Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/07/2026
Table of Contents
Welcome back, traders! If you felt a sudden chill in the markets today, the derivative data exactly backs up that sentiment. We are right in the thick of the July expiry week, and the bears are aggressively rolling their positions into August. Doing a deep Open Interest Volume Analysis reveals a clear structural weakness across the board—not just a minor dip.
Both Nifty and BankNifty have seen a lethal combination of long unwinding in the current July series paired with aggressive fresh short builds in the August contracts. The midcap space, in particular, looks like it’s taking a massive hit. Before you rush to catch a falling knife, let’s break down exactly what the big money is doing and why the data suggests caution:
Aggressive Rollovers with a Bearish Grip: Nifty rollovers have spiked to 36% (up from 20%), but combined with a 105% surge in August Nifty Future Open Interest, this screams “fresh shorts” rather than healthy carrying forward of longs.
The Midcap Meltdown: Midcap Nifty is bleeding the hardest. An astronomical 383% OI jump in the August contract on 579% higher volume is a textbook indicator of institutional short-selling.
PCR Plunge Across the Board: Put-Call Ratios for Nifty (0.67), BankNifty (0.69), and Midcap Nifty (0.73) have all taken a nosedive. Put writers are running for cover, while Call writers are fiercely defending higher levels.
Straddle Squeeze on Sensex: The only place we see a fierce tug-of-war is Sensex, with massive additions in both 76300 Calls and Puts, suggesting an explosive move is brewing if it breaks this tight range.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 23869.6 (-0.528%)
Combined = July + August + September
Combined Fut Open Interest Change: 3.08%
Combined Fut Volume Change: 120.55%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 36% Previous 20%
NIFTY JULY Future closed at: 23873.6 (-0.479%)
July Fut Premium 4 (Increased by 11.85 points)
July Fut Open Interest Change: -18.27%
July Fut Volume Change: 81.25%
July Fut Open Interest Analysis: Long Covering
NIFTY AUGUST Future closed at: 23934.2 (-0.604%)
Aug Fut Premium 64.6 (Decreased by -18.85 points)
Aug Fut Open Interest Change: 105.67%
Aug Fut Volume Change: 236.55%
Aug Fut Open Interest Analysis: Fresh Short
NIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.679 (Decreased from 0.733)
Put-Call Ratio (Volume): 0.934
Max Pain Level: 24000
Maximum CALL Open Interest: 25000
Maximum PUT Open Interest: 23000
Highest CALL Addition: 23900
Highest PUT Addition: 23850
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 56592 (-0.936%)
Combined = July + August + September
Combined Fut Open Interest Change: 5.48%
Combined Fut Volume Change: 7.30%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 37% Previous 27%
BANKNIFTY JULY Future closed at: 56665.4 (-0.932%)
July Fut Premium 73.4 (Increased by 1.6 points)
July Fut Open Interest Change: -9.4%
July Fut Volume Change: -16.2%
July Fut Open Interest Analysis: Long Covering
BANKNIFTY AUGUST Future closed at: 56919 (-0.957%)
Aug Fut Premium 327 (Decreased by -15.4 points)
Aug Fut Open Interest Change: 51.93%
Aug Fut Volume Change: 83.10%
Aug Fut Open Interest Analysis: Fresh Short
BANKNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.696 (Decreased from 0.766)
Put-Call Ratio (Volume): 0.790
Max Pain Level: 57500
Maximum CALL Open Interest: 60000
Maximum PUT Open Interest: 56000
Highest CALL Addition: 57000
Highest PUT Addition: 55500
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14428.35 (-1.354%)
Combined = July + August + September
Combined Fut Open Interest Change: 1.31%
Combined Fut Volume Change: 256.87%
Combined Fut Open Interest Analysis: Fresh Short
Rollover: 34% Previous 8%
MIDCPNIFTY JULY Future closed at: 14422.9 (-1.389%)
July Fut Discount -5.45 (Decreased by -5.2 points)
July Fut Open Interest Change: -27.36%
July Fut Volume Change: 165.32%
