Change: 2.73%
Combined Fut Volume Change: 26.30%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 51% Previous 39%
BANKNIFTY MAY Future closed at: 54237.2 (1.320%)
May Fut Premium 181.85 (Increased by 90.45 points)
May Fut Open Interest Change: -17.5%
May Fut Volume Change: 14.4%
May Fut Open Interest Analysis: Short Covering
BANKNIFTY JUNE Future closed at: 54433.4 (1.302%)
June Fut Premium 378.05 (Increased by 83.45 points)
June Fut Open Interest Change: 35.77%
June Fut Volume Change: 50.78%
June Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.743 (Increased from 0.679)
Put-Call Ratio (Volume): 0.886
Max Pain Level: 54400
Maximum CALL Open Interest: 56000
Maximum PUT Open Interest: 54000
Highest CALL Addition: 56000
Highest PUT Addition: 54000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14381.55 (0.207%)
Combined = May + June + July
Combined Fut Open Interest Change: 6.32%
Combined Fut Volume Change: 22.08%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 54% Previous 31%
MIDCPNIFTY MAY Future closed at: 14416.1 (0.381%)
May Fut Premium 34.55 (Increased by 25.05 points)
May Fut Open Interest Change: -29.56%
May Fut Volume Change: 20.77%
May Fut Open Interest Analysis: Short Covering
MIDCPNIFTY JUNE Future closed at: 14435.6 (0.349%)
June Fut Premium 54.05 (Increased by 20.5 points)
June Fut Open Interest Change: 89.64%
June Fut Volume Change: 24.62%
June Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.081 (Increased from 1.038)
Put-Call Ratio (Volume): 0.825
Max Pain Level: 14375
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 14300
Highest CALL Addition: 14400
Highest PUT Addition: 14400
SENSEX Monthly Expiry (27/05/2026) Future
SENSEX Spot closed at: 75,415.35 (0.309%)
SENSEX Monthly Future closed at: 75,478.30 (0.421%)
Premium: 62.95 (Increased by 84.21 points)
Open Interest Change: -12.75%
Volume Change: -42.86%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (27/05/2026) Option Analysis
Put-Call Ratio (OI): 0.929 (Increased from 0.901)
Put-Call Ratio (Volume): 0.923
Max Pain Level: 75500
Maximum CALL OI: 75500
Maximum PUT OI: 75500
Highest CALL Addition: 75500
Highest PUT Addition: 75500
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 4,440.47 Cr.
DIIs Net BUY: ₹ 6,003.53 Cr.
FII Derivatives Activity
| FII Trading Stats | 22.05.26 | 21.05.26 | 20.05.26 |
| FII Cash (Provisional Data) | -4,440.47 | -1,891.21 | -1,597.35 |
| Index Future Open Interest Long Ratio | 13.95% | 11.80% | 11.99% |
| Index Future Volume Long Ratio | 52.24% | 44.47% | 40.00% |
| Call Option Open Interest Long Ratio | 44.49% | 40.76% | 39.95% |
| Call Option Volume Long Ratio | 50.84% | 49.65% | 49.83% |
| Put Option Open Interest Long Ratio | 63.50% | 64.55% | 64.23% |
| Put Option Volume Long Ratio | 49.82% | 50.33% | 49.41% |
| Stock Future Open Interest Long Ratio | 54.12% | 53.73% | 53.73% |
| Stock Future Volume Long Ratio | 50.55% | 49.96% | 48.88% |
| Index Futures | Fresh Long | Fresh Short | Fresh Short |
| Index Options | Fresh Long | Fresh Long | Fresh Short |
| Nifty Futures | Fresh Long | Fresh Short | Fresh Short |
| Nifty Options | Short Covering | Fresh Long | Fresh Short |
| BankNifty Futures | Fresh Long | Fresh Short | Fresh Short |
| BankNifty Options | Fresh Long | Fresh Long | Fresh Long |
| FinNifty Futures | Long Covering | Long Covering | Short Covering |
| FinNifty Options | Fresh Short | Short Covering | Fresh Short |
| MidcpNifty Futures | Fresh Long | Fresh Short | Fresh Long |
| MidcpNifty Options | Fresh Short | Fresh Short | Long Covering |
| NiftyNxt50 Futures | Short Covering | Short Covering | Short Covering |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Long Covering |
| Stock Futures | Fresh Long | Short Covering | Fresh Short |
| Stock Options | Short Covering | Fresh Long | Long Covering |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (27/05/2026)
The SENSEX index closed at 75415.35. The SENSEX weekly expiry for MAY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.929 against previous 0.901. The 75500CE option holds the maximum open interest, followed by the 75500PE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 75500PE option, with open interest additions also seen in the 75500CE and 75700CE options. On the other hand, open interest reductions were prominent in the 75200CE, 75300CE, and 75000CE options. Trading volume was highest in the 75500PE option, followed by the 75500CE and 76000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 27-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 75415.35 | 0.929 | 0.901 | 0.923 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 86,18,440 | 46,31,140 | 39,87,300 |
