Chart shown here is the 13 days of 5900 PE and 6000PE historical Open Interest data. The Blue bar is the open interest data & the red bar signifies the change in open interest data for a particular day/session. Black line is nothing but the Option strike price.
what we could infer from the chart that, though the nifty had declined significantly from 6300 levels to sub 6100 levels, some one is keep on building open interest on these strike prices. Does it means that put writers are confident of holding 6000 for this Nov series? Also there is a heavy open interest built up in 6000 Series which is comparatively lesser than 6300 CE Nov option series which can be referred from the below Open Interest data for Nov series.
Moreover we had a sell signal in nifty recently on daily cloud charts. So the trend players who are expecting a trend reversal near 6000 should wait for a close above 6130 instead of taking contrary trade @ 6000 levels. Otherwise it is harmful to play against the trend most of the time.