Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 25/05/2026
Table of Contents
Monday’s expiry-week session turned decisively bullish across Indian indices, and the latest Open Interest Volume Analysis clearly indicates aggressive short covering along with fresh long build-up shifting into June series contracts. NIFTY surged above the crucial 24,000 mark with strong premium expansion in near-month futures, while rollover jumped sharply to 60%, suggesting traders are actively carrying bullish positions forward instead of closing exposure. The biggest takeaway from today’s Open Interest Volume Analysis is that May series shorts were trapped badly after the sharp upside move, forcing massive unwinding in May futures while June futures simultaneously witnessed strong fresh long additions. This is generally considered a classic bullish rollover structure ahead of monthly expiry.
In index options, the sharp rise in NIFTY PCR (OI) from 1.023 to 1.299 reflects improving bullish sentiment and stronger PUT writing activity at the 24,000 strike, which is now emerging as a major positional support zone for expiry. At the same time, aggressive CALL additions at 24,400 indicate traders are expecting resistance around higher levels, creating a probable 24,000–24,400 expiry range unless fresh momentum emerges. The rise in Max Pain toward 24,000 further confirms that option writers are attempting to stabilize the market near current levels. From a broader derivatives perspective, this Open Interest Volume Analysis suggests bulls currently hold control, but momentum sustainability above 24,200–24,250 remains crucial for further upside continuation.
BANKNIFTY delivered even stronger relative strength, outperforming benchmark indices with more than 2% gains supported by aggressive fresh long build-up in June futures. Combined futures open interest rising 4.62% alongside price expansion is a strong indication of institutional long participation rather than short-covering alone. The rollover jump to 64% also highlights trader confidence in banking stocks for the June series. However, option data shows heavy CALL positioning near 56,000–55,700, meaning upside may face temporary supply pressure around those levels despite the bullish undertone. The key insight from today’s BANKNIFTY Open Interest Volume Analysis is that buyers are becoming increasingly aggressive on dips while option writers are slowly shifting their support base higher toward 55,000.
Midcap participation also remained healthy as NIFTY Midcap Select futures witnessed strong short covering in May and substantial fresh long additions in June contracts. High rollover at 77% reflects continued confidence in broader market participation rather than a narrow large-cap rally. Option positioning near 14,500 confirms this level as an important short-term support base, while CALL additions at 14,600 indicate traders expect immediate resistance around that zone. Overall, the derivatives structure across benchmark, banking, and midcap indices paints a synchronized bullish picture supported by rollover strength, premium stability, improving PCRs, and aggressive long migration into the next series.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24031.7 (1.317%)
Combined = May + June + July
Combined Fut Open Interest Change: -1.52%
Combined Fut Volume Change: -6.88%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 60% Previous 46%
NIFTY MAY Future closed at: 24063 (1.343%)
May Fut Premium 31.3 (Increased by 6.6 points)
May Fut Open Interest Change: -26.21%
May Fut Volume Change: -15.46%
May Fut Open Interest Analysis: Short Covering
NIFTY JUNE Future closed at: 24106.4 (1.281%)
June Fut Premium 74.7 (Decreased by -7.4 points)
June Fut Open Interest Change: 27.84%
June Fut Volume Change: 3.47%
June Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.299 (Increased from 1.023)
Put-Call Ratio (Volume): 0.999
Max Pain Level: 24000
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 24000
Highest CALL Addition: 24400
Highest PUT Addition: 24000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 55293.65 (2.291%)
Combined = May + June + July
Combined Fut Open Interest Change: 4.62%
Combined Fut Volume Change: 11.21%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 64% Previous 51%
BANKNIFTY MAY Future closed at: 55431.4 (2.202%)
May Fut Premium 137.75 (Decreased by -44.1 points)
May Fut Open Interest Change: -21.8%
May Fut Volume Change: -15.6%
May Fut Open Interest Analysis: Short Covering
BANKNIFTY JUNE Future closed at: 55647.2 (2.230%)
