NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 8/07/2026

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Open Interest Volume Analysis

Welcome to today’s Open Interest Volume Analysis for 8 July 2026, where derivatives data clearly points to one of the strongest risk-off sessions seen in recent weeks. Across NIFTY, BANKNIFTY and SENSEX futures, prices fell sharply while open interest and trading volumes surged, confirming aggressive fresh short build-up rather than mere profit booking.

The biggest warning comes from the combination of rising open interest, exceptionally high volumes and falling prices, which usually indicates that institutional traders are actively creating new bearish positions. The sharp fall in the weekly Put-Call Ratio (PCR) and heavy call writing near immediate resistance levels further strengthen this bearish view.

Today’s Open Interest Volume Analysis also shows that the weakness is broad-based. While large-cap indices witnessed fresh short selling, MIDCPNIFTY experienced significant long unwinding before fresh shorts started appearing in the next series. This suggests that traders are reducing risk across the market instead of selectively selling a few sectors.

Option writers have shifted their focus lower, indicating expectations of increased volatility and continued pressure during the next few trading sessions. Until derivatives data starts showing short covering or aggressive put writing at higher levels, every recovery should be treated cautiously instead of assuming the correction has ended.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23882.05 (-2.118%)

Combined = July + August + September

Combined Fut Open Interest Change: 6.95%

Combined Fut Volume Change: 133.71%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 10%

NIFTY JULY Future closed at: 23912.2 (-2.161%)

July Fut Premium 30.15 (Decreased by -11.45 points)

July Fut Open Interest Change: 5.26%

July Fut Volume Change: 127.86%

July Fut Open Interest Analysis: Fresh Short

NIFTY AUGUST Future closed at: 24007.4 (-2.130%)

Aug Fut Premium 125.35 (Decreased by -5.75 points)

Aug Fut Open Interest Change: 10.73%

Aug Fut Volume Change: 152.81%

Aug Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (14/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.605 (Decreased from 0.902)

Put-Call Ratio (Volume): 1.113

Max Pain Level: 24100

Maximum CALL Open Interest: 24500

Maximum PUT Open Interest: 23500

Highest CALL Addition: 24200

Highest PUT Addition: 23600

NIFTY Monthly Expiry (28/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.091 (Decreased from 1.162)

Put-Call Ratio (Volume): 1.031

Max Pain Level: 24200

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24200

Highest PUT Addition: 24300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56742.6 (-2.505%)

Combined = July + August + September

Combined Fut Open Interest Change: 3.90%

Combined Fut Volume Change: 219.87%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 13% Previous 10%

BANKNIFTY JULY Future closed at: 56950.6 (-2.480%)

July Fut Premium 208 (Increased by 10.1 points)

July Fut Open Interest Change: 0.5%

July Fut Volume Change: 215.8%

July Fut Open Interest Analysis: Fresh Short

BANKNIFTY AUGUST Future closed at: 57231.6 (-2.504%)

Aug Fut Premium 489 (Decreased by -11.7 points)

Aug Fut Open Interest Change: 31.13%

Aug Fut Volume Change: 274.98%

Aug Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (28/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.807 (Decreased from 0.889)

Put-Call Ratio (Volume): 1.082

Max Pain Level: 58000

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 59000

Highest CALL Addition: 58000

Highest PUT Addition: 56800

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14419.1 (-1.498%)

Combined = July + August + September

Combined Fut Open Interest Change: -7.71%

Combined Fut Volume Change: 118.07%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 3% Previous 2%

MIDCPNIFTY JULY Future closed at: 14436.15 (-1.668%)

July Fut Premium 17.05 (Decreased by -25.55 points)

July Fut Open Interest Change: -8.00%

July Fut Volume Change: 114.99%

July Fut Open Interest Analysis: Long Covering

MIDCPNIFTY AUGUST Future closed at: 14491.35 (-1.484%)

Aug Fut Premium 72.25 (Increased by 1 points)

