NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/09/2026

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Open Interest Volume Analysis

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Running our daily institutional Open Interest Volume Analysis, the aggregate tape reveals that the headline dip was not mere intraday churn, but an aggressive migration of short inventory into the next series.

While front-month September contracts across NIFTY and BANKNIFTY saw systematic Long Covering as rollovers accelerated, October futures absorbed massive directional Fresh Shorts—surging +14.90% OI in NIFTY and +24.64% OI in BANKNIFTY on an explosive 105% volume surge, signaling high-conviction institutional hedging for the upcoming series.

Crucially, the broader market refused to mirror this headline weakness: MIDCPNIFTY closed in the green and printed an extraordinary +19.22% OI expansion in October Fresh Longs on a 378% volume eruption, while SENSEX’s weekly PCR violently reset from 1.493 down to 0.930 to wipe out prior put complacency ahead of Thursday’s settlement. Let’s dissect the strike inventory and exact tactical levels for tomorrow’s opening bell!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23329 (-0.364%)

Combined = September + October + November

Combined Fut Open Interest Change: 0.41%

Combined Fut Volume Change: 66.62%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 27% Previous 24%

NIFTY SEPTEMBER Future closed at: 23394.6 (-0.221%)

Sep Fut Premium 65.6 (Increased by 33.6 points)

Sep Fut Open Interest Change: -3.78%

Sep Fut Volume Change: 76.57%

Sep Fut Open Interest Analysis: Long Covering

NIFTY OCTOBER Future closed at: 23501.6 (-0.181%)

Oct Fut Premium 172.6 (Increased by 42.6 points)

Oct Fut Open Interest Change: 14.90%

Oct Fut Volume Change: 42.28%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.900 (Decreased from 0.939)

Put-Call Ratio (Volume): 0.748

Max Pain Level: 23500

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23500

Highest PUT Addition: 22800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 56215.55 (-0.452%)

Combined = September + October + November

Combined Fut Open Interest Change: 1.98%

Combined Fut Volume Change: 40.69%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 22% Previous 18%

BANKNIFTY SEPTEMBER Future closed at: 56491.2 (-0.257%)

Sep Fut Premium 275.65 (Increased by 109.7 points)

Sep Fut Open Interest Change: -2.6%

Sep Fut Volume Change: 25.7%

Sep Fut Open Interest Analysis: Long Covering

BANKNIFTY OCTOBER Future closed at: 56763.8 (-0.272%)

Oct Fut Premium 548.25 (Increased by 100.5 points)

Oct Fut Open Interest Change: 24.64%

Oct Fut Volume Change: 105.37%

Oct Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.922 (Decreased from 0.970)

Put-Call Ratio (Volume): 0.917

Max Pain Level: 57000

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 57500

Highest CALL Addition: 56500

Highest PUT Addition: 55500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14544.3 (0.276%)

Combined = September + October + November

Combined Fut Open Interest Change: -1.29%

Combined Fut Volume Change: 123.31%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 6% Previous 5%

MIDCPNIFTY SEPTEMBER Future closed at: 14544.3 (0.158%)

Sep Fut Discount 0 (Decreased by -17.15 points)

Sep Fut Open Interest Change: -2.31%

Sep Fut Volume Change: 74.26%

Sep Fut Open Interest Analysis: Short Covering

MIDCPNIFTY OCTOBER Future closed at: 14578.1 (0.113%)

Oct Fut Premium 33.8 (Decreased by -23.65 points)

Oct Fut Open Interest Change: 19.22%

Oct Fut Volume Change: 378.45%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.948 (Decreased from 0.966)

Put-Call Ratio (Volume): 0.958

Max Pain Level: 14525

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 14000

Highest CALL Addition: 14650

Highest PUT Addition: 14300

SENSEX Monthly Expiry (24/09/2026) Future

SENSEX Spot closed at: 74,529.08 (-0.441%)

SENSEX Monthly Future closed at: 74,707.00 (-0.267%)

Premium: 177.92 (Increased by 130.11 points)

Open Interest Change: -3.80%

Volume Change: -5.33%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (24/09/2026) Option Analysis

Put-Call Ratio (OI): 0.930 (Decreased from 1.493)

Put-Call Ratio (Volume): 1.016

Max Pain Level: 74800

Maximum CALL OI: 75000

Maximum PUT OI: 71000

Highest CALL Addition: 78000

Highest PUT Addition: 71000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,809.99 Cr.

DIIs Net BUY: ₹ 4,120.07 Cr.

