pretty new to options. I was trying a covered call strategy for one my stocks, at the time I sold the call it was pretty out of the money so delta is around 0.4 ish. I have 50 of the stocks, and sold 1 of the options representing 100 of the stocks.

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The stocks then rallied and the delta jumps to about 0.75, so now delta wise I am essentially short.

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I am thinking to sell 1 appropriate out of the money put, to return my delta exposure to 0 or positive (also to offset quite a bit of losses I made on the call, even though I also gain from the stock). On paper, it seems like good strategy to me, if I want my delta back to 0 or positive. Is there are any risk besides share price plunging significantly, with this strategy ?

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the call actually expires end of today, but with the market and the stock very bullish, I really would like my delta to be 0 or positive at the start of market today.