The Open interest gives a good clue where the market is headed if we read correctly.
Generally it gives clue in a short term perspective. Dont look at it with an intraday perspective, there is a lot of noise.
Avoid looking at current months OI during the expiry week.
Look at next weeks OI table for a better clue during the expiry week.
Current Max Open Interest
Call - 8400
Put - 8000
Average - - 8200
Now that we are already above 8200, so it means we are moving towards 8400,
But before moving to 8400 we have to test 8200, from 8200 only we can decide if it will go towards 8400 or towards 8000.
Another Clue - as of now Max OI is at 8400-8000, so the resistances/support will be near 100 points.
That is 8100,8200/8300 & lastly 8400 approximately.
If the max OI is at 8000-8500, then the resistance/support would be around 8125/8250/8375/8500 approximately