Thank you for your reply. Again can you clarify me this position:
When expiry for current month is 15 days-
When direction is up:
Buy 1 lot next month future
Sell 1 lot 200 points away next month call
Buy 1 lot current month ATM put
Close all positions on expiry day
lets simplify things a bit with following hypothesis (everything is 1 lot)
suppose today is 15th June 2016 and expiry is on 30th of june 2016, June Nifty is 8000
a. Buy Nifty July @ 8030
b. Sell Nifty July 8200 CE @ 80-90
c. Buy Nifty June 8000 PE @ 90-100
Outcome
a. If Nifty closes at 8200
a1. In future you will be making 200 points
a2. in 8200 July CE you will be paying 130-40
Thus maximum profit 50-70 point
b. If Nifty goes much higher, say 8500
b1. In Nifty future you will be making 500 points
b2. In 8200 July CE you will paying ~330-40 points
Thus maximum profit 160-70 points
BUT, a big but actually, if nifty goes in water fall mode then your loss will be unlimited, if nifty falls 200 points you will be losing 200 points, if nifty falls 500 points you will be losing 500 points