Nifty Options Strategy - Covered Call, Covered Put

1. Shall i have to wait till expiry even i enter in this strategy in first week

May be, may be not ... it depends on how price flows ...

2. Is there any concept of stop loss here as in both put n call hedge, everything is nullified.

No need of stop loss

3. What is the earning potential in percentage

2% to 10% returns .... i think i explained this in video

4. What should be the exit point

as soon as you can book ideal returns close to max returns possible

5 if spot price crosses my sell call stike price, shall i close this leg and sell call of far strike?

No ... you exit everything to end at no loss no gain zone ... I may fine tune strategy as i try and practice