Looks Put writers are not still in the panic mood to unwind their positions from the 4900PE and 5000PE in contrast they built the positions against the market bearisness. The current mood of the Put writers shows absolute bullishness and the confidence of holding 4900 and possibly even 5000 levels on EOD basis. As the world markets are in uncertainity mood its advisable to take any sort of longs with appropriate amout of hedges. Hedges are mandatory in such type of market uncertain market environment.
Low risk traders can initate naked longs on 5100CE(just 1 or 2 lots) CMP Rs84 with SL of 5000 on EOD basis and 4795 on intraday basis. Avoid trading with futures for time being. Mini Nifty is the one of the safest option to trade this kind of uncertain market environment