On breach of 280, we can track the stock for a target of 250.
The movement would be slow as we have an unfilled gap on the way.
Ideal way to trade this setup would be by taking -
(1) Bear Put Spread
(2) Shorting OTM Calls
These strategies will avoid premium erosion due to time decay.
If you have cash positions, you can either hedge or exit.
Disclaimer: All investments and trading in the stock market involve risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments is a personal decision that should only be made after thorough research, including a personal risk and financial assessment and the engagement of professional assistance to the extent you believe necessary. The trading strategies or related information mentioned in this article is for informational / educational purposes only.