NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 9/09/2026

Running our daily Open Interest Volume Analysis, the critical structural takeaway today is the massive expansion in institutional short inventory, marked by rising volumes and aggressive forward-month positioning.

Rather than simple intraday profit booking, institutional participants are establishing high-conviction directional hedges: October futures absorbed a massive +10.81% OI addition in NIFTY and +14.30% in BANKNIFTY, while MIDCPNIFTY’s earlier resilience completely broke down as front-month contracts slipped into a discount alongside heavy long liquidation in next-month contracts.

With weekly Put-Call Ratios tumbling to severe oversold levels—highlighted by SENSEX plunging below 0.50 ahead of tomorrow’s weekly expiry—the market is locked in a tight negative gamma grip where call writers are actively pressing their advantage. Let’s dissect the strike inventory and exact inflection triggers for tomorrow’s session!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23431.5 (-0.861%)

Combined = September + October + November

Combined Fut Open Interest Change: 4.52%

Combined Fut Volume Change: 52.17%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 15% Previous 14%

NIFTY SEPTEMBER Future closed at: 23552.2 (-0.831%)

Sep Fut Premium 120.7 (Increased by 6.2 points)

Sep Fut Open Interest Change: 3.45%

Sep Fut Volume Change: 65.38%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY OCTOBER Future closed at: 23660.2 (-0.798%)

Oct Fut Premium 228.7 (Increased by 13.2 points)

Oct Fut Open Interest Change: 10.81%

Oct Fut Volume Change: 7.57%

Oct Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (15/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.591 (Decreased from 0.649)

Put-Call Ratio (Volume): 0.889

Max Pain Level: 23600

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23500

Highest PUT Addition: 23500

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

Put-Call Ratio (Open Interest): 1.008 (Decreased from 1.043)

Put-Call Ratio (Volume): 0.855

Max Pain Level: 24100

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 23500

Highest PUT Addition: 23600

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56295.55 (-0.849%)

Combined = September + October + November

Combined Fut Open Interest Change: 4.71%

Combined Fut Volume Change: 29.54%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 12% Previous 11%

BANKNIFTY SEPTEMBER Future closed at: 56693 (-0.762%)

Sep Fut Premium 397.45 (Increased by 46.8 points)

Sep Fut Open Interest Change: 3.8%

Sep Fut Volume Change: 33.0%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY OCTOBER Future closed at: 57000.2 (-0.775%)

Oct Fut Premium 704.65 (Increased by 36.6 points)

Oct Fut Open Interest Change: 14.30%

Oct Fut Volume Change: 24.66%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.850 (Decreased from 0.889)

Put-Call Ratio (Volume): 0.906

Max Pain Level: 57500

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 56500

Highest PUT Addition: 54000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14604.4 (-0.464%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.29%

Combined Fut Volume Change: 90.08%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 4% Previous 4%

MIDCPNIFTY SEPTEMBER Future closed at: 14591.4 (-0.681%)

Sep Fut Discount -13 (Decreased by -31.95 points)

Sep Fut Open Interest Change: 1.53%

Sep Fut Volume Change: 83.75%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY OCTOBER Future closed at: 14630.1 (-0.696%)

Oct Fut Premium 25.7 (Decreased by -34.35 points)

Oct Fut Open Interest Change: -4.72%

Oct Fut Volume Change: 308.33%

Oct Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.922 (Decreased from 0.965)

Put-Call Ratio (Volume): 1.063

Max Pain Level: 14800

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14600

Highest PUT Addition: 14600

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 74,764.23 (-1.076%)

SENSEX Monthly Future closed at: 75,182.80 (-1.174%)

Premium: 418.57 (Decreased by -80.05 points)

Open Interest Change: 7.20%

Volume Change: 110.42%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (10/09/2026) Option Analysis

Put-Call Ratio (OI): 0.496 (Decreased from 0.625)

Put-Call Ratio (Volume): 0.972

Max Pain Level: 75000

Maximum CALL OI: 76000

Maximum PUT OI: 74000

Highest CALL Addition: 75000

Highest PUT Addition: 73500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 582.99 Cr.

DIIs Net BUY: ₹ 1,509.04 Cr.

FII Derivatives Activity

FII Trading Stats	9.09.26	8.09.26	7.09.26
FII Cash (Provisional Data)	-582.99	-123.19	280.13
Index Future Open Interest Long Ratio	11.02%	11.07%	10.93%
Index Future Volume Long Ratio	32.11%	29.98%	28.38%
Call Option Open Interest Long Ratio	38.35%	37.69%	42.13%
Call Option Volume Long Ratio	49.56%	50.28%	50.04%
Put Option Open Interest Long Ratio	72.29%	75.15%	70.00%
Put Option Volume Long Ratio	50.11%	50.09%	50.33%
Stock Future Open Interest Long Ratio	54.45%	54.70%	54.78%
Stock Future Volume Long Ratio	47.27%	48.70%	46.07%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Short	Short Covering	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Short Covering	Fresh Long
BankNifty Futures	Fresh Long	Fresh Short	Fresh Short
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Short Covering	Fresh Short	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Fresh Short	Fresh Short	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Fresh Short	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Short	Long Covering
Stock Options	Fresh Long	Fresh Long	Fresh Long

