Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 14/07/2026
Table of Contents
Open Interest Volume Analysis for 14 July 2026 points to a clear shift in market sentiment after the recent rally, with traders choosing to reduce long exposure instead of building fresh bullish positions.
NIFTY, MIDCPNIFTY and SENSEX futures all witnessed long covering, while BANKNIFTY stood out with fresh short creation, showing that bears were more aggressive in the banking space than in the broader market.
Although futures volumes increased across most indices, open interest either declined or shifted toward fresh shorts, indicating that the higher activity was driven by position adjustment rather than fresh buying conviction.
The options data also turned less supportive. NIFTY, BANKNIFTY and MIDCPNIFTY all recorded a decline in Put-Call Ratio (OI), suggesting weakening bullish sentiment and increasing caution among derivative traders.
Falling futures premiums and discounts across all major indices further confirm that traders are becoming less willing to pay for future upside, a classic sign of fading near-term optimism.
Overall, today’s Open Interest Volume Analysis reflects a market entering a consolidation phase, where traders are becoming more selective and are closely watching key option strikes before taking fresh directional bets.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24052.05 (-0.657%)
Combined = July + August + September
Combined Fut Open Interest Change: -0.47%
Combined Fut Volume Change: 7.43%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 12% Previous 12%
NIFTY JULY Future closed at: 24024.2 (-0.902%)
July Fut Discount -27.85 (Decreased by -59.65 points)
July Fut Open Interest Change: -0.48%
July Fut Volume Change: 7.62%
July Fut Open Interest Analysis: Long Covering
NIFTY AUGUST Future closed at: 24120 (-0.864%)
Aug Fut Discount 67.95 (Decreased by -51.15 points)
Aug Fut Open Interest Change: 0.16%
Aug Fut Volume Change: 15.58%
Aug Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.062 (Decreased from 1.109)
Put-Call Ratio (Volume): 0.910
Max Pain Level: 24200
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 24000
Highest CALL Addition: 24500
Highest PUT Addition: 24000
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 57462.3 (-1.151%)
Combined = July + August + September
Combined Fut Open Interest Change: 0.78%
Combined Fut Volume Change: 14.70%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 16% Previous 16%
BANKNIFTY JULY Future closed at: 57538.2 (-1.284%)
July Fut Premium 75.9 (Decreased by -79.05 points)
July Fut Open Interest Change: 0.0%
July Fut Volume Change: 15.1%
July Fut Open Interest Analysis: Long Covering
BANKNIFTY AUGUST Future closed at: 57853.2 (-1.247%)
Aug Fut Premium 390.9 (Decreased by -61.45 points)
Aug Fut Open Interest Change: 3.13%
Aug Fut Volume Change: 8.27%
Aug Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.852 (Decreased from 0.972)
Put-Call Ratio (Volume): 0.977
Max Pain Level: 58000
Maximum CALL Open Interest: 59000
Maximum PUT Open Interest: 59000
Highest CALL Addition: 57500
Highest PUT Addition: 58800
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14712.65 (-0.856%)
Combined = July + August + September
Combined Fut Open Interest Change: -1.31%
Combined Fut Volume Change: 5.70%
Combined Fut Open Interest Analysis: Long Covering
Rollover: 4% Previous 4%
MIDCPNIFTY JULY Future closed at: 14712.75 (-1.055%)
July Fut Premium 0.1 (Decreased by -29.9 points)
July Fut Open Interest Change: -1.29%
July Fut Volume Change: 9.85%
July Fut Open Interest Analysis: Long Covering
MIDCPNIFTY AUGUST Future closed at: 14752.9 (-1.035%)
Aug Fut Premium 40.25 (Decreased by -27.3 points)
Aug Fut Open Interest Change: -3.00%
Aug Fut Volume Change: -14.42%
Aug Fut Open Interest Analysis: Long Covering
MIDCPNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.954 (Decreased from 1.130)
Put-Call Ratio (Volume): 0.924
Max Pain Level: 14600
Maximum CALL Open Interest: 15000
Maximum PUT Open Interest: 14000
Highest CALL Addition: 14800
Highest PUT Addition: 13600
SENSEX Monthly Expiry (30/07/2026) Future
SENSEX Spot closed at: 77,054.94 (-0.723%)
SENSEX Monthly Future closed at: 77,139.30 (-0.860%)
Premium: 84.36 (Decreased by -107.74 points)
Open Interest Change: -0.86%
Volume Change: 4.22%
Open Interest Analysis: Long Covering
SENSEX Weekly Expiry (16/07/2026) Option Analysis
Put-Call Ratio (OI): 0.847 (Decreased from 1.487)
Put-Call Ratio (Volume): 1.005
Max Pain Level: 77100
Maximum CALL OI: 79000
Maximum PUT OI: 75000
Highest CALL Addition: 79000
Highest PUT Addition: 75000
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 739.69 Cr.
