F&O intelligence
Research tool · not investment advice. Full disclaimer →
The derivatives book
what the standing book is, and whether the two tapes agreedSource: NSE F&O open interest + NSE F&O open interest by expiry.
F&O Intelligence
what the whole derivatives book is doing, and whether today is unusual for it
as of 2026-10-01 · 213 names on the tape
The derivatives book says where positions stand — never what happens next. Descriptive only. What this workspace can and cannot know →
Evidence · hover a tag for what it means: observed: open interest · price · participant classesderived: rupee value · counts · medians · expiry shareinferred: the four positioning labelsunknowable: who holds each side glossary →
Where the book stands
each level beside the sessions behind itSource: NSE F&O open interest.
Standing futures book
₹497,028 Cr
Show the numbers
What the chart does to these numbers before drawing them: the shaded area is filled to the median (540978 Cr), not to zero
60 rows, all of them.
| Date | rupee value of the standing futures book ( Cr) |
|---|---|
| 2026-07-09 | 542148 |
| 2026-07-10 | 551515 |
| 2026-07-13 | 556090 |
| 2026-07-14 | 555087 |
| 2026-07-15 | 559384 |
| 2026-07-16 | 562704 |
| 2026-07-17 | 567076 |
| 2026-07-20 | 568387 |
| 2026-07-21 | 573748 |
| 2026-07-22 | 571385 |
| 2026-07-23 | 557949 |
| 2026-07-24 | 554128 |
| 2026-07-27 | 556859 |
| 2026-07-28 | 561729 |
| 2026-07-29 | 520413 |
| 2026-07-30 | 520216 |
| 2026-07-31 | 523540 |
| 2026-08-03 | 531028 |
| 2026-08-04 | 531946 |
| 2026-08-05 | 536812 |
| 2026-08-06 | 538385 |
| 2026-08-07 | 539061 |
| 2026-08-10 | 540969 |
| 2026-08-11 | 541396 |
| 2026-08-12 | 546691 |
| 2026-08-13 | 548420 |
| 2026-08-14 | 548072 |
| 2026-08-17 | 550924 |
| 2026-08-18 | 552840 |
| 2026-08-19 | 556990 |
| 2026-08-20 | 557378 |
| 2026-08-21 | 559553 |
| 2026-08-24 | 555792 |
| 2026-08-25 | 568715 |
| 2026-08-26 | 529399 |
| 2026-08-27 | 530826 |
| 2026-08-28 | 535253 |
| 2026-08-31 | 539127 |
| 2026-09-01 | 533929 |
| 2026-09-02 | 533738 |
| 2026-09-03 | 534666 |
| 2026-09-04 | 537261 |
| 2026-09-07 | 536116 |
| 2026-09-08 | 536300 |
| 2026-09-09 | 537916 |
| 2026-09-10 | 537982 |
| 2026-09-11 | 538277 |
| 2026-09-15 | 527135 |
| 2026-09-16 | 529028 |
| 2026-09-17 | 533982 |
| 2026-09-18 | 538238 |
| 2026-09-21 | 540462 |
| 2026-09-22 | 543142 |
| 2026-09-23 | 551080 |
| 2026-09-24 | 540987 |
| 2026-09-25 | 546745 |
| 2026-09-28 | 537379 |
| 2026-09-29 | 548057 |
| 2026-09-30 | 501811 |
| 2026-10-01 | 497028 |
Median put/call ratio
0.74
against this book's own last 60 sessions
How today's book changed
price direction against open-interest direction · and where today's count sits in its own 60 sessionsSource: NSE F&O open interest.
Long buildup
price up · OI up
19
60-session range 1–77 · middle 24
Short covering
price up · OI down
30
60-session range 1–94 · middle 22
Short buildup
price down · OI up
68
60-session range 6–91 · middle 39
Long unwinding
price down · OI down
54
60-session range 0–71 · middle 17
In plain EnglishEach name is placed by the pair of signs it printed today. Four names for four combinations; it is a classification of what already happened, not a prediction of what follows — and the gauge beside each count says whether that many is normal for this book. The four cells account for 171 of the 213 names on the tape; 42 printed flat — price and open interest both unchanged in sign — which is a fifth state, not a gap.
