NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 28/08/2026

If we dive straight into our daily Open Interest Volume Analysis, we’re staring at a fascinating tug-of-war across the major indices right now.

While NIFTY and SENSEX are quietly stacking up “Fresh Longs” (showing underlying strength), BANKNIFTY is flashing a clear warning sign with heavy “Fresh Short” build-ups across multiple expiries.

Meanwhile, MIDCPNIFTY is seeing some aggressive short covering—meaning the bears are running for cover. Let’s break down exactly what these F&O data points mean for your trading screens this week!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 24175.65 (0.352%)

Combined = September + October + November

Combined Fut Open Interest Change: 3.22%

Combined Fut Volume Change: -13.11%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 9% Previous 9%

NIFTY SEPTEMBER Future closed at: 24341.9 (0.247%)

Sep Fut Premium 166.25 (Decreased by -24.8 points)

Sep Fut Open Interest Change: 2.40%

Sep Fut Volume Change: -15.45%

Sep Fut Open Interest Analysis: Fresh Long

NIFTY OCTOBER Future closed at: 24454.4 (0.204%)

Oct Fut Premium 278.75 (Decreased by -34.9 points)

Oct Fut Open Interest Change: 10.64%

Oct Fut Volume Change: 59.00%

Oct Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (01/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.776 (Increased from 0.593)

Put-Call Ratio (Volume): 1.120

Max Pain Level: 24200

Maximum CALL Open Interest: 24300

Maximum PUT Open Interest: 24000

Highest CALL Addition: 24100

Highest PUT Addition: 24100

NIFTY Monthly Expiry (29/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.158 (Decreased from 1.175)

Put-Call Ratio (Volume): 0.837

Max Pain Level: 24400

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 23000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57496.3 (-0.024%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.43%

Combined Fut Volume Change: -15.35%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 6%

BANKNIFTY SEPTEMBER Future closed at: 57859 (-0.075%)

Sep Fut Premium 362.7 (Decreased by -29.95 points)

Sep Fut Open Interest Change: 0.9%

Sep Fut Volume Change: -16.8%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY OCTOBER Future closed at: 58181.2 (-0.109%)

Oct Fut Premium 684.9 (Decreased by -49.55 points)

Oct Fut Open Interest Change: 7.85%

Oct Fut Volume Change: 9.03%

Oct Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (29/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.111 (Increased from 1.096)

Put-Call Ratio (Volume): 0.895

Max Pain Level: 57700

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 61000

Highest PUT Addition: 57500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14966.7 (0.119%)

Combined = September + October + November

Combined Fut Open Interest Change: -0.82%

Combined Fut Volume Change: -43.72%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 2% Previous 2%

MIDCPNIFTY SEPTEMBER Future closed at: 15042 (0.368%)

Sep Fut Premium 75.3 (Increased by 37.35 points)

Sep Fut Open Interest Change: -0.90%

Sep Fut Volume Change: -42.25%

Sep Fut Open Interest Analysis: Short Covering

MIDCPNIFTY OCTOBER Future closed at: 15086.15 (0.337%)

Oct Fut Premium 119.45 (Increased by 32.75 points)

Oct Fut Open Interest Change: 3.24%

Oct Fut Volume Change: -65.88%

Oct Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry (29/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 1.050 (Decreased from 1.077)

Put-Call Ratio (Volume): 0.885

Max Pain Level: 15000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15100

Highest PUT Addition: 14000

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 77,264.51 (0.430%)

SENSEX Monthly Future closed at: 77,958.45 (0.134%)

Premium: 693.94 (Decreased by -226.72 points)

Open Interest Change: 2.59%

Volume Change: -60.77%

Open Interest Analysis: Fresh Long

SENSEX Weekly Expiry (03/09/2026) Option Analysis

Put-Call Ratio (OI): 1.022 (Increased from 0.877)

Put-Call Ratio (Volume): 1.152

Max Pain Level: 77400

Maximum CALL OI: 78000

Maximum PUT OI: 75000

Highest CALL Addition: 79000

Highest PUT Addition: 77000

II & DII Cash Market Activity

FIIs Net SELL: ₹ 5,039.80 Cr.

DIIs Net BUY: ₹ 5,183.93 Cr.

