Nifty OI data

Nifty OI data
Just like pre election time this time too there is put writing happening in nifty options, with all the puts from 3800-4300 having significant open positions (OI) of more than 25 lacs each, suggesting that nifty will find support at al lower levels eg 4200-4100.BUT THE DIFFERENCE THIS TIME ISTHAT there is also call writing happening at 4500-4700 levels suggesting that this time it will be an anticlimactic end on the budget, most likely the tight range between 4200-4400 will be maintained at least for few days,
Considering the options data it might not be a good idea to buy out of the money (far away strike prices) options, as if nifty remains in the range out of money options will loose their value due to time decay, and decreasing implied volatility. Most likely puts below 4100 and calls above 4500 can be avoided as they are likely to loose values fast.
Nifty futures also saw cut in open interest and also there is no heavy built up suggesting directionless and range bound markets.