The same census, cut by sector
share of each sector's F&O names in each quadrant · indices overlap by constructionSource: NSE F&O open interest + NSE index membership.
Show the numbers
| SectorThe narrowest NSE sectoral index the stock belongs to (smallest membership; size/broad indices excluded) — its tightest real peer group; null when it sits in none. What sector-RS and the leaders/laggards boards group by. | Long buildupCash price up on the day while summed stock-futures open interest also expanded — fresh positions entering on the rising side. A positioning state on the latest F&O tape, never a signal: the house phase-0 record found no fundable edge in this channel. | Short coveringCash price up on the day while summed stock-futures open interest contracted — existing short positions closing, not new buying. | Short buildupCash price down on the day while summed stock-futures open interest expanded — fresh positions entering on the falling side. Same descriptor-only fence. | Long unwindingCash price down on the day while summed stock-futures open interest contracted — existing long positions closing, not new selling. | Flat |
|---|---|---|---|---|---|
| Infrastructure | 6.67% | 16.67% | 50% | 23.33% | 3.33% |
| Energy | 11.54% | 26.92% | 34.62% | 15.38% | 11.54% |
| Financial Services | 5% | 15% | 25% | 20% | 35% |
| Healthcare | 12.5% | 25% | 12.5% | 25% | 25% |
| Auto | 0% | 0% | 66.67% | 33.33% | 0% |
| Bank | 7.14% | 21.43% | 7.14% | 7.14% | 57.14% |
| FMCG | 0% | 7.14% | 35.71% | 35.71% | 21.43% |
| Pharma | 15.38% | 15.38% | 15.38% | 23.08% | 30.77% |
| Metal | 0% | 0% | 27.27% | 45.45% | 27.27% |
| Private Bank | 10% | 30% | 0% | 20% | 40% |
| IT | 40% | 40% | 0% | 10% | 10% |
| Consumer Durables | 0% | 11.11% | 44.44% | 44.44% | 0% |
| PSU Bank | 12.5% | 12.5% | 0% | 12.5% | 62.5% |
| Oil & Gas | 12.5% | 12.5% | 62.5% | 0% | 12.5% |
| India Defence | 0% | 0% | 42.86% | 42.86% | 14.29% |
| Realty | 16.67% | 0% | 16.67% | 50% | 16.67% |
| Chemicals | 0% | 20% | 20% | 20% | 40% |
In plain EnglishShaded by each sector's OWN share, not by how many names it has — shaded by count, a nineteen-name index would out-glow a ten-name one for being larger, which is a fact about index construction and not about today's book. The indices overlap: a bank sits in Nifty Bank, Nifty Private Bank and Nifty Financial Services, so a name is counted once per index it belongs to. Read each row as what it is — the F&O names in that index.