| PUT: | 80,06,100 | 41,74,620 | 38,31,480 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 7,06,340 | 3,40,960 | 1,26,63,560 |
| 78000 | 6,19,020 | 1,82,240 | 60,03,480 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 7,06,340 | 3,40,960 | 1,26,63,560 |
| 75700 | 3,65,600 | 3,02,000 | 1,12,03,780 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 75200 | 1,08,940 | -52,940 | 20,03,280 |
| 75300 | 1,05,860 | -38,400 | 37,16,880 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 7,06,340 | 3,40,960 | 1,26,63,560 |
| 76000 | 4,55,920 | 1,88,940 | 1,18,82,960 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 6,82,360 | 3,98,020 | 1,44,67,440 |
| 72500 | 4,49,540 | 2,28,480 | 43,07,980 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 6,82,360 | 3,98,020 | 1,44,67,440 |
| 75600 | 3,10,900 | 2,79,440 | 1,15,76,760 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 74800 | 61,680 | -2,960 | 27,04,560 |
| 77500 | 30,080 | -1,260 | 13,440 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 6,82,360 | 3,98,020 | 1,44,67,440 |
| 75600 | 3,10,900 | 2,79,440 | 1,15,76,760 |
NIFTY Monthly Expiry (26/05/2026)
The NIFTY index closed at 23719.3. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.023 against previous 0.939. 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 23750PE option, with open interest additions also seen in the 23500PE and 24400CE options. On the other hand, open interest reductions were prominent in the 23700CE, 24700CE, and 25000CE options. Trading volume was highest in the 23800CE option, followed by the 23700PE and 23800PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,719.30 | 1.023 | 0.939 | 0.974 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,04,47,960 | 16,56,81,425 | -1,52,33,465 |
| PUT: | 15,39,54,125 | 15,55,38,435 | -15,84,310 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,27,32,135 | -1,63,410 | 37,31,423 |
| 25,000 | 1,11,71,875 | -20,75,905 | 6,01,187 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,400 | 60,24,460 | 13,79,235 | 7,16,903 |
| 25,500 | 76,04,740 | 7,02,910 | 2,30,294 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 48,16,240 | -27,46,120 | 31,28,753 |
| 24,700 | 33,71,355 | -23,63,595 | 4,77,835 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,800 | 71,22,700 | -12,71,465 | 50,98,919 |
| 24,000 | 1,27,32,135 | -1,63,410 | 37,31,423 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 96,71,090 | 4,56,560 | 11,00,859 |
| 22,500 | 95,73,265 | -13,38,805 | 7,73,938 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,750 | 27,71,665 | 18,45,350 | 30,88,745 |
| 23,500 | 87,60,765 | 13,79,495 | 24,88,128 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 74,98,140 | -14,15,635 | 3,62,788 |
| 22,500 | 95,73,265 | -13,38,805 | 7,73,938 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 61,98,205 | 5,18,700 | 41,54,777 |
| 23,800 | 43,63,515 | 10,13,285 | 39,45,731 |
BANKNIFTY Monthly Expiry (26/05/2026)
The BANKNIFTY index closed at 54055.35. The BANKNIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.743 against previous 0.679. The 56000CE option holds the maximum open interest, followed by the 60000CE and 54000PE options. Market participants have shown increased interest with significant open interest additions in the 54000PE option, with open interest additions also seen in the 56000CE and 54100PE options. On the other hand, open interest reductions were prominent in the 53500CE, 53600CE, and 53700CE options. Trading volume was highest in the 54000PE option, followed by the 54000CE and 55000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 54,055.35 | 0.743 | 0.679 | 0.886 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,17,20,720 | 2,09,95,770 | 7,24,950 |
| PUT: | 1,61,29,590 | 1,42,57,200 | 18,72,390 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 17,45,220 | 2,78,280 | 2,20,881 |
| 60,000 | 16,87,740 | 1,11,540 | 49,050 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 17,45,220 | 2,78,280 | 2,20,881 |
