NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 25/09/2026

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Open Interest Volume Analysis

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Running our daily institutional Open Interest Volume Analysis, the tape confirms an immediate halt in negative gamma bleeding, as smart money capitalized on depressed spot levels to aggressively deploy directional capital into the October series.

With rollover velocity surging past the 50% milestone across all major benchmarks, the derivatives curve reveals a classic institutional handoff: front-month September short hedges were aggressively covered (NIFTY -16.92% OI, BANKNIFTY -23.70% OI), while October contracts absorbed massive “Fresh Longs”—headlined by an extraordinary +65.14% OI surge in BANKNIFTY, +68.28% OI in MIDCPNIFTY, and +27.67% OI in NIFTY.

Crucially, options markets corroborated this recovery floor: NIFTY’s monthly Put-Call Ratio staged a sharp rebound from 0.722 back to 0.925, MIDCPNIFTY October futures completely erased yesterday’s discount to flip back to a positive premium, and SENSEX’s weekly PCR crossed back above parity to 1.094. Let’s dissect the strike inventory, basis realignments, and actionable trade setups for Monday’s opening bell!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 23140.5 (0.336%)

Combined = September + October + November

Combined Fut Open Interest Change: -0.17%

Combined Fut Volume Change: -17.11%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 50% Previous 40%

NIFTY SEPTEMBER Future closed at: 23186.7 (0.338%)

Sep Fut Premium 46.2 (Increased by 0.7 points)

Sep Fut Open Interest Change: -16.92%

Sep Fut Volume Change: -16.18%

Sep Fut Open Interest Analysis: Short Covering

NIFTY OCTOBER Future closed at: 23263.6 (0.334%)

Oct Fut Premium 123.1 (Increased by 0.1 points)

Oct Fut Open Interest Change: 27.67%

Oct Fut Volume Change: -16.23%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.925 (Increased from 0.722)

Put-Call Ratio (Volume): 1.055

Max Pain Level: 23250

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 23000

Highest CALL Addition: 23100

Highest PUT Addition: 23050

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55580.4 (0.256%)

Combined = September + October + November

Combined Fut Open Interest Change: 5.33%

Combined Fut Volume Change: 18.41%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 53% Previous 35%

BANKNIFTY SEPTEMBER Future closed at: 55663.6 (0.086%)

Sep Fut Premium 83.2 (Decreased by -94.3 points)

Sep Fut Open Interest Change: -23.7%

Sep Fut Volume Change: 10.9%

Sep Fut Open Interest Analysis: Short Covering

BANKNIFTY OCTOBER Future closed at: 55962.6 (0.117%)

Oct Fut Premium 382.2 (Decreased by -76.5 points)

Oct Fut Open Interest Change: 65.14%

Oct Fut Volume Change: 35.85%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.790 (Increased from 0.741)

Put-Call Ratio (Volume): 1.014

Max Pain Level: 56500

Maximum CALL Open Interest: 57500

Maximum PUT Open Interest: 57500

Highest CALL Addition: 57800

Highest PUT Addition: 55300

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14027.7 (-0.090%)

Combined = September + October + November

Combined Fut Open Interest Change: 8.58%

Combined Fut Volume Change: -20.25%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 52% Previous 34%

MIDCPNIFTY SEPTEMBER Future closed at: 14038.9 (-0.046%)

Sep Fut Premium 11.2 (Increased by 6.2 points)

Sep Fut Open Interest Change: -21.32%

Sep Fut Volume Change: -13.56%

Sep Fut Open Interest Analysis: Long Covering

MIDCPNIFTY OCTOBER Future closed at: 14036.8 (0.051%)

Oct Fut Premium 9.1 (Increased by 19.7 points)

Oct Fut Open Interest Change: 68.28%

Oct Fut Volume Change: -24.56%

Oct Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.808 (Increased from 0.708)

