Hedge with 3000 Calls(Feb)...Size 1500...
As I said before, if market goes up, I will roll up the options to
higher strikes and also add onto shorts. We shall see how
much energy this market has and decide accordingly.
EDIT - Let me just say here, even in the bearish case, there is a
very good possibility for Nifty to rally upto the 2960-3040 area
and still remain bearish. For me, if this happens, I will continue
to add shorts. So far so good.
The 20day swing will be reversed only above 3150..So as you
can see, its quite a tough trade but lets not overthink this
and trade each day as it comes.
-> Short term is bullish but can turn very quickly.
-> Medium term and long term are bearish.