Dear Mmanohar,
If you are really serious for option trading, then IMHO, you should first take lesson from an expert option trader, who has been making consistent profit. You have lost 4 lakhs, don't take the route of the rookies. This forum may not be the best place to learn about Option trading. The most difficult part of option trading is Time decay and volatility loss, which gobbles up your money, even if you are in the right side of the market or trade. Generally, option Traders are deep pocket players, and they never (almost) buy option, rather they write options. Hence they are whole sellers, whereas u r a retailer. A retailer can never make money in competition with a whole seller. They won't allow you to make. You will be surprised to know, that it is the option market which decides the outcome of the nifty level. not vice-versa. Hence, please take lesson from expert and then only invest in the option market. It is true, one right option player makes several times more money than any other traders in the market.
Prasanna