Put-Call Ratio (Volume): 0.915

Max Pain Level: 14200

Maximum CALL Open Interest: 14300

Maximum PUT Open Interest: 13800

Highest CALL Addition: 14000

Highest PUT Addition: 13800

SENSEX Monthly Expiry (29/10/2026) Future

SENSEX Spot closed at: 73,895.74 (0.428%)

SENSEX Monthly Future closed at: 74,611.75 (0.231%)

Premium: 716.01 (Decreased by -143.2 points)

Open Interest Change: 7.75%

Volume Change: 5.29%

Open Interest Analysis: Fresh Long

SENSEX Weekly Expiry (1/10/2026) Option Analysis

Put-Call Ratio (OI): 1.094 (Increased from 0.889)

Put-Call Ratio (Volume): 1.058

Max Pain Level: 74000

Maximum CALL OI: 77000

Maximum PUT OI: 69000

Highest CALL Addition: 78000

Highest PUT Addition: 68000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,693.93 Cr.

DIIs Net BUY: ₹ 2,838.17 Cr.

FII Derivatives Activity

FII Trading Stats25.09.2624.09.2623.09.26
FII Cash (Provisional Data)-3,693.93-5,027.361,617.45
    
Index Future Open Interest Long Ratio11.44%11.01%10.69%
Index Future Volume Long Ratio49.16%44.52%57.45%
Call Option Open Interest Long Ratio43.84%43.57%44.10%
Call Option Volume Long Ratio50.16%49.35%50.94%
Put Option Open Interest Long Ratio66.13%67.75%66.12%
Put Option Volume Long Ratio49.98%51.10%48.60%
Stock Future Open Interest Long Ratio53.81%53.73%53.93%
Stock Future Volume Long Ratio50.14%49.65%50.14%
    
Index FuturesFresh ShortFresh ShortShort Covering
Index OptionsFresh LongFresh LongFresh Short
    
Nifty FuturesShort CoveringFresh ShortShort Covering
Nifty OptionsFresh LongFresh LongFresh Short
    
BankNifty FuturesFresh ShortFresh ShortShort Covering
BankNifty OptionsShort CoveringFresh LongFresh Short
    
FinNifty FuturesShort CoveringLong CoveringFresh Short
FinNifty OptionsFresh LongFresh ShortFresh Long
    
MidcpNifty FuturesFresh LongShort CoveringFresh Long
MidcpNifty OptionsFresh ShortFresh ShortFresh Long
    
NiftyNxt50 FuturesFresh ShortLong CoveringFresh Short
NiftyNxt50 OptionsFresh LongFresh ShortFresh Long
    
Stock FuturesFresh LongLong CoveringFresh Long
Stock OptionsLong CoveringShort CoveringFresh Short

SENSEX weekly Expiry (1/10/2026)

The SENSEX index closed at 73895.74. The SENSEX weekly expiry for SEPTEMBER 1, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 1.094 against previous 0.889. The 69000PE option holds the maximum open interest, followed by the 68000PE and 77000CE options. Market participants have shown increased interest with significant open interest additions in the 68000PE option, with open interest additions also seen in the 70000PE and 73700PE options. On the other hand, open interest reductions were prominent in the 74500PE, 75000PE

SENSEXWeeklyExpiry:01-10-2026
Index SpotPCR OIPrev PCR OIPCR VOL
73895.741.0940.8891.058
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      97,15,800        53,49,360           43,66,440
PUT:  1,06,26,500        47,56,540           58,69,960
Top CALL Open Interest:
StrikeOIOI ChangeVolume
77000        5,96,900          1,57,880           33,60,740
74000        5,86,660              50,200        1,36,77,920
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
78000        4,86,440          2,79,080           26,11,260
78500        2,87,020          2,46,860           18,93,800
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
77800              5,820              -1,500              1,12,720
70200                     –                         –                             –  
Top CALL Volume:
StrikeOIOI ChangeVolume
74000        5,86,660              50,200        1,36,77,920
75000        5,39,660          1,23,140           94,17,180
Top PUT Open Interest:
StrikeOIOI ChangeVolume
69000        6,31,060          2,16,600           22,96,260
68000        6,18,300          6,07,400           18,74,040
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
68000        6,18,300          6,07,400           18,74,040
70000        5,70,520          3,31,780           25,28,660
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
74500        2,31,540            -29,560              7,60,320
75000        1,58,520            -11,320              2,78,840
Top PUT Volume:
StrikeOIOI ChangeVolume
73500        5,41,220          2,64,560        1,57,74,460
73700        3,73,840          3,06,040        1,51,48,080

