Charts are showing Downmove but 12100 is important Support, Nifty is also somewhat supported by Linear Regressions Trendline
So it will be tough for Nifty to break the 12100 Support level as Open Interest on Put Side is huge, but as Call Writers are heavy on 12100 and OI is also huge
Our Strategy for today would be, again going Short
Short 12200 CE - 1 Lot
Short 12150 CE - 1 Lot
Short 12200 PE - 2 Lot
Premiums are :
12200 = 11.37
12150 = 23.45
12200 = 89.27 * 2 = 178.54
Net Premium. = 213.36
Max Profit = 213.36 * 75 = 16000
To calculate Max Loss I have drawn Pay off for this Strategy and it will give us a loss below 12100 level
So we will watch for 12100 levels if that support is broken we will Unwind 12200 PE 1 Lot
And Short 12100CE 1 Lot and as Fibonacci Support will be reached all Shorts should be Unwinded
The main reason to hold 12200 Strike is Max Pain lies at 12200 Strike
Max pain may prove to be right or wrong we don't know
So our SL for each per trade per lot would be 750 (10 * 75)
Max Loss = 750 * 4 = 3000
Happy Trading...