The Nifty Index might just open gap down towards 4800 and then might try to get into positive territory, once it has spend some time in positive territory, volatility might show it effects and drag it in the negative. As for closing I am still maintaining that 4740 or 4780 might be the closing, but since short term view is that Nifty should head towards 5200 a closing of 4740 might be just ignored leaving us with 4780, Now Considering 4780 to be closing Nifty 4900 Put Option could be bought at around 90, if the Market behaves exactly as said before then at around 75.
Now For the Next Month series I think 5200 or 4200 might be achieved in this month (high probability of 5200) so Nifty Out of Money Calls along with equally priced Nifty Put Option could be bought and then both could be sold once any target is hit.
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