Structurally Nov 2020 series is closing the long pending island gap reversal which is an investing reference. However, emotions are running high during the US presidential election event.
In-order to play the emotions one have to learn to trade against the crowded trading decisions. And the Crowd is long and getting too emotional.
In-Order to play against the crowded bets one can consider using slight ATM Puts hedged with x2 times of OTM Short calls. The thing could bring some cushion for traders to manage the theta decay in the Put Options.

Entry
Buy 1 lot of 12000PE (slight ATM Puts) – 26th Nov 2020 Expiry at 183.20/Lot
Hedge Protection
Sell 2 lot of 12100CE (OTM Calls) – 26th Nov 2020 Expiry at 206.10/Lot
Buy 2 lots of 12500CE (OTM Calls) – 26th Nov 2020 Expiry at 55.00/Lot
Total Margin Required for Hedged Position : Rs1,07.542
Nifty LTP : 12080

Strategy Breakeven Point: 12159
Exit on Nifty Closing the Monthly gap (i.e Nifty Futures testing 11600 levels)
Strategy Risk Level: Moderate Risk Level and Risk increases if Nifty starts moving above 12200 level.
Strategy Expectation : Liquidation towards 11600 levels in Nov 2020 series.

The strategy has protection up to 12150 levels. If Nifty goes beyond 12200 levels it requires exit on the hedge until then, No strategy adjustment is required.