NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/07/2026

What’s up, traders! If the closing action on July 24, 2026, left you feeling a bit whiplashed, you aren’t alone—we are seeing a massive divergence between the benchmark and the broader indices heading into expiry week. If you want to survive the rollover volatility, relying purely on chart patterns won’t cut it; you need to follow where the smart money is actually deploying capital. By running a deep Open Interest Volume Analysis across today’s F&O data, a very clear, albeit mixed, narrative emerges beneath the surface:

Nifty is flashing warning signs: The benchmark closed in the red, and our Open Interest Volume Analysis confirms the bearish bias with a classic “Fresh Short” buildup. Higher rollovers (47%) into August accompanied by falling volumes signal that bears are aggressively rolling their shorts forward.

BankNifty is the ultimate outlier: While Nifty bled, banking stocks caught a serious bid. We’re seeing aggressive short-covering in the July series and massive fresh longs (OI up 45%!) piling into August, setting up a highly bullish divergence.

Midcaps are quietly loading the spring: Don’t sleep on the Midcap index. With an impressive 58% rollover and a staggering 73% spike in August open interest built on fresh longs, the smart money is clearly buying the broader market dip.

Sensex is playing defense: Sensex futures are seeing long unwinding, while the options chain shows incredibly wide positioning, hinting that institutions are bracing for erratic, choppy moves.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23767.45 (-0.428%)

Combined = July + August + September

Combined Fut Open Interest Change: 4.13%

Combined Fut Volume Change: -8.44%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 47% Previous 36%

NIFTY JULY Future closed at: 23806.5 (-0.281%)

July Fut Premium 39.05 (Increased by 35.05 points)

July Fut Open Interest Change: -13.06%

July Fut Volume Change: -19.36%

July Fut Open Interest Analysis: Long Covering

NIFTY AUGUST Future closed at: 23874.6 (-0.249%)

Aug Fut Premium 107.15 (Increased by 42.55 points)

Aug Fut Open Interest Change: 36.40%

Aug Fut Volume Change: 5.25%

Aug Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.825 (Increased from 0.679)

Put-Call Ratio (Volume): 0.926

Max Pain Level: 23900

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23800

Highest PUT Addition: 23700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56693.5 (0.179%)

Combined = July + August + September

Combined Fut Open Interest Change: 0.91%

Combined Fut Volume Change: 43.97%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 52% Previous 37%

BANKNIFTY JULY Future closed at: 56844.6 (0.316%)

July Fut Premium 151.1 (Increased by 77.7 points)

July Fut Open Interest Change: -22.6%

July Fut Volume Change: 40.3%

July Fut Open Interest Analysis: Short Covering

BANKNIFTY AUGUST Future closed at: 57086.6 (0.294%)

Aug Fut Premium 393.1 (Increased by 66.1 points)

Aug Fut Open Interest Change: 45.48%

Aug Fut Volume Change: 54.70%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.802 (Increased from 0.696)

Put-Call Ratio (Volume): 0.802

Max Pain Level: 57100

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 56700

Highest PUT Addition: 56700

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14436.05 (0.053%)

Combined = July + August + September

Combined Fut Open Interest Change: -0.08%

Combined Fut Volume Change: -2.01%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 58% Previous 34%

MIDCPNIFTY JULY Future closed at: 14462.85 (0.277%)

July Fut Premium 26.8 (Increased by 32.25 points)

July Fut Open Interest Change: -36.36%

July Fut Volume Change: -7.03%

July Fut Open Interest Analysis: Short Covering

MIDCPNIFTY AUGUST Future closed at: 14494.15 (0.251%)

Aug Fut Premium 58.1 (Increased by 28.55 points)

Aug Fut Open Interest Change: 73.26%

Aug Fut Volume Change: 5.60%

Aug Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.820 (Increased from 0.734)

Put-Call Ratio (Volume): 0.793

Max Pain Level: 14450

Maximum CALL Open Interest: 14800

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14400

Highest PUT Addition: 14400

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 76,059.77 (-0.434%)

SENSEX Monthly Future closed at: 76,268.65 (-0.194%)

Premium: 208.88 (Increased by 183.22 points)

Open Interest Change: -3.77%

Volume Change: -3.77%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (30/07/2026) Option Analysis

Put-Call Ratio (OI): 1.092 (Increased from 0.762)

Put-Call Ratio (Volume): 1.035

Max Pain Level: 76100

Maximum CALL OI: 80000

Maximum PUT OI: 76000

Highest CALL Addition: 80000

Highest PUT Addition: 72000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,892.77 Cr.

DIIs Net BUY: ₹ 5,453.55 Cr.

