Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Or,
Short KPIT 200 PE at 3.5
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The options trade is valid even if it doesn't break. Because that is coming from the sideways channel not from the outside bar. We are betting this sideways channel won't break!
So if the outside doesn't break in Monday and it falls. It is even more better because we will get more premium to bank upon.