@Healthraj
You wrote: Direction is Bearish and VOLT is low. So the Strategy is to sell the ATM Call.
As vola is low, prices of options are low. So why sell a low priced call instead of buying a cheap put which will, when market jumps down, increase in value very quickly. As in a drop vola also will rise, this will be an other help to the puts price increase. Further will you not block much money for a naked sold position. You even could use some of that money for the long leg and increase the amount of lots you trade long. If market really drops further, as suggested from you, your profit on the long put would be higher compare to the sold call.
Just some thoughts from my side and if I missed the point or did miss interpret any of your post's, just let me know. It is your system and you know what you do. So do not take it personal. It may gives some more room for further discussions.
Take care and good trading / DanPickUp