Last two days 5050 seems to be a valid support zone. If nifty tommorow sustains above 5050 then there is a possibility of complete reversal. As of now almost equal amout of Open Interest in both 4900PE and 5000 PE. So there is a chance of Put writing in 5000 PE zone also. Now we need to concentrate on both 4900PE and 5000PE.
If there is a huge OI builtup in 4900PE and 5000PE in coming days then there is a possibility of complete reversal anywhere between the nifty range 4975-5090. Else we need to go for further analysis.
I would like to know how to make out from OI that if its PUT WRITING OR PUT BUYING. Similarly, if its CALL WRITING OR CALL BUYING… I will really appreciate if you can explain this in detail (as no one is yet able to answer me, whomsoever I have asked so far). Thanks in advance.