FII Derivatives Activity

FII Trading Stats22.09.2621.09.2618.09.26
FII Cash (Provisional Data)-3,809.99-576.2599.54
    
Index Future Open Interest Long Ratio10.50%12.37%12.57%
Index Future Volume Long Ratio39.44%45.82%54.58%
Call Option Open Interest Long Ratio40.71%42.48%41.87%
Call Option Volume Long Ratio49.58%50.12%50.14%
Put Option Open Interest Long Ratio71.53%64.85%66.02%
Put Option Volume Long Ratio49.79%50.07%50.16%
Stock Future Open Interest Long Ratio53.93%53.94%53.91%
Stock Future Volume Long Ratio50.17%50.46%46.36%
    
Index FuturesLong CoveringFresh ShortFresh Long
Index OptionsLong CoveringFresh LongFresh Long
    
Nifty FuturesLong CoveringFresh ShortFresh Long
Nifty OptionsLong CoveringFresh LongFresh Long
    
BankNifty FuturesFresh ShortShort CoveringShort Covering
BankNifty OptionsFresh LongFresh LongFresh Short
    
FinNifty FuturesShort CoveringFresh ShortShort Covering
FinNifty OptionsFresh LongLong CoveringFresh Long
    
MidcpNifty FuturesShort CoveringFresh ShortShort Covering
MidcpNifty OptionsLong CoveringShort CoveringShort Covering
    
NiftyNxt50 FuturesLong CoveringFresh ShortFresh Short
NiftyNxt50 OptionsShort CoveringFresh ShortLong Covering
    
Stock FuturesFresh LongFresh LongFresh Short
Stock OptionsFresh LongFresh ShortFresh Long

SENSEX weekly Expiry (24/09/2026)

The SENSEX index closed at 74529.08. The SENSEX weekly expiry for SEPTEMBER 10, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.930 against previous 1.493. The 75000CE option holds the maximum open interest, followed by the 76000CE and 77000CE options. Market participants have shown increased interest with significant open interest additions in the 78000CE option, with open interest additions also seen in the 76000CE and 71000PE options. On the other hand, open interest reductions were prominent in the 68000PE, 69000PE.

SENSEXWeeklyExpiry:24-09-2026
Index SpotPCR OIPrev PCR OIPCR VOL
74529.080.9301.4931.016
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,11,05,900    1,15,15,160           95,90,740
PUT:  1,96,21,520    1,71,91,920           24,29,600
Top CALL Open Interest:
StrikeOIOI ChangeVolume
75000      15,43,100          6,74,820        3,48,98,480
76000      15,14,180          7,22,080        1,39,31,700
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
78000      11,59,840          7,63,480           36,84,480
76000      15,14,180          7,22,080        1,39,31,700
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
80000        2,02,200            -27,160           10,99,860
70000              7,020              -6,980                    7,420
Top CALL Volume:
StrikeOIOI ChangeVolume
75000      15,43,100          6,74,820        3,48,98,480
74800        7,01,760          3,93,520        2,24,00,480
Top PUT Open Interest:
StrikeOIOI ChangeVolume
71000      13,67,100          7,06,440           49,55,840
73000      12,06,860          4,86,960           78,05,200
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
71000      13,67,100          7,06,440           49,55,840
73000      12,06,860          4,86,960           78,05,200
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
68000        1,33,320        -4,58,140           18,42,580
69000        2,09,760        -2,89,000           16,70,820
Top PUT Volume:
StrikeOIOI ChangeVolume
74500      10,11,320        -1,03,580        3,03,44,340
74700        6,21,920        -1,74,140        2,47,16,820

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23329. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.900 against previous 0.939. The 24000CE option holds the maximum open interest, followed by the 25000CE 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 23400CE and 24000CE options. On the other hand, open interest reductions were prominent in the 23900CE, 25400CE

NIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,329.00                0.900                  0.939               0.748
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 14,54,49,525   11,41,76,185   3,12,73,340
 PUT: 13,08,63,585   10,72,61,055   2,36,02,530
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000    1,41,36,850         25,21,870         4,81,004
               25,000    1,14,44,160         17,40,830         2,26,017
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,500       89,79,490         33,37,425         7,44,784
               23,400       72,22,800         32,14,315         7,08,164
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               23,900       42,69,330          -6,82,695         2,68,583
               25,400          2,91,395          -2,67,800             12,455
 Top CALL Volume:
 Strike OI OI Change Volume
               23,500       89,79,490         33,37,425         7,44,784
               23,400       72,22,800         32,14,315         7,08,164
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000       95,16,195         10,60,215         4,62,318
               22,500       73,61,575         19,01,575         2,15,240
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               22,800       51,44,815         23,40,650         2,95,661
               23,400       61,11,560         22,25,600         5,69,122
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               23,900       10,12,765          -1,18,950               7,319
               23,600       13,52,390              -92,300             67,442
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,400       61,11,560         22,25,600         5,69,122
               23,300       69,23,345         13,51,025         5,06,408

