NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 28/07/2026

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Open Interest Volume Analysis

Welcome back, traders! If you’re looking at the charts today and wondering why the broader market feels so heavy, our latest Open Interest Volume Analysis reveals exactly what the institutional players are quietly doing behind the scenes. Across the board—from the benchmark NIFTY to the volatile BANKNIFTY—we are seeing a distinct, unified shift in market sentiment that you need to be prepared for as we roll deeper into the August series. Here is the big picture breakdown from today’s closing data:

The Bears are Building Ammunition: We are seeing aggressive “Fresh Short” buildups in NIFTY, BANKNIFTY, and MIDCPNIFTY. This isn’t just a light pullback; it’s backed by massive double-digit spikes in both trading volume (up over 50% in NIFTY) and open interest (up 31%).

A Violent Tug-of-War at 24,000: NIFTY is completely pinned at the 24k mark. The data shows identical maximum call and put open interest right at 24,000, meaning option writers are making their final stand here. Whichever side breaks first will likely trigger a massive directional move.

Banks are Bleeding Premiums: BANKNIFTY is showing the clearest signs of distress. It bled over half a percent today, and the August futures premium saw a sharp 55-point drop alongside a 29% surge in short open interest.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23985.35 (-0.044%)

Combined = August + September + October

Combined Fut Open Interest Change: 31.28%

Combined Fut Volume Change: 52.73%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 8%

NIFTY AUGUST Future closed at: 24098.8 (-0.012%)

Aug Fut Premium 113.45 (Increased by 7.6 points)

Aug Fut Open Interest Change: 33.09%

Aug Fut Volume Change: 54.34%

Aug Fut Open Interest Analysis: Fresh Short

NIFTY SEPTEMBER Future closed at: 24236.8 (-0.002%)

Sep Fut Premium 251.45 (Increased by 10.2 points)

Sep Fut Open Interest Change: 10.14%

Sep Fut Volume Change: 21.28%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (04/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.926 (Increased from 0.923)

Put-Call Ratio (Volume): 1.019

Max Pain Level: 24000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 24000

NIFTY Monthly Expiry (25/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.104 (Increased from 1.102)

Put-Call Ratio (Volume): 0.952

Max Pain Level: 24100

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24000

Highest PUT Addition: 24000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56755.6 (-0.581%)

Combined = August + September + October

Combined Fut Open Interest Change: 27.94%

Combined Fut Volume Change: 36.34%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 8%

BANKNIFTY AUGUST Future closed at: 57009 (-0.675%)

Aug Fut Premium 253.4 (Decreased by -55.6 points)

Aug Fut Open Interest Change: 29.5%

Aug Fut Volume Change: 39.7%

Aug Fut Open Interest Analysis: Fresh Short

BANKNIFTY SEPTEMBER Future closed at: 57407.8 (-0.668%)

Sep Fut Premium 652.2 (Decreased by -54.2 points)

Sep Fut Open Interest Change: 10.65%

Sep Fut Volume Change: -17.41%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (25/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.870 (Decreased from 0.897)

Put-Call Ratio (Volume): 0.777

Max Pain Level: 57900

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 58000

Highest PUT Addition: 58000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14541.05 (-0.219%)

Combined = August + September + October

Combined Fut Open Interest Change: 22.31%

Combined Fut Volume Change: 33.15%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 2% Previous 2%

MIDCPNIFTY AUGUST Future closed at: 14612.4 (-0.231%)

Aug Fut Premium 71.35 (Decreased by -2.05 points)

Aug Fut Open Interest Change: 22.10%

Aug Fut Volume Change: 32.65%

Aug Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY SEPTEMBER Future closed at: 14672.85 (-0.116%)

Sep Fut Premium 131.8 (Increased by 14.85 points)

Sep Fut Open Interest Change: 32.95%

Sep Fut Volume Change: 50.48%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (25/08/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.083 (Increased from 0.824)

