Try short strangle

DERIVATIVES

 There are many individual stocks, which could continue to move upwards regardless of the overall market direction. These would be safer to play in the futures segment rather than options because of the new settlement factor. Liquidity in the option chain has not yet developed to the point where you can get perfect pricing in most stocks.

 The pharma sector seems to be moving up as a group. Stocks such as Cipla, Dr Reddy