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 56215.55. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.922 against previous 0.970. The 58000CE option holds the maximum open interest, followed by the 57500CE and 57500PE options. Market participants have shown increased interest with significant open interest additions in the 56500CE option, with open interest additions also seen in the 55500PE and 56400CE options. On the other hand, open interest reductions were prominent in the 56000PE, 59000CE

BANKNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         56,215.55                0.922                  0.970               0.917
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,68,97,200      1,65,54,150         3,43,050
 PUT:    1,55,79,570      1,60,57,770       -4,78,200
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               58,000       15,99,060              -10,590             78,165
               57,500       15,48,900               96,960         1,02,014
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               56,500          9,77,310            3,06,690         2,21,045
               56,400          3,53,880            1,43,880             93,435
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               59,000          7,95,900          -1,03,950             48,111
               60,000          9,92,580              -93,600             24,127
 Top CALL Volume:
 Strike OI OI Change Volume
               56,500          9,77,310            3,06,690         2,21,045
               57,000       11,25,960                     990         1,44,381
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,500       13,12,200              -80,040             19,649
               55,000          9,22,500               51,450             81,482
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               55,500          7,87,200            1,73,460             72,149
               54,500          5,66,580            1,37,790             49,445
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               56,000          8,53,320          -1,47,420         1,35,637
               54,000          8,87,460              -90,330             45,388
 Top PUT Volume: 
 Strike OI OI Change Volume
               56,500          8,09,400               39,480         1,95,623
               56,000          8,53,320          -1,47,420         1,35,637

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14544.3. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.948 against previous 0.966. 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 14650CE option, with open interest additions also seen in the 14700CE and 14950CE options. On the other hand, open interest reductions were prominent in the 74600CE, 72000CE

MIDCPNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,544.30                0.948                  0.966               0.958
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       86,10,840         81,57,720         4,53,120
 PUT:       81,62,040         78,79,440         2,82,600
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               15,000          9,51,000              -95,640             12,671
               14,500          7,69,920               25,200             22,632
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,650          3,50,400            2,64,960             22,403
               14,700          5,12,280               90,480             12,933
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               15,000          9,51,000              -95,640             12,671
               15,200          2,91,600              -37,320               2,702
 Top CALL Volume:
 Strike OI OI Change Volume
               14,500          7,69,920               25,200             22,632
               14,650          3,50,400            2,64,960             22,403
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               14,000       10,98,480              -63,480             15,899
               14,500          8,31,360               10,560             32,377
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,300          5,94,120               56,760             11,178
               14,200          5,32,080               48,000             14,723
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,000       10,98,480              -63,480             15,899
               13,800          6,16,920              -52,320               4,495
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,500          8,31,360               10,560             32,377
               14,000       10,98,480              -63,480             15,899

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

To synthesize today’s Open Interest Volume Analysis, market participants are navigating a pronounced two-tier market: frontline benchmarks are burdened by forward-month short additions, whereas midcaps continue to see genuine institutional buying on dips:

NIFTY (Forward Short Migration & Call Ceiling at 23,500): September futures saw long liquidation (-3.78% OI) as rollovers picked up to 27%, but the real institutional footprint landed in October contracts, which absorbed +14.90% OI in heavy Fresh Shorts on a 42% volume expansion. In the monthly options chain (29/09), the PCR slipped from 0.939 to 0.900, with call writers aggressively pressing their advantage at the 23,500 strike (Highest Call Addition and Max Pain), while primary put additions retreated to 22,800. Actionable Feedback: The 23,450–23,500 corridor is now a formidable institutional supply zone. Adopt a “Sell on Rallies” stance; look to initiate tactical short positions on failed tests into 23,380–23,420 with a strict stop-loss above 23,460, targeting 23,280 and 23,200. Long scalps should only be considered if spot sustains firmly above 23,500.

BANKNIFTY (Massive October Short Build / Trend Bearish): Banking heavyweights witnessed aggressive institutional shorting. While front-month contracts saw routine Long Covering (-2.6% OI), October futures registered an extraordinary +24.64% OI addition on a 105.37% volume surge, establishing heavy forward-month directional shorts. Monthly PCR fell to 0.922, with call additions aggressively stepping down to 56,500, while put additions clustered down at 55,500. Actionable Feedback: The banking index remains the market’s primary drag. Do not attempt unhedged bottom-fishing. Fade pullbacks into the 56,400–56,550 resistance cluster with risk strictly defined above 56,700, looking for targets at 56,000 and the 55,500 put floor.