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (10/09/2026)

The SENSEX index closed at 74764.23. The SENSEX weekly expiry for SEPTEMBER 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.496 against previous 0.625. The 76000CE option holds the maximum open interest, followed by the 77000CE and 78000CE options. Market participants have shown increased interest with significant open interest additions in the 75000CE option, with open interest additions also seen in the 75500CE and 75100CE options. On the other hand, open interest reductions were prominent in the 75500PE, 75600PE

SENSEX	Weekly	Expiry:	10-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
74764.23	0.496	0.625	0.972
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,59,30,660	3,13,85,500	2,45,45,160
PUT:	2,77,16,720	1,96,19,220	80,97,500
Top CALL Open Interest:
Strike	OI	OI Change	Volume
76000	31,07,620	12,64,640	10,36,69,980
77000	30,09,280	10,60,080	3,71,29,840
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
75000	24,99,320	24,20,440	9,76,40,080
75500	25,60,560	21,74,280	11,52,64,980
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
79000	14,69,960	-2,27,600	1,19,87,660
80500	2,79,400	-1,89,840	26,10,500
Top CALL Volume:
Strike	OI	OI Change	Volume
75500	25,60,560	21,74,280	11,52,64,980
75200	17,85,020	17,43,640	11,14,24,120
Top PUT Open Interest:
Strike	OI	OI Change	Volume
74000	19,03,320	7,54,200	5,38,12,000
72500	16,59,640	5,81,520	1,61,10,120
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
73500	15,15,300	8,63,860	2,05,61,160
74000	19,03,320	7,54,200	5,38,12,000
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
75500	3,22,960	-6,02,420	1,73,41,100
75600	1,60,080	-4,16,500	50,08,320
Top PUT Volume:
Strike	OI	OI Change	Volume
75000	16,27,440	3,70,560	18,37,10,820
74500	14,94,700	3,33,440	11,34,34,480

NIFTY Weekly Expiry (15/09/2026)

The NIFTY index closed at 23431.5. The NIFTY weekly expiry for SEPTEMBER 15, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.591 against previous 0.649. The 24000CE option holds the maximum open interest, followed by the 23700CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 23500CE option, with open interest additions also seen in the 23700CE and 23600CE options. On the other hand, open interest reductions were prominent in the 23700PE, 25500CE

NIFTY	Weekly	Expiry:	15-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,431.50	0.591	0.649	0.889
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,05,42,905	11,12,67,520	5,92,75,385
PUT:	10,08,40,285	7,22,57,900	2,85,82,385
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,17,66,105	34,97,975	13,28,506
23,700	1,05,19,990	56,61,370	19,28,737
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,500	80,68,840	72,18,900	31,59,626
23,700	1,05,19,990	56,61,370	19,28,737
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	44,59,585	-10,37,855	1,85,248
24,550	14,34,680	-7,27,870	5,33,237
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	80,68,840	72,18,900	31,59,626
23,600	63,45,755	45,55,590	27,29,063
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	91,36,335	29,71,215	10,10,918
23,500	80,46,155	34,82,310	53,10,902
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	80,46,155	34,82,310	53,10,902
23,000	91,36,335	29,71,215	10,10,918
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,700	28,16,515	-10,54,040	6,29,759
23,650	9,05,385	-8,25,955	6,08,069
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	80,46,155	34,82,310	53,10,902
23,550	18,77,265	10,01,000	25,29,244

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23431.5. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.008 against previous 1.043. The 24000CE 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 23500CE option, with open interest additions also seen in the 24000CE and 23600CE options. On the other hand, open interest reductions were prominent in the 23800PE, 24000PE

NIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,431.50	1.008	1.043	0.855
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,85,75,185	6,65,06,820	20,68,365
PUT:	6,91,24,960	6,93,45,345	-2,20,385
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	80,32,830	7,70,185	1,31,998
24,500	61,49,520	1,04,845	65,775
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,500	17,13,855	8,32,715	92,092
24,000	80,32,830	7,70,185	1,31,998
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	61,36,000	-4,00,530	57,452
24,200	34,20,820	-3,86,100	79,476
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	80,32,830	7,70,185	1,31,998
23,500	17,13,855	8,32,715	92,092
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	66,07,040	-6,14,470	38,867
23,000	59,62,060	68,370	1,49,276
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,600	18,09,990	3,95,655	66,392
22,800	10,38,180	3,15,705	31,914
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	21,98,820	-7,34,825	45,359
24,000	66,07,040	-6,14,470	38,867
Top PUT Volume:
Strike	OI	OI Change	Volume
23,000	59,62,060	68,370	1,49,276
23,500	45,74,635	-8,580	1,41,078

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 56295.55. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.850 against previous 0.889. 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 56500CE option, with open interest additions also seen in the 57000CE and 56600CE options. On the other hand, open interest reductions were prominent in the 57500PE, 55000PE

BANKNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,295.55	0.850	0.889	0.906
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,57,13,280	1,50,58,710	6,54,570
PUT:	1,33,63,590	1,33,80,390	-16,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,500	21,91,200	16,800	66,222
58,000	14,52,510	-38,310	74,143
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,500	2,98,410	2,02,110	76,846
57,000	8,98,050	1,35,000	1,14,930
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	4,19,040	-56,820	25,539
58,000	14,52,510	-38,310	74,143
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	8,98,050	1,35,000	1,14,930
56,500	2,98,410	2,02,110	76,846
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,500	17,66,760	-95,310	27,677
57,000	8,88,240	-34,770	76,661
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,000	6,95,910	68,010	25,810
53,500	2,38,950	31,410	13,975
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,500	17,66,760	-95,310	27,677
55,000	6,68,550	-61,110	46,923
Top PUT Volume:
Strike	OI	OI Change	Volume
56,500	5,39,940	29,640	1,29,402
57,000	8,88,240	-34,770	76,661

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14604.4. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.922 against previous 0.965. The 14000PE 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 14600CE option, with open interest additions also seen in the 14600PE and 14750CE options. On the other hand, open interest reductions were prominent in the 74500CE, 72500PE

MIDCPNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,604.40	0.922	0.965	1.063
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	54,68,040	50,72,760	3,95,280
PUT:	50,40,480	48,96,600	1,43,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,14,000	51,480	8,592
15,500	4,49,160	-22,200	1,660
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,600	2,89,920	1,64,400	11,363
14,750	1,42,440	85,920	4,042
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,800	4,33,920	-24,000	5,711
15,500	4,49,160	-22,200	1,660
Top CALL Volume:
Strike	OI	OI Change	Volume
14,600	2,89,920	1,64,400	11,363
15,000	7,14,000	51,480	8,592
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	13,81,200	49,200	14,790
14,500	5,61,960	27,840	12,971
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,600	3,77,280	1,20,600	14,249
14,000	13,81,200	49,200	14,790
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,700	2,24,760	-67,200	4,953
14,650	54,240	-22,920	2,760
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	13,81,200	49,200	14,790
14,600	3,77,280	1,20,600	14,249

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

To wrap up today’s Open Interest Volume Analysis, market participants must respect the trend: institutional flows confirm aggressive distribution, but severely compressed weekly PCRs mean shorting requires disciplined entries at overhead supply zones rather than chasing breakdown candles at the lows:

NIFTY (Straddle Tug-of-War at 23,500): Combined futures added +4.52% in Fresh Shorts on a 52% volume surge, with October contracts leading the structural short build (+10.81% OI). In the weekly chain (15/09), PCR dropped to 0.591, but the immediate institutional battleground has formed right at 23,500—which simultaneously registered both the Highest Call Addition and Highest Put Addition. Actionable Feedback: The 23,500 strike is the master inflection node. As long as spot trades below 23,500, proprietary call writers maintain full control, pointing to a slide toward 23,300 and the 23,000 put base. Any pullback toward 23,500–23,550 that fails to sustain provides a high-probability short entry, with a strict stop-loss above 23,600 (Max Pain).

BANKNIFTY (Structural Short Momentum): The banking heavyweight saw aggressive institutional selling across both tenors. September added +3.8% OI, while October futures saw structural Fresh Shorts jump +14.30%, confirming sustained multi-week distribution. In the monthly chain, PCR eroded further to 0.850, and call writers established a firm ceiling by lowering the highest additions to 56,500, while put additions retreated deep to 54,000. Actionable Feedback: Maintain a strict “Sell on Rise” stance. Initiate fresh shorts on weak pullbacks toward the 56,500–56,600 supply band, keeping risk defined with a stop-loss above 56,800, targeting 56,000 and 55,500.

MIDCPNIFTY (Broader Market Surrender): Midcaps finally succumbed to the broader market drag, falling -0.464% on spot with combined volume exploding by 90%. More crucially, September futures flipped into a -13 point discount (down 31.95 points) on fresh shorting, while October saw violent long covering (-4.72% OI on a 308% volume explosion), signaling that institutional bulls have liquidated their forward bets. Both the highest Call and Put additions sit deadlocked at 14,600. Actionable Feedback: The broader market decoupling is officially broken. Long exposure is invalidated while spot trades below 14,650. Sell bounces into 14,630–14,660, targeting the 14,500 and 14,400 liquidity zones, with a stop-loss placed at 14,710.

SENSEX (Pre-Expiry Negative Gamma Squeeze): Heading directly into its weekly expiry tomorrow (10/09), SENSEX flashed an acute sentiment breakdown. Monthly futures added +7.20% Fresh Shorts on an explosive 110.42% volume spike, while the weekly PCR collapsed from 0.625 to a multi-week low of 0.496. Proprietary desks hammered the 75,000 strike (Max Pain & Highest Call Addition), leaving put-writing support scattered far down at 73,500. Actionable Feedback: Treat 75,000 as the absolute intraday barrier for expiry. Any opening bounce toward 74,950–75,050 should be faded with short setups or bear call spreads, targeting a retest of 74,500 and 74,000, using a strict invalidation stop-loss at 75,200.2

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