Nifty Open Interest Charts for Aug 2011 series is shown with equal amount of open interest near 5400PE and 5600CE which shows that both the call writers and put writers are writing nifty options within a very narrow range and this sort of writing is continuing for the past two trading session. when analyzing shorter term trend 5435 could be the shorter term resistance and nifty needs to trade above 5435 to resume uptrend otherwise in shorter term nifty is in down trend and resisting near 5435 could take nifty towards 5280-5300 zone on shorter term basis.
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