Turning Complex Derivative Data into Clear Market Insights
NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/08/2026
Table of Contents
Today, we are cracking open the derivative data using a detailed Open Interest Volume Analysis to track exactly where the smart money is moving. Across the board, from large caps to midcaps, the data is screaming one thing: the bulls are taking control, aggressively shaking out the bears, and confidently rolling their bets into the September series. Here is the deep dive into what the F&O footprints are telling us:
NIFTY’s Bullish Shift: Spot closed strong at 24,231, but the real story is under the hood. August futures saw a 16% drop in OI (textbook short covering) while September saw a massive 83% explosion in OI alongside a 176% volume surge. This signifies heavy fresh longs. Add in a Put-Call Ratio (PCR) jumping to 1.097, and it’s clear the bears are running for the exits.
BANKNIFTY’s Squeeze: Closing at 57,495, we are seeing combined OI drop, meaning weak shorts are being forced to cover. The rollover rate jumped to 21%, and September premiums are fattening up by 14 points, confirming that fresh long accumulation for the next series is already well underway.
MIDCPNIFTY’s Stealth Accumulation: Don’t let the flat 0.062% spot move fool you. Our Open Interest Volume Analysis reveals an eye-watering 275% jump in September OI and a 605% volume spike. Smart money is quietly loading up on fresh longs for the next month while retail traders are distracted.
SENSEX Options Trap: The spot is up 0.817%, but the weekly options data shows an epic tug-of-war. The Max Pain, Maximum Call OI, and Maximum Put OI are all pinned precisely at the 77,500 level. Option sellers are building a massive straddle here, trapping premium buyers in a tight, theta-bleeding range.
NSE & BSE F&O Market Signals
NIFTY Future analysis
NIFTY Spot closed at: 24231.85 (0.638%)
Combined = August + September + October
Combined Fut Open Interest Change: 1.86%
Combined Fut Volume Change: 79.23%
Combined Fut Open Interest Analysis: Fresh Long
Rollover: 35% Previous 21%
NIFTY AUGUST Future closed at: 24293 (0.727%)
Aug Fut Premium 61.15 (Increased by 21.85 points)
Aug Fut Open Interest Change: -16.16%
Aug Fut Volume Change: 45.54%
Aug Fut Open Interest Analysis: Short Covering
NIFTY SEPTEMBER Future closed at: 24392.6 (0.635%)
Sep Fut Premium 160.75 (Increased by 0.25 points)
Sep Fut Open Interest Change: 83.74%
Sep Fut Volume Change: 176.42%
Sep Fut Open Interest Analysis: Fresh Long
NIFTY Monthly Expiry (25/08/2026) Option Analysis
Put-Call Ratio (Open Interest): 1.097 (Increased from 0.702)
Put-Call Ratio (Volume): 0.986
Max Pain Level: 24250
Maximum CALL Open Interest: 24500
Maximum PUT Open Interest: 24000
Highest CALL Addition: 24600
Highest PUT Addition: 24200
BANKNIFTY Future Analysis
BANKNIFTY Spot closed at: 57495.9 (0.448%)
Combined = August + September + October
Combined Fut Open Interest Change: -0.98%
Combined Fut Volume Change: 56.27%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 21% Previous 15%
BANKNIFTY AUGUST Future closed at: 57638.6 (0.504%)
Aug Fut Premium 142.7 (Increased by 32.65 points)
Aug Fut Open Interest Change: -8.0%
Aug Fut Volume Change: 56.9%
Aug Fut Open Interest Analysis: Short Covering
BANKNIFTY SEPTEMBER Future closed at: 57967.8 (0.468%)
Sep Fut Premium 471.9 (Increased by 14.05 points)
Sep Fut Open Interest Change: 45.31%
Sep Fut Volume Change: 80.32%
Sep Fut Open Interest Analysis: Fresh Long
BANKNIFTY Monthly Expiry (25/08/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.814 (Increased from 0.708)
Put-Call Ratio (Volume): 0.880
Max Pain Level: 57600
Maximum CALL Open Interest: 58000
Maximum PUT Open Interest: 57000
Highest CALL Addition: 57700
Highest PUT Addition: 57000
MIDCPNIFTY Future Analysis
MIDCPNIFTY Spot closed at: 14877.15 (0.062%)
Combined = August + September + October
Combined Fut Open Interest Change: -2.49%
Combined Fut Volume Change: 110.46%
Combined Fut Open Interest Analysis: Short Covering
Rollover: 24% Previous 7%
MIDCPNIFTY AUGUST Future closed at: 14889.85 (0.258%)
Aug Fut Premium 12.7 (Increased by 29.05 points)