FII Derivatives Activity

FII Trading Stats	28.08.26	27.08.26	26.08.26
FII Cash (Provisional Data)	-5,039.80	-298.26	502.63
Index Future Open Interest Long Ratio	9.63%	9.83%	10.81%
Index Future Volume Long Ratio	34.26%	29.06%	45.71%
Call Option Open Interest Long Ratio	41.18%	39.53%	39.31%
Call Option Volume Long Ratio	50.33%	49.60%	49.38%
Put Option Open Interest Long Ratio	70.59%	73.60%	73.58%
Put Option Volume Long Ratio	49.72%	50.95%	50.09%
Stock Future Open Interest Long Ratio	54.35%	54.30%	54.52%
Stock Future Volume Long Ratio	51.01%	47.01%	46.53%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Fresh Short
BankNifty Futures	Fresh Short	Long Covering	Fresh Long
BankNifty Options	Short Covering	Fresh Long	Fresh Long
FinNifty Futures	Fresh Short	Fresh Short	Fresh Short
FinNifty Options	Fresh Long	Fresh Long	Fresh Short
MidcpNifty Futures	Short Covering	Short Covering	Fresh Short
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Long Covering	Long Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Short
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (3/09/2026)

The SENSEX index closed at 77264.51. The SENSEX weekly expiry for SEPTEMBER 3, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.022 against previous 0.877. The 75000PE option holds the maximum open interest, followed by the 77000PE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 77000PE option, with open interest additions also seen in the 77100PE and 79000CE options. On the other hand, open interest reductions were prominent in the 75700PE, 78000PE, and 77900PE options. Trading volume was highest in the 77000PE option, followed by the 77200PE and 77100PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	03-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77264.51	1.022	0.877	1.152
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	85,98,680	46,94,360	39,04,320
PUT:	87,89,000	41,17,640	46,71,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	6,36,600	33,040	1,08,98,520
79000	5,95,840	2,63,040	55,47,800
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
79000	5,95,840	2,63,040	55,47,800
80000	5,69,820	2,30,240	36,97,780
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
73500	7,480	–	–
73500	7,480	–	–
Top CALL Volume:
Strike	OI	OI Change	Volume
77500	5,75,060	75,120	1,45,96,280
77200	2,87,800	93,000	1,21,53,080
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	6,81,120	2,43,340	47,47,360
77000	6,64,580	4,11,460	2,28,03,740
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
77000	6,64,580	4,11,460	2,28,03,740
77100	4,08,500	3,58,640	1,93,88,240
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
75700	1,14,100	-31,040	18,99,640
78000	2,44,280	-25,380	9,67,060
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	6,64,580	4,11,460	2,28,03,740
77200	3,65,160	1,99,420	2,05,86,380

NIFTY Weekly Expiry (1/09/2026)

The NIFTY index closed at 24175.65. The NIFTY weekly expiry for SEPTEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.776 against previous 0.593. The 24300CE option holds the maximum open interest, followed by the 24500CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24100PE option, with open interest additions also seen in the 24000PE and 24150PE options. On the other hand, open interest reductions were prominent in the 25500CE, 24400CE, and 24300PE options. Trading volume was highest in the 24100PE option, followed by the 24150PE and 24200CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	01-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,175.65	0.776	0.593	1.120
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,15,20,495	18,51,13,370	-35,92,875
PUT:	14,08,61,175	10,97,76,225	3,10,84,950
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,300	1,30,78,650	-1,37,800	39,05,932
24,500	1,28,61,550	3,23,505	22,25,944
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,100	48,57,125	18,35,600	35,40,355
24,750	45,15,290	15,67,215	4,25,256
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	97,57,865	-21,88,615	4,91,706
24,400	1,04,81,575	-17,52,270	26,39,734
Top CALL Volume:
Strike	OI	OI Change	Volume
24,200	90,89,990	-8,99,730	54,61,657
24,150	45,46,165	6,30,760	39,53,490
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,02,62,005	31,56,335	44,51,756
24,100	99,16,270	44,44,375	75,97,655
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,100	99,16,270	44,44,375	75,97,655
24,000	1,02,62,005	31,56,335	44,51,756
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,300	36,09,320	-13,33,280	15,73,082
24,400	17,20,485	-5,41,710	3,56,022
Top PUT Volume:
Strike	OI	OI Change	Volume
24,100	99,16,270	44,44,375	75,97,655
24,150	60,71,650	25,45,400	58,25,702

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 24175.65. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.158 against previous 1.175. The 25000CE option holds the maximum open interest, followed by the 24000PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 24700CE and 23000PE options. On the other hand, open interest reductions were prominent in the 24500PE, 24500CE, and 25200CE options. Trading volume was highest in the 24500CE option, followed by the 25000CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,175.65	1.158	1.175	0.837
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,18,12,360	5,08,92,220	9,20,140
PUT:	6,00,14,995	5,97,92,655	2,22,340
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	60,82,895	2,85,545	52,540
24,500	53,39,620	-2,38,485	69,998
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	60,82,895	2,85,545	52,540
24,700	13,38,350	2,80,800	19,750
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	53,39,620	-2,38,485	69,998
25,200	10,01,000	-1,29,415	14,361
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	53,39,620	-2,38,485	69,998
25,000	60,82,895	2,85,545	52,540
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	57,40,570	1,29,220	48,432
23,000	47,74,315	2,44,855	24,456
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	47,74,315	2,44,855	24,456
23,300	9,66,290	1,67,180	17,303
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	43,84,315	-3,86,490	31,977
24,400	24,23,330	-87,555	15,342
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	57,40,570	1,29,220	48,432
24,200	27,15,375	-3,770	44,346

