Nifty 50 last week had an inside bar on weekly charts last week, market was not able to break the highs and lows of previous week, meanwhile previous week was a strong action on upside. Hence expectations are if we are going to break the highs that can be the higher probability move in direction of previous move.
Lets have a look at the shorter timeframe references, upside we have 16146 -16194 as a gap zone which can be targeted by bulls on upside, while 15927 and 15858 remains he downside references.
Lets check the AVWAP on options also called life VWAP for option - https://www.indianstockss.com/forum/miscellaneous/how-to-judge-if-option-seller-is-loosing-introducing-the-concept-of-life-vwap-for-an-option
Nifty 16000 CE is trading above its life vwap and saw decent dip in OI also towards close on Friday.
Nifty 16000 PE is trading below its life vwap and OI was stable thru the day.
Disclosure: No open positions in Nifty Index.