NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 15/09/2026

Running our daily Open Interest Volume Analysis, the standout structural development is not just the steady bleed in headline indices, but the outright institutional short blitzkrieg unleashed on midcaps.

Decoupling the tenors shows that this is far from tactical hedging: MIDCPNIFTY saw combined futures Open Interest explode by an incredible +39.50% on a 132% volume surge, with front-month contracts collapsing into a sharp discount as aggressive Fresh Shorts (+40.76% OI) completely overwhelmed the tape.

Meanwhile, NIFTY and BANKNIFTY steadily built structural Fresh Shorts into the October series, driving weekly and monthly Put-Call Ratios well below parity and pulling the market deeper into a negative gamma regime. Let’s break down the strike-level inventory, basis shifts, and exact inflection nodes to prepare your desk for the sessions ahead!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23118.6 (-1.195%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.28%

Combined Fut Volume Change: 13.66%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 19% Previous 18%

NIFTY SEPTEMBER Future closed at: 23223.9 (-1.113%)

Sep Fut Premium105.3 (Increased by 18.2 points)

Sep Fut Open Int erest Change: 0.59%

Sep Fut Volume Change: 15.41%

Sep Fut Open Interest Analysis: Fresh Short

NIFTY OCTOBER Future closed at: 23332 (-1.079%)

Oct Fut Premium 213.4 (Increased by 24.9 points)

Oct Fut Open Interest Change: 3.92%

Oct Fut Volume Change: 1.92%

Oct Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (22/09/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.657 (Decreased from 0.797)

Put-Call Ratio (Volume): 0.641

Max Pain Level: 23350

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 21700

Highest CALL Addition: 23400

Highest PUT Addition: 23200

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

Put-Call Ratio (Open Interest): 0.968 (Decreased from 1.002)

Put-Call Ratio (Volume): 0.803

Max Pain Level: 24000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23500

Highest PUT Addition: 23200

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55794.75 (-1.434%)

Combined = September + October + November

Combined Fut Open Interest Change: 2.22%

Combined Fut Volume Change: 6.43%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 13% Previous 13%

BANKNIFTY SEPTEMBER Future closed at: 56079.4 (-1.389%)

Sep Fut Premium 284.65 (Increased by 22 points)

Sep Fut Open Interest Change: 1.6%

Sep Fut Volume Change: 7.4%

Sep Fut Open Interest Analysis: Fresh Short

BANKNIFTY OCTOBER Future closed at: 56380.6 (-1.350%)

Oct Fut Premium 585.85 (Increased by 40.4 points)

Oct Fut Open Interest Change: 5.97%

Oct Fut Volume Change: 2.11%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.785 (Decreased from 0.914)

Put-Call Ratio (Volume): 0.899

Max Pain Level: 57100

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 57000

Highest PUT Addition: 53500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14266.35 (-2.183%)

Combined = September + October + November

Combined Fut Open Interest Change: 39.50%

Combined Fut Volume Change: 132.72%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 4% Previous 5%

MIDCPNIFTY SEPTEMBER Future closed at: 14247.8 (-2.688%)

Sep Fut Discount -18.55 (Decreased by -75.15 points)

Sep Fut Open Interest Change: 40.76%

Sep Fut Volume Change: 145.65%

Sep Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY OCTOBER Future closed at: 14288.8 (-2.671%)

Oct Fut Premium 22.45 (Decreased by -73.85 points)

Oct Fut Open Interest Change: 16.03%

Oct Fut Volume Change: 26.97%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.818 (Decreased from 1.003)

Put-Call Ratio (Volume): 1.082

Max Pain Level: 14600

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 15000

Highest PUT Addition: 13500

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 74,003.82 (-1.040%)

SENSEX Monthly Future closed at: 74,279.05 (-1.090%)

Premium: 275.23 (Decreased by -40.71 points)

Open Interest Change: -0.09%

Volume Change: 5.87%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.698 (Decreased from 1.197)

Put-Call Ratio (Volume): 1.100

Max Pain Level: 74500

Maximum CALL OI: 77000

Maximum PUT OI: 71000

Highest CALL Addition: 77000

Highest PUT Addition: 71000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,977.86 Cr.