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 57496.3. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.111 against previous 1.096. The 57500CE option holds the maximum open interest, followed by the 57500PE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 57500PE option, with open interest additions also seen in the 55500PE and 57000PE options. On the other hand, open interest reductions were prominent in the 58000PE, 58000CE, and 58500PE options. Trading volume was highest in the 57500PE option, followed by the 58000CE and 57500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
57,496.30	1.111	1.096	0.895
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,11,37,740	1,07,55,750	3,81,990
PUT:	1,23,70,530	1,17,88,200	5,82,330
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,500	18,74,100	44,550	82,117
58,000	12,10,680	-57,900	82,577
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
61,000	5,29,530	63,720	27,283
57,400	1,28,010	60,630	52,213
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	12,10,680	-57,900	82,577
63,000	2,23,290	-27,510	22,105
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	12,10,680	-57,900	82,577
57,500	18,74,100	44,550	82,117
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,500	18,66,180	1,02,630	1,02,491
58,000	10,71,990	-79,770	40,648
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
57,500	18,66,180	1,02,630	1,02,491
55,500	4,86,060	88,530	23,556
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	10,71,990	-79,770	40,648
58,500	2,61,840	-39,090	7,916
Top PUT Volume:
Strike	OI	OI Change	Volume
57,500	18,66,180	1,02,630	1,02,491
57,400	3,53,640	63,090	81,530

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14966.7. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.050 against previous 1.077. The 14000PE option holds the maximum open interest, followed by the 15000PE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 15100CE and 15500CE options. On the other hand, open interest reductions were prominent in the 68900CE, 68900CE, and 68900CE options. Trading volume was highest in the 15000CE option, followed by the 15000PE and 14000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,966.70	1.050	1.077	0.885
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	31,82,280	25,98,840	5,83,440
PUT:	33,42,240	27,99,960	5,42,280
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	5,61,480	47,040	10,937
16,000	4,52,520	57,120	2,265
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,100	3,77,280	1,57,440	6,577
15,500	3,63,840	95,400	5,008
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,900	1,62,240	-9,120	1,700
15,025	21,000	-2,880	485
Top CALL Volume:
Strike	OI	OI Change	Volume
15,000	5,61,480	47,040	10,937
15,100	3,77,280	1,57,440	6,577
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	9,62,160	1,66,440	7,658
15,000	6,47,880	64,560	10,265
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	9,62,160	1,66,440	7,658
13,500	2,28,720	64,560	894
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,875	10,200	-360	140
13,075	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
15,000	6,47,880	64,560	10,265
14,000	9,62,160	1,66,440	7,658

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

To wrap up today’s Open Interest Volume Analysis, here is your clear-cut, actionable game plan based on the data:

NIFTY (Buy on Dips): We are seeing solid Fresh Longs in the futures, even with falling premiums. More importantly, aggressive put writers are defending the 24000 and 24100 levels in both weekly and monthly expiries. Actionable Feedback: Use any dip toward 24100 as a buying opportunity with a strict stop below 24000. The upside resistance sits near 24300.

BANKNIFTY (Sell on Rallies / Cautious): This is the market’s current weak link. Combined futures data shows Fresh Shorts alongside shrinking premiums. The 57500 level has identical maximum Call and Put OI, making it a massive battleground, but the max pain at 57700 suggests limited upside. Actionable Feedback: Avoid blind buying. Look for shorting opportunities near the 57700-58000 zones, as the heavy call writing there will act as a brick wall.

MIDCPNIFTY (Bullish Momentum Play): This index is showing the healthiest setup. The September futures are witnessing Short Covering, while October is seeing Fresh Longs with increasing premiums (up over 37 points). Actionable Feedback: Maintain a bullish bias. With strong support at 14000 and max pain at 15000, buy breakouts above 15042 for a target near 15100.

SENSEX (Steady Upside Support): Backed by Fresh Longs in the monthly expiry and aggressive put additions at 77000 in the weekly chain. Actionable Feedback: Hold existing longs with a trailing stop-loss at 77000. The runway looks relatively clear until it hits major resistance at the 78000 mark.

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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