Aug Fut Open Interest Change: 2.51%

Aug Fut Volume Change: 177.54%

Aug Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (28/07/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.865 (Increased from 0.843)

Put-Call Ratio (Volume): 1.180

Max Pain Level: 14500

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 15300

Highest PUT Addition: 13000

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 76,503.60 (-2.145%)

SENSEX Monthly Future closed at: 76,758.60 (-2.130%)

Premium: 255 (Increased by 6.62 points)

Open Interest Change: 19.87%

Volume Change: 225.70%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (9/07/2026) Option Analysis

Put-Call Ratio (OI): 0.562 (Decreased from 0.799)

Put-Call Ratio (Volume): 1.170

Max Pain Level: 76900

Maximum CALL OI: 78000

Maximum PUT OI: 75000

Highest CALL Addition: 78000

Highest PUT Addition: 73000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,962.80 Cr.

DIIs Net BUY: ₹ 790.16 Cr.

FII Derivatives Activity

FII Trading Stats8.07.267.07.266.07.26
FII Cash (Provisional Data)1,962.80393.19243.03
    
Index Future Open Interest Long Ratio9.19%10.75%10.66%
Index Future Volume Long Ratio25.83%56.91%69.22%
Call Option Open Interest Long Ratio38.72%39.53%41.81%
Call Option Volume Long Ratio49.14%48.87%50.32%
Put Option Open Interest Long Ratio71.39%72.33%65.33%
Put Option Volume Long Ratio50.86%50.32%49.86%
Stock Future Open Interest Long Ratio54.11%54.26%54.01%
Stock Future Volume Long Ratio48.48%52.53%52.60%
    
Index FuturesFresh ShortShort CoveringShort Covering
Index OptionsFresh LongLong CoveringFresh Long
    
Nifty FuturesFresh ShortShort CoveringShort Covering
Nifty OptionsFresh LongLong CoveringFresh Long
    
BankNifty FuturesFresh ShortLong CoveringFresh Long
BankNifty OptionsLong CoveringFresh ShortFresh Long
    
FinNifty FuturesFresh ShortFresh LongFresh Long
FinNifty OptionsFresh ShortLong CoveringFresh Long
    
MidcpNifty FuturesLong CoveringFresh LongFresh Short
MidcpNifty OptionsShort CoveringFresh ShortFresh Long
    
NiftyNxt50 FuturesLong CoveringShort CoveringLong Covering
NiftyNxt50 OptionsFresh ShortFresh ShortFresh Short
    
Stock FuturesLong CoveringShort CoveringFresh Long
Stock OptionsFresh LongFresh LongFresh Short

SENSEX weekly Expiry (9/07/2026)

The SENSEX index closed at 76503.6. The SENSEX weekly expiry for JULY 9, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.562 against previous 0.799. The 78000CE option holds the maximum open interest, followed by the 78500CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 78000CE option, with open interest additions also seen in the 77500CE and 77000CE options. On the other hand, open interest reductions were prominent in the 77000PE, 78000PE, and 77500PE options. Trading volume was highest in the 78000CE option, followed by the 77000PE and 77500PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:09-07-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76503.60.5620.7991.170
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  4,96,36,900    2,43,37,260        2,52,99,640
PUT:  2,78,79,400    1,94,40,920           84,38,480
Top CALL Open Interest:
StrikeOIOI ChangeVolume
78000      33,82,700        26,22,260     13,73,65,740
78500      30,88,180        12,05,700        7,76,09,720
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
78000      33,82,700        26,22,260     13,73,65,740
77500      21,64,180        19,79,480        8,41,93,280
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
79700        3,83,940        -1,52,060        1,02,11,520
80600        1,93,300            -92,900           27,45,420
Top CALL Volume:
StrikeOIOI ChangeVolume
78000      33,82,700        26,22,260     13,73,65,740
77800      15,56,640        14,66,560     11,44,48,440
Top PUT Open Interest:
StrikeOIOI ChangeVolume
75000      19,52,080          5,26,060        6,54,71,040
76500      18,20,520          7,90,140        9,70,02,240
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
73000      12,00,340          9,26,340        1,60,64,080
74500      12,35,340          8,12,320        2,86,17,460
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
77000        6,50,120        -9,24,560     12,57,63,100
78000        3,15,580        -7,52,200        2,09,10,860
Top PUT Volume:
StrikeOIOI ChangeVolume
77000        6,50,120        -9,24,560     12,57,63,100
77500        4,99,600        -5,82,440     11,47,50,420

