Clarification Needed?

Even thought the market crossed 17500 and is just shooting up, the OI at 17500 CE remains strong and is continuing to increase.
Does that mean the market is about to come down?

Red Line → 17500 CE

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Strikes in multiples of 500 are usually very liquid and have high OI. The put OI has increased 3x compared to call OI at 17500 strike.
The call positions can also be hedged positions. Difficult to take a call on the market with just one data point.

Very much possible. I was long on futures and short on 17800ce. At closing today I shifted 17800ce to 17500. So even I contributed to OI at 17500ce.
There can be many other reasons also.

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