NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 19/10/2026

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Open Interest Volume Analysis

Table of Contents

Welcome back to the trading desk! Monday’s session on October 19, 2026, set a distinctly bearish tone for the week, as Dalal Street faced a synchronized -0.6% to -1.1% haircut across primary benchmarks, confirming that last week’s minor stabilization was merely a tactical pitstop in a broader distribution cycle.

Applying our daily institutional Open Interest Volume Analysis, today’s tape offers a masterclass in separating tactical risk-reduction from true directional conviction. The headline story isn’t just the red spot close; it’s the massive institutional capital aggressively shorting the forward curve while trapped retail longs simply capitulate in the front month.

The futures basis mechanics are highly revealing: panicked bulls rushed to exit October NIFTY and BANKNIFTY contracts, triggering classic “Long Covering” (-1.85% and -3.5% OI respectively). This forced liquidation actually pushed NIFTY front-month basis out of a discount and back to a 6.25-point premium, while BANKNIFTY’s premium widened to 88.3 points. However, smart money entirely ignored the front month, choosing instead to deploy high-conviction “Fresh Shorts” deep into the November series.

The scale of this forward accumulation is alarming. BANKNIFTY November futures absorbed an eye-watering +20.54% OI expansion on a 57.42% volume surge, while NIFTY November soaked up +8.47% OI in structural fresh shorts. With MIDCPNIFTY completely decoupling into a deep discount (-32.15 points) and SENSEX’s weekly PCR crashing down to 0.741, let’s map out the exact strike inventory and actionable execution parameters for Tuesday’s opening bell!

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 22888.95 (-1.111%)

Combined = October + November + December

Combined Fut Open Interest Change: -0.01%

Combined Fut Volume Change: 16.49%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 18% Previous 17%

NIFTY OCTOBER Future closed at: 22895.2 (-0.969%)

Oct Fut Premium 6.25 (Increased by 33.2 points)

Oct Fut Open Interest Change: -1.85%

Oct Fut Volume Change: 8.81%

Oct Fut Open Interest Analysis: Long Covering

NIFTY NOVEMBER Future closed at: 23008.8 (-0.940%)

Nov Fut Premium 119.85 (Increased by 38.9 points)

Nov Fut Open Interest Change: 8.47%

Nov Fut Volume Change: 52.71%

Nov Fut Open Interest Analysis: Fresh Short

NIFTY Monthly Expiry (27/10/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.876 (Decreased from 1.077)

Put-Call Ratio (Volume): 0.804

Max Pain Level: 23000

Maximum CALL Open Interest: 24000

Maximum PUT Open Interest: 22500

Highest CALL Addition: 24000

Highest PUT Addition: 21000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 55488.1 (-0.637%)

Combined = October + November + December

Combined Fut Open Interest Change: -1.29%

Combined Fut Volume Change: 17.48%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 13% Previous 11%

BANKNIFTY OCTOBER Future closed at: 55576.4 (-0.611%)

Oct Fut Premium 88.3 (Increased by 14.3 points)

Oct Fut Open Interest Change: -3.5%

Oct Fut Volume Change: 11.6%

Oct Fut Open Interest Analysis: Long Covering

BANKNIFTY NOVEMBER Future closed at: 55905 (-0.582%)

Nov Fut Premium 416.9 (Increased by 28.9 points)

Nov Fut Open Interest Change: 20.54%

Nov Fut Volume Change: 57.42%

Nov Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (27/10/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.955 (Decreased from 1.063)

Put-Call Ratio (Volume): 0.977

Max Pain Level: 55600

Maximum CALL Open Interest: 56000

Maximum PUT Open Interest: 55000

Highest CALL Addition: 55500

Highest PUT Addition: 54500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13565.15 (-1.110%)

Combined = October + November + December

Combined Fut Open Interest Change: 4.40%

Combined Fut Volume Change: 32.72%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 6%

MIDCPNIFTY OCTOBER Future closed at: 13533 (-1.319%)

Oct Fut Discount -32.15 (Decreased by -28.65 points)

Oct Fut Open Interest Change: 4.07%

Oct Fut Volume Change: 24.98%

Oct Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY NOVEMBER Future closed at: 13582.6 (-1.309%)

