Friday morning saw addition in open interest (OI) in 8000CE and 7700PE, which suggested that the market would move towards 7850. This prediction seemed false till the end of the day when the market closed at 7860. Currently, change in OI is significant in 7900CE, 8000CE and 7700PE. Taking volume weighted average, we get 7858. Once again, I am betting on time decay and have created a short strangle with 7500PE and 8200CE. It is advantageous to create a strangle when volatility is high so that when it drops, it adds to the profit. Let us see the situation on Monday