The four classic labels
Price up + OI up → long build-up. Price up + OI down → short covering. Price down + OI up → short build-up. Price down + OI down → long unwinding.
Labels are educational shortcuts from daily F&O data, not guarantees of tomorrow’s move.
Put-call ratio context
PCR (put OI ÷ call OI) can rise from hedging as well as from bearish speculation. Always read PCR with price trend and absolute OI change.