Nov Fut Premium 17.45 (Decreased by -27.95 points)

Nov Fut Open Interest Change: 7.48%

Nov Fut Volume Change: 80.27%

Nov Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry (27/10/2026) Option Analysis

Put-Call Ratio (Open Interest): 0.900 (Decreased from 0.956)

Put-Call Ratio (Volume): 0.678

Max Pain Level: 13700

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13600

Highest PUT Addition: 13550

SENSEX Monthly Expiry (29/10/2026) Future

SENSEX Spot closed at: 73,852.90 (-1.173%)

SENSEX Monthly Future closed at: 73,976.15 (-0.948%)

Premium: 123.25 (Increased by 168.57 points)

Open Interest Change: 3.62%

Volume Change: -14.19%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (22/10/2026) Option Analysis

Put-Call Ratio (OI): 0.741 (Decreased from 1.234)

Put-Call Ratio (Volume): 1.092

Max Pain Level: 74000

Maximum CALL OI: 78000

Maximum PUT OI: 70000

Highest CALL Addition: 75000

Highest PUT Addition: 70500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,148.64 Cr.

DIIs Net BUY: ₹ 3,201.19 Cr.

FII Derivatives Activity

FII Trading Stats19.10.2616.10.2615.10.26
FII Cash (Provisional Data)-1,148.641,165.92-5,285.37
    
Index Future Open Interest Long Ratio10.38%11.32%10.80%
Index Future Volume Long Ratio36.60%62.87%69.99%
Call Option Open Interest Long Ratio40.76%41.90%43.40%
Call Option Volume Long Ratio49.61%49.68%50.79%
Put Option Open Interest Long Ratio69.78%62.32%60.82%
Put Option Volume Long Ratio49.92%50.35%49.31%
Stock Future Open Interest Long Ratio55.68%56.01%56.12%
Stock Future Volume Long Ratio47.13%49.32%52.86%
    
Index FuturesLong CoveringShort CoveringShort Covering
Index OptionsLong CoveringFresh LongFresh Long
    
Nifty FuturesLong CoveringShort CoveringShort Covering
Nifty OptionsLong CoveringFresh LongFresh Long
    
BankNifty FuturesLong CoveringFresh LongFresh Long
BankNifty OptionsFresh ShortFresh LongFresh Short
    
FinNifty FuturesFresh ShortShort CoveringShort Covering
FinNifty OptionsFresh ShortFresh ShortShort Covering
    
MidcpNifty FuturesLong CoveringFresh ShortLong Covering
MidcpNifty OptionsFresh ShortFresh ShortFresh Short
    
NiftyNxt50 FuturesLong CoveringFresh LongLong Covering
NiftyNxt50 OptionsFresh LongFresh ShortLong Covering
    
Stock FuturesLong CoveringFresh ShortFresh Long
Stock OptionsFresh ShortFresh ShortFresh Short

SENSEX weekly Expiry (22/10/2026)

The SENSEX index closed at 73852.9. The SENSEX weekly expiry for OCTOBER 22, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.741 against previous 1.234. The 78000CE option holds the maximum open interest, followed by the 75000CE and 76000CE options. Market participants have shown increased interest with significant open interest additions in the 75000CE option, with open interest additions also seen in the 78000CE and 76000CE options. On the other hand, open interest reductions were prominent in the 74600PE, 74500PE, and 74700PE options. Trading volume was highest in the 74000PE option, followed by the 75000CE and 74500CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:22-10-2026
Index SpotPCR OIPrev PCR OIPCR VOL
73852.90.7411.2341.092
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  3,04,85,160    1,30,23,440        1,74,61,720
PUT:  2,25,92,380    1,60,71,480           65,20,900
Top CALL Open Interest:
StrikeOIOI ChangeVolume
78000      19,45,840        11,11,340           72,02,980
75000      18,16,440        13,13,420        2,08,88,060
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
75000      18,16,440        13,13,420        2,08,88,060
78000      19,45,840        11,11,340           72,02,980
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
83500            32,400            -44,680              2,55,400
82000            70,520            -23,840              4,96,560
Top CALL Volume:
StrikeOIOI ChangeVolume
75000      18,16,440        13,13,420        2,08,88,060
74500      10,51,680          5,44,940        2,03,55,460
Top PUT Open Interest:
StrikeOIOI ChangeVolume
70000      17,56,960          2,20,400           78,33,240
72000      12,84,980          4,71,680        1,18,41,420
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
70500      11,99,400          7,72,100           52,61,400
72500      11,39,980          5,91,660        1,14,56,160
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
74600        1,15,400        -2,21,940           79,28,760
74500        2,48,680        -2,11,580        1,54,96,020
Top PUT Volume:
StrikeOIOI ChangeVolume
74000        6,67,820        -1,02,800        2,53,39,280
73000      11,43,520          2,81,560        1,70,16,940

