NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/07/2026

Welcome back, traders! If today’s deep red close had you second-guessing your long setups, you definitely aren’t alone. On July 22, 2026, the bears didn’t just drag spot prices down—they aggressively built new short positions across all major indices. When we dive into the daily Open Interest Volume Analysis, the footprint of smart money is crystal clear: they are confident, and they are betting on further downside. Here is the reality check from today’s F&O data:

Aggressive Rollovers into Shorts: We are witnessing a textbook bearish shift. While July futures for BankNifty and MidcapNifty saw mild long unwinding, their August contracts absolutely exploded with Fresh Shorts (BankNifty August OI jumped a massive 24% on a 151% volume spike!).

Crashing Put-Call Ratios (PCR): Across the board, put writers ran for the hills. Every single index saw a sharp PCR drop, with Sensex taking the hardest hit—plummeting from 0.829 down to an oversold 0.56, signaling intense call writing and fading support.

The 24K Nifty Battleground: Both the highest Call and Put additions for Nifty are locked directly at the 24,000 strike. With the spot closing at 23,996, tomorrow’s opening tick is going to instantly trigger panic for one side of this massive straddle.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23996.25 (-0.792%)

Combined = July + August + September

Combined Fut Open Interest Change: 4.73%

Combined Fut Volume Change: 28.23%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 20% Previous 16%

NIFTY JULY Future closed at: 23988.4 (-0.795%)

July Fut Discount-7.85 (Decreased by -0.75 points)

July Fut Open Interest Change: 0.81%

July Fut Volume Change: 1.64%

July Fut Open Interest Analysis: Fresh Short

NIFTY AUGUST Future closed at: 24079.7 (-0.805%)

Aug Fut Discount83.45 (Decreased by -4.05 points)

Aug Fut Open Interest Change: 26.34%

Aug Fut Volume Change: 194.74%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.733 (Decreased from 0.912)

Put-Call Ratio (Volume): 1.043

Max Pain Level: 24100

Maximum CALL Open Interest: 24200

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57126.8 (-1.225%)

Combined = July + August + September

Combined Fut Open Interest Change: 3.91%

Combined Fut Volume Change: 94.10%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 27% Previous 23%

BANKNIFTY JULY Future closed at: 57198.6 (-1.328%)

July Fut Premium 71.8 (Decreased by -61.45 points)

July Fut Open Interest Change: -1.8%

July Fut Volume Change: 82.0%

July Fut Open Interest Analysis: Long Covering

BANKNIFTY AUGUST Future closed at: 57469.2 (-1.322%)

Aug Fut Premium 342.4 (Decreased by -61.45 points)

Aug Fut Open Interest Change: 24.06%

Aug Fut Volume Change: 151.13%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.766 (Decreased from 0.882)

Put-Call Ratio (Volume): 0.867

Max Pain Level: 57900

Maximum CALL Open Interest: 59000

Maximum PUT Open Interest: 59000

Highest CALL Addition: 57500

Highest PUT Addition: 57000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14626.35 (-1.269%)

Combined = July + August + September

Combined Fut Open Interest Change: 0.39%

Combined Fut Volume Change: 226.82%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 8% Previous 6%

MIDCPNIFTY JULY Future closed at: 14626.1 (-1.411%)

July Fut Discount -0.25 (Decreased by -21.4 points)

July Fut Open Interest Change: -1.70%

July Fut Volume Change: 213.79%

July Fut Open Interest Analysis: Long Covering

MIDCPNIFTY AUGUST Future closed at: 14653.2 (-1.456%)

Aug Fut Discount 26.85 (Decreased by -28.55 points)

Aug Fut Open Interest Change: 34.25%

Aug Fut Volume Change: 301.94%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.972 (Decreased from 1.023)

Put-Call Ratio (Volume): 0.941

Max Pain Level: 14700

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14700

Highest PUT Addition: 14400

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 76,755.05 (-0.923%)

SENSEX Monthly Future closed at: 76,821.70 (-0.917%)

Premium: 66.65 (Increased by 3.71 points)

Open Interest Change: 5.70%

Volume Change: 81.32%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (23/07/2026) Option Analysis

Put-Call Ratio (OI): 0.565 (Decreased from 0.829)

Put-Call Ratio (Volume): 1.177

Max Pain Level: 76800

Maximum CALL OI: 80000

Maximum PUT OI: 75500

Highest CALL Addition: 77000

Highest PUT Addition: 76800

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 819.20 Cr.

