No one can tell for certain if a particular trade will work out or not. You should have bought a deep OTM put when you took the trade.
Now what you can do is either you can take delivery or you can sell the same put again next month or december month.
You should always have a plan B if plan A doesn’t work out. Hope doesn’t work here.
what is u r stop loss
if u r setup goes wrong
how much u r ready loss in the market
in option selling always use “credit spread” are hedge
my view there is support at 15500 it may recover from there buy don’t expect much.
if u still not convinced buy one put for support when market reverse at support exit .
are simile exit position "there is always next trade "
Ppl fear mkt crash but from experience i have seen a big group who went short 11K around sep 2020 and kept rolling based on news etc etc
They exited post budget rally after that small decline failed.
So its very easy to count a couple of downside black swans bcos shock is single day but the death by thousand cuts is far more painful. Very easy to cheat the mind into thinking what we want to see.
Probably better to take equal lot(s) Long of NF instead of ETF/Fund on expiry but there is a lot of time to MAY end.
Either wait for bounce to 16K and exit while riding the drawdown. For short PE ok, would never suggest for short CE gone wrong.
If MAY end is negative, then, do covered call with Futures lot and ride out the loss until tgt level is reached.
can also sell otm CE of 16500 etc while in drawdown but need mental comfort for all this.
In oversold scenario, bounce/rallies can be very strong.
Margin reqd will be very less as opposed to Bees/Index fund etc ( Infact PE margin itself will be re-used ) plus additional 20-30K for short CE
Anyway, need to bear the mtm drawdown whether short PE is open or long Futures.