Option Trading Strategy for Union Budget 2016

Indian Union Budget will be presented on 29 Feb 2016 , and as discussed in previous post Nifty remains in a wide range so there is  an opportunity to trade in Nifty Options  And the opportunity could turn out to be quite promising.
Which will be market direction post budget we do not know so its  best we take a position that is completely independent of the direction of the market and possibly make money out of it.
Though we don't have an idea of the direction, historically, the maximum change in Nifty from the budget date to the next expiry date is quite decent in either direction. So, we can fairly assume that the move post budget is going to be big as it always is. So lets discuss the Option Strategy

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