Put-Call Ratio (Volume): 0.932

Max Pain Level: 14500

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15500

Highest PUT Addition: 14000

SENSEX Monthly Expiry (30/07/2026) Future

SENSEX Spot closed at: 76,765.92 (-0.091%)

SENSEX Monthly Future closed at: 76,876.55 (-0.147%)

Premium: 110.63 (Decreased by -43.69 points)

Open Interest Change: -14.37%

Volume Change: -28.87%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 1.055 (Decreased from 1.197)

Put-Call Ratio (Volume): 1.011

Max Pain Level: 76800

Maximum CALL OI: 78500

Maximum PUT OI: 75000

Highest CALL Addition: 77500

Highest PUT Addition: 76000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 755.33 Cr.

DIIs Net BUY: ₹1,664.16 Cr.

FII Derivatives Activity

FII Trading Stats28.07.2627.07.2624.07.26
FII Cash (Provisional Data)755.33-1,688.23-3,892.77
    
Index Future Open Interest Long Ratio8.77%8.78%8.63%
Index Future Volume Long Ratio43.32%51.90%47.02%
Call Option Open Interest Long Ratio35.56%43.01%42.02%
Call Option Volume Long Ratio49.56%50.18%50.35%
Put Option Open Interest Long Ratio77.61%63.63%65.59%
Put Option Volume Long Ratio49.89%49.73%49.92%
Stock Future Open Interest Long Ratio54.36%54.76%54.14%
Stock Future Volume Long Ratio51.83%51.08%50.27%
    
Index FuturesLong CoveringShort CoveringFresh Short
Index OptionsLong CoveringFresh ShortFresh Long
    
Nifty FuturesLong CoveringShort CoveringFresh Short
Nifty OptionsLong CoveringFresh ShortFresh Long
    
BankNifty FuturesLong CoveringFresh LongFresh Long
BankNifty OptionsLong CoveringFresh ShortFresh Long
    
FinNifty FuturesLong CoveringFresh ShortFresh Short
FinNifty OptionsLong CoveringFresh LongFresh Long
    
MidcpNifty FuturesLong CoveringFresh LongFresh Short
MidcpNifty OptionsLong CoveringShort CoveringFresh Short
    
NiftyNxt50 FuturesShort CoveringFresh ShortShort Covering
NiftyNxt50 OptionsLong CoveringFresh LongFresh Long
    
Stock FuturesShort CoveringFresh LongShort Covering
Stock OptionsLong CoveringLong CoveringLong Covering

SENSEX weekly Expiry (30/07/2026)

The SENSEX index closed at 76765.92. The SENSEX weekly expiry for JULY 30, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.055 against previous 1.197. The 75000PE option holds the maximum open interest, followed by the 78500CE and 77000CE options. Market participants have shown increased interest with significant open interest additions in the 77500CE option, with open interest additions also seen in the 78000CE and 77000CE options. On the other hand, open interest reductions were prominent in the 72500PE, 81000CE, and 73200PE options. Trading volume was highest in the 77000CE option, followed by the 76800PE and 76900PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:30-07-2026
Index SpotPCR OIPrev PCR OIPCR VOL
76765.921.0551.1971.011
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,87,34,860    1,27,38,960           59,95,900
PUT:  1,97,61,740    1,52,45,660           45,16,080
Top CALL Open Interest:
StrikeOIOI ChangeVolume
78500      12,93,840          4,58,000           75,88,740
77000      12,82,460          5,79,960        2,43,90,540
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
77500      11,73,660          6,18,660        1,32,46,620
78000      12,35,560          5,93,700        1,15,62,200
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
81000        6,56,780            -80,500           19,43,640
76600        1,47,820            -48,900           41,47,380
Top CALL Volume:
StrikeOIOI ChangeVolume
77000      12,82,460          5,79,960        2,43,90,540
76800        6,03,720          1,34,340        1,73,78,200
Top PUT Open Interest:
StrikeOIOI ChangeVolume
75000      13,35,920          4,63,020           68,65,640
76000      12,67,880          4,88,480        1,00,56,120
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
76000      12,67,880          4,88,480        1,00,56,120
75000      13,35,920          4,63,020           68,65,640
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
72500        1,76,160            -96,360           16,71,260
73200        1,00,180            -79,660              5,80,360
Top PUT Volume:
StrikeOIOI ChangeVolume
76800        7,17,880          2,42,680        1,97,22,540
76900        4,76,280          1,02,620        1,88,46,360