Aug Fut Open Interest Change: -20.75%
Aug Fut Volume Change: 33.11%
Aug Fut Open Interest Analysis: Short Covering
MIDCPNIFTY SEPTEMBER Future closed at: 14937.95 (0.132%)
Sep Fut Premium 60.8 (Increased by 10.4 points)
Sep Fut Open Interest Change: 275.46%
Sep Fut Volume Change: 605.43%
Sep Fut Open Interest Analysis: Fresh Long
MIDCPNIFTY Monthly Expiry (25/08/2026) Option Analysis
Put-Call Ratio (Open Interest): 0.864 (Decreased from 0.899)
Put-Call Ratio (Volume): 1.033
Max Pain Level: 14900
Maximum CALL Open Interest: 15500
Maximum PUT Open Interest: 14500
Highest CALL Addition: 15200
Highest PUT Addition: 15000
SENSEX Monthly Expiry (27/08/2026) Future
SENSEX Spot closed at: 77,537.72 (0.817%)
SENSEX Monthly Future closed at: 77,786.75 (0.745%)
Premium: 249.03 (Decreased by -52.59 points)
Open Interest Change: -19.32%
Volume Change: -3.51%
Open Interest Analysis: Short Covering
SENSEX Weekly Expiry (27/08/2026) Option Analysis
Put-Call Ratio (OI): 1.126 (Increased from 0.887)
Put-Call Ratio (Volume): 1.110
Max Pain Level: 77500
Maximum CALL OI: 77500
Maximum PUT OI: 77500
Highest CALL Addition: 79000
Highest PUT Addition: 77500
FII & DII Cash Market Activity
FIIs Net SELL: ₹ 583.36 Cr.
DIIs Net BUY: ₹ 3,537.71 Cr.
FII Derivatives Activity
| FII Trading Stats | 20.08.26 | 19.08.26 | 18.08.26 |
| FII Cash (Provisional Data) | -583.36 | 407.99 | 1,651.53 |
| Index Future Open Interest Long Ratio | 9.33% | 9.58% | 10.40% |
| Index Future Volume Long Ratio | 48.73% | 26.66% | 27.47% |
| Call Option Open Interest Long Ratio | 41.30% | 38.94% | 39.82% |
| Call Option Volume Long Ratio | 51.11% | 48.85% | 49.24% |
| Put Option Open Interest Long Ratio | 64.43% | 69.31% | 73.84% |
| Put Option Volume Long Ratio | 48.83% | 49.35% | 50.18% |
| Stock Future Open Interest Long Ratio | 55.05% | 54.71% | 54.65% |
| Stock Future Volume Long Ratio | 50.55% | 50.73% | 47.93% |
| 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 | Short Covering | Fresh Short | Fresh Short |
| BankNifty Options | Short Covering | Fresh Short | Fresh Long |
| FinNifty Futures | Short Covering | Fresh Short | Short Covering |
| FinNifty Options | Fresh Short | Fresh Long | Long Covering |
| MidcpNifty Futures | Short Covering | Fresh Short | Fresh Short |
| MidcpNifty Options | Fresh Short | Fresh Long | Fresh Long |
| NiftyNxt50 Futures | Fresh Short | Long Covering | Long Covering |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Long |
| Stock Futures | Fresh Long | Fresh Long | Long Covering |
| Stock Options | Short Covering | Long Covering | Long Covering |
NSE & BSE Option market Trends : Options Insights
SENSEX weekly Expiry (27/08/2026)
The SENSEX index closed at 77537.72. The SENSEX weekly expiry for AUGUST 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.126 against previous 0.887. The 77500PE option holds the maximum open interest, followed by the 77500CE and 77000PE options. Market participants have shown increased interest with significant open interest additions in the 77500PE option, with open interest additions also seen in the 77000PE and 76000PE options. On the other hand, open interest reductions were prominent in the 77000CE, 80500CE, and 77300CE options. Trading volume was highest in the 77500PE option, followed by the 77500CE and 77000PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 27-08-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 77537.72 | 1.126 | 0.887 | 1.110 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 43,75,880 | 30,79,640 | 12,96,240 |
| PUT: | 49,25,120 | 27,32,240 | 21,92,880 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 4,36,720 | 68,740 | 21,21,980 |
| 80000 | 3,73,600 | 29,440 | 10,27,260 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 79000 | 3,04,240 | 1,17,160 | 9,07,160 |
| 78500 | 3,21,760 | 1,05,520 | 9,78,720 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 1,86,820 | -32,960 | 4,49,080 |
| 80500 | 1,36,920 | -26,520 | 6,12,760 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 4,36,720 | 68,740 | 21,21,980 |
| 78000 | 3,55,000 | -7,280 | 13,93,980 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 5,13,180 | 2,59,220 | 25,49,200 |