DIIs Net BUY: ₹ 2,927.71 Cr.
FII Derivatives Activity
| FII Trading Stats | 14.07.26 | 13.07.26 | 10.07.26 |
| FII Cash (Provisional Data) | -739.69 | -3,062.27 | 2,603.72 |
| Index Future Open Interest Long Ratio | 8.37% | 10.03% | 10.64% |
| Index Future Volume Long Ratio | 29.88% | 49.13% | 72.00% |
| Call Option Open Interest Long Ratio | 41.31% | 42.61% | 41.32% |
| Call Option Volume Long Ratio | 49.02% | 50.22% | 50.34% |
| Put Option Open Interest Long Ratio | 71.99% | 63.39% | 64.60% |
| Put Option Volume Long Ratio | 50.02% | 49.88% | 49.60% |
| Stock Future Open Interest Long Ratio | 53.89% | 54.46% | 54.53% |
| Stock Future Volume Long Ratio | 44.03% | 49.09% | 54.25% |
| Index Futures | Long Covering | Long Covering | Short Covering |
| Index Options | Long Covering | Short Covering | Fresh Short |
| Nifty Futures | Fresh Short | Short Covering | Short Covering |
| Nifty Options | Long Covering | Short Covering | Fresh Short |
| BankNifty Futures | Long Covering | Long Covering | Fresh Long |
| BankNifty Options | Fresh Short | Short Covering | Long Covering |
| FinNifty Futures | Fresh Short | Short Covering | Short Covering |
| FinNifty Options | Fresh Short | Fresh Long | Fresh Long |
| MidcpNifty Futures | Fresh Short | Fresh Long | Fresh Long |
| MidcpNifty Options | Fresh Long | Fresh Short | Fresh Long |
| NiftyNxt50 Futures | Short Covering | Long Covering | Short Covering |
| NiftyNxt50 Options | Fresh Short | Fresh Short | Fresh Long |
| Stock Futures | Long Covering | Fresh Short | Fresh Long |
| Stock Options | Fresh Short | Fresh Short | Fresh Short |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (16/07/2026)
The SENSEX index closed at 77054.94. The SENSEX weekly expiry for JULY 16, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.847 against previous 1.487. The 79000CE option holds the maximum open interest, followed by the 75000PE and 74000PE options. Market participants have shown increased interest with significant open interest additions in the 79000CE option, with open interest additions also seen in the 77100CE and 78500CE options. On the other hand, open interest reductions were prominent in the 77500PE, 77400PE, and 77000PE options. Trading volume was highest in the 77000PE option, followed by the 77200CE and 77200PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 16-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 77054.94 | 0.847 | 1.487 | 1.005 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,51,40,900 | 1,34,86,660 | 1,16,54,240 |
| PUT: | 2,12,84,320 | 2,00,48,360 | 12,35,960 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 18,57,700 | 10,95,560 | 1,31,79,420 |
| 80000 | 15,46,580 | 7,33,240 | 75,63,300 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 18,57,700 | 10,95,560 | 1,31,79,420 |
| 77100 | 9,19,160 | 8,26,860 | 1,57,22,780 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 80600 | 18,500 | -59,340 | 3,06,480 |
| 79900 | 1,28,420 | -28,900 | 12,27,180 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 77200 | 9,35,840 | 7,80,840 | 2,10,61,320 |
| 77500 | 11,80,500 | 3,31,200 | 1,97,17,080 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 16,28,340 | 5,77,080 | 1,08,64,720 |
| 74000 | 15,90,560 | 5,41,920 | 77,68,420 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 16,28,340 | 5,77,080 | 1,08,64,720 |
| 75500 | 13,22,040 | 5,66,500 | 79,98,080 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 4,14,000 | -7,16,600 | 81,38,460 |
| 77400 | 3,94,320 | -5,74,400 | 83,55,740 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 9,17,860 | -4,03,440 | 3,06,67,140 |
| 77200 | 3,63,400 | -56,560 | 2,00,04,340 |
NIFTY Monthly Expiry (28/07/2026)
