Option OI gives good idea on Nifty levels?

[nip251]

Senior member please correct-
According to my knowledge option Open Interest is good tool to analyze nifty levels for near term. If one does OI analysis he can find market trend and also can ascertain trend reversal at earliest.

Currently 5950 to 6100 is band for Nifty based on OI analysis.

 

[nip251]

Only 31500 net long on nifty 6000 level compare to 57000 in the morning. Bull run is under caution on 28/09/2010 at 1.30 pm (Based on only option data)

 

[pradipkray]

if some put is having high open intrest what is meant ? for ex 6800put high oi and 6100 put reduced today
what we conclude