| 77000 | 4,29,480 | 2,10,520 | 14,40,640 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 5,13,180 | 2,59,220 | 25,49,200 |
| 77000 | 4,29,480 | 2,10,520 | 14,40,640 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 72000 | 2,63,920 | -8,000 | 4,36,220 |
| 72300 | 280 | -220 | 1,120 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 77500 | 5,13,180 | 2,59,220 | 25,49,200 |
| 77000 | 4,29,480 | 2,10,520 | 14,40,640 |
NIFTY Monthly Expiry (25/08/2026)
The NIFTY index closed at 24231.85. The NIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.097 against previous 0.702. The 24000PE option holds the maximum open interest, followed by the 24200PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 24200PE option, with open interest additions also seen in the 24250PE and 23900PE options. On the other hand, open interest reductions were prominent in the 24100CE, 25500CE, and 24200CE options. Trading volume was highest in the 24200PE option, followed by the 24200CE and 24300CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 25-08-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,231.85 | 1.097 | 0.702 | 0.986 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 16,33,71,715 | 19,83,73,110 | -3,50,01,395 |
| PUT: | 17,91,99,475 | 13,93,34,520 | 3,98,64,955 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 1,25,14,645 | -23,49,620 | 13,40,280 |
| 25,000 | 1,19,24,120 | -26,70,980 | 9,86,702 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,600 | 82,31,665 | 12,01,135 | 8,00,828 |
| 24,350 | 30,54,545 | 5,34,170 | 8,42,015 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,100 | 30,57,730 | -68,06,995 | 6,62,625 |
| 25,500 | 87,99,505 | -29,24,285 | 3,99,374 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 84,08,595 | -26,76,245 | 23,11,365 |
| 24,300 | 97,85,880 | -18,23,575 | 19,07,612 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,63,47,890 | 26,78,780 | 11,44,062 |
| 24,200 | 1,32,88,990 | 69,18,145 | 30,30,619 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 1,32,88,990 | 69,18,145 | 30,30,619 |
| 24,250 | 49,77,505 | 39,27,495 | 16,33,659 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 23,700 | 66,93,960 | -15,04,945 | 5,99,478 |
| 24,500 | 40,03,025 | -10,38,830 | 2,35,400 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,200 | 1,32,88,990 | 69,18,145 | 30,30,619 |
| 24,250 | 49,77,505 | 39,27,495 | 16,33,659 |
BANKNIFTY Monthly Expiry (25/08/2026)
The BANKNIFTY index closed at 57495.9. The BANKNIFTY monthly expiry for AUGUST 25, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.814 against previous 0.708. The 58000CE option holds the maximum open interest, followed by the 60000CE and 57000PE options. Market participants have shown increased interest with significant open interest additions in the 57000PE option, with open interest additions also seen in the 57700CE and 57500PE options. On the other hand, open interest reductions were prominent in the 60000CE, 59000CE, and 57200CE options. Trading volume was highest in the 57500PE option, followed by the 57500CE and 58000CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 25-08-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 57,495.90 | 0.814 | 0.708 | 0.880 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,78,29,960 | 1,92,22,290 | -13,92,330 |
| PUT: | 1,45,05,300 | 1,36,08,120 | 8,97,180 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 58,000 | 23,14,950 | -1,41,150 | 2,21,280 |
| 60,000 | 16,89,690 | -3,73,590 | 69,776 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,700 | 7,78,320 | 2,97,750 | 2,04,441 |
| 57,600 | 5,03,430 | 1,13,430 | 2,01,071 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 16,89,690 | -3,73,590 | 69,776 |
| 59,000 | 13,21,590 | -2,01,870 | 91,111 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,500 | 9,60,510 | -1,50,120 | 2,25,004 |
| 58,000 | 23,14,950 | -1,41,150 | 2,21,280 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 14,71,380 | 3,17,160 | 1,71,170 |
| 56,000 | 8,79,420 | -1,29,090 | 79,854 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 57,000 | 14,71,380 | 3,17,160 | 1,71,170 |