June Fut Premium 353.55 (Decreased by -24.5 points)
June Fut Open Interest Change: 30.78%
June Fut Volume Change: 51.47%
June Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.002 (Increased from 0.743)
Put-Call Ratio (Volume): 0.884
Max Pain Level: 55100
Maximum CALL Open Interest: 56000
Maximum PUT Open Interest: 54000
Highest CALL Addition: 55700
Highest PUT Addition: 55000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14559.9 (1.240%)
Combined = May + June + July
Combined Fut Open Interest Change: -0.40%
Combined Fut Volume Change: 16.90%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 77% Previous 54%
MIDCPNIFTY MAY Future closed at: 14563.4 (1.022%)
May Fut Premium 3.5 (Decreased by -31.05 points)
May Fut Open Interest Change: -50.38%
May Fut Volume Change: 4.58%
May Fut Open Interest Analysis: Short Covering
MIDCPNIFTY JUNE Future closed at: 14661.75 (1.567%)
June Fut Premium 101.85 (Increased by 47.8 points)
June Fut Open Interest Change: 42.05%
June Fut Volume Change: 29.06%
June Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (26/05/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.252 (Increased from 1.081)
Put-Call Ratio (Volume): 1.062
Max Pain Level: 14500
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 14500
Highest CALL Addition: 14600
Highest PUT Addition: 14500
SENSEX Monthly Expiry (27/05/2026) Future
SENSEX Spot closed at: 76,488.96 (1.424%)
SENSEX Monthly Future closed at: 76,605.40 (1.493%)
Premium: 116.44 (Increased by 53.49 points)
Open Interest Change: -21.68%
Volume Change: -7.88%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (27/05/2026) Option Analysis
Put-Call Ratio (OI): 1.594 (Increased from 0.929)
Put-Call Ratio (Volume): 1.010
Max Pain Level: 76300
Maximum CALL OI: 79000
Maximum PUT OI: 75500
Highest CALL Addition: 76300
Highest PUT Addition: 74000
FII & DII Cash Market Activity
FIIs Net BUY: ₹ 821.75 Cr.
DIIs Net BUY: ₹ 3,856.88 Cr.
FII Derivatives Activity
| FII Trading Stats | 25.05.26 | 22.05.26 | 21.05.26 |
| FII Cash (Provisional Data) | 821.75 | -4,440.47 | -1,891.21 |
| Index Future Open Interest Long Ratio | 16.13% | 13.95% | 11.80% |
| Index Future Volume Long Ratio | 54.51% | 52.24% | 44.47% |
| Call Option Open Interest Long Ratio | 48.67% | 44.49% | 40.76% |
| Call Option Volume Long Ratio | 50.69% | 50.84% | 49.65% |
| Put Option Open Interest Long Ratio | 60.50% | 63.50% | 64.55% |
| Put Option Volume Long Ratio | 49.75% | 49.82% | 50.33% |
| Stock Future Open Interest Long Ratio | 54.34% | 54.12% | 53.73% |
| Stock Future Volume Long Ratio | 50.47% | 50.55% | 49.96% |
| Index Futures | Fresh Long | Fresh Long | Fresh Short |
| Index Options | Fresh Long | Fresh Long | Fresh Long |
| Nifty Futures | Short Covering | Fresh Long | Fresh Short |
| Nifty Options | Fresh Long | Short Covering | Fresh Long |
| BankNifty Futures | Fresh Long | Fresh Long | Fresh Short |
| BankNifty Options | Long Covering | Fresh Long | Fresh Long |
| FinNifty Futures | Short Covering | Long Covering | Long Covering |
| FinNifty Options | Fresh Long | Fresh Short | Short Covering |
| MidcpNifty Futures | Long Covering | Fresh Long | Fresh Short |
| MidcpNifty Options | Fresh Long | Fresh Short | Fresh Short |
| NiftyNxt50 Futures | Fresh Long | Short Covering | Short Covering |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Long |
| Stock Futures | Fresh Long | Fresh Long | Short Covering |
| Stock Options | Short Covering | Short Covering | Fresh Long |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (27/05/2026)
The SENSEX index closed at 76488.96. The SENSEX weekly expiry for MAY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.594 against previous 0.929. The 75500PE option holds the maximum open interest, followed by the 74000PE and 75000PE options. Market participants have shown increased interest with significant open interest additions in the 74000PE option, with open interest additions also seen in the 76200PE and 76000PE options. On the other hand, open interest reductions were prominent in the 75500CE, 75700CE, and 75600CE options. Trading volume was highest in the 76300CE option, followed by the 76500CE and 76300PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 27-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 76488.96 | 1.594 | 0.929 | 1.010 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 79,94,860 | 86,18,440 | -6,23,580 |
| PUT: | 1,27,40,980 | 80,06,100 | 47,34,880 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 6,08,800 | 1,09,840 | 44,89,500 |
