The thread below discusses buying Nifty Options depending on how the markets are behaving currently.
Market is getting OILY...
If one had followed the Option strategy discussed therein, you could be sittting on a neat profit. When Nifty hit high notes today, you could have picked up 4500 PE between 95-100. If you have bought 4200PE around 40-50, no problem. You are already looking at handsome profit in the former, and likely to see 90-100 levels in the latter. I, for one, am holding on to my Puts for better days ahead.
As I said there, this market is too oily (opposite of sticky, folks)