NIFTY Weekly Expiry (04/08/2026)

The NIFTY index closed at 23985.35. The NIFTY weekly expiry for AUGUST 4, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.926 against previous 0.923. The 24000CE option holds the maximum open interest, followed by the 24000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 24000PE and 24700CE options. On the other hand, open interest reductions were prominent in the 25700CE, 23100PE, and 23700CE options. Trading volume was highest in the 24000PE option, followed by the 24000CE and 23900PE options, indicating active trading in these strikes.

NIFTYWeekly Expiry:04-08-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,985.35                0.926                  0.923               1.019
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    7,36,36,810      4,32,83,500   3,03,53,310
 PUT:    6,81,69,140      3,99,70,385   2,81,98,755
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       69,27,245         37,63,760         6,17,533
               25,000       56,92,895         21,74,835         1,49,434
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       69,27,245         37,63,760         6,17,533
               24,700       46,94,755         28,67,735         1,66,908
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,700          4,73,915          -1,53,790             17,674
               23,700          3,49,310              -43,095             14,770
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       69,27,245         37,63,760         6,17,533
               24,100       40,41,700         25,09,585         3,16,919
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       59,11,815         30,83,535         6,18,725
               23,000       54,84,570         25,68,670         1,69,147
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       59,11,815         30,83,535         6,18,725
               23,000       54,84,570         25,68,670         1,69,147
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,100       12,56,255          -1,48,850             58,540
               22,550             52,455              -13,910               4,538
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       59,11,815         30,83,535         6,18,725
               23,900       25,66,590         11,77,605         3,36,301

NIFTY Monthly Expiry (25/08/2026)

The NIFTY index closed at 23985.35. The NIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.104 against previous 1.102. The 24000PE option holds the maximum open interest, followed by the 24000CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24000CE and 25000CE options. On the other hand, open interest reductions were prominent in the 24200CE, 23700CE, and 23800CE 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:25-08-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,985.35                1.104                  1.102               0.952
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    3,91,55,415      3,60,05,190       31,50,225
 PUT:    4,32,42,550      3,96,76,130       35,66,420
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000       79,35,265            6,93,290             82,004
               24,500       47,31,740            1,78,295             44,371
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000       79,35,265            6,93,290             82,004
               25,000       46,85,395            6,83,020             65,945
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,200       16,76,870          -1,16,480             16,027
               23,700          3,15,705              -62,920               2,364
 Top CALL Volume:
 Strike OI OI Change Volume
               24,000       79,35,265            6,93,290             82,004
               25,000       46,85,395            6,83,020             65,945
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       79,54,700            7,37,880             82,018
               23,500       32,15,745            1,74,330             31,813
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,000       79,54,700            7,37,880             82,018
               24,100       18,80,970            3,63,805             19,771
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               22,800          3,95,590              -12,220               6,494
               23,750             53,170                -6,110                   685
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,000       79,54,700            7,37,880             82,018
               23,000       29,85,060            2,37,185             32,633

BANKNIFTY Monthly Expiry (25/08/2026)

