Nifty falls to 21,800, VIX jumps above 20; low risk option strategy to make money if index falls more

Indian benchmark indices are trading negative amid selling pressure on May 13, with the NSE Nifty 50 down to 22,800 in the afternoon trade.
“Nifty has broken its support and psychological level of 22,000. There is a high chance that Put writers could get trapped over here below 21,800 as the put writers are of good volume in the 22,000 strike of May expiry,” said Rahul Ghose, CEO of Hedged.in.

"The rising India VIX will help if we plan a debit strategy," Ghose added. India VIX jumped 11 percent today to a reading of above 20 points.

Ghose recommends a low-risk options derivative strategy. "It makes money if the Nifty moves down between now and the last week of the May series," said Ghose.

Nifty Modified Put Butterfly recommended by Ghose:
Trade Structure:
(+1) Buy 1 lot of the 30th May expiry 21,600 PE (put option) at CMP (current market price)
(-1) Sell 1 lot of the 30th May expiry 21,400 PE at CMP
(-1) Sell 1 lot of the 30th May expiry 20,900 PE at CMP
(+1) Buy 1 lot of the 23rd May expiry 20,950 PE at CMP

What's notable about this trading strategy is that even if NSE Nifty 50 rises or stays sideways, the trade barely loses any money – it has a maximum loss of Rs 750 per lot.
Trade rules:

The capital required in the trade is Rs. 29,000. This trade can be entered today if Nifty trades between 21,850 and 21,950. The maximum loss in the trade is Rs 750 (per lot), and the target in the trade should be 2 to 3 percent on the capital, depending upon the time and individual risk appetite.
The maximum loss is calculated with the inclusion of the modification mentioned below.