MIDCPNIFTY (Broader Market Decoupling / Forward Long Eruption): Midcaps provided the standout bullish divergence of the session, gaining +0.276% on spot. While September contracts saw tactical Short Covering (-2.31% OI), October futures exploded with a massive +19.22% OI addition in textbook Fresh Longs backed by a 378.45% volume surge. Monthly PCR sits steady at 0.948, with call additions shifting higher to 14,650. Actionable Feedback: The broader market remains in an active institutional accumulation cycle. Continue buying intraday dips into the 14,500–14,520 band with an invalidation stop-loss below 14,460, targeting 14,600 and a delta-squeeze toward 14,680.

SENSEX (Long Unwinding & Weekly Put Deflation Ahead of Expiry): SENSEX monthly futures saw Long Covering (-3.80% OI), while the weekly options matrix (24/09 expiry) underwent a dramatic reset. The weekly PCR plunged from 1.493 down to 0.930 as put writers took chips off the table. Max Pain remains anchored at 74,800, with heavy call supply sitting at 75,000, while put support consolidated at 71,000. Actionable Feedback: With put support softening, upside is strictly capped near 74,800–75,000. Look to short any pre-expiry relief bounce toward 74,700–74,780 with a tight stop-loss above 74,900, targeting mean-reversion moves down to 74,300 and 74,100.

Q: Why are NIFTY and BANKNIFTY October futures seeing heavy Fresh Short additions while September contracts show Long Covering?

A: This divergence highlights aggressive forward-curve hedging as monthly settlement approaches. Tracing our Open Interest Volume Analysis, front-month September positions saw routine Long Covering (-3.78% OI in NIFTY, -2.6% OI in BANKNIFTY) as traders closed out legacy trades and rollovers advanced to 27% and 22% respectively. Rather than rolling into fresh longs, institutional desks concentrated directional selling further out, building massive Fresh Shorts in October contracts (+14.90% OI in NIFTY and +24.64% in BANKNIFTY). This indicates smart money is positioning for continued overhead supply into the new series.

Q: What makes the 23,500 strike the decisive institutional battleground for NIFTY?

A: The 23,500 strike represents a critical confluence on the monthly options chain:
Max Pain Alignment: 23,500 is the active Max Pain level, pulling premium decay toward this strike. Highest Call Addition: Institutional call writers aggressively added open interest at 23,500, converting it into a heavy supply ceiling. With the monthly Put-Call Ratio softening to 0.900 and put support retreating down to 22,800, NIFTY spot remains capped below 23,450–23,500 unless a substantial short-covering trigger forces option sellers to unwind.

Q: How should traders interpret BANKNIFTY’s massive 24.6% October Open Interest surge?

A: A +24.64% OI explosion in BANKNIFTY October futures backed by a 105% volume surge is a clear institutional signature of structural short accumulation. Call writers reinforced this bearish posture by stepping down their highest monthly additions to 56,500, dragging the monthly PCR down to 0.922. The data shows banking heavyweights are functioning as Dalal Street’s primary drag, meaning counter-trend long bets carry elevated risk until the index reclaims 56,700 on sustained spot volume.

Q: Is MIDCPNIFTY’s decoupling from large-cap weakness backed by genuine buying?

A: Yes, midcaps are displaying genuine institutional accumulation rather than a speculative bounce. While frontline indices saw forward short additions, MIDCPNIFTY gained +0.276% on spot, and its October futures Open Interest surged +19.22% on an extraordinary 378.45% volume spike in textbook Fresh Longs. With the monthly PCR holding steady at 0.948 and call additions lifting toward 14,650, the broader market remains in an active accumulation phase where dips toward 14,500 continue to find institutional buyers.

Q: Why did the SENSEX weekly Put-Call Ratio collapse from 1.493 to 0.930 ahead of expiry?

A: The dramatic drop in the weekly PCR reflects rapid de-risking by option writers ahead of Thursday’s settlement. Put writers aggressively booked profits and closed out near-the-money put contracts after the spot index slipped -0.441%, removing the previous session’s crowded put cushion. With Max Pain holding at 74,800 and call writers anchoring resistance at 75,000, this PCR reset neutralizes prior complacency and keeps the index locked in a tight pre-expiry consolidation band between 74,300 and 74,800.

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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