One wants to understand option straddle strategy and remember the concept thereafter, read this article “Want to make money in a range-bound market? Selling a straddle is an option “which published in The Economic Times newspaper.
The Nifty was trading around 8000 on November 24, 2016 and lot of uncertainties prevails in the market pertaining to demonetization, US fed rate hike, Italy referendum, RBI rate slash. Analysts expect the market will be range-bound as market had already fallen from the level of 8952 on September 8, 2016 to 7965 on November 24, 2016.
This is how the option data looks like for the expiry of December series.
Source: National Stock Exchange of India Ltd., Steady Options