I believe your Nifty OTM and ITM option is incorrect. CMP - 10400, in case of PUT option; ITM will be - 10600 (sell) OTM will be 10200 (buy) So if market goes up, Premium of 10600 will decrease leading shortsell to earn profit and 10200 PE will increase. Recheck.
CMP - 10400, in case of PUT option;
ITM will be - 10600 (sell)
OTM will be 10200 (buy)
So if market goes up, Premium of 10600 will decrease leading shortsell to earn profit and 10200 PE will increase. Recheck.