Go for calendar bear-spread

Last
 week

Previous
 week

Abs.
Chg.

1-m prem/(disc)

1.75

-4.65

6.40

2-m prem/(disc)

-6.35

-0.28

-6.07

3-m prem/(disc)

-17.35

-15.30

-2.05

Futures OI *

1264.58

1161.73

^8.85

Options OI *

988.24

762.89

^29.54

PCR

1.10

1.16

-0.06

PVI

1.06

1.12

-0.06

* in lakhs ^ % change

 Index strategies  The spot Nifty is at 2810. The December Nifty futures are trading at 2812 while January is at 2804, and February is at 2793. There's still two weeks to go but a calendar bear-spread could now be employed with a short December and long January position. If there's a downwards twitch in the market, the differential will narrow immediately.  In any case, there would be a reconciliation of the series if the position is held till close to settlement. A brave man who can afford the margins may choose to take a naked short December Nifty position