DIIs Net BUY: ₹ 2,686.05 Cr.

FII Derivatives Activity

FII Trading Stats	15.09.26	11.09.26	10.09.26
FII Cash (Provisional Data)	-2,977.86	-930.9	-438.24
Index Future Open Interest Long Ratio	12.06%	11.23%	10.99%
Index Future Volume Long Ratio	44.28%	45.50%	37.00%
Call Option Open Interest Long Ratio	38.57%	41.24%	39.89%
Call Option Volume Long Ratio	49.36%	50.16%	50.30%
Put Option Open Interest Long Ratio	73.59%	66.80%	70.89%
Put Option Volume Long Ratio	50.22%	50.04%	50.03%
Stock Future Open Interest Long Ratio	53.93%	54.07%	54.25%
Stock Future Volume Long Ratio	48.48%	47.67%	46.68%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Long Covering	Fresh Long	Fresh Long
BankNifty Options	Fresh Short	Fresh Long	Fresh Long
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Long Covering	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Short	Short Covering
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Short Covering	Short Covering	Fresh Short
NiftyNxt50 Options	Long Covering	Fresh Short	Fresh Short
Stock Futures	Long Covering	Fresh Short	Fresh Short
Stock Options	Fresh Short	Fresh Long	Fresh Long

NSE & BSE Option market Trends : Options Insights

SENSEX weekly Expiry (17/09/2026)

The SENSEX index closed at 74003.82. The SENSEX weekly expiry for SEPTEMBER 17, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.698 against previous 1.197. The 77000CE option holds the maximum open interest, followed by the 75000CE and 71000PE options. Market participants have shown increased interest with significant open interest additions in the 71000PE option, with open interest additions also seen in the 77000CE and 76000CE options. On the other hand, open interest reductions were prominent in the 74800PE, 74500PE

SENSEX	Weekly	Expiry:	17-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
74003.82	0.698	1.197	1.100
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,73,96,940	1,07,11,720	1,66,85,220
PUT:	1,91,36,220	1,28,20,280	63,15,940
Top CALL Open Interest:
Strike	OI	OI Change	Volume
77000	20,54,800	14,57,580	1,03,42,940
75000	19,47,880	11,69,680	2,42,79,960
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
77000	20,54,800	14,57,580	1,03,42,940
76000	17,81,680	11,84,220	1,24,83,660
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
78200	1,02,780	-84,980	9,49,900
77600	66,200	-62,540	8,39,940
Top CALL Volume:
Strike	OI	OI Change	Volume
75000	19,47,880	11,69,680	2,42,79,960
75500	12,97,700	7,76,680	1,38,12,500
Top PUT Open Interest:
Strike	OI	OI Change	Volume
71000	18,93,980	14,73,600	72,04,520
70000	14,08,320	5,51,200	62,33,720
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
71000	18,93,980	14,73,600	72,04,520
70000	14,08,320	5,51,200	62,33,720
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
74800	1,96,340	-1,43,900	1,01,33,640
74500	4,49,040	-1,39,760	1,88,43,460
Top PUT Volume:
Strike	OI	OI Change	Volume
74000	9,27,440	2,02,240	1,97,83,580
74500	4,49,040	-1,39,760	1,88,43,460

NIFTY Weekly Expiry (15/09/2026)

The NIFTY index closed at 23118.6. The NIFTY weekly expiry for SEPTEMBER 22, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.657 against previous 0.797. The 25000CE option holds the maximum open interest, followed by the 24000CE and 23400CE options. Market participants have shown increased interest with significant open interest additions in the 23400CE option, with open interest additions also seen in the 25000CE and 24000CE options. On the other hand, open interest reductions were prominent in the 23550PE, 25650CE

