Futures and options activity combined amounted to well over INR 634,333 crores this week (3 to 7 August), split between INR 411,499.0 crores in futures turnover across 637 live contracts (208 stocks and 5 indices) and INR 222,834.9 crores in options premium turnover across 656 contracts. NIFTY's front month futures contract closed the week up 0.83%, and BANKNIFTY's front month futures up 1.04%, both fairly calm weeks at the index level even as positioning underneath shifted. Insights based on data on bhavcopydata.com below.
Futures, stock positioning leans toward Short Buildup
One thing to note before getting into the numbers. NSE introduced a new Closing Auction Session and switched to a new combined data file format for futures and options on 3 August 2026, the same Monday this week began. This shift also changed how open interest and traded quantity are recorded in the raw file. Hence, figures from before 3 August are not directly comparable to figures after it. This week's buildup view is therefore anchored to the 3 August close rather than the previous Friday, comparing figures on the same basis throughout the week.
Among stock futures contracts trading at least INR 1 crore for the week, the positioning leaned bearish. 275 in Short Buildup, 226 in Long Buildup, 59 in Short Covering, and 49 in Long Unwinding.
The largest Short Buildup, the case where price goes down alongside a rising open interest, were HDFC Bank Ltd (HDFCBANK), down 2.31% for the week on INR 7,503.7 crores of turnover, its open interest up 5.41%, and Life Insurance Corporation of India (LICI), down 6.86% on INR 4,527.2 crores, open interest up a sharp 179.52%. Indian Renewable Energy Development Agency Ltd (IREDA) also stood out, down 4.85% with open interest up 31.83%.
On the Long Buildup side, Reliance Industries Ltd (RELIANCE) carried the most turnover. Up 1.86% on INR 9,501.6 crores, open interest up 5.48%. Vedanta Ltd (VEDL), up 4.56% with open interest up 20.61%, and Steel Authority of India Ltd (SAIL), up 3.96% with open interest up 138.90% on its September contract, both showed a heavier open interest build relative to their price move.
ICICI Bank Ltd (ICICIBANK) was the largest Long Unwinding print. Down 1.15% on INR 5,254.6 crores of turnover as open interest fell 6.36%, a sign of existing long positions being closed rather than new shorts opening. Canara Bank (CANBK), up 3.70% while open interest fell 3.39%, was the clearest Short Covering example, existing short positions closing into strength.
At the index level, NIFTY's near month futures contract was in Long Buildup. Open interest up 1.28% on a flat 0.02% price move from 3 to 7 August. BANKNIFTY leaned towards Short Covering, open interest down 1.01% as price rose 0.27% over the same duration. NIFTY's near month contracts remained the single most traded of the week by a wide margin, at INR 34,316.9 crores.
Options, NIFTY's front weekly PCR nearly halves
NIFTY's front weekly options, the contract expiring 11 August, saw its PCR by OI fall from 1.34 on 31 July to 0.73 by 7 August, more call open interest built up relative to puts as the week went on. This is consistent with the index grinding higher. BANKNIFTY's monthly expiry stayed range bound by comparison, PCR moving between 0.83 and 0.97 across the week without a clear trend.
By premium turnover, NIFTY's contracts dominated the activity with front weekly expiry (INR 79,664.3 crores), the contract that expired mid week on 4 August (INR 74,550.7 crores), and the monthly expiry (INR 6,749.3 crores). Among stock options, State Bank of India (SBIN) (INR 1,909.5 crores) and Reliance Industries Ltd (RELIANCE) (INR 1,371.4 crores) were the most active.
Among stock options trading at least INR 1 crore of premium turnover on 7 August, Trent Ltd (TRENT) carried the most bullish tilt at a PCR of 0.37, followed by Maruti Suzuki India Ltd (MARUTI) at 0.45. The most bearish tilt belonged to Bajaj Auto Ltd (BAJAJ-AUTO), at a PCR of 1.59.
Smart Money crossover, Adani Green futures lean bearish the same week
This week's Smart Money wrap flagged a large block deal transfer in Adani Green Energy Ltd (ADANIGREEN), Ardour Investment Holding Ltd's full stake picked up by Adani Infra (India) Limited, a transfer read as an internal restructuring rather than a market signal.
The stock's own futures market told a different story the same week. All three live ADANIGREEN contracts showed Short Buildup, price down alongside rising open interest. The near month (25 August) down 1.77% on INR 1,195.7 crores of turnover with open interest up a modest 0.70%, and both the September and October contracts down a similar 1.5% to 1.8% with open interest up 32.75% and 43.75% respectively on thinner turnover. Even as the headline block print looked like a related party transfer, the derivatives market was building bearish positioning in the same name that week.
Track the full daily breakdown on the Futures and Options pages.
All figures are from NSE end of day futures and options data for 3 to 7 August 2026, as published on bhavcopydata.com. Follow the author at @psanivarapu for more.