NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/06/2026

• The Open Interest Volume Analysis for 23 June 2026 indicates a decisive shift in market sentiment from neutral to bearish as traders aggressively rolled positions into the July series ahead of the monthly expiry. While benchmark indices corrected by more than 1%, the real story lies beneath the price action where a sharp rise in combined futures open interest, exceptionally strong volume expansion and a significant drop in Put-Call Ratios clearly suggest that fresh short positions dominated the trading session. This is not merely a profit-booking decline but a derivatives-driven move where participants are actively positioning for further downside unless strong buying emerges at lower levels.
• A detailed Open Interest Volume Analysis of NIFTY reveals one of the strongest bearish setups seen in recent sessions. Combined futures Open Interest surged by 3.72% alongside a massive 100.42% jump in trading volume, confirming aggressive participation rather than a low-volume correction. Although the June contract witnessed Long Covering due to expiry-related unwinding, the July contract recorded a massive 32.53% increase in Open Interest with more than 208% rise in volume, clearly confirming that traders shifted their bearish bets into the next expiry rather than closing positions altogether.
• The options data strengthens this bearish interpretation. The NIFTY Put-Call Ratio (OI) collapsed from 1.004 to 0.781, indicating a rapid reduction in bullish positioning while aggressive Call writing emerged at the 24,000 strike, which also recorded the highest Call addition. Simultaneously, fresh Put writing shifted lower to the 23,000 strike, suggesting option writers now expect support only at lower levels. Although the Max Pain remains at 24,000, the current positioning indicates that sellers continue to maintain control unless the index decisively reclaims this zone.
• The bearish tone is not limited to NIFTY alone. BANKNIFTY also displayed classic signs of fresh short formation as combined futures Open Interest increased 2.52% with 66% higher volumes, while July futures witnessed an extraordinary 35.20% jump in Open Interest, confirming that institutional traders have carried forward bearish positions into the next series. The decline in PCR (OI) from 1.107 to 0.878, combined with aggressive Call writing at 57,500 and Put writing shifting lower towards 56,500, reflects expectations of continued pressure with resistance gradually moving lower.
• MIDCPNIFTY presents a relatively defensive picture compared with the frontline indices. Combined futures still showed Long Covering, indicating that aggressive fresh shorts are yet to dominate the broader midcap segment. However, the sharp increase in July futures Open Interest accompanied by strong volume expansion suggests that traders have started building fresh bearish exposure in the next series. A PCR slightly above one indicates balanced positioning for now, but any further weakness could quickly tilt derivatives sentiment towards a stronger bearish bias.
• Even the SENSEX derivatives echoed the cautious outlook. Although futures showed only Long Covering instead of fresh shorts, the weekly options data recorded a steep decline in PCR (OI) to 0.528, highlighting aggressive Call dominance ahead of expiry. Collectively, the derivatives data across all major indices suggests that institutional traders remain defensive, volatility is likely to stay elevated, and market participants should closely monitor whether fresh buying can absorb the ongoing supply created by short sellers.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23824.1 (-1.157%)

Combined = June + July + August

Combined Fut Open Interest Change: 3.72%

Combined Fut Volume Change: 100.42%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 21% Previous 17%

NIFTY JUNE Future closed at: 23852.5 (-1.125%)

June Fut Premium 28.4 (Increased by 7.5 points)

June Fut Open Interest Change: -1.33%

June Fut Volume Change: 77.04%

June Fut Open Interest Analysis: Long Covering

NIFTY JULY Future closed at: 23950.4 (-1.116%)

July Fut Premium 126.3 (Increased by 8.4 points)

July Fut Open Interest Change: 32.53%

July Fut Volume Change: 208.16%

July Fut Open Interest Analysis: Fresh Short

NIFTY Monthly Expiry (30/06/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.781 (Decreased from 1.004)

Put-Call Ratio (Volume): 0.861

Max Pain Level: 24000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 23000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57183.75 (-1.298%)