NIFTY	Weekly	Expiry:	22-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,118.60	0.657	0.797	0.641
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,30,49,375	4,57,35,950	5,73,13,425
PUT:	6,76,60,580	3,64,66,170	3,11,94,410
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	78,03,120	37,00,190	4,67,906
24,000	68,69,850	36,12,115	3,85,183
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,400	62,71,525	42,02,900	4,64,225
25,000	78,03,120	37,00,190	4,67,906
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,650	13,975	-10,335	1,126
25,350	12,480	-7,670	857
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	58,47,075	30,70,730	5,80,037
25,000	78,03,120	37,00,190	4,67,906
Top PUT Open Interest:
Strike	OI	OI Change	Volume
21,700	52,25,805	21,61,770	1,80,937
23,000	47,47,600	19,15,550	3,73,233
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,200	45,52,925	28,72,025	3,94,864
22,000	46,24,815	26,51,350	1,98,565
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,550	1,54,895	-32,695	26,672
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
23,200	45,52,925	28,72,025	3,94,864
23,000	47,47,600	19,15,550	3,73,233

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23118.6. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.968 against previous 1.002. The 24000CE option holds the maximum open interest, followed by the 23000PE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 23500CE option, with open interest additions also seen in the 23200PE and 23300CE options. On the other hand, open interest reductions were prominent in the 25000CE, 24500CE

NIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,118.60	0.968	1.002	0.803
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,94,31,250	7,33,41,920	60,89,330
PUT:	7,68,59,750	7,34,99,020	33,60,730
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	91,99,710	6,91,795	1,74,130
24,500	54,96,335	-4,06,705	81,622
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,500	44,46,195	12,49,560	1,79,177
23,300	19,43,370	10,60,085	94,662
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	51,35,000	-5,21,560	56,078
24,500	54,96,335	-4,06,705	81,622
Top CALL Volume:
Strike	OI	OI Change	Volume
23,500	44,46,195	12,49,560	1,79,177
24,000	91,99,710	6,91,795	1,74,130
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	65,43,460	2,15,825	1,27,006
24,000	59,56,090	-98,700	29,440
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,200	25,20,895	10,73,540	86,290
23,300	30,52,140	5,74,925	1,23,136
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	17,57,340	-2,06,830	16,446
22,800	12,63,925	-1,45,925	56,821
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	45,95,890	-28,665	1,36,541
23,000	65,43,460	2,15,825	1,27,006

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 55794.75. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.785 against previous 0.914. The 57500CE option holds the maximum open interest, followed by the 58000CE and 57500PE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 56000CE and 56500CE options. On the other hand, open interest reductions were prominent in the 57500PE, 56000PE

BANKNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,794.75	0.785	0.914	0.899
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,80,45,540	1,60,84,050	19,61,490
PUT:	1,41,69,450	1,46,97,000	-5,27,550
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,500	21,93,720	57,510	64,052
58,000	16,59,510	1,28,250	76,815
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,000	11,42,460	3,02,820	1,00,101
56,000	5,37,090	2,74,830	65,295
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,400	81,000	-32,070	4,062
61,500	3,31,140	-18,420	5,944
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	11,42,460	3,02,820	1,00,101
56,500	6,67,230	2,68,080	97,550
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,500	15,93,960	-77,790	10,029
56,000	8,04,300	-63,960	1,19,847
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,500	4,13,040	1,26,060	22,248
53,700	23,250	23,250	2,210
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,500	15,93,960	-77,790	10,029
56,000	8,04,300	-63,960	1,19,847
Top PUT Volume:
Strike	OI	OI Change	Volume
56,000	8,04,300	-63,960	1,19,847
56,500	5,91,120	-40,080	79,423

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14266.35. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.818 against previous 1.003. The 14000PE option holds the maximum open interest, followed by the 15000CE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 15000CE option, with open interest additions also seen in the 14500CE and 13500PE options. On the other hand, open interest reductions were prominent in the 74000CE, 74500CE