| 56,900 | 2,53,500 | 1,99,380 | 24,978 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 53,500 | 4,90,440 | -2,38,110 | 1,00,231 |
| 53,600 | 1,02,390 | -1,23,240 | 45,899 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 11,41,800 | -63,630 | 5,71,097 |
| 55,000 | 12,32,760 | 61,920 | 3,86,240 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 12,91,440 | 4,87,110 | 5,99,224 |
| 50,000 | 9,89,160 | 1,86,210 | 70,880 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 12,91,440 | 4,87,110 | 5,99,224 |
| 54,100 | 3,02,250 | 2,51,460 | 2,07,947 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 49,000 | 3,04,830 | -1,01,430 | 25,050 |
| 56,000 | 4,87,380 | -62,880 | 5,367 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 12,91,440 | 4,87,110 | 5,99,224 |
| 53,500 | 8,56,920 | 2,22,060 | 3,14,886 |
MIDCPNIFTY Monthly Expiry (26/05/2026)
The MIDCPNIFTY index closed at 14381.55. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.081 against previous 1.038. The 15000CE option holds the maximum open interest, followed by the 14400CE and 14300PE options. Market participants have shown increased interest with significant open interest additions in the 14400PE option, with open interest additions also seen in the 14400CE and 13900PE options. On the other hand, open interest reductions were prominent in the 71500CE, 68200PE, and 70500PE options. Trading volume was highest in the 14700CE option, followed by the 14400CE and 14500CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,381.55 | 1.081 | 1.038 | 0.825 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 77,92,800 | 76,65,840 | 1,26,960 |
| PUT: | 84,20,880 | 79,53,960 | 4,66,920 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 9,76,680 | -50,040 | 9,750 |
| 14,400 | 8,10,600 | 1,02,240 | 44,830 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 8,10,600 | 1,02,240 | 44,830 |
| 15,100 | 3,72,960 | 92,400 | 4,491 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,300 | 2,45,040 | -75,840 | 11,953 |
| 14,000 | 2,48,160 | -50,520 | 1,269 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,700 | 4,26,720 | 66,120 | 46,493 |
| 14,400 | 8,10,600 | 1,02,240 | 44,830 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,300 | 6,78,360 | 31,800 | 32,699 |
| 14,000 | 6,36,240 | -72,720 | 18,131 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 6,26,520 | 1,71,840 | 33,296 |
| 13,900 | 2,81,400 | 1,00,920 | 10,294 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 2,25,840 | -96,480 | 5,246 |
| 14,000 | 6,36,240 | -72,720 | 18,131 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 6,26,520 | 1,71,840 | 33,296 |
| 14,300 | 6,78,360 | 31,800 | 32,699 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The final derivatives setup for 22/05/2026 suggests that the market is transitioning from expiry volatility into a structurally stronger June series with clear evidence of institutional repositioning. The most important takeaway from the current Open Interest Volume Analysis is that the rally is no longer being driven purely by short covering; fresh longs are now actively entering June contracts across NIFTY, BANKNIFTY and MIDCPNIFTY, which strengthens the probability of continuation on the upside unless major support zones are violated.
For NIFTY, the 23700–23750 zone now becomes an important short-term support area, while 24000 remains the key resistance and option writers’ battleground. BANKNIFTY continues to show superior strength with aggressive long rollovers and strong premium expansion, indicating that any intraday decline may continue to attract buyers unless 54000 breaks decisively.
MIDCPNIFTY remains relatively stable but traders should remain cautious near 14400–14500 due to visible CALL additions.
SENSEX derivatives data also reflected short covering with improving sentiment, though participation remained lighter compared to NSE indices.
From a trading perspective, the current Open Interest Volume Analysis favors maintaining a cautiously bullish bias rather than chasing overextended moves aggressively.
Traders should focus on stock-specific momentum, banking leadership and rollover-supported setups while keeping strict watch on premium contraction, PCR reversal and sudden CALL writing spikes, which could signal exhaustion after the recent momentum-driven rally.
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