July Fut Open Interest Analysis: Long Covering
MIDCPNIFTY AUGUST Future closed at: 14457.9 (-1.333%)
Aug Fut Premium 29.55 (Increased by 2.7 points)
Aug Fut Open Interest Change: 383.49%
Aug Fut Volume Change: 579.11%
Aug Fut Open Interest Analysis: Fresh Short
MIDCPNIFTY Monthly Expiry (28/07/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.734 (Decreased from 0.972)
Put-Call Ratio (Volume): 0.754
Max Pain Level: 14500
Maximum CALL Open Interest: 14500
Maximum PUT Open Interest: 14000
Highest CALL Addition: 14500
Highest PUT Addition: 14400
SENSEX Monthly Expiry (30/07/2026) Future
SENSEX Spot closed at: 76,391.39 (-0.474%)
SENSEX Monthly Future closed at: 76,417.05 (-0.527%)
Premium: 25.66 (Decreased by -40.99 points)
Open Interest Change: -13.69%
Volume Change: 17.17%
Open Interest Analysis: Long Covering
SENSEX Weekly Expiry (30/07/2026) Option Analysis
Put-Call Ratio (OI): 0.762 (Decreased from 0.847)
Put-Call Ratio (Volume): 0.831
Max Pain Level: 76500
Maximum CALL OI: 77500
Maximum PUT OI: 75000
Highest CALL Addition: 76300
Highest PUT Addition: 76300
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 2,999.23 Cr.
DIIs Net BUY: ₹ 2,947.14 Cr.
FII Derivatives Activity
| FII Trading Stats | 23.07.26 | 22.07.26 | 21.07.26 |
| FII Cash (Provisional Data) | -2,999.23 | -819.2 | 1,650.16 |
| Index Future Open Interest Long Ratio | 7.79% | 8.13% | 8.58% |
| Index Future Volume Long Ratio | 44.85% | 23.55% | 25.35% |
| Call Option Open Interest Long Ratio | 39.87% | 41.28% | 42.37% |
| Call Option Volume Long Ratio | 49.31% | 48.87% | 49.00% |
| Put Option Open Interest Long Ratio | 67.88% | 68.46% | 70.61% |
| Put Option Volume Long Ratio | 50.03% | 50.56% | 49.38% |
| Stock Future Open Interest Long Ratio | 53.93% | 53.63% | 53.74% |
| Stock Future Volume Long Ratio | 50.40% | 49.27% | 47.95% |
| Index Futures | Fresh Short | Fresh Short | Fresh Short |
| Index Options | Fresh Short | Fresh Short | Long Covering |
| Nifty Futures | Fresh Short | Fresh Short | Fresh Short |
| Nifty Options | Fresh Short | Fresh Short | Long Covering |
| BankNifty Futures | Fresh Short | Fresh Short | Fresh Short |
| BankNifty Options | Fresh Short | Fresh Short | Fresh Short |
| FinNifty Futures | Fresh Short | Fresh Short | Short Covering |
| FinNifty Options | Fresh Long | Short Covering | Long Covering |
| MidcpNifty Futures | Long Covering | Long Covering | Fresh Short |
| MidcpNifty Options | Fresh Long | Fresh Short | Fresh Short |
| NiftyNxt50 Futures | Fresh Short | Short Covering | Fresh Short |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Short |
| Stock Futures | Short Covering | Long Covering | Fresh Short |
| Stock Options | Short Covering | Long Covering | Fresh Short |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (30/07/2026)
The SENSEX index closed at 76391.39. The SENSEX weekly expiry for JULY 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.762 against previous 0.847. The 77500CE option holds the maximum open interest, followed by the 78000CE and 80000CE options. Market participants have shown increased interest with significant open interest additions in the 76300CE option, with open interest additions also seen in the 76500CE and 80500CE options. On the other hand, open interest reductions were prominent in the 77000PE, 77700PE, and 77500PE options. Trading volume was highest in the 76500PE option, followed by the 76500CE and 77000CE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 30-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 76391.39 | 0.762 | 0.847 | 0.831 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 58,55,680 | 27,59,660 | 30,96,020 |
| PUT: | 44,62,900 | 23,36,720 | 21,26,180 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 4,19,500 | 1,64,220 | 15,04,700 |
| 78000 | 4,18,040 | 1,29,100 | 15,10,960 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 76300 | 2,58,100 | 2,55,140 | 8,72,600 |
| 76500 | 2,95,060 | 2,53,220 | 19,93,400 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 79600 | 11,600 | -3,420 | 31,140 |