The counts behind the shading
| SectorThe narrowest NSE sectoral index the stock belongs to (smallest membership; size/broad indices excluded) — its tightest real peer group; null when it sits in none. What sector-RS and the leaders/laggards boards group by. | F&O names | Long buildupCash price up on the day while summed stock-futures open interest also expanded — fresh positions entering on the rising side. A positioning state on the latest F&O tape, never a signal: the house phase-0 record found no fundable edge in this channel. | Short coveringCash price up on the day while summed stock-futures open interest contracted — existing short positions closing, not new buying. | Short buildupCash price down on the day while summed stock-futures open interest expanded — fresh positions entering on the falling side. Same descriptor-only fence. | Long unwindingCash price down on the day while summed stock-futures open interest contracted — existing long positions closing, not new selling. | Flat |
|---|---|---|---|---|---|---|
| Infrastructure | 30 | 2 | 5 | 15 | 7 | 1 |
| Energy | 26 | 3 | 7 | 9 | 4 | 3 |
| Financial Services | 20 | 1 | 3 | 5 | 4 | 7 |
| Healthcare | 16 | 2 | 4 | 2 | 4 | 4 |
| Auto | 15 | 0 | 0 | 10 | 5 | 0 |
| Bank | 14 | 1 | 3 | 1 | 1 | 8 |
| FMCG | 14 | 0 | 1 | 5 | 5 | 3 |
| Pharma | 13 | 2 | 2 | 2 | 3 | 4 |
| Metal | 11 | 0 | 0 | 3 | 5 | 3 |
| Private Bank | 10 | 1 | 3 | 0 | 2 | 4 |
| IT | 10 | 4 | 4 | 0 | 1 | 1 |
| Consumer Durables | 9 | 0 | 1 | 4 | 4 | 0 |
| PSU Bank | 8 | 1 | 1 | 0 | 1 | 5 |
| Oil & Gas | 8 | 1 | 1 | 5 | 0 | 1 |
| India Defence | 7 | 0 | 0 | 3 | 3 | 1 |
| Realty | 6 | 1 | 0 | 1 | 3 | 1 |
| Chemicals | 5 | 0 | 1 | 1 | 1 | 2 |
How often the two books disagree
a description of two readings, never a signalSource: NSE F&O open interest + computed accumulation and distribution · computed over the window shown.
Honest boundaryThis counts how often two readings pointed different ways — it is NOT a finding that disagreement leads anywhere. A high share is not bullish, is not bearish, and does not establish a future return · descriptive, not a signal.
In plain EnglishIn 25.7% of readings the futures book and the cash tape pointed in opposite directions — fresh futures longs while the cash tape was distributing, or the reverse. They pointed the same way in 25.8%. The rest of the time the cash tape had no direction, or could not be seen.
In plain EnglishOut of what: 26,026 readings where both books could be seen, over the last 180 days to 2026-10-01. A share is only as good as the pool it came from, so the pool is printed with it.
Broken out by which reading disagreed
| Reading | Share of all readings |
|---|---|
| Short buildup | 7.69% |
| Short covering | 6.34% |
| Long buildup | 6.25% |
| Long unwinding | 5.42% |
Where the book sits across expiries
share already beyond the front month, and where in the cycle today sitsSource: NSE F&O open interest by expiry.
2.8%
of the median name's open interest sits beyond the nearest expiry — and the front expiry (2026-10-27) is 26 days away
Show the numbers
What the chart does to these numbers before drawing them: the shaded area is filled to the median (6.3%), not to zero
60 rows, all of them.
| Date | median share of open interest beyond the front month (%) |
|---|---|
| 2026-07-09 | 4.6 |
| 2026-07-10 | 4.8 |
| 2026-07-13 | 5.3 |
| 2026-07-14 | 6.1 |
| 2026-07-15 | 6.9 |
| 2026-07-16 | 7.8 |
| 2026-07-17 | 9.3 |
| 2026-07-20 | 11.1 |
| 2026-07-21 | 13.4 |
| 2026-07-22 | 18.4 |
| 2026-07-23 | 38.9 |
| 2026-07-24 | 63.1 |
| 2026-07-27 | 83.7 |