| 78000 | 5,28,360 | -90,660 | 86,27,780 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 76300 | 2,15,240 | 1,48,760 | 1,71,70,380 |
| 76400 | 2,15,580 | 1,15,080 | 1,26,70,620 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 3,63,400 | -3,42,940 | 16,42,820 |
| 75700 | 83,960 | -2,81,640 | 11,54,580 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 76300 | 2,15,240 | 1,48,760 | 1,71,70,380 |
| 76500 | 2,75,700 | 200 | 1,64,92,320 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75500 | 7,66,380 | 84,020 | 95,40,260 |
| 74000 | 7,37,320 | 4,89,040 | 69,14,060 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 74000 | 7,37,320 | 4,89,040 | 69,14,060 |
| 76200 | 4,87,480 | 4,74,520 | 1,46,34,380 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 72500 | 2,42,480 | -2,07,060 | 41,64,500 |
| 70000 | 2,11,620 | -1,27,960 | 9,30,440 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 76300 | 4,75,400 | 4,60,720 | 1,59,96,160 |
| 76200 | 4,87,480 | 4,74,520 | 1,46,34,380 |
NIFTY Monthly Expiry (26/05/2026)
The NIFTY index closed at 24031.7. The NIFTY monthly expiry for MAY 26, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.299 against previous 1.023. The 24000PE option holds the maximum open interest, followed by the 23000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 23900PE and 23950PE options. On the other hand, open interest reductions were prominent in the 23800CE, 24000CE, and 22000PE options. Trading volume was highest in the 24000CE option, followed by the 24000PE and 23950PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,031.70 | 1.299 | 1.023 | 0.999 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 14,62,01,965 | 15,04,47,960 | -42,45,995 |
| PUT: | 18,99,89,085 | 15,39,54,125 | 3,60,34,960 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,21,81,715 | 10,09,840 | 8,92,134 |
| 24,500 | 1,11,69,535 | 2,74,495 | 18,64,190 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,400 | 94,78,105 | 34,53,645 | 16,01,806 |
| 24,300 | 80,08,780 | 26,08,905 | 23,95,935 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,800 | 24,92,100 | -46,30,600 | 9,63,381 |
| 24,000 | 98,77,530 | -28,54,605 | 90,66,649 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 98,77,530 | -28,54,605 | 90,66,649 |
| 23,950 | 17,33,615 | -61,620 | 42,33,155 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,29,78,745 | 97,97,320 | 67,55,626 |
| 23,000 | 1,24,06,550 | 27,35,460 | 15,52,983 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,29,78,745 | 97,97,320 | 67,55,626 |
| 23,900 | 86,96,155 | 77,06,400 | 49,73,233 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,000 | 47,47,925 | -27,50,215 | 3,05,160 |
| 22,800 | 31,33,520 | -22,99,830 | 6,89,218 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,29,78,745 | 97,97,320 | 67,55,626 |
| 23,950 | 71,65,275 | 68,83,955 | 55,59,388 |
BANKNIFTY Monthly Expiry (26/05/2026)
The SENSEX index closed at 76488.96. The SENSEX weekly expiry for MAY 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.594 against previous 0.929. The 75500PE option holds the maximum open interest, followed by the 74000PE and 75000PE options. Market participants have shown increased interest with significant open interest additions in the 74000PE option, with open interest additions also seen in the 76200PE and 76000PE options. On the other hand, open interest reductions were prominent in the 75500CE, 75700CE, and 75600CE options. Trading volume was highest in the 76300CE option, followed by the 76500CE and 76300PE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 55,293.65 | 1.002 | 0.743 | 0.884 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,80,08,700 | 2,17,20,720 | -37,12,020 |
| PUT: | 1,80,51,750 | 1,61,29,590 | 19,22,160 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 16,67,880 | -77,340 | 6,95,336 |
| 60,000 | 11,69,520 | -5,18,220 | 74,750 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 55,700 | 3,84,300 | 2,40,960 | 2,24,905 |
| 55,800 | 3,52,500 | 1,89,720 | 2,40,453 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 6,87,090 | -5,45,670 | 10,77,511 |
| 60,000 | 11,69,520 | -5,18,220 | 74,750 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 6,87,090 | -5,45,670 | 10,77,511 |
| 55,500 | 7,36,710 | -92,370 | 7,44,949 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 54,000 | 14,00,940 | 1,09,500 | 5,39,014 |
| 55,000 | 10,26,030 | 6,97,260 | 9,06,112 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 10,26,030 | 6,97,260 | 9,06,112 |
