NOV.9 NOVseries Day.11 Nifty=5686 (-53)
In NOV series NIFTY (4D-7U) closed in this fashion:
DUDUUUUUUDD
Now Expiry zone stands at (5600~5800).
Interesting accumulation/shredding are indicated in YELLOW colour.
5700CE & 5800CE indicated some accumulation.
5700PE & 5800 PE indicated some shredding.
But the sum indicates UPWARD movement ????(Personal view)
OPEN INTEREST-Interpretation
Open interest is usually used as an indication of the strength of a price
movement, but on its own it does not provide any indication of the direction
of the price movement.
Increasing open interest shows that there is strength behind the current price
movement, and decreasing open interest shows that there is a weakening of
the current price movement. For example, increasing open interest along with
increasing prices indicates that the upward price movement could continue,
but decreasing open interest along with increasing prices indicates that the
upward price movement may be about to reverse.
Open interest is also used to determine if a market is likely to be trending or
range bound (i.e. choppy). Increasing open interest shows that the rate of
new trades is increasing, which indicates that the market is being actively
traded. While decreasing open interest shows that the rate of news trades
is decreasing, which indicates that the market may be entering a time of
less active trading. (Courtesy:daytrading.about.com