| 2026-07-28 | 93.1 |
| 2026-07-29 | 3.1 |
| 2026-07-30 | 3.4 |
| 2026-07-31 | 3.7 |
| 2026-08-03 | 3.8 |
| 2026-08-04 | 4.0 |
| 2026-08-05 | 4.2 |
| 2026-08-06 | 4.4 |
| 2026-08-07 | 4.9 |
| 2026-08-10 | 5.3 |
| 2026-08-11 | 5.5 |
| 2026-08-12 | 6.7 |
| 2026-08-13 | 7.4 |
| 2026-08-14 | 7.9 |
| 2026-08-17 | 8.7 |
| 2026-08-18 | 11.8 |
| 2026-08-19 | 16.5 |
| 2026-08-20 | 38.8 |
| 2026-08-21 | 62.0 |
| 2026-08-24 | 82.9 |
| 2026-08-25 | 92.6 |
| 2026-08-26 | 2.9 |
| 2026-08-27 | 3.1 |
| 2026-08-28 | 3.5 |
| 2026-08-31 | 3.7 |
| 2026-09-01 | 3.9 |
| 2026-09-02 | 4.1 |
| 2026-09-03 | 4.3 |
| 2026-09-04 | 4.4 |
| 2026-09-07 | 4.5 |
| 2026-09-08 | 4.7 |
| 2026-09-09 | 4.9 |
| 2026-09-10 | 5.0 |
| 2026-09-11 | 5.5 |
| 2026-09-15 | 6.1 |
| 2026-09-16 | 6.5 |
| 2026-09-17 | 7.2 |
| 2026-09-18 | 8.3 |
| 2026-09-21 | 9.7 |
| 2026-09-22 | 12.9 |
| 2026-09-23 | 17.9 |
| 2026-09-24 | 38.4 |
| 2026-09-25 | 62.7 |
| 2026-09-28 | 82.4 |
| 2026-09-29 | 91.7 |
| 2026-09-30 | 2.6 |
| 2026-10-01 | 2.8 |
In plain EnglishA state, not a rate. It says where the book is now; it does not measure how fast it moved there, because that comparison spans the roll window where our own measurement disagreement is widest. The series is here so the share can be read against the cycle it was measured in.
Rollover dynamics — what survived the last completed expiry
how much of each book rolled, against that name's own prior cyclesSource: NSE F&O open interest by expiry · per-expiry open interest.
Rolled % is the share of the whole futures book already sitting in later series on the near series' last trading day — how much of the position was carried forward — beside that name's own average over its prior completed cycles. Book carried % compares the book on the first session after expiry with five sessions before it: did the position survive the roll, or shrink through it. The two quadrant columns are the sequence into and out of expiry, shown and never scored. Every row is the 2026-09-29 expiry; 346 names whose last completed cycle is older — names no longer in the derivatives segment — are not listed.
| Symbol | Expiry | Rolled % | Its own norm | Against its norm | Book carried % | Into expiry | Out of expiry | Prior cycles |
|---|---|---|---|---|---|---|---|---|
| GLENMARK | 2026-09-29 | 98.8 | 90.0 | +8.8 | 95 | divergent long unwind → long unwind → long buildup | long unwind → long unwind | 157 |
| TORNTPHARM | 2026-09-29 | 98.0 | 88.2 | +9.8 | 102 | flat → short buildup → long buildup | aggressive short buildup → flat | 129 |
| AMBUJACEM | 2026-09-29 | 97.5 | 83.2 | +14.3 | 98 | flat → flat → flat | divergent long buildup → aggressive short buildup | 232 |
| CANBK | 2026-09-29 | 97.2 | 81.9 | +15.3 | 96 | aggressive short buildup → aggressive long unwind → flat | flat → flat | 271 |
| JSWSTEEL | 2026-09-29 | 97.2 | 89.8 | +7.4 | 99 | flat → aggressive short buildup → divergent long buildup | flat → aggressive long unwind | 238 |
| NESTLEIND | 2026-09-29 | 97.0 | 91.3 | +5.8 | 105 | divergent short cover → aggressive long unwind → flat | aggressive short buildup → aggressive short buildup | 113 |
| SAIL | 2026-09-29 | 96.9 | 83.8 | +13.0 | 88 | short cover → aggressive long unwind → aggressive long unwind | aggressive long unwind → flat | 242 |
| INDUSTOWER | 2026-09-29 | 96.7 | 90.8 | +5.9 | 94 | short buildup → long unwind → short cover | short cover → short cover | 70 |
| FORTIS | 2026-09-29 | 96.7 | 83.0 | +13.6 | 102 | flat → aggressive long unwind → aggressive short buildup | aggressive short buildup → divergent short cover | 60 |