The NIFTY index closed at 24052.05. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.062 against previous 1.109. The 25000CE option holds the maximum open interest, followed by the 24000PE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 24500CE option, with open interest additions also seen in the 24000CE and 24100CE options. On the other hand, open interest reductions were prominent in the 24200PE, 24250PE, and 23500CE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 25000CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,052.05 | 1.062 | 1.109 | 0.910 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 5,00,35,115 | 4,53,36,265 | 46,98,850 |
| PUT: | 5,31,22,615 | 5,02,56,960 | 28,65,655 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 68,05,825 | 62,530 | 1,05,122 |
| 24,000 | 54,41,800 | 7,05,575 | 1,14,825 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 49,24,725 | 7,06,030 | 99,093 |
| 24,000 | 54,41,800 | 7,05,575 | 1,14,825 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,500 | 8,72,430 | -54,210 | 6,324 |
| 24,800 | 16,15,575 | -46,670 | 49,900 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 54,41,800 | 7,05,575 | 1,14,825 |
| 25,000 | 68,05,825 | 62,530 | 1,05,122 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 63,97,040 | 5,70,310 | 1,61,522 |
| 23,000 | 38,72,635 | -3,380 | 53,759 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 63,97,040 | 5,70,310 | 1,61,522 |
| 24,050 | 6,21,010 | 4,15,350 | 23,311 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 25,30,645 | -2,13,395 | 57,863 |
| 24,250 | 3,27,340 | -64,155 | 3,713 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 63,97,040 | 5,70,310 | 1,61,522 |
| 24,100 | 24,33,990 | 3,99,360 | 79,902 |
BANKNIFTY Monthly Expiry (28/07/2026)
The BANKNIFTY index closed at 57462.3. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.852 against previous 0.972. 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 57500CE option, with open interest additions also seen in the 58000CE and 59000CE options. On the other hand, open interest reductions were prominent in the 58000PE, 58200PE, and 58100PE options. Trading volume was highest in the 57500PE option, followed by the 58000CE and 57500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 57,462.30 | 0.852 | 0.972 | 0.977 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,52,92,380 | 1,38,86,760 | 14,05,620 |
| PUT: | 1,30,24,860 | 1,34,94,060 | -4,69,200 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 22,02,090 | 1,35,930 | 64,984 |
| 60,000 | 16,46,970 | 63,540 | 73,565 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,500 | 5,55,930 | 2,24,040 | 98,895 |
| 58,000 | 14,27,370 | 1,89,660 | 1,06,631 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,300 | 73,410 | -39,900 | 5,429 |
| 58,700 | 1,95,510 | -23,040 | 16,526 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 58,000 | 14,27,370 | 1,89,660 | 1,06,631 |
| 57,500 | 5,55,930 | 2,24,040 | 98,895 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 12,60,060 | 4,530 | 5,630 |
| 58,000 | 9,91,080 | -3,13,020 | 73,772 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 58,800 | 1,12,320 | 62,340 | 4,166 |
| 51,500 | 97,590 | 36,300 | 4,233 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 58,000 | 9,91,080 | -3,13,020 | 73,772 |
| 58,200 | 1,26,450 | -55,140 | 9,348 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,500 | 5,14,440 | 3,660 | 1,25,688 |
| 57,000 | 7,77,840 | 3,360 | 77,924 |
MIDCPNIFTY Monthly Expiry (28/07/2026)