NIFTY Monthly Expiry (29/09/2026)

The NIFTY index closed at 23140.5. The NIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.925 against previous 0.722. The 24000CE option holds the maximum open interest, followed by the 23000PE and 23500CE options. Market participants have shown increased interest with significant open interest additions in the 23050PE option, with open interest additions also seen in the 23100PE and 23000PE options. On the other hand, open interest reductions were prominent in the 23250CE, 24000CE

NIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         23,140.50                0.925                  0.722               1.055
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 21,46,40,450   24,03,33,035 -2,56,92,585
 PUT: 19,86,42,235   17,36,38,645   2,50,03,590
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000    1,56,09,815        -38,00,030       13,19,868
               23,500    1,41,43,480            5,71,415       21,13,409
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               23,100       90,81,020         20,11,360       53,82,131
               23,550       53,58,340         11,64,215         8,97,661
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               23,250       59,50,100        -39,29,120       25,10,577
               24,000    1,56,09,815        -38,00,030       13,19,868
 Top CALL Volume:
 Strike OI OI Change Volume
               23,100       90,81,020         20,11,360       53,82,131
               23,200       93,87,040        -25,62,235       47,35,677
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               23,000    1,44,34,665         26,77,115       62,62,310
               22,000    1,31,20,575            9,87,935         8,93,153
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               23,050       63,37,825         35,46,985       50,75,166
               23,100    1,09,46,390         33,60,370       71,90,858
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               21,000       95,83,860        -14,69,390         2,82,120
               24,000       31,55,140        -14,52,295             40,943
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,100    1,09,46,390         33,60,370       71,90,858
               23,000    1,44,34,665         26,77,115       62,62,310

BANKNIFTY Monthly Expiry (29/09/2026)

The BANKNIFTY index closed at 55580.4. The BANKNIFTY monthly expiry for SEPTEMBER 29, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.790 against previous 0.741. The 57500CE option holds the maximum open interest, followed by the 58000CE and 57000CE options. Market participants have shown increased interest with significant open interest additions in the 55300PE option, with open interest additions also seen in the 55600PE and 57800CE options. On the other hand, open interest reductions were prominent in the 57000CE, 58000CE

BANKNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         55,580.40                0.790                  0.741               1.014
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,98,24,900      2,05,74,870       -7,49,970
 PUT:    1,56,56,100      1,52,55,030         4,01,070
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,500       19,60,290               49,500         1,30,486
               58,000       14,36,100          -1,36,500         1,11,208
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               57,800          3,50,880            1,17,210             25,255
               54,900          1,09,140            1,04,790               4,213
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,000       13,73,340          -1,59,030         2,21,953
               58,000       14,36,100          -1,36,500         1,11,208
 Top CALL Volume:
 Strike OI OI Change Volume
               56,000       10,15,050               30,810         3,92,242
               55,500          4,48,020               10,260         3,43,315
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,500       11,88,240              -24,630               3,587
               54,000          8,79,510                  4,290         1,89,044
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               55,300          4,38,510            2,69,280         1,98,363
               55,600          3,46,800            1,60,620         4,24,910
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,000          4,50,180          -1,03,650               7,808
               53,500          3,26,850          -1,02,090             66,376
 Top PUT Volume: 
 Strike OI OI Change Volume
               55,500          6,91,680               60,300         5,67,425
               55,600          3,46,800            1,60,620         4,24,910

