Since March 24, 2020 Nifty had begun its D wave of a NEUTRAL TRIANGLE (a special type of pattern). This D wave has formed a Bow-Tie Diametric pattern.
All calculations are marked in the chart.
As G wave of a diametric pattern tends to equal A wave, the possible culmination of this wave is very near at 13100 levels and E wave of the NEUTRAL TRIANGLE pattern will soon commence.
Second possibility of D wave completion is a Trendline resistance of 12800-12900 levels. In this case we may a fall in Nifty from 12 Nov 2020.
As E wave of this NEUTRAL TRIANGLE will traverse below 10800 before Jan 2021.
Investors can invest to build a good equity portfolio during this fall.
Wish you all a very Happy Diwali and Happy Investing.
Book to be referred is 'Mastering Elliott waves' by Glenn Neely. The concepts are based on NEowave.
I am not sure whether I can advice you on your call. But it is never advisable to trade such deep OTM strike prices.
My suggestion is if you want to trade options intraday , trade in first OTM strike price ( either call or put), in your trading direction.
If the chart is going to show strong impulsive behaviour, you can trade in 3rd OTM strike price.
In options you have to pay premium over your strike price. So say paid 50 as premium on 12000 Strike price then you are expecting market to go below 11950. before monthly expiry date.
Hope I have tried to give you some understanding.