After writing 8000PE, put writers are now focusing on writing 8200PE for this series as now they firmly believe that this expiry nifty will hold above 8200. Currently 8200PE has highest open interest compared to all the other call strikes in Nifty Options.
However 8200PE has lower open interest compared to 8000PE in Jan 2017 series. OTM calls shows long builtup for the current option series.
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Currently India VIX stands at 14.65. As Most of the state elections are likely to commence from FEB onwards and upcoming major economic event Union Budget 2017 are likely to boost volatility in the market and volatility is expected to take off from the second half of the series.