Straddle or Strangle the NIFTY in February 2009?

Do you have future vision? Can we know whither future february 2009 may end? If only we had that knowledge there is no future exists as every thing would be in present! Theory apart where is february NIFTY Futures heading? Can the options price for NIFTY indicate a clue for this?
As of 03rd February 2009 NIFTY is around 2800 and the NIFTY 2800 CALL & PUT total is about Rs.240. This shows the boundaries at 3040 & 2560 and the volatility percentage around 40-45%. So a band of about 500 NIFTY Points. If one can find good opportunity of initiating selling call of 3100 & 2500 at good prices there are possibilities that the options can get expired worthless. Watch out for the options prices and their volatility. Market is hovering around 2800 for some good number of days since expiry and there is all probability of shooting up side for a few sessions can happen! After all bulls need to work in the chinese year of ox!

cheeers
JK