MIDCPNIFTY Monthly Expiry (29/09/2026)

The MIDCPNIFTY index closed at 14027.7. The MIDCPNIFTY monthly expiry for SEPTEMBER 29, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.808 against previous 0.708. The 13800PE option holds the maximum open interest, followed by the 14000PE and 14300CE options. Market participants have shown increased interest with significant open interest additions in the 14000CE option, with open interest additions also seen in the 14100CE and 13800PE options. On the other hand, open interest reductions were prominent in the 70000PE, 70000PE

MIDCPNIFTY Monthly Expiry:29-09-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         14,027.70                0.808                  0.708               0.915
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,36,84,320      1,24,49,640       12,34,680
 PUT:    1,10,56,320         88,12,560       22,43,760
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,300       10,64,760            1,64,160             54,554
               15,000          9,97,440              -39,120             10,431
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,000          7,38,720            4,29,360             74,083
               14,100          8,20,320            3,25,440             70,809
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,400          7,06,920          -2,19,000             30,222
               14,500          7,65,480          -1,10,280             31,301
 Top CALL Volume:
 Strike OI OI Change Volume
               14,200          7,84,080            2,02,320             74,148
               14,000          7,38,720            4,29,360             74,083
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,800       12,69,960            3,20,880             80,483
               14,000       10,86,240               16,800             83,859
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,800       12,69,960            3,20,880             80,483
               13,900          7,71,600            2,76,960             98,162
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,300          3,83,040              -46,080               2,436
               14,400          2,62,440              -42,600               1,112
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,900          7,71,600            2,76,960             98,162
               14,000       10,86,240               16,800             83,859

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

To synthesize today’s Open Interest Volume Analysis, the market has transitioned from panic-driven shorting into a high-conviction accumulation corridor ahead of monthly settlement. With rollover crossing 50% and institutional desks heavily stocking October longs, execution favors buying confirmed pullbacks into freshly established put bases:

NIFTY (Forward Long Accumulation & 23,000 Put Defense): Front-month September futures registered heavy Short Covering (-16.92% OI) as rollovers advanced to 50%, while October futures absorbed +27.67% OI in structural Fresh Longs. In the monthly options chain (29/09 expiry), the PCR surged from 0.722 to 0.925, with put writers aggressively defending the 23,000–23,050 pocket (Highest Put Addition at 23,050 and Maximum Put OI at 23,000). While call writers added at 23,100, Max Pain sits comfortably overhead at 23,250. Actionable Feedback: The 23,000–23,050 band is our fortified demand base. Adopt a “Buy on Dips” framework; initiate tactical long positions on pullbacks into 23,080–23,120 with an invalidation stop-loss strictly below 23,000. Target an immediate drift toward the 23,250 Max Pain node, where a sustained 15-minute close above 23,280 will trigger an expiry short squeeze toward 23,380.

BANKNIFTY (Massive October Long Roll & Basis Contraction): Banking heavyweights led the session’s institutional absorption (+0.256% spot). While front-month contracts saw rapid Short Covering (-23.7% OI) with premium contracting to 83.2 points, October futures absorbed a massive +65.14% OI addition on expanding volume (+35.85%) in textbook Fresh Longs, lifting rollovers to 53%. Monthly PCR improved to 0.790 (with volume PCR at 1.014), while call writers retreated additions to 57,800. Actionable Feedback: Thursday’s aggressive shorting has been structurally absorbed. Accumulate long positions on orderly pullbacks into the 55,350–55,480 pocket with risk strictly defined below 55,200, targeting an institutional push toward 56,000 and the 56,500 Max Pain target.