| 57,500 | 8,71,260 | 2,47,950 | 2,29,350 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 58,000 | 8,67,330 | -1,71,330 | 91,524 |
| 56,000 | 8,79,420 | -1,29,090 | 79,854 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 57,500 | 8,71,260 | 2,47,950 | 2,29,350 |
| 57,600 | 2,73,240 | 1,05,570 | 1,95,555 |
MIDCPNIFTY Monthly Expiry (25/08/2026)
The MIDCPNIFTY index closed at 14877.15. The MIDCPNIFTY monthly expiry for AUGUST 25, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.864 against previous 0.899. The 15500CE option holds the maximum open interest, followed by the 15000CE and 14500PE options. Market participants have shown increased interest with significant open interest additions in the 15200CE option, with open interest additions also seen in the 15000PE and 15700CE options. On the other hand, open interest reductions were prominent in the 71700CE, 71700CE, and 71700CE options. Trading volume was highest in the 15000CE option, followed by the 14900PE and 14900CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 25-08-2026 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 14,877.15 | 0.864 | 0.899 | 1.033 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 84,93,360 | 81,21,960 | 3,71,400 |
| PUT: | 73,35,960 | 73,00,560 | 35,400 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 15,500 | 14,27,640 | -18,480 | 6,777 |
| 15,000 | 14,26,320 | 10,680 | 31,212 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 15,200 | 5,59,560 | 96,360 | 8,569 |
| 15,700 | 2,07,000 | 65,040 | 2,765 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,900 | 6,00,480 | -57,480 | 21,323 |
| 14,850 | 2,71,080 | -23,280 | 2,956 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 14,26,320 | 10,680 | 31,212 |
| 14,900 | 6,00,480 | -57,480 | 21,323 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 14,500 | 8,12,520 | -21,720 | 8,865 |
| 15,000 | 7,93,320 | 68,880 | 18,237 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 15,000 | 7,93,320 | 68,880 | 18,237 |
| 14,200 | 4,48,440 | 53,880 | 3,193 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 14,900 | 5,06,640 | -1,09,080 | 25,615 |
| 14,350 | 21,840 | -74,760 | 1,184 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 14,900 | 5,06,640 | -1,09,080 | 25,615 |
| 15,000 | 7,93,320 | 68,880 | 18,237 |
Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us
To wrap things up, what is the bottom line for your trading screen tomorrow? When we synthesize today’s Open Interest Volume Analysis, the overarching theme is a “buy the dip” market heavily supported by aggressive put writing and confident bullish rollovers. The bears are firmly on the back foot, and trying to short this momentum without strict confirmation could be dangerous. Here is your actionable feedback and game plan based on the hard data:
NIFTY Action Plan: The highest put addition just came in at 24,200, creating a concrete floor. Treat any intraday dip toward 24,200–24,250 (Max Pain) as a low-risk buying opportunity. Your immediate target is the 24,500 resistance where the highest Call OI sits.
BANKNIFTY Strategy: The banking index is slightly more cautious with a PCR of 0.814. Let the market digest the 57,600 Max Pain level. Wait for a decisive volume breakout above the 57,700 zone (highest call addition) before initiating heavy long positions, targeting the 58,000 ceiling.
SENSEX Theta Play: Since both the heaviest call and put writers are sitting exactly at 77,500, directional buyers will likely get chopped up. If you are an options seller, deploy non-directional, delta-neutral strategies (like Iron Condors or short straddles) around 77,500 to capitalize on the premium decay.
The Final Word on Midcaps: Based on our Open Interest Volume Analysis, the aggressive September fresh longs in MIDCPNIFTY present a fantastic swing trade setup. Look to build long positions near the 14,900 Max Pain level, trailing your stop loss below the massive 14,500 put base. Don’t fight the trend—ride the rollover wave!
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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