Hedging NIFTY Futures and Option writing with BANKNIFTY CE/PE OTM Buy

I had posted a similar question earlier but in a different way and got no answers for the same. So I am posting the same question in a different way.

Hedging is usually done to protect you from infinite losses incase market moves against you or incase of a blackswan even, you live to trade another day.

Likewise, I was trying to device strategy based on my limited experience in this field (6 months).

  1. Consider a scenario where I have a margin of 1.8L to 2L.
  2. I buy 1 lot of NIFTY futures and short 2 lots of NIFTY CE (ATM or slightly ITM) depending upon the option prices at that point in time or my view of the market.
  3. This creates a scenario of decent profit while my losses can be infinite.
  4. To protect against my losses, I can either choose to buy a OTM CE/PE of NIFTY or thinking differently I can buy slightly OTM CE/PE of BANKNIFTY weekly expiry and keep rolling over till I close my main NIFTY position.

My question is, is it wise to Hedge NIFTY with BANKNIFTY? Would there be a probability where incase of a blackswan event, NIFTY continues to trade and BANKNIFTY is stopped from trading due to higher volatility or that it has hit a circuit breaker or something. If that happens, I am no longer protected from sharp movement of the Index.