NIFTY Weekly Expiry (14/07/2026)

The NIFTY index closed at 23882.05. The NIFTY weekly expiry for JULY 14, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.605 against previous 0.902. The 24500CE option holds the maximum open interest, followed by the 24200CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 24200CE option, with open interest additions also seen in the 24300CE and 25500CE options. On the other hand, open interest reductions were prominent in the 24400PE, 24000PE, and 24500PE options. Trading volume was highest in the 24200PE option, followed by the 24300CE and 24200CE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:14-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,882.05                0.605                  0.902               1.113
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 15,08,83,785      7,09,63,230   7,99,20,555
 PUT:    9,13,52,755      6,39,88,405   2,73,64,350
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,500    1,20,33,710         38,73,545       18,60,365
               24,200       99,00,540         90,27,330       27,24,034
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,200       99,00,540         90,27,330       27,24,034
               24,300       92,13,815         73,21,665       29,57,197
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,550       22,51,795          -2,02,800         6,22,424
               26,100          2,21,975          -1,76,930             39,653
 Top CALL Volume:
 Strike OI OI Change Volume
               24,300       92,13,815         73,21,665       29,57,197
               24,200       99,00,540         90,27,330       27,24,034
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,500       56,73,590         16,15,900       15,03,858
               23,000       51,40,590         18,98,585         9,62,381
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,600       51,27,590         34,49,095       11,52,583
               23,300       31,43,660         19,02,095         6,42,236
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,400       12,76,535        -20,61,865         4,53,818
               24,000       34,81,335        -11,38,215       24,59,695
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,200       38,47,415         10,94,795       30,10,098
               24,000       34,81,335        -11,38,215       24,59,695

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 23882.05. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.091 against previous 1.162. The 24000PE option holds the maximum open interest, followed by the 24000CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24200CE option, with open interest additions also seen in the 24300CE and 24000CE options. On the other hand, open interest reductions were prominent in the 25000CE, 24000PE, and 24400PE options. Trading volume was highest in the 24000PE option, followed by the 24500CE and 25000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,882.05                1.091                  1.162               1.031
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    4,58,75,310      4,25,20,595       33,54,715
 PUT:    5,00,29,460      4,94,25,220         6,04,240
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       55,01,275            9,03,825         1,37,317
               25,000       54,88,600        -15,41,215         1,63,886
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,200       29,91,170         13,87,620             98,936
               24,300       21,52,995         11,44,455             95,496
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,000       54,88,600        -15,41,215         1,63,886
               25,500       19,98,490          -2,43,815             34,668
 Top CALL Volume:
 Strike OI OI Change Volume
               24,500       48,95,670            7,88,385         1,80,470
               25,000       54,88,600        -15,41,215         1,63,886
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       60,08,015        -11,28,595         2,09,597
               23,000       39,96,590            5,40,475         1,21,556
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,300       18,44,765            7,32,680             68,843
               23,000       39,96,590            5,40,475         1,21,556
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,000       60,08,015        -11,28,595         2,09,597
               24,400       10,18,420          -5,06,610             41,862
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       60,08,015        -11,28,595         2,09,597
               23,500       33,82,275               94,380         1,22,276

