Nifty: Nifty fails to stay above 3700. Its better to stay away from market till picture is cleared. Based on your risk appetite you can short naked nifty future and buy a call(to hedge it)
You can take covered put as well:
a. Short nifty future at cmp (3640)
b. sell 3700 put at cmp ( 187) and
c. sell 3200 put at cmp(40).
In this above 3900 you will have unlimited loss.and downside below 3100(approx) you will have unlimited loss.With max profit of ( 187-60 ) + 40 =167 POINTS WITH 3 NIFTY LOTS.
Downside is fine,but to protect for sudden upswing buy one 3900 call at cmp (54),so the max profit is 113 points.
d. buy 3900 call at cmp ( 54)
Execute all( a,b,c,d).See the table to understand what risk/reward will be( bear in mind due to 2 put writings losses will be unlimited below 3100.
from the figure you can see that maximum profit is 113 points(thats just above 5k/3lot+1call),on the upside maximum loss is 87 and below 3100 loss is unlimited.3800 is no profit no loss zone.
So by deploying less than 80k you can expect a return of 5k( thats more than 5% in 15 days).
Happy Trading.
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