MIDCPNIFTY	Monthly	Expiry:	29-09-2026
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,266.35	0.818	1.003	1.082
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	80,46,840	61,40,040	19,06,800
PUT:	65,82,480	61,57,200	4,25,280
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	10,35,120	3,08,880	12,831
14,500	6,24,600	2,21,280	13,717
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,000	10,35,120	3,08,880	12,831
14,500	6,24,600	2,21,280	13,717
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
16,000	3,78,960	-50,520	2,273
15,900	1,39,200	-25,320	692
Top CALL Volume:
Strike	OI	OI Change	Volume
14,500	6,24,600	2,21,280	13,717
15,000	10,35,120	3,08,880	12,831
Top PUT Open Interest:
Strike	OI	OI Change	Volume
14,000	12,01,200	-39,480	19,365
13,500	6,99,960	1,97,280	8,582
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,500	6,99,960	1,97,280	8,582
13,800	3,07,800	1,37,880	9,581
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	6,10,080	-69,480	18,483
14,000	12,01,200	-39,480	19,365
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	12,01,200	-39,480	19,365
14,500	6,10,080	-69,480	18,483

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

To synthesize today’s Open Interest Volume Analysis, the derivatives tape confirms an aggressive supply overhang across all tenors; however, with short-term sentiment indicators stretched, execution demands selling failed tests at overhead supply zones rather than chasing deep intraday cuts:

NIFTY (Call Writers Lowering the Ceiling): While front-month September added mild Fresh Shorts (+0.59% OI), October absorbed structural short additions (+3.92% OI), keeping institutional pressure tilted downward. In the weekly series (22/09 expiry), the PCR slid from 0.797 to 0.657, with quantitative call writers anchoring their heaviest additions down at 23,400, while put additions remain scattered at 23,200 and 21,700. Actionable Feedback: The 23,350–23,400 zone (confluence of weekly Max Pain and Highest Call Addition) acts as the primary institutional ceiling. Long setups are invalidated below 23,400. Initiate tactical shorts on low-volume rejections near 23,250–23,300 with a stop-loss above 23,380, targeting 23,050 and the structural 23,000 monthly put node.

BANKNIFTY (Synchronized Short Build-Up): The banking index saw consistent short creation across the curve (+1.6% in Sep, +5.97% in Oct). Monthly PCR collapsed from 0.914 to 0.785, signaling complete put-side capitulation. Call writers reinforced 57,000 as the ultimate overhead barrier, while put writers pushed support expectations all the way down to 53,500. Actionable Feedback: Maintain a disciplined “Sell on Rise” stance. Fade intraday pullbacks into the 56,100–56,250 supply cluster, keeping risk defined with a strict stop-loss above 56,450, looking for targets at 55,500 and 55,000.

MIDCPNIFTY (Structural Breakdown & Panic Shorting): The broader market decoupling narrative is completely dead. Front-month September futures flipped into a -18.55 point discount (cratering by 75 points) on an extraordinary +40.76% OI surge, while October absorbed +16.03% in Fresh Shorts. Monthly PCR tumbled to 0.818, with the highest call concentration sitting heavily at 15,000 and put support retreating to 13,500. Actionable Feedback: Do not attempt to catch this falling knife. The aggressive negative basis confirms high-conviction institutional shorting. Look to sell corrective bounces into the 14,350–14,400 zone, using a stop-loss at 14,480, targeting 14,100 and the 14,000 psychological handle.

SENSEX (Bulls Capitulate / Long Liquidation): Unlike the aggressive short build in other indices, SENSEX futures registered tactical Long Covering (-0.09% OI with a 40-point premium drop), reflecting outright bull exhaustion. The weekly PCR plummeted from 1.197 to 0.698, with call writers asserting dominance at the 75,000 strike (Max Pain at 74,500). Actionable Feedback: Upside remains firmly capped. Sell into any pre-settlement short-covering pullbacks toward 74,300–74,500 with a firm stop-loss placed above 74,650, targeting downside momentum toward 73,800 and 73,400.

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