How is Nifty going to close at weekly expiry?

It has been a volatile expiry for Nifty as it made huge swings in both directions. On Monday, Nifty had made a swing low of 16,410. That’s about 838 points or a 4.8 per cent fall since the last expiry close. However, it made a strong recovery after that as it surged over 17,000 psychological level in the next three days. India VIX, which surged over 23 per cent during the dip, has cooled off with the recovery.  

Analysing the options data for the current expiry, we see that the total number of open call contracts is 14,39,199 while the total number of open put contracts is 14,46,828. The PCR is near 1, which indicates indecisiveness. The highest open interest of 1,99,919 lies at 17,100 strikes on the call side. On the put side, the maximum open interest of 1,88,882 happens to be at 17,000 strikes. Thus, it is expected that Nifty can end the weekly series in the range of 17,000 and 17,100.  Max Pain at 17,050 also supports this claim.