NIFTY Monthly Expiry (27/10/2026)

The NIFTY index closed at 22888.95. The NIFTY monthly expiry for OCTOBER 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.876 against previous 1.077. The 24000CE option holds the maximum open interest, followed by the 23500CE and 23000CE options. Market participants have shown increased interest with significant open interest additions in the 24000CE option, with open interest additions also seen in the 23000CE and 24500CE options. On the other hand, open interest reductions were prominent in the 24950CE, 27000CE, and 27200CE options. Trading volume was highest in the 23000PE option, followed by the 23000CE and 23500CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:27-10-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         22,888.95                0.876                  1.077               0.804
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 14,57,31,690      9,28,92,670   5,28,39,020
 PUT: 12,76,88,015   10,00,45,530   2,76,42,485
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               24,000    1,38,63,460         55,10,180         4,39,046
               23,500    1,27,90,700         23,00,350         5,69,503
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               24,000    1,38,63,460         55,10,180         4,39,046
               23,000       96,81,815         39,92,885         5,83,392
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               24,950          1,07,965          -2,98,220             13,620
               27,000          9,32,425          -2,65,980             10,003
 Top CALL Volume:
 Strike OI OI Change Volume
               23,000       96,81,815         39,92,885         5,83,392
               23,500    1,27,90,700         23,00,350         5,69,503
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               22,500       79,81,870         10,49,230         3,80,326
               22,000       79,49,760         22,77,990         2,88,308
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               21,000       68,10,960         25,66,525         1,61,523
               22,000       79,49,760         22,77,990         2,88,308
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               21,850          2,62,340              -70,785             27,984
               21,350          2,92,435              -55,445             13,184
 Top PUT Volume: 
 Strike OI OI Change Volume
               23,000       67,58,115            7,65,570         5,84,829
               22,500       79,81,870         10,49,230         3,80,326

BANKNIFTY Monthly Expiry (27/10/2026)

The BANKNIFTY index closed at 55488.1. The BANKNIFTY monthly expiry for OCTOBER 27, 2026 has revealed key trends in open interest. The current Put/Call Ratio is at 0.955 against previous 1.063. The 56000CE option holds the maximum open interest, followed by the 55000PE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 55500CE option, with open interest additions also seen in the 56000CE and 54500PE options. On the other hand, open interest reductions were prominent in the 54000PE, 55700PE, and 55000PE options. Trading volume was highest in the 55500PE option, followed by the 56000CE and 55500CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:27-10-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         55,488.10                0.955                  1.063               0.977
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,53,50,340      1,39,80,630       13,69,710
 PUT:    1,46,61,630      1,48,63,890       -2,02,260
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               56,000       14,62,080            2,46,300         1,63,321
               58,000       11,20,380               21,510             61,054
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               55,500       10,30,860            2,95,440         1,60,758
               56,000       14,62,080            2,46,300         1,63,321
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               59,000          6,77,460              -73,200             46,066
               54,300             45,450              -56,940               6,924
 Top CALL Volume:
 Strike OI OI Change Volume
               56,000       14,62,080            2,46,300         1,63,321
               55,500       10,30,860            2,95,440         1,60,758
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               55,000       12,66,480              -88,320         1,01,380
               55,500       10,80,270            1,14,180         2,01,020
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               54,500          5,91,120            1,56,420             64,197
               55,500       10,80,270            1,14,180         2,01,020
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               54,000          6,79,590          -1,53,540             66,693
               55,700          1,47,360              -90,270             85,116
 Top PUT Volume: 
 Strike OI OI Change Volume
               55,500       10,80,270            1,14,180         2,01,020
               55,600          1,54,350              -12,660         1,08,186