FII Derivatives Activity

FII Trading Stats	24.07.26	23.07.26	22.07.26
FII Cash (Provisional Data)	-3,892.77	-2,999.23	-819.2
Index Future Open Interest Long Ratio	8.63%	7.79%	8.13%
Index Future Volume Long Ratio	47.02%	44.85%	23.55%
Call Option Open Interest Long Ratio	42.02%	39.87%	41.28%
Call Option Volume Long Ratio	50.35%	49.31%	48.87%
Put Option Open Interest Long Ratio	65.59%	67.88%	68.46%
Put Option Volume Long Ratio	49.92%	50.03%	50.56%
Stock Future Open Interest Long Ratio	54.14%	53.93%	53.63%
Stock Future Volume Long Ratio	50.27%	50.40%	49.27%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Fresh Long	Fresh Short	Fresh Short
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Short	Fresh Short
FinNifty Options	Fresh Long	Fresh Long	Short Covering
MidcpNifty Futures	Fresh Short	Long Covering	Long Covering
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Short
NiftyNxt50 Futures	Short Covering	Fresh Short	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Short Covering	Short Covering	Long Covering
Stock Options	Long Covering	Short Covering	Long Covering

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (30/07/2026)

The SENSEX index closed at 76059.77. The SENSEX weekly expiry for JULY 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.092 against previous 0.762. The 80000CE option holds the maximum open interest, followed by the 76000PE and 72000PE options. Market participants have shown increased interest with significant open interest additions in the 80000CE option, with open interest additions also seen in the 72000PE and 76000CE options. On the other hand, open interest reductions were prominent in the 76500PE, 78800CE, and 76300PE options. Trading volume was highest in the 76000CE option, followed by the 76000PE and 75500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	30-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
76059.77	1.092	0.762	1.035
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	99,00,720	58,55,680	40,45,040
PUT:	1,08,11,720	44,62,900	63,48,820
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	9,72,820	5,78,460	51,56,360
77000	5,60,360	1,70,520	87,53,560
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
80000	9,72,820	5,78,460	51,56,360
76000	4,82,740	4,10,000	1,37,92,520
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
78800	78,040	-55,020	8,68,740
77500	3,74,480	-45,020	54,82,820
Top CALL Volume:
Strike	OI	OI Change	Volume
76000	4,82,740	4,10,000	1,37,92,520
77000	5,60,360	1,70,520	87,53,560
Top PUT Open Interest:
Strike	OI	OI Change	Volume
76000	6,27,320	3,61,100	1,35,17,000
72000	5,99,760	4,41,580	47,09,800
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
72000	5,99,760	4,41,580	47,09,800
76000	6,27,320	3,61,100	1,35,17,000
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
76500	1,98,180	-58,520	15,96,160
76300	1,45,280	-54,080	23,43,600
Top PUT Volume:
Strike	OI	OI Change	Volume
76000	6,27,320	3,61,100	1,35,17,000
75500	4,67,960	3,09,800	1,20,70,840

NIFTY Monthly Expiry (28/07/2026)

The NIFTY index closed at 23767.45. The NIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.825 against previous 0.679. 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 23800CE option, with open interest additions also seen in the 23700PE and 23700CE options. On the other hand, open interest reductions were prominent in the 25500CE, 23900PE, and 23850PE options. Trading volume was highest in the 23700PE option, followed by the 23800CE and 23600PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,767.45	0.825	0.679	0.926
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	20,15,67,860	20,62,56,635	-46,88,775
PUT:	16,63,11,470	13,99,67,880	2,63,43,590
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,50,49,255	-10,01,910	9,45,928
24,000	1,34,79,180	5,30,985	36,82,197
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,800	72,42,495	38,36,690	52,87,083
23,700	40,00,620	32,04,565	42,30,604
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	76,44,585	-46,98,005	4,24,637
24,700	53,13,750	-17,65,400	11,29,008
Top CALL Volume:
Strike	OI	OI Change	Volume
23,800	72,42,495	38,36,690	52,87,083
23,700	40,00,620	32,04,565	42,30,604
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	1,32,21,585	25,41,110	15,44,770
23,500	1,03,50,925	14,09,980	35,60,576
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,700	83,10,250	32,27,510	56,57,061
23,300	77,93,175	29,41,575	13,81,336
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,900	31,74,665	-32,88,675	9,90,589
23,850	22,43,930	-17,83,145	10,88,015
Top PUT Volume:
Strike	OI	OI Change	Volume
23,700	83,10,250	32,27,510	56,57,061
23,600	79,13,750	27,01,205	46,36,723

BANKNIFTY Monthly Expiry (28/07/2026)

