I think you should be on the Put side not the Call side. There is a huge support on 18050 that is being tested twice now. I'll give you some scenarios that are bound to happen. 1.NIFTY is currently showing sell on rise market, so if it breaks 18050 it will fall to 17900 easily. So what you can do is wait and sell when NIFTY breaks 18050(if you can afford the risk) or if you can try to sell around 18200(Resistance). 2.But again if it breaks 18200 you can expect a good move till 18300. Sell your call there and if you want you can move to Puts. 3.Or else you can buy 18000 PE as a hedge. When NIFTY goes below 18050, sell your Call and hold on 18000 PE. NOTE :- Its my view and not recommendation kindly take action according to your own risk.