23000 CE OI peaks and then market gives an up move suddenly

sudden fall wipes off put oi also.

Sure! Here’s an explanation focusing on the period from 2:35 PM to 3:10 PM on the chart:

Period from 2:35 PM to 3:10 PM:

1. NIFTY Index Movement (White Line):
   • During this period, the NIFTY index (white line) experienced a sharp decline. This indicates a sudden drop in the market value of the NIFTY index.
2. Call Option Open Interest (Red Line):
   • The red line, representing the Open Interest (OI) for the 23000 strike price call options, shows a significant decrease. This suggests that traders are closing their call positions, likely in response to the falling market.
3. Put Option Open Interest (Blue Line):
   • The blue line, representing the OI for the 23000 strike price put options, initially increases, indicating that more traders are opening or holding onto put positions as the market drops. This is consistent with a bearish outlook as puts gain value when the underlying asset price falls.
4. Key Data Points at 3:10 PM:
   • At 3:10 PM, the NIFTY index reaches a low point at 22938.75.
   • The OI for the 23000 strike price call options is significantly reduced, while the put options OI remains high.

Summary:

Between 2:35 PM and 3:10 PM, the NIFTY index dropped sharply. During this time, there was a noticeable decrease in the OI for call options, indicating traders were closing their call positions. Conversely, the OI for put options increased, reflecting a bearish sentiment as traders anticipated further declines in the NIFTY index.