| 55,100 | 3,94,740 | 3,68,610 | 3,43,391 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 5,50,440 | -4,38,720 | 55,562 |
| 50,500 | 1,88,940 | -2,91,030 | 40,554 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 10,26,030 | 6,97,260 | 9,06,112 |
| 54,000 | 14,00,940 | 1,09,500 | 5,39,014 |
MIDCPNIFTY Monthly Expiry (26/05/2026)
The MIDCPNIFTY index closed at 14559.9. The MIDCPNIFTY monthly expiry for MAY 26, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.252 against previous 1.081. The 14500PE option holds the maximum open interest, followed by the 15000CE and 14000PE options. Market participants have shown increased interest with significant open interest additions in the 14500PE option, with open interest additions also seen in the 14600CE and 14450PE options. On the other hand, open interest reductions were prominent in the 66000PE, 65000PE, and 70000PE options. Trading volume was highest in the 14500PE option, followed by the 14600CE and 14500CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 26-05-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,559.90 | 1.252 | 1.081 | 1.062 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 70,44,000 | 77,92,800 | -7,48,800 |
| PUT: | 88,18,440 | 84,20,880 | 3,97,560 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 6,52,200 | -3,24,480 | 16,716 |
| 14,500 | 6,31,200 | -13,080 | 55,918 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,600 | 4,14,360 | 1,87,680 | 62,670 |
| 14,750 | 1,82,160 | 1,18,200 | 12,893 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 3,27,720 | -4,82,880 | 12,191 |
| 15,000 | 6,52,200 | -3,24,480 | 16,716 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,600 | 4,14,360 | 1,87,680 | 62,670 |
| 14,500 | 6,31,200 | -13,080 | 55,918 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 7,79,040 | 4,41,480 | 75,293 |
| 14,000 | 6,42,600 | 6,360 | 20,228 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 7,79,040 | 4,41,480 | 75,293 |
| 14,450 | 1,73,040 | 1,50,840 | 18,650 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,800 | 3,04,920 | -2,34,840 | 14,937 |
| 13,900 | 1,72,800 | -1,08,600 | 9,399 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 7,79,040 | 4,41,480 | 75,293 |
| 14,400 | 5,36,520 | -90,000 | 44,101 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
The overall derivatives setup after 25/05/2026 strongly favors the bulls, and the latest Open Interest Volume Analysis indicates that expiry-week sentiment has shifted decisively positive after sustained short covering across major indices. The combination of rising rollovers, improving PCRs, premium stability, and aggressive fresh long additions in June futures suggests traders are preparing for further upside continuation rather than merely reacting to a one-day rally. The market structure now indicates that institutional participants are gradually shifting focus toward June series positioning with confidence returning across benchmark and banking segments.
For NIFTY, the 24,000 zone has become a highly critical positional support due to maximum PUT concentration and strong PUT writing activity. As long as the index sustains above this level, traders may continue adopting a “buy-on-dips” strategy targeting higher resistance zones around 24,250–24,400. However, heavy CALL additions near 24,400 also suggest that upside may remain gradual instead of vertical unless fresh short covering emerges again. A decisive breakout above 24,400 could trigger another round of momentum buying in the June series.
In BANKNIFTY, the derivatives data remains structurally stronger than NIFTY as both price and open interest expanded together in June contracts, confirming genuine fresh long participation. Immediate support has shifted higher toward 55,000–55,100, while resistance remains near 55,700–56,000 where option writers are actively building CALL positions. If BANKNIFTY sustains above 55,500 during expiry volatility, banking stocks may continue leading the broader market rally in the coming sessions.
Overall, this expiry-week Open Interest Volume Analysis reflects improving market confidence, stronger rollover participation, and broad-based bullish positioning across indices. Traders should closely monitor whether PUT writers continue defending current support levels because sustained support writing could extend the ongoing momentum into the June series. Until significant unwinding emerges from fresh longs, derivatives data currently favors a positive-to-buy-on-dips market structure rather than aggressive short-selling.
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