MIDCPNIFTY Monthly Expiry (27/10/2026)

The MIDCPNIFTY index closed at 13565.15. The MIDCPNIFTY monthly expiry for OCTOBER 27, 2026, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.900 against previous 0.956. The 14500CE option holds the maximum open interest, followed by the 13000PE and 14200CE options. Market participants have shown increased interest with significant open interest additions in the 13550PE option, with open interest additions also seen in the 13600CE and 14000CE options. On the other hand, open interest reductions were prominent in the 68900PE, 68900PE, and 68900PE options. Trading volume was highest in the 14000CE option, followed by the 14200CE and 13700CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:27-10-2026
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,565.15                0.900                  0.956               0.678
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       93,35,640         86,15,520         7,20,120
 PUT:       83,99,880         82,38,840         1,61,040
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,500       13,32,240                -1,680             11,231
               14,200          9,90,960               18,000             19,984
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,600          3,37,080            1,53,840             10,216
               14,000          9,75,600            1,49,400             23,573
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,300          5,88,840          -1,94,040             10,475
               14,400          2,06,760              -27,720               3,247
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000          9,75,600            1,49,400             23,573
               14,200          9,90,960               18,000             19,984
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       11,02,320              -84,480             10,013
               13,500          8,89,080               46,680             12,762
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,550          2,76,120            2,27,520               4,367
               12,900          2,31,960            1,05,240               4,201
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,800          2,52,360          -1,42,920               5,753
               13,000       11,02,320              -84,480             10,013
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,600          4,20,360               94,440             13,799
               13,700          3,68,280               21,480             13,225

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

To synthesize today’s Open Interest Volume Analysis, Dalal Street has firmly locked into a negative gamma, supply-heavy regime. The tactical long covering in front-month contracts simply cleared the decks, while the massive influx of forward-month fresh shorts confirms deep institutional conviction for lower levels. Here is your actionable desk playbook:

NIFTY (Forward Short Blitz & Put Writers Fleeing): Benchmark October futures saw standard Long Covering (-1.85% OI), but November futures were hammered with high-conviction Fresh Shorts (+8.47% OI on a 52.71% volume spike). In the monthly options chain (27/10 expiry), the PCR softened to 0.876. Put writers completely surrendered near-the-money floors, dropping their Highest Put Addition all the way down to 21,000, while call writers established a massive fortress at 24,000. Actionable Feedback: The lack of near-term put support leaves the index highly vulnerable. Maintain a strict “Sell on Rallies” posture. Initiate tactical shorts on intraday pullbacks into the 22,950–23,000 Max Pain zone with an invalidation stop-loss above 23,060, targeting a swift momentum flush toward 22,750 and the 22,600 liquidity pool.

BANKNIFTY (Aggressive Institutional Distribution in November): The banking heavyweight delivered the session’s most glaring bearish footprint. While October futures shed -3.5% OI on Long Covering, November futures absorbed a staggering +20.54% OI in aggressive Fresh Shorts backed by a 57% volume surge. In the monthly chain (27/10), PCR slipped to 0.955. Call writers aggressively walked down their ceiling to 55,500 (Highest Call Addition), perfectly aligning with spot (55,488) and suffocating Max Pain at 55,600. Actionable Feedback: This is pure institutional distribution. Do not attempt to catch a falling knife here. Fade any relief rallies toward 55,550–55,600 with risk defined strictly above 55,750, targeting a structural breakdown toward the 55,000 monthly put defense and 54,800.

MIDCPNIFTY (Deep Discount Trap & Dual-Tenor Short Sledgehammer): Midcaps were ruthlessly liquidated (-1.110% spot). October futures plunged into a deep -32.15 point discount while absorbing +4.07% OI in Fresh Shorts. November futures compounded the damage, adding +7.48% OI in forward Fresh Shorts on an 80.27% volume explosion. The monthly PCR collapsed to 0.900, with call additions actively trapping upside at 13,600 against Max Pain at 13,700. Actionable Feedback: The midcap complex is the weakest link on the tape. Aggressively fade intraday bounces into 13,600–13,630 with a disciplined stop-loss placed above 13,720, targeting 13,400 and a continuation slide toward the 13,250 floor.