Combined = June + July + August

Combined Fut Open Interest Change: 2.52%

Combined Fut Volume Change: 66.00%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 24% Previous 19%

BANKNIFTY JUNE Future closed at: 57246.6 (-1.318%)

June Fut Premium 62.85 (Decreased by -12.95 points)

June Fut Open Interest Change: -3.9%

June Fut Volume Change: 56.1%

June Fut Open Interest Analysis: Long Covering

BANKNIFTY JULY Future closed at: 57629.4 (-1.263%)

July Fut Premium 445.65 (Increased by 14.85 points)

July Fut Open Interest Change: 35.20%

July Fut Volume Change: 128.76%

July Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (30/06/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.878 (Decreased from 1.107)

Put-Call Ratio (Volume): 1.009

Max Pain Level: 57000

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 57500

Highest PUT Addition: 56500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14481.55 (-1.018%)

Combined = June + July + August

Combined Fut Open Interest Change: -1.97%

Combined Fut Volume Change: -39.86%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 10% Previous 8%

MIDCPNIFTY JUNE Future closed at: 14489.25 (-1.104%)

June Fut Premium 7.7 (Decreased by -12.75 points)

June Fut Open Interest Change: -3.81%

June Fut Volume Change: -55.69%

June Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JULY Future closed at: 14536 (-1.083%)

July Fut Premium 54.45 (Decreased by -10.1 points)

July Fut Open Interest Change: 17.00%

July Fut Volume Change: 166.13%

July Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (30/06/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.016 (Decreased from 1.077)

Put-Call Ratio (Volume): 1.024

Max Pain Level: 14500

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14500

Highest PUT Addition: 14100

SENSEX Monthly Expiry (25/06/2026) Future

SENSEX Spot closed at: 76,200.68 (-1.159%)

SENSEX Monthly Future closed at: 76,306.55 (-1.137%)

Premium: 105.87 (Increased by 15.44 points)

Open Interest Change: -0.20%

Volume Change: 46.89%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (25/06/2026) Option Analysis

Put-Call Ratio (OI): 0.528 (Decreased from 0.908)

Put-Call Ratio (Volume): 1.017

Max Pain Level: 76500

Maximum CALL OI: 80000

Maximum PUT OI: 75000

Highest CALL Addition: 78000

Highest PUT Addition: 75000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 17.86 Cr.

DIIs Net BUY: ₹ 680.21 Cr.

FII Derivatives Activity

FII Trading Stats	23.06.26	22.06.26	19.06.26
FII Cash (Provisional Data)	17.86	-635.91	4,859.07
Index Future Open Interest Long Ratio	13.14%	13.16%	12.95%
Index Future Volume Long Ratio	41.09%	59.01%	41.15%
Call Option Open Interest Long Ratio	40.60%	41.07%	40.50%
Call Option Volume Long Ratio	49.72%	50.04%	49.49%
Put Option Open Interest Long Ratio	72.37%	67.81%	68.67%
Put Option Volume Long Ratio	50.41%	50.14%	50.53%
Stock Future Open Interest Long Ratio	53.88%	54.02%	54.18%
Stock Future Volume Long Ratio	49.16%	48.01%	45.97%
Index Futures	Fresh Short	Short Covering	Fresh Short
Index Options	Short Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Long	Fresh Short
Nifty Options	Short Covering	Fresh Long	Fresh Long
BankNifty Futures	Fresh Short	Short Covering	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Long Covering	Long Covering
FinNifty Options	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Futures	Short Covering	Fresh Long	Fresh Short
MidcpNifty Options	Short Covering	Fresh Short	Long Covering
NiftyNxt50 Futures	Short Covering	Short Covering	Fresh Long
NiftyNxt50 Options	Long Covering	Fresh Long	Fresh Short
Stock Futures	Long Covering	Fresh Short	Fresh Short
Stock Options	Fresh Long	Fresh Short	Fresh Long

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (25/06/2026)

