nifty long strangle would have worked very well in current market situation

1) date 26/07/2007:nifty bounced and closed 4619.80.
1 lot nifty 4700 strike call + 1 lot nifty 4600 strike put= Rs.9185
one day later heavy fall, total premium becomes Rs. 13507, a gain of Rs.4322 on strategy

2)market bounced on 31/07/2007 and closed at 4528.
1 lot nifty 4600 strike call + 1 lot nifty 4500 strike put premium= Rs.8962
next day mkt crashed heavily, total premium becomes Rs.14277, a gain of Rs.5315.

3)mkt bounced again on 03/08/2007 and closed at 4401.55.
1 lot of nifty 4500 strike call + 1 lot nifty 4400 strike put=Rs.9555.
if market falls on monday one can guess the outcome of this strategy.

If the mkt had risen instead of falling then also there would have been some gain on these strategies. These long strangles work very well in a volatile market.

All the premiums above are as per closing basis.