As per the Price Action, NIFTY is in an intermediate down Trend with the overall Trend as UP. The VIX is also Low. So if you are going for Pair Trading then I would still go for SELLing a Pair because when the MArket Goes UP, the VIX will not move much. Today VIX is UP by 2.5%. Hopefully if you get NIFTY around 6200-6220 SPOT, then it would be better to go SELLING a Pair.
The MAX OI has also changed from 6000-6400 indicating that we cannot expect more than 6400. So it would be better to SELL the Pair 6100-6450 which is now available around 130. If NIFTY goes further down, you should get 6100PE with a Higher Premium which should be helping if your bias is on the LONG side.
If you can afford more premium and take a little bit of Risk then SELL 6200PE-6450CE Pair
The MAX OI has also changed from 6000-6400 indicating that we cannot expect more than 6400. So it would be better to SELL the Pair 6100-6450 which is now available around 130. If NIFTY goes further down, you should get 6100PE with a Higher Premium which should be helping if your bias is on the LONG side.
If you can afford more premium and take a little bit of Risk then SELL 6200PE-6450CE Pair
can you please explain why you not recos buying strangle/straddle? selling options are always a fear factor for small traders
NB :answer got it from your post itself ...still pls give reco for buying...