| 73000 | 680 | -140 | 280 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 76500 | 2,95,060 | 2,53,220 | 19,93,400 |
| 77000 | 3,89,840 | 85,440 | 18,58,200 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 75000 | 2,94,720 | 79,020 | 11,64,200 |
| 76000 | 2,66,220 | 1,23,180 | 17,49,240 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 76300 | 1,99,360 | 1,87,640 | 10,53,360 |
| 76500 | 2,56,700 | 1,64,960 | 20,76,240 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 2,26,080 | -36,760 | 6,76,920 |
| 77700 | 11,960 | -9,220 | 15,660 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 76500 | 2,56,700 | 1,64,960 | 20,76,240 |
| 76000 | 2,66,220 | 1,23,180 | 17,49,240 |
NIFTY Monthly Expiry (28/07/2026)
The NIFTY index closed at 23869.6. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.679 against previous 0.733. The 25000CE option holds the maximum open interest, followed by the 24000CE and 24200CE options. Market participants have shown increased interest with significant open interest additions in the 23900CE option, with open interest additions also seen in the 23850CE and 23850PE options. On the other hand, open interest reductions were prominent in the 24000PE, 24200PE, and 24200CE options. Trading volume was highest in the 23900PE option, followed by the 24000CE and 23900CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 23,869.60 | 0.679 | 0.733 | 0.934 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 20,62,56,635 | 18,82,84,135 | 1,79,72,500 |
| PUT: | 13,99,67,880 | 13,80,80,995 | 18,86,885 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,60,51,165 | 27,74,135 | 7,86,289 |
| 24,000 | 1,29,48,195 | -4,97,770 | 24,85,659 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,900 | 68,88,115 | 51,92,135 | 22,95,655 |
| 23,850 | 34,62,225 | 31,94,035 | 10,19,175 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 1,28,75,915 | -22,45,165 | 12,55,162 |
| 24,950 | 23,18,745 | -19,73,205 | 1,87,069 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,29,48,195 | -4,97,770 | 24,85,659 |
| 23,900 | 68,88,115 | 51,92,135 | 22,95,655 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 1,06,80,475 | -7,27,090 | 5,73,645 |
| 23,500 | 89,40,945 | 6,29,785 | 11,06,608 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,850 | 40,27,075 | 29,40,405 | 15,23,849 |
| 23,800 | 79,09,395 | 25,11,145 | 19,82,538 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 62,82,120 | -59,32,810 | 18,78,149 |
| 24,200 | 38,73,155 | -39,86,060 | 2,58,437 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 23,900 | 64,63,340 | 25,09,390 | 26,09,877 |
| 23,800 | 79,09,395 | 25,11,145 | 19,82,538 |
BANKNIFTY Monthly Expiry (28/07/2026)
The BANKNIFTY index closed at 56592. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.696 against previous 0.766. The 60000CE option holds the maximum open interest, followed by the 58000CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 56500CE and 56800CE options. On the other hand, open interest reductions were prominent in the 57000PE, 59000CE, and 59000PE options. Trading volume was highest in the 57000CE option, followed by the 56500PE and 58000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 56,592.00 | 0.696 | 0.766 | 0.790 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,15,92,770 | 2,00,59,200 | 15,33,570 |
| PUT: | 1,50,28,680 | 1,53,57,960 | -3,29,280 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 20,86,410 | 1,800 | 1,45,621 |
| 58,000 | 20,54,370 | -1,62,750 | 2,23,789 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 11,73,780 | 6,05,340 | 2,52,159 |
| 56,500 | 3,53,970 | 2,94,090 | 1,45,712 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 59,000 | 19,59,780 | -3,27,330 | 1,63,241 |
| 58,000 | 20,54,370 | -1,62,750 | 2,23,789 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 11,73,780 | 6,05,340 | 2,52,159 |