The MIDCPNIFTY index closed at 14712.65. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.954 against previous 1.130. The 15000CE option holds the maximum open interest, followed by the 14000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 14800CE option, with open interest additions also seen in the 14700CE and 15400CE options. On the other hand, open interest reductions were prominent in the 77600CE, 72000PE, and 73000PE options. Trading volume was highest in the 15000CE option, followed by the 14800CE and 14700PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,712.65 | 0.954 | 1.130 | 0.924 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 56,81,640 | 53,72,520 | 3,09,120 |
| PUT: | 54,20,400 | 60,72,720 | -6,52,320 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 8,61,360 | 54,600 | 15,272 |
| 15,500 | 5,03,640 | 33,960 | 4,290 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,800 | 3,90,600 | 84,960 | 9,467 |
| 14,700 | 3,81,600 | 66,960 | 8,244 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 15,200 | 4,07,880 | -33,120 | 6,644 |
| 14,900 | 2,20,680 | -27,240 | 4,432 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 8,61,360 | 54,600 | 15,272 |
| 14,800 | 3,90,600 | 84,960 | 9,467 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 6,39,600 | -9,120 | 5,300 |
| 13,500 | 5,79,840 | 15,480 | 2,233 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,600 | 4,07,160 | 38,400 | 914 |
| 13,800 | 2,03,280 | 18,360 | 1,804 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 4,69,200 | -1,14,600 | 7,555 |
| 13,000 | 2,64,720 | -1,01,760 | 1,072 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,700 | 2,54,400 | -63,960 | 9,033 |
| 14,800 | 2,78,520 | -88,680 | 8,281 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Today’s Open Interest Volume Analysis indicates that the overall market structure has weakened compared to previous sessions, but it has not yet turned decisively bearish. Most indices are witnessing profit booking through long unwinding, while BANKNIFTY has already started attracting fresh short positions, making it the weakest among the major indices.
NIFTY’s Max Pain at 24200, largest PUT base at 24000, and fresh CALL writing at 24500 suggest that the index is likely to remain trapped between these levels unless a strong trigger emerges. A sustained move above 24500 could force short covering, while a decisive break below 24000 may accelerate selling pressure.
BANKNIFTY deserves extra caution. Fresh shorts in August futures, falling PCR and aggressive CALL addition near 57500 indicate that institutional traders currently expect rallies to face selling pressure. Unless the index reclaims higher resistance levels, pullbacks may continue to attract fresh sellers.
MIDCPNIFTY remains relatively resilient despite long unwinding, but declining PCR and aggressive CALL writing near 14800 suggest that upside momentum has weakened. The strong PUT addition at 13600 still provides a broader safety cushion, although traders should watch whether this support continues to hold in coming sessions.
SENSEX derivatives also confirm a similar picture with falling premium, long covering and a sharp drop in PCR, showing that traders are reducing bullish exposure across the broader market rather than rotating into another index.
The key takeaway from this Open Interest Volume Analysis is that derivative data currently favors a cautious, range-bound to mildly bearish outlook.
Traders should avoid aggressive long positions until fresh long build-up appears in futures along with improving Put-Call Ratios. A return of rising open interest with rising prices would be the first confirmation that bulls are regaining control, while continued long unwinding and fresh short addition would strengthen the probability of further downside in the coming sessions.
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
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