strategy 1) iron condor
options with 45-60 days to expiry( next month expiry)
selling 300-400 points away (or 5% of the nifty spot) options from nifty spot. nifty spot is 7733. sell 7300 put and buy 7100 put and sell 8200 ce and buy 8400 ce.
you will receive credit. wait it out for nifty to swing between 7300 and 8200 range. theta will reduce the premium as as it nears the expiry. target is 50-90% of the credit received. exit the position. stop loss is, if the downtrend or uptrend is strong close the position when nifty spot reaches the short strike price.
strategy 1 fails, stop loss is hit, move to strategy 2 and double the number of lots by opening a credit spread (suppose nifty spot at 8200 close iron condor open credit spread doubling the lots ie, sell 8500 ce and buy 8700 ce) 300-400 away from nifty spot same time you exit the iron condor position.
choosing the options strike price is completely up to you.