The SENSEX index closed at 76200.68. The SENSEX weekly expiry for JUNE 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.528 against previous 0.908. The 80000CE option holds the maximum open interest, followed by the 79000CE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 78000CE option, with open interest additions also seen in the 79000CE and 77000CE options. On the other hand, open interest reductions were prominent in the 77200PE, 77000PE, and 76800PE options. Trading volume was highest in the 77000CE option, followed by the 76500PE and 76000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	25-06-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76200.68	0.528	0.908	1.017
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,09,32,340	1,34,22,000	1,75,10,340
PUT:	1,63,36,120	1,21,85,440	41,50,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	22,46,540	12,95,480	1,04,06,800
79000	20,64,820	14,30,380	1,66,37,620
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
78000	19,76,560	14,43,680	1,92,06,940
79000	20,64,820	14,30,380	1,66,37,620
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
83000	2,49,280	-40,000	14,73,060
81500	1,21,020	-32,200	15,03,280
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	19,58,000	13,63,620	2,80,40,760
78000	19,76,560	14,43,680	1,92,06,940
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	16,44,060	9,12,620	1,90,42,400
74000	13,05,960	5,75,160	88,25,020
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75000	16,44,060	9,12,620	1,90,42,400
74000	13,05,960	5,75,160	88,25,020
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
77200	2,01,460	-3,46,120	1,00,98,600
77000	4,87,040	-3,07,040	1,97,33,980
Top PUT Volume:
Strike	OI	OI Change	Volume
76500	3,93,940	24,160	2,40,79,580
76000	9,73,460	4,04,740	2,33,42,740

NIFTY Monthly Expiry (23/06/2026)

The NIFTY index closed at 23824.1. The NIFTY monthly expiry for JUNE 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.781 against previous 1.004. The 25000CE option holds the maximum open interest, followed by the 24000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 25000CE and 24100CE options. On the other hand, open interest reductions were prominent in the 24150PE, 26000PE, and 25500PE options. Trading volume was highest in the 24000CE option, followed by the 24100CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-06-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,824.10	0.781	1.004	0.861
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	15,53,85,945	9,60,37,970	5,93,47,975
PUT:	12,13,57,805	9,64,56,070	2,49,01,735
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,69,58,715	50,68,295	4,73,624
24,000	1,36,47,630	60,47,605	7,34,383
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,36,47,630	60,47,605	7,34,383
25,000	1,69,58,715	50,68,295	4,73,624
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	11,55,245	-81,510	31,759
22,000	7,72,460	-54,925	1,183
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	1,36,47,630	60,47,605	7,34,383
24,100	81,91,950	48,70,580	6,55,725
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	93,61,390	16,66,995	6,43,284
23,500	85,59,590	21,76,850	4,86,553
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	81,95,925	26,85,415	3,15,805
23,500	85,59,590	21,76,850	4,86,553
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,150	5,25,200	-4,81,975	1,27,529
26,000	35,02,945	-1,16,735	3,385
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	93,61,390	16,66,995	6,43,284
23,900	39,26,715	13,48,490	5,20,614

BANKNIFTY Monthly Expiry (30/06/2026)

The BANKNIFTY index closed at 57183.75. The BANKNIFTY monthly expiry for JUNE 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.878 against previous 1.107. The 58000CE 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 57500CE option, with open interest additions also seen in the 58000CE and 57900CE options. On the other hand, open interest reductions were prominent in the 58000PE, 56000PE, and 57800PE options. Trading volume was highest in the 58000CE option, followed by the 57500PE and 58000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-06-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,183.75	0.878	1.107	1.009
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,92,31,500	1,69,36,140	22,95,360
PUT:	1,68,75,870	1,87,45,320	-18,69,450
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,000	18,10,050	3,30,240	2,85,300
60,000	17,59,170	-47,790	1,50,245
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,500	9,82,560	4,89,930	1,56,849
58,000	18,10,050	3,30,240	2,85,300
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
62,000	3,51,660	-78,600	18,096
56,700	56,040	-51,480	3,458
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	18,10,050	3,30,240	2,85,300
57,500	9,82,560	4,89,930	1,56,849
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	12,49,770	-30,570	71,305
55,000	9,64,800	-31,650	93,826
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,500	4,84,890	47,550	89,106
57,400	1,94,010	34,440	86,899
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	6,61,530	-2,27,070	1,61,917
56,000	8,41,320	-2,01,720	1,16,408
Top PUT Volume:
Strike	OI	OI Change	Volume
57,500	6,11,040	-90,510	1,85,473
58,000	6,61,530	-2,27,070	1,61,917