MIDCPNIFTY (Discount Erased / Massive October Long Explosion): Midcaps displayed remarkable structural resilience. While September contracts saw Long Covering (-21.32% OI) as rollovers climbed to 52%, October futures exploded with an enormous +68.28% OI addition in Fresh Longs. Most importantly, October futures basis completely erased yesterday’s -10.6 point discount, swinging back to a healthy +9.1 point premium. In the monthly options chain, PCR climbed to 0.808, with put writers anchoring support at 13,800. Actionable Feedback: The panic-driven shorting in midcaps has exhausted itself. Look for long entries on pullbacks into 13,980–14,020 with a tight stop-loss below 13,940, targeting 14,140 and the 14,200 Max Pain level.

SENSEX (October Fresh Longs & Weekly PCR Reclaims Parity): Focusing on the October monthly series (29/10), SENSEX added +7.75% OI in solid Fresh Longs. In the weekly options chain (01/10 expiry), the PCR surged from 0.889 to 1.094, with put writers reinforcing the 68,000–69,000 floor, while call writers pushed their highest additions far up to 78,000, aligning Max Pain squarely at 74,000. Actionable Feedback: With the weekly PCR regaining positive gamma, initiate long setups on intraday dips toward 73,650–73,780 with a stop-loss below 73,500, targeting an expiry-week gravitate toward the 74,000–74,200 zone.

Q: What does the massive surge in BANKNIFTY and NIFTY October futures Open Interest indicate after Thursday’s sell-off?

A: This marks a decisive shift from defensive shorting into aggressive forward-curve accumulation. Our daily Open Interest Volume Analysis shows that while front-month September contracts experienced heavy Short Covering (-16.92% OI in NIFTY, -23.70% in BANKNIFTY) as traders closed out legacy trades, institutional desks deployed massive capital into the October series as Fresh Longs (+27.67% OI in NIFTY, +65.14% in BANKNIFTY). This aggressive forward long build confirms that institutional participants viewed Thursday’s dip as a liquidity discount rather than the start of a protracted downtrend.

Q: Why is a 50%+ rollover rate combined with October Fresh Longs considered constructive for Dalal Street?

A: When rollover crosses the 50% threshold alongside positive price action and expanding open interest, it reflects strong institutional participation rolling into the new series with long bias. Rather than abandoning exposure, smart money actively rolled positions into October contracts while absorbing supply, laying a stable structural base across large-cap indices ahead of the final September monthly expiry.

Q: How did MIDCPNIFTY erase its futures discount, and what does it signal for broader markets?

A: Thursday’s panic-driven sell-off had temporarily pushed MIDCPNIFTY October futures into a severe -10.6 point discount. In Friday’s session, October contracts witnessed an enormous +68.28% OI expansion in Fresh Longs, completely erasing the discount to close at a healthy +9.1 point premium (+19.7 point basis expansion). When futures flip from a steep discount back to a premium on heavy long accumulation, it signals that panic selling has exhausted and institutional desks are stepping back in to accumulate broader-market leaders.

Q: What does NIFTY’s Put-Call Ratio (PCR) rebound from 0.722 to 0.925 mean for the upcoming monthly expiry?

A: A rapid PCR rebound from an oversold 0.722 back toward parity at 0.925 indicates that option writers have stopped fleeing put contracts and have begun aggressively building a downside safety net. Put additions concentrated heavily between 23,000 and 23,050 (Highest Put Addition at 23,050 and Maximum Put OI at 23,000). This renewed put writing removes the threat of an unhedged gamma slide and creates a firm support cushion right below spot.

Q: Where are the primary institutional support and resistance battlegrounds for NIFTY heading into next week?

A: NIFTY derivative positioning has mapped out clear operational corridors for the final days of the September series: Support Base: The 23,000–23,050 zone serves as our primary demand floor, protected by the session's highest put additions and October futures positioning. Overhead Resistance: Immediate tactical supply sits around 23,180–23,250, aligned with the Highest Call Addition at 23,100 and the 23,250 Max Pain node. A sustained 15-minute close above 23,280 will force call writers to unwind, triggering an expiry squeeze toward 23,380.

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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