| ADANIGREEN | 2026-09-29 | 96.6 | 93.5 | +3.2 | 99 | flat → aggressive short buildup → flat | short cover → long unwind | 21 |
| IDEA | 2026-09-29 | 96.5 | 82.7 | +13.8 | 101 | flat → short buildup → long buildup | flat → flat | 236 |
| DIVISLAB | 2026-09-29 | 96.5 | 85.5 | +11.0 | 114 | aggressive long buildup → divergent short buildup → divergent short buildup | flat → divergent short buildup | 258 |
| YESBANK | 2026-09-29 | 96.4 | 82.2 | +14.1 | 102 | flat → short buildup → flat | flat → flat | 175 |
| ICICIPRULI | 2026-09-29 | 96.3 | 90.7 | +5.6 | 115 | aggressive short buildup → flat → aggressive long unwind | aggressive short buildup → flat | 111 |
| INOXWIND | 2026-09-29 | 96.3 | 92.8 | +3.5 | 105 | flat → divergent short buildup → divergent short buildup | divergent short buildup → flat | 17 |
| PETRONET | 2026-09-29 | 96.3 | 84.2 | +12.1 | 93 | flat → aggressive short cover → divergent short buildup | flat → aggressive short cover | 234 |
| SONACOMS | 2026-09-29 | 96.2 | 90.9 | +5.4 | 111 | divergent long buildup → aggressive long unwind → divergent long buildup | divergent long buildup → aggressive short buildup | 21 |
| JSWENERGY | 2026-09-29 | 96.2 | 85.5 | +10.7 | 97 | aggressive short buildup → aggressive long unwind → divergent long buildup | aggressive short buildup → flat | 101 |
| AXISBANK | 2026-09-29 | 96.2 | 83.5 | +12.7 | 101 | short cover → flat → long buildup | flat → flat | 231 |
| CROMPTON | 2026-09-29 | 96.1 | 95.6 | +0.5 | 99 | flat → flat → aggressive short buildup | aggressive short buildup → aggressive long unwind | 60 |
Descriptive. Aggregate open interest has no long or short side, so nothing here says which way a book was positioned — only how much of it rolled, and whether it survived.
Who stands on each side
stock futures, net by class, against each class's own historySource: NSE participant-wise open interest · daily after close.
CLIENT
3267608
DII
-4310252
FII
535081
PRO
507563
In plain EnglishNet is long minus short in stock futures. Because the exchange publishes these by participant CLASS, this is the only place in the workspace where a side can be attributed at all — and it is attributed to a class, never to a name. The gauge asks the only question worth asking of it: is this net unusual for this class?
What the data flags, read straight off it
every check states its size, and opens the names behind itSource: NSE F&O open interest.
Hollow short-cover22Short-cover state while futures OI remains at its 99th percentile. Aggregate OI does not establish who held or rolled the positions.Open these 22 on the board →Crowded short build-up12Fresh shorts piling into an already-heavy book (100th percentile) for 3 straight sessions.Open these 12 on the board →Most put-heavy in its own history42Put/call open interest at its 100th percentile for this name — the most hedged/feared this book has been.Open these 42 on the board →
Ran and found nothing on this tape: Fresh long on a thin book. A check with no names is a reading, not a gap.
In plain EnglishEach of these is a test a same-day quadrant tag cannot make, and each states how many stocks meet it today. None of them ranks or recommends.
Everywhere else the derivatives book is readFlows & positioning Open-interest value Events & restrictions Index constituents Scans What backtests hide
Ban list and names near the limit
the exchange's own ban state and the share of the limit in useSource: fno_mwpl.
Bottom line3 names are in the exchange ban and 5 more sit at 80% or more of their market-wide position limit, as of 2026-10-01.