The BANKNIFTY index closed at 56755.6. The BANKNIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.870 against previous 0.897. The 58000CE option holds the maximum open interest, followed by the 58000PE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 58000CE option, with open interest additions also seen in the 60000CE and 58000PE options. On the other hand, open interest reductions were prominent in the 59000PE, 57200PE, and 46000PE options. Trading volume was highest in the 58000CE option, followed by the 57000CE and 57000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:25-08-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         56,755.60                0.870                  0.897               0.777
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       87,61,470         66,08,100       21,53,370
 PUT:       76,26,060         59,26,740       16,99,320
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               58,000       17,96,490            3,81,510             46,639
               59,000          9,42,600            1,97,280             26,846
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               58,000       17,96,490            3,81,510             46,639
               60,000          9,16,710            2,91,570             32,454
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               56,400                6,060                -1,530                   260
               56,300                5,580                    -960                   152
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       17,96,490            3,81,510             46,639
               57,000          7,17,870            1,86,510             44,092
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000       12,27,030            2,87,700             20,584
               57,000          6,04,680            1,19,970             35,940
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               58,000       12,27,030            2,87,700             20,584
               55,000          5,00,280            1,31,970             14,534
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               59,000          3,20,790              -27,540               8,033
               57,200             43,440              -14,370               3,094
 Top PUT Volume: 
 Strike OI OI Change Volume
               57,000          6,04,680            1,19,970             35,940
               58,000       12,27,030            2,87,700             20,584

MIDCPNIFTY Monthly Expiry (25/08/2026)

The MIDCPNIFTY index closed at 14541.05. The MIDCPNIFTY monthly expiry for AUGUST 25, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.083 against previous 0.824. The 14000PE option holds the maximum open interest, followed by the 13500PE and 14500PE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 14500PE and 13500PE options. On the other hand, open interest reductions were prominent in the 66100CE, 66100CE, and 66100PE options. Trading volume was highest in the 14500PE option, followed by the 14500CE and 14000PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:25-08-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,541.05                1.083                  0.824               0.932
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       17,62,440            9,47,160         8,15,280
 PUT:       19,08,240            7,80,000       11,28,240
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500          2,47,560               92,880               3,959
               15,500          2,24,160            1,04,760               2,953
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               15,500          2,24,160            1,04,760               2,953
               15,200          1,24,560               96,360               1,719
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,725                2,160                    -480                     45
               14,725                2,160                    -480                     45
 Top CALL Volume:
 Strike OI OI Change Volume
               14,500          2,47,560               92,880               3,959
               14,600          1,17,960               72,840               3,337
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000          3,41,040            1,91,640               3,608
               13,500          3,09,360            1,44,960               2,755
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,000          3,41,040            1,91,640               3,608
               14,500          3,08,520            1,61,880               4,193
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,875                1,680                    -360                     10
               12,550                       –                           –                        –  
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,500          3,08,520            1,61,880               4,193
               14,000          3,41,040            1,91,640               3,608

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

To wrap things up, our comprehensive Open Interest Volume Analysis paints a highly cautious picture for the upcoming sessions. The sheer velocity of these fresh short additions means this is absolutely not the time to be a blind buyer of dips; the data strictly demands a defensive, level-to-level approach.

The NIFTY Action Plan: Keep your eyes glued to 24,000. Because both the highest call and put additions are sitting directly on this max pain level, a sustained breakdown below 24,000 will likely trap put writers, triggering a sharp downside flush. If you are holding longs, trailing your stop-losses right below this zone is non-negotiable.

Sell the Bounces in Bank Nifty: BANKNIFTY is undeniably weak. With fresh shorts heavily building and a wall of call writing at 58,000, the smartest risk-reward play right now is looking for “sell on rise” setups near that resistance rather than trying to catch a falling knife.

SENSEX Expiry Squeeze: SENSEX is the odd one out. Instead of fresh shorts, we are seeing rapid “Long Covering” (OI dropped 14%) heading into its July 30th expiry. With max pain pegged tightly at 76,800, expect a choppy, sideways bleed that favors option sellers. Directional buyers should stay largely on the sidelines here.

The Bottom Line: Respect the volume. When you see 30-50% volume surges paired with rising open interest on red closing days, it confirms the smart money is heavily betting on downside pressure. Keep your position sizes light, protect your capital, and wait for the market to decisively reclaim these heavy resistance walls before getting aggressive on the long side.

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.


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