For direction traders I think selling PE 5300 now is a good trades. Now the RBI bank will tell the rate rise or not I think the market will not go down now and there is many trader who is buy PE 5300 thnking that market go down. So for direction trader he can has to sell PE 5300 and then after bank tell rate change, sell the market action and then cover it at today end or if the market go up then keep this position overnite with protection like buy PE 5200and then sell it tomorrow or on the monday.
But friend I do not doing direction trade so I am not take this position of sell PE5300 now.
Thank you and best of luck.