| 58,000 | 20,54,370 | -1,62,750 | 2,23,789 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 9,26,190 | -1,25,550 | 2,16,083 |
| 58,000 | 8,80,770 | -1,47,990 | 20,836 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 55,500 | 8,37,420 | 1,37,670 | 1,27,882 |
| 53,000 | 5,39,910 | 1,33,140 | 26,910 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 6,94,650 | -3,45,390 | 1,87,336 |
| 59,000 | 8,67,330 | -2,36,010 | 9,429 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,500 | 5,98,470 | 1,18,620 | 2,49,029 |
| 56,000 | 9,26,190 | -1,25,550 | 2,16,083 |
MIDCPNIFTY Monthly Expiry (28/07/2026)
The MIDCPNIFTY index closed at 14428.35. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.734 against previous 0.972. The 14500CE option holds the maximum open interest, followed by the 14800CE and 15000CE 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 14800CE options. On the other hand, open interest reductions were prominent in the 73000CE, 78600CE, and 77900CE options. Trading volume was highest in the 14500CE option, followed by the 14500PE and 14800CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 28-07-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,428.35 | 0.734 | 0.972 | 0.754 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,06,74,720 | 76,52,880 | 30,21,840 |
| PUT: | 78,33,600 | 74,35,440 | 3,98,160 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 11,63,520 | 8,03,880 | 34,951 |
| 14,800 | 10,52,040 | 3,13,800 | 32,139 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 11,63,520 | 8,03,880 | 34,951 |
| 14,600 | 6,62,040 | 3,53,880 | 30,697 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 15,500 | 5,29,560 | -1,56,240 | 6,621 |
| 15,300 | 2,18,520 | -74,040 | 4,457 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 11,63,520 | 8,03,880 | 34,951 |
| 14,800 | 10,52,040 | 3,13,800 | 32,139 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,000 | 9,24,840 | 68,520 | 16,293 |
| 14,400 | 6,36,120 | 1,58,400 | 26,317 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 14,400 | 6,36,120 | 1,58,400 | 26,317 |
| 13,950 | 1,37,280 | 1,29,480 | 3,167 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,700 | 3,28,440 | -3,25,320 | 7,954 |
| 14,600 | 3,31,320 | -1,58,280 | 18,682 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 5,09,640 | -98,520 | 33,294 |
| 14,400 | 6,36,120 | 1,58,400 | 26,317 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
Wrapping up this Open Interest Volume Analysis, the verdict is loud and clear: this is a “sell on rallies” market until the data proves otherwise. The heavy Call writing at Nifty 23900 and BankNifty 57000 shows that the upside is strictly capped, while the rapidly shifting Put bases mean support levels are incredibly fragile. Max Pain levels are currently hovering significantly above spot prices (Nifty at 24000, BankNifty at 57500), which implies that any dead-cat bounce toward these levels will likely face severe selling pressure. Based on the numbers, here is your actionable playbook for the coming sessions:
Avoid Catching the Midcap Knife: With August Midcap Nifty shorts piling up at historic volumes, stay away from aggressive long setups in mid-tier stocks. Let the dust settle.
Sell the Nifty Bounces: Look for rejection candles near the 23900–24000 zone. Since the highest Call addition is at 23900, this is your prime area to initiate low-risk short trades with strict stop-losses.
BankNifty’s Fragile Floor: BankNifty is severely underperforming, and with the highest Put addition sitting way down at 55500, there is a lot of empty air below current levels. If 56500 breaks decisively on the spot chart, prepare for a swift slide.
Watch the Sensex Pivot: Keep a close eye on the 76300 level. Because option writers are heavily choked at this exact strike, a sustained 15-minute close above or below 76300 will dictate the broader market’s momentum heading into expiry.
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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