Volatility remains high. India VIX, the fear index, rose 5 percent to 29.33 and has jumped more than 80 percent this year
Gamma is second order derivative of the underlying. Rate of change in delta is known as gamma. In simple words it is the momentum of the instrument.
Considering the long built-up along with Put writers accumulation, it is better to approach the Bank Nifty with a low-risk strategy like Modified Call Butterfly.
Consideration the mix of long built up and short covering seen in market towards the end of week, along with the decline in India VIX, market can now be approach with low-risk strategy