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 56742.6. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.807 against previous 0.889. The 59000CE option holds the maximum open interest, followed by the 60000CE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 58000CE option, with open interest additions also seen in the 57000CE and 57500CE options. On the other hand, open interest reductions were prominent in the 58000PE, 57500PE, and 60000CE options. Trading volume was highest in the 58000CE option, followed by the 58000PE and 57000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         56,742.60                0.807                  0.889               1.082
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,42,99,200      1,35,72,240         7,26,960
 PUT:    1,15,32,510      1,20,65,310       -5,32,800
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               59,000       20,77,560               59,880             95,334
               60,000       17,95,500          -1,73,820         1,08,677
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               58,000       14,55,720            3,02,880         1,75,590
               57,000          4,77,150            2,13,060             57,583
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               60,000       17,95,500          -1,73,820         1,08,677
               61,500          3,08,250              -78,720             32,410
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       14,55,720            3,02,880         1,75,590
               60,000       17,95,500          -1,73,820         1,08,677
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               59,000       12,56,580              -56,730             12,624
               58,000          9,93,780          -2,12,490         1,36,881
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,800          1,26,570               68,370             28,553
               53,500          2,33,100               61,500             45,783
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               58,000          9,93,780          -2,12,490         1,36,881
               57,500          2,85,600          -2,11,890             86,546
 Top PUT Volume: 
 Strike OI OI Change Volume
               58,000          9,93,780          -2,12,490         1,36,881
               57,000          7,10,340               44,430         1,10,393

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14419.1. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.865 against previous 0.843. The 15000CE option holds the maximum open interest, followed by the 14500CE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 15300CE and 13400PE options. On the other hand, open interest reductions were prominent in the 72600PE, 75000CE, and 72500CE options. Trading volume was highest in the 14500PE option, followed by the 14600PE and 15000CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-07-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,419.10                0.865                  0.843               1.180
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       50,25,960         50,27,160             -1,200
 PUT:       43,46,520         42,38,400         1,08,120
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          7,27,680               30,840             15,880
               14,500          6,06,840                  4,920             11,403
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,300          1,74,600               72,960               4,209
               15,100             58,920               58,920                   979
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,800          2,27,160          -1,20,960             10,310
               14,700          3,83,880              -91,920             10,984
 Top CALL Volume:
 Strike OI OI Change Volume
               15,000          7,27,680               30,840             15,880
               14,600          3,14,880                  1,920             13,831
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,500          5,94,000                  9,840               8,794
               14,000          4,40,400                -6,600             13,868
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,000          4,37,160            1,54,680               5,373
               13,400             72,360               69,960               1,313
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,600          2,01,360          -1,40,760             17,019
               14,500          4,14,240          -1,29,600             18,693
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,500          4,14,240          -1,29,600             18,693
               14,600          2,01,360          -1,40,760             17,019

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

Today’s Open Interest Volume Analysis maintains a strong bearish bias for the short term. The simultaneous rise in futures open interest and volumes across NIFTY, BANKNIFTY and SENSEX, along with steep price declines, confirms that sellers remain firmly in control and have not started covering their positions yet.

Weekly option data has weakened considerably, with falling PCR readings and aggressive call additions near resistance levels, indicating that option writers currently expect upside to remain limited. Although monthly PCRs are still above panic levels in some indices, they have started declining steadily, showing that bullish sentiment is gradually fading.

MIDCPNIFTY remains relatively stronger than the frontline indices because most of its decline came from long liquidation rather than aggressive fresh shorting. However, fresh shorts appearing in the August series suggest that traders have started preparing for further weakness if selling pressure continues.

Going forward, traders should closely monitor whether futures open interest begins to decline during any market recovery. A rally supported by short covering would indicate that bearish pressure is easing, while another session of rising open interest with falling prices would confirm that institutions continue to build fresh shorts.

The overall derivatives setup suggests maintaining a defensive approach, avoiding aggressive bottom-fishing, and waiting for Open Interest Volume Analysis to show clear signs of short covering, improving PCR readings and stronger put writing before turning decisively bullish. Until then, the trend continues to favor sellers.

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

Disclaimer

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