SENSEX (PCR Crush & Pre-Expiry Supply Wall): SENSEX monthly futures recorded +3.62% OI in structural Fresh Shorts as spot dropped -1.173%. Heading into the new weekly expiry (22/10), the options matrix saw its PCR aggressively compressed from 1.234 down to an oversold 0.741. Call writers heavily colonized the 75,000 strike (Highest Call Addition), while put writers established distant defense at 70,500, setting Max Pain at 74,000. Actionable Feedback: With the PCR nearing heavily oversold territory, expect choppy downside friction rather than a straight-line crash. Use the 74,000 Max Pain magnet as your primary supply wall; sell morning relief spikes into 73,950–74,050 with a tight stop-loss above 74,200, targeting a grind down toward 73,500 and 73,300.

Q: Why did NIFTY and BANKNIFTY futures premiums expand despite a red spot close and widespread liquidation?

When tracking institutional footprints through our Open Interest Volume Analysis, a simultaneous drop in open interest (-1.85% for NIFTY, -3.5% for BANKNIFTY) alongside a falling spot price signals mechanical Long Covering. Trapped retail bulls were forced to rapidly liquidate their October futures to cut losses. As they hit market-sell orders to exit, this forced liquidation temporarily pushed the front-month basis out of a discount and back to a premium. However, this premium expansion reflects panic exiting—not fresh institutional accumulation.

Q: What is the institutional significance of BANKNIFTY adding a massive 20.54% Open Interest in November futures?

This is arguably the most critical bearish footprint on Dalal Street right now. While the October series saw routine long covering, our Open Interest Volume Analysis reveals that institutional desks actively deployed heavy capital into the deferred November series. An explosive +20.54% open interest surge accompanied by a 57.42% volume spike confirms high-conviction “Fresh Shorts.” Smart money is aggressively rolling their heavy supply into the forward curve.
Actionable Feedback: The sheer scale of this forward-shorting confirms deep, structural distribution. Avoid bottom-fishing in banking names and treat the 55,500 level as a strict shorting zone targeting the 55,000 monthly put defense.

Q: Why did NIFTY’s put writers retreat so aggressively, and how does it impact immediate support?

Option sellers dictate the true support floors, and on Monday, they completely surrendered their near-the-money defenses. As the PCR softened to 0.876, put writers ruthlessly dropped their Highest Put Addition all the way down to 21,000, leaving a massive liquidity vacuum beneath the current market. Without institutional put writing to absorb the selling pressure, intraday pullbacks lack any structural safety net.
Actionable Feedback: The market is now operating in a negative gamma regime. Stick strictly to a "Sell on Rallies" playbook against the fortified 24,000 call ceiling, as downside floors have evaporated.

Q: How does the MIDCPNIFTY’s deep discount act as an institutional trap?

The broader markets are currently leading the downside distribution cycle. MIDCPNIFTY October futures plunged into a severe -32.15 point discount while absorbing +4.07% OI in Fresh Shorts. Furthermore, November futures compounded this damage with +7.48% forward Fresh Shorts on an 80% volume explosion. When futures trade at a deep discount while absorbing heavy dual-tenor short interest, it proves institutional players are aggressively dumping inventory into retail bids.
Actionable Feedback: Midcaps are the weakest link on the tape. Aggressively fade any intraday bounces toward the 13,600–13,630 resistance band, targeting a structural breakdown toward 13,400.

How should traders navigate SENSEX ahead of its October 22 weekly expiry?

SENSEX experienced a brutal PCR crush, dropping from 1.234 down to a deeply oversold 0.741 as call writers actively colonized the 75,000 strike. This effectively caps any runaway momentum. However, with the options tape nearing heavily oversold territory ahead of Thursday’s settlement, we expect choppy downside friction rather than a straight-line crash.
Actionable Feedback: Use the 74,000 Max Pain magnet as your primary institutional supply wall. Short morning relief spikes into 73,950–74,050 with a tight stop-loss, targeting a methodical grind down toward 73,500.

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

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.


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