Open interest shows us total number of position opened in the instrument, now here we are talking about open interest of nifty options. Nifty options are widely traded on NSE also it is most active option contract, nifty options open interest data is extremely important while trading nifty future. Here is complete explanation; Nifty option open interest data can give you an idea of range in short term. You can easily find out range for nifty future using nifty option open interest, find nifty put option that has highest open interest now find nifty call option that has highest open interest. Strike price of nifty call put option is short term range for nifty future, so if nifty goes to support level trader can buy nifty future, if nifty future goes to resistance trade can short sell nifty future. Strike price of nifty put option serves as support where as strike of nifty call option acts as resistance. This is the reason that traders look at nifty options open interest data for trading nifty future. Moreover to filter your trade you must take help of technical analysis.
i wanted Nifty options live open interest data, it would be great if we have tick by tick data.