Although M&M slipped sharply after its monthly numbers, it is probably tracing a triangle. The upside should be capped for few weeks to recent highs around 814. Downside may extend to 720 (not beyond for few days). Seems good candidate for short strangle. Can also do a broken iron condor by adding a put protection to the downside, should ensure minimal loss if breaks heavily to the downside. All ideas shared for educational purposes only.
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Both strangle and broken condor premiums are down by over 70%. Not much meat left, might slowly go to 0 in 2 weeks (expiry). Taking profits off the table. May get opportunity for a similar trade in Feb Series as well.