DIIs Net SELL: ₹ 418.26 Cr.

FII Derivatives Activity

FII Trading Stats	22.07.26	21.07.26	20.07.26
FII Cash (Provisional Data)	-819.2	1,650.16	-1,121.04
Index Future Open Interest Long Ratio	8.13%	8.58%	9.37%
Index Future Volume Long Ratio	23.55%	25.35%	44.96%
Call Option Open Interest Long Ratio	41.28%	42.37%	43.89%
Call Option Volume Long Ratio	48.87%	49.00%	49.49%
Put Option Open Interest Long Ratio	68.46%	70.61%	62.31%
Put Option Volume Long Ratio	50.56%	49.38%	50.08%
Stock Future Open Interest Long Ratio	53.63%	53.74%	53.97%
Stock Future Volume Long Ratio	49.27%	47.95%	50.01%
Index Futures	Fresh Short	Fresh Short	Long Covering
Index Options	Fresh Short	Long Covering	Long Covering
Nifty Futures	Fresh Short	Fresh Short	Short Covering
Nifty Options	Fresh Short	Long Covering	Long Covering
BankNifty Futures	Fresh Short	Fresh Short	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Short Covering
FinNifty Options	Short Covering	Long Covering	Fresh Long
MidcpNifty Futures	Long Covering	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Short	Fresh Short	Long Covering
NiftyNxt50 Futures	Short Covering	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Long Covering	Fresh Short	Short Covering
Stock Options	Long Covering	Fresh Short	Fresh Long

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (23/07/2026)

The SENSEX index closed at 76755.05. The SENSEX weekly expiry for JULY 23, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.565 against previous 0.829. The 80000CE option holds the maximum open interest, followed by the 77500CE and 77000CE options. Market participants have shown increased interest with significant open interest additions in the 77000CE option, with open interest additions also seen in the 76800CE and 80000CE options. On the other hand, open interest reductions were prominent in the 77500PE, 77400PE, and 77300PE options. Trading volume was highest in the 76500PE option, followed by the 76000PE and 77000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	23-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76755.05	0.565	0.829	1.177
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,84,20,340	2,46,35,780	2,37,84,560
PUT:	2,73,71,220	2,04,24,400	69,46,820
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	30,90,900	17,20,140	2,20,06,980
77500	25,94,780	7,35,080	7,57,56,060
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77000	24,67,800	22,82,440	10,39,52,600
76800	19,06,940	18,90,280	7,40,01,980
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82500	1,53,420	-70,780	21,16,520
80700	50,020	-31,240	9,17,820
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	24,67,800	22,82,440	10,39,52,600
77500	25,94,780	7,35,080	7,57,56,060
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75500	18,04,040	6,59,100	4,60,75,120
76000	17,73,620	5,98,120	10,65,79,960
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
76800	13,36,720	10,23,680	9,26,78,400
76700	14,39,120	9,73,620	9,20,93,240
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
77500	3,76,140	-8,90,240	83,92,100
77400	2,01,280	-6,50,920	61,88,300
Top PUT Volume:
Strike	OI	OI Change	Volume
76500	11,95,640	2,93,040	11,01,68,740
76000	17,73,620	5,98,120	10,65,79,960

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 23996.25. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.733 against previous 0.912. The 24200CE option holds the maximum open interest, followed by the 25500CE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 24100CE and 24000PE options. On the other hand, open interest reductions were prominent in the 24200PE, 25100CE, and 24150PE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 24100CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,996.25	0.733	0.912	1.043
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,82,84,135	12,25,90,325	6,56,93,810
PUT:	13,80,80,995	11,18,56,940	2,62,24,055
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,200	1,51,21,080	38,29,670	13,97,703
25,500	1,38,16,205	36,49,230	5,57,839
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,34,45,965	87,30,540	25,28,049
24,100	90,40,655	53,67,245	17,46,738
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	36,76,075	-9,57,125	3,65,892
24,600	53,78,035	-69,485	4,57,488
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	1,34,45,965	87,30,540	25,28,049
24,100	90,40,655	53,67,245	17,46,738
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,22,14,930	46,01,740	31,86,486
23,000	1,14,07,565	21,82,765	6,44,243
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	1,22,14,930	46,01,740	31,86,486
23,950	36,13,350	26,49,725	13,35,181
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	78,59,215	-15,40,240	5,60,472
24,150	8,03,270	-3,81,355	3,72,807
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	1,22,14,930	46,01,740	31,86,486
23,900	39,53,950	2,07,090	14,59,631