In the ban — no fresh positions next session
| Stock | Limit used?MWPL usedFutures-equivalent open interest as a share of the market-wide position limit. The exchange bans fresh positions above 95% and lifts the ban only below 80%, so a name can stay banned between the two. Raw open interest is not the ban measure. source: fno_mwpl.F&O positioning — per stock (futures build-up, option book, rollover) | Change, 5 sessions | Sessions in this state |
|---|---|---|---|
| AMBUJACEM | 96.7% | +14.4 pts | 1 |
| BANDHANBNK | 90.9% | +1.2 pts | 2 |
| SAIL | 81.3% | -5.9 pts | 25 |
At 80% or more, not banned
| Stock | Limit used?MWPL usedFutures-equivalent open interest as a share of the market-wide position limit. The exchange bans fresh positions above 95% and lifts the ban only below 80%, so a name can stay banned between the two. Raw open interest is not the ban measure. source: fno_mwpl.F&O positioning — per stock (futures build-up, option book, rollover) | Change, 5 sessions | Sessions in this state |
|---|---|---|---|
| LICHSGFIN | 89.0% | -2.0 pts | 2 |
| IDEA | 82.9% | +14.2 pts | 1 |
| KAYNES | 82.2% | -15.7 pts | 1 |
| INOXWIND | 81.7% | -0.1 pts | 7 |
| MANAPPURAM | 80.9% | -3.1 pts | 2 |
In plain EnglishThe exchange bans fresh positions when futures-equivalent open interest passes 95% of the market-wide limit, and lifts the ban only when it falls below 80%. So a name can stay banned between the two, and a name at 80% or more is close to the edge.
Traded volume by participant class
what each class bought and sold today, not what it holdsSource: participant_vol.
| Participant class | Index futures, bought − sold | Percentile, own history | Stock futures, bought − sold | Index calls, bought − sold | Index puts, bought − sold |
|---|---|---|---|---|---|
| CLIENT | +7386 | 74 | -31754 | -138293 | -455 |
| DII | +1207 | 74 | -697 | -575 | -7132 |
| FII | -27304 | 3 | +45532 | +34118 | -1547 |
| PRO | +18711 | 98 | -13081 | +104750 | +9134 |
In plain EnglishContracts traded on 2026-10-01, as the exchange publishes them for each participant class. This is the one feed where the exchange states sides by class; it describes the class as a whole and never which stock a class traded. The percentile ranks today's index-futures balance against that class's own recent sessions.
Foreign investors' derivatives flows in rupees
exposure bought and sold, and exposure held, by productSource: fno_fii_stats.
| Product | Bought − sold today, ₹ cr | Bought − sold, 20 sessions, ₹ cr | Exposure held at day end, ₹ cr | Exposure held, percentile of own history | Contracts held, change |
|---|---|---|---|---|---|
| Index Futures | -3956 | -21528 | 55553 | 91 | +27726 |
| Nifty Futures | -4262 | -19637 | 42215 | 92 | +25893 |
| Bank Nifty Futures | +316 | -1934 | 9376 | 64 | +1841 |
| Stock Futures | +2569 | +4179 | 397122 | 11 | +21426 |
| Index Options | +5014 | -57982 | 494457 | 84 | +540819 |
| Stock Options | +363 | -531 | 39204 | 44 | +96054 |
In plain EnglishForeign portfolio investors only, as the exchange publishes them for 2026-10-01. The rupees are exposure, not cash: futures at the traded price, options at the STRIKE price times quantity — so an option figure is the size of the position, never the premium paid. Buying and selling both count, so a positive balance means more exposure bought than sold, not a bet on direction. It describes the class as a whole, never which stock it traded.
In plain EnglishOn this board, Aggressive in a label means the futures move and the cash tape agreed that day. How large a day was for the stock itself is a separate reading — see the Who is building view and each stock's positioning read.