Update - 28 August 2019
I was expecting market to come down too 11000 once and hence the decision to create calendars.
Near 11080, I was going for bull put spreads, but then market started touching 11060 and I decided to calendars. It paid well. Market touched 11000 and then rebounded.
I also did some strangles and closed some positions which were already in profit.
At 11000 I took a contrarian trade and added another calendar of 10950 PE and 10750 PE. It paid immediately.
Problem brewed for me when Bank Nifty started falling to 27660 levels as my break-even price was below 27620, so I started writing calls of 27900 to hedge it immediately. Once it was out of the danger zone, I covered the hedge positions and it would have cost me.
Right now I am looking at sideways to positive opening for our markets. NSE bhavcopy has not been updated with Open Interest data, so it is little difficult to deduce what is happening. So a lot of decisions today will be based on pure price and risk management.