PUT options - No indicator for market support in India

Analysts all across the globe watch the strike prices at which the puts are created to indicate support for the market. While it may hold true for other markets, it is not the case with Indian markets. This is because the options market is insignificant in India. It is about 15-20% of the total F&O market, that too on a lucky day. This is unlike that in other developed markets. Today, when we all expected 5900 to be the support based on PUT data. This level got easily broken and Nifty fell all the way to 5740 to take support at the 50 day moving average. If you calculate the Open Interest position at this strike price, it is hardly Rs 1000 cr. Remember, the option amount paid for the options, incase of both premium and on redemption will be fraction of this. What is Rs 1000 cr infront of a turnover of Rs 1 lakh crore on a daily basis? Hence, whenever support and PUTs are combined, take it with a pinch of salt.