Sideways movement in NIfty

NSE:NIFTY   Nifty 50 Index
Now the Nifty Index is in consolidation mode after a strong bull run. Lucky for Option sellers indeed. ( Monthly Contracts)

1) We can execute Short Straddle near the All time High resistance or near to the immediate support at 17100 to 17000 (as per OI). Risky traders can go for Positional option buying (considering theta decay).
2)As its moving in a short range (350 points), it also a good option to use Short Strangle.

I would personally prefer the 1 st method, because there are chances that Support and Resistance levels get Breached.
Please share your valuable feedback

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