MIDCPNIFTY Monthly Expiry (30/06/2026)

The MIDCPNIFTY index closed at 14481.55. The MIDCPNIFTY monthly expiry for JUNE 30, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.016 against previous 1.077. The 15000CE option holds the maximum open interest, followed by the 14000PE and 14700CE options. Market participants have shown increased interest with significant open interest additions in the 14500CE option, with open interest additions also seen in the 14600CE and 14100PE options. On the other hand, open interest reductions were prominent in the 74000CE, 72000PE, and 72500PE options. Trading volume was highest in the 14500PE option, followed by the 14600CE and 14800CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-06-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,481.55	1.016	1.077	1.024
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	75,53,160	76,34,880	-81,720
PUT:	76,77,480	82,24,200	-5,46,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	9,18,360	-28,440	14,259
14,700	6,69,360	-76,920	20,002
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,500	5,75,880	1,56,240	19,306
14,600	5,61,960	94,080	21,767
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,500	3,79,920	-1,91,280	4,209
14,900	2,18,760	-78,360	14,873
Top CALL Volume:
Strike	OI	OI Change	Volume
14,600	5,61,960	94,080	21,767
14,800	4,72,800	-59,640	20,511
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	8,88,240	-22,680	14,983
14,500	6,38,640	-67,920	31,456
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,100	5,43,360	70,440	10,080
14,250	96,480	35,400	1,685
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,700	1,60,200	-1,10,520	7,720
14,600	3,84,240	-1,07,280	18,363
Top PUT Volume:
Strike	OI	OI Change	Volume
14,500	6,38,640	-67,920	31,456
14,600	3,84,240	-1,07,280	18,363

Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us

• The overall Open Interest Volume Analysis leaves little room for doubt that bears dominated the trading session on 23 June 2026. Price declines were accompanied by substantial increases in futures Open Interest, exceptional volume expansion and weakening Put-Call Ratios across most indices. This combination typically represents fresh bearish participation rather than temporary profit booking, making the current derivatives structure significantly weaker than previous sessions.
• The rollover data further reinforces this view. Rising rollover percentages across NIFTY, BANKNIFTY and MIDCPNIFTY indicate that traders are actively carrying positions into the July series instead of reducing exposure before expiry. More importantly, the majority of new positions in July futures are classified as Fresh Shorts, suggesting that professional participants are preparing for continued downside rather than expecting an immediate recovery.
• From the options perspective, aggressive Call writing near current market levels and Put writing shifting to lower strike prices indicate that option writers expect resistance to remain overhead while support is gradually moving lower. Until these Call-heavy zones witness meaningful unwinding or are absorbed by strong buying, every short-term bounce is likely to face selling pressure.
• Going into the next trading session, traders should remain disciplined and allow price action to confirm any change in sentiment rather than anticipating a reversal. Any recovery accompanied by declining futures Open Interest could simply represent short covering, whereas a sustained rally supported by rising Open Interest and improving Put-Call Ratios would be the first indication that buyers are regaining control. Conversely, if futures Open Interest continues to expand alongside another decline in prices, it would confirm that fresh shorts are still being added and the corrective phase may extend further.
• In summary, the current Open Interest Volume Analysis favours a cautious-to-bearish trading approach. Positional traders should avoid aggressive bottom-fishing until derivatives data begins to show consistent short covering, improving PCR readings and stronger institutional buying. As always, keeping a close watch on daily changes in futures Open Interest, rollover activity and option writing patterns will provide the earliest signals of whether the ongoing bearish momentum is strengthening or nearing exhaustion.

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