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 57126.8. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.766 against previous 0.882. The 59000CE option holds the maximum open interest, followed by the 58000CE and 60000CE 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 57000PE options. On the other hand, open interest reductions were prominent in the 58000PE, 56500PE, and 57500PE options. Trading volume was highest in the 57000PE 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
57,126.80	0.766	0.882	0.867
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,00,59,200	1,76,27,760	24,31,440
PUT:	1,53,57,960	1,55,50,920	-1,92,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	22,87,110	1,38,780	1,53,894
58,000	22,17,120	3,22,290	2,25,302
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,500	10,42,230	6,44,130	1,77,758
58,000	22,17,120	3,22,290	2,25,302
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
61,500	2,50,590	-76,650	22,523
59,800	92,100	-60,060	19,648
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	22,17,120	3,22,290	2,25,302
57,500	10,42,230	6,44,130	1,77,758
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,000	11,03,340	-25,710	4,774
56,000	10,51,740	-9,270	1,43,139
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,000	10,40,040	2,29,290	2,45,309
55,500	6,99,750	97,650	88,973
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	10,28,760	-3,35,460	65,484
56,500	4,79,850	-2,00,670	1,12,597
Top PUT Volume:
Strike	OI	OI Change	Volume
57,000	10,40,040	2,29,290	2,45,309
57,500	5,70,930	-1,64,430	1,54,558

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14626.35. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.972 against previous 1.023. The 15000CE option holds the maximum open interest, followed by the 14000PE and 14800CE options. Market participants have shown increased interest with significant open interest additions in the 14700CE option, with open interest additions also seen in the 14600CE and 15000CE options. On the other hand, open interest reductions were prominent in the 72000CE, 72000PE, and 72600CE options. Trading volume was highest in the 14700PE option, followed by the 15000CE and 14700CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,626.35	0.972	1.023	0.941
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	76,52,880	73,88,640	2,64,240
PUT:	74,35,440	75,60,120	-1,24,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	8,58,000	1,11,240	30,390
14,800	7,38,240	95,760	27,200
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,700	7,19,880	2,59,800	27,443
14,600	3,08,160	1,39,080	10,371
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,200	6,05,880	-1,73,880	12,389
15,500	6,85,800	-1,43,640	6,406
Top CALL Volume:
Strike	OI	OI Change	Volume
15,000	8,58,000	1,11,240	30,390
14,700	7,19,880	2,59,800	27,443
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	8,56,320	-97,440	13,904
14,700	6,53,760	29,280	38,222
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,400	4,77,720	79,080	12,175
14,200	3,10,920	66,600	12,137
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,800	4,59,000	-2,26,440	11,983
14,000	8,56,320	-97,440	13,904
Top PUT Volume:
Strike	OI	OI Change	Volume
14,700	6,53,760	29,280	38,222
14,500	6,08,160	55,920	24,434

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

Wrapping things up, relying purely on chart patterns is a dangerous game in this environment, which is why making Open Interest Volume Analysis your primary roadmap is non-negotiable for the rest of this expiry week. The heavy influx of fresh August shorts tells us this is a “sell on rise” market until the bulls prove they can aggressively defend the lower bounds. Here is your actionable feedback and game plan for the coming sessions:

Respect the BankNifty Trap: BankNifty is showing a glaring divergence. The Max Pain is parked way up at 57,900, but the highest fresh Put addition is struggling to hold at 57,000. Do not blindly buy the dip here. Wait for BankNifty to definitively hold above 57,200 (breaking its July premium erosion) before attempting any long scalps; otherwise, the fresh shorts will just hammer it lower.

Watch for the Sensex Oversold Bounce: At a 0.56 PCR, Sensex is deeply oversold heading into its weekly expiry. With spot hovering at 76,755 and Max Pain right next door at 76,800, any early sustained movement above 76,800 could spark a violent, sudden short-covering rally. Keep strict trailing stop-losses if you are holding overnight shorts.

Trade the Nifty Range: Because the highest OI additions are clashing directly at 24,000, expect brutal, choppy volatility right at this pivot. If you are an option seller, playing defined-risk strategies (like Iron Condors) around the 23,800 to 24,200 range makes statistical sense while the heavyweights fight for directional control. Stay nimble and let the data dictate your entries!

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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