I'll break the job at hand into targets. Like AW-da suggested, 125% is the tgt.
Main target is to ensure capital is protected at all times. That eliminates carrying naked directional call for the next day. Assumption is, luck will be against me at all times.
Plan of action :
I'll play with 2 lots of nifty and hedge it with 2 lots of short straddle. I have already tested this strategy and feel comfortable with the game plan. Only after achieving 50 K of profit, i am going to devote the extra profit, if any, to naked stock options.
next 2 months, will be with 3 lots of nifty and final 2 months will be with 4 lots. Strategy remains the same.
Intraday, i might increase the lot size of NF if i have sufficient profit buffer to suffer losses that might result incase things go bad.
Profit tgt breakup:
first 2 months : 50,000 /-
next 2 months : 75,000 /-
last 2 months : 1,25,000 /-
link to the nifty wt short straddle method:
http://www.traderji.com/options/28235-good-profit-hedged-nifty-positions-straddle.html