The BANKNIFTY index closed at 56693.5. The BANKNIFTY monthly expiry for JULY 28, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.802 against previous 0.696. The 58000CE option holds the maximum open interest, followed by the 59000CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 56700PE option, with open interest additions also seen in the 56700CE and 56800PE options. On the other hand, open interest reductions were prominent in the 60000CE, 59000CE, and 59000PE options. Trading volume was highest in the 56000PE option, followed by the 57000CE and 58000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,693.50	0.802	0.696	0.802
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,07,65,220	2,15,92,770	-8,27,550
PUT:	1,66,53,540	1,50,28,680	16,24,860
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,000	18,80,610	-1,73,760	3,81,702
59,000	16,09,470	-3,50,310	2,36,091
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,700	4,77,060	2,68,890	2,98,054
56,800	5,26,980	2,29,170	3,21,979
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	15,71,880	-5,14,530	1,00,377
59,000	16,09,470	-3,50,310	2,36,091
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	10,14,960	-1,58,820	4,99,659
58,000	18,80,610	-1,73,760	3,81,702
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	10,06,050	79,860	5,18,622
55,000	8,97,030	1,66,470	2,45,528
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,700	5,28,540	3,26,760	2,52,667
56,800	4,00,440	2,42,820	1,68,497
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	5,47,380	-3,19,950	12,504
58,000	8,05,020	-75,750	12,536
Top PUT Volume:
Strike	OI	OI Change	Volume
56,000	10,06,050	79,860	5,18,622
56,500	7,23,210	1,24,740	3,47,322

MIDCPNIFTY Monthly Expiry (28/07/2026)

The MIDCPNIFTY index closed at 14436.05. The MIDCPNIFTY monthly expiry for JULY 28, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.820 against previous 0.734. The 14800CE option holds the maximum open interest, followed by the 14400CE and 14000PE options. Market participants have shown increased interest with significant open interest additions in the 14400CE option, with open interest additions also seen in the 14300CE and 14350CE options. On the other hand, open interest reductions were prominent in the 72500CE, 71500CE, and 73500CE options. Trading volume was highest in the 14400CE option, followed by the 14500CE and 14300PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-07-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,436.05	0.820	0.734	0.793
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,06,31,160	1,06,74,720	-43,560
PUT:	87,13,920	78,33,600	8,80,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,800	12,01,320	1,49,280	32,448
14,400	8,90,640	6,18,960	70,119
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,400	8,90,640	6,18,960	70,119
14,300	3,12,120	2,49,120	48,221
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	6,16,680	-5,46,840	67,361
15,000	8,06,040	-2,27,520	24,264
Top CALL Volume:
Strike	OI	OI Change	Volume
14,400	8,90,640	6,18,960	70,119
14,500	6,16,680	-5,46,840	67,361
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	8,21,520	-1,03,320	37,826
14,400	7,85,400	1,49,280	42,832
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,400	7,85,400	1,49,280	42,832
14,350	2,49,840	1,48,800	22,697
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	3,78,360	-1,31,280	16,165
14,000	8,21,520	-1,03,320	37,826
Top PUT Volume:
Strike	OI	OI Change	Volume
14,300	4,50,960	47,760	65,282
14,200	4,42,320	51,000	49,501

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

So, how do we actually trade this F&O setup heading into the July 28 and July 30 expiries? Based on today’s Open Interest Volume Analysis, your best edge is a “pairs trade” approach—fading the benchmark while buying the financial outperformance. Here is your actionable, data-backed game plan for the days ahead:

Sell the Nifty rallies: Upside is heavily capped. With max pain sitting at 23900 and aggressive, fresh call writing capping us at 23800, use any intraday bounce to initiate short positions. If we break below the 23700 put support, expect long liquidation to accelerate the drop.

Buy the BankNifty dips: The data here screams resilience. The massive influx of fresh August longs means BankNifty is your go-to index for bullish setups. With the highest put and call additions aggressively colliding at the 56700 straddle, treat 56700 as your rock-solid base. Look to enter longs near this zone targeting the 57100 max pain level.

Ride the Midcap breakout: Midcaps are showing the highest conviction data on the board. Treat the 14400 level (highest put addition) as a strict stop-loss for long positions, and ride the momentum that the 73% jump in August OI is predicting.

Stay nimble on Sensex: The options chain is dangerously wide here (72000 PE to 80000 CE). Combine that with futures long covering, and it’s a recipe for wild premium decay. Unless you are an experienced option seller, avoid directional heroics on the Sensex this week.

Ultimately, let the Open Interest Volume Analysis dictate your sizing—respect the Nifty resistance, trust the banking strength, and trade the data, not your gut!

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

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.