How to trade in options rediff

How to trade in options rediff We asked readers to mail their queries about stocks they want to buy, sell or hold. Here's the response to their queries. Narendar Lokwani of StockFundoo advises about good, bad and ugly stocks. I am interested in trading in stock and nifty options. Can you please guide on how to be profitable in options trading. O ptions are a major trend in Indian stock markets now, with turnover in options category being significantly higher than that of stocks, index or derivatives category. Just to take an example, on February 23, 2013, turnover for index futures at NSE was Rs 7,220 crore, turnover for stock futures was Rs 16,574 crore and turnover for index options was a whooping Rs 87,077 crore. So options have become an instrument of choice for traders -- both retail and institutional traders -- in Indian stock markets. As our Finance Minister remarked recently, Indian markets are primarily non-delivery based, meaning majority of trades do not result in deliveries and are cash settled. Options in Indian market are cash settled as well with no delivery taking place at the option expiry date (which is always the last Thursday of every month). Simply speaking, an option is a bet on direction of either the underlying index e. g. Nifty or a given stock.

When a trader is taking a position in options, she is either buying or selling an options contract, and is making a bet that either the underlying instrument will rise in price or fall in price before the monthly expiry date. Obviously, if the direction is predicted accurately, the trader stands to hold a profitable position, which she can close at or before the expiry date. Options are basically of two types: call option and put option . A buyer for a call option is taking a position that underlying instrument e. g. the stock or Nifty index, would rise in value before expiry date. A buyer of put option is taking the opposite position that the underlying instrument e. g. the stock or Nifty index, would actually fall in value before expiry date. However, there are few more things to keep in mind, before you jump in options trading. One should be aware of the strike price and days remaining before expiry as well. Options decay in value as their price is dependent on variable known as theta, which is also known as the rate of decay. Simply speaking, if you are an options buyer, your options will lose a little bit of value each day, even if the underlying instrument is not moving at all, due to time decay. Due to this reason, professional traders or large institutions are biased towards options selling, rather than options buying, as they can benefit from this time decay if underlying instrument is not moving at all. However, option selling is akin to selling insurance and hence is detrimental to an individual retail trader as the potential liability can be significant if volatility increases overnight. Another way to benefit from options is to take a combination trade in options. A trader expecting the stock or index price to change dramatically in next few days can buy an options straddle .

A long straddle involves purchasing both a call option and a put option on the same stock or index at the same strike price and expiry date. For example, if Infosys is coming up with its quarterly results and investors are not sure whether it will be a positive result or not, one can buy a call option and put option at same strike price, preferably closer to current stock price. If results are good, call options would rise in price and would make up a profitable trade, else if results are less than expected put options would result in profits for the trader. Another simple way to trade in options for a trader already holding a stock is to execute a covered call . This method has to be adopted in bearish markets for stocks which are not expected to rise in price. If a trader is holding a stock in cash segment, he can sell the corresponding call options for the stock. When the stock declines in price as expected, the call options would be worthless and seller of call options would get to keep the option premium which she would have received while selling the call options. If the stock goes up, since the trader is already holding the stock in cash market, she would get compensated with the price rise of his holdings. This is a useful method for slightly bearish markets. This is a simple primer, however options trading is a complicated subject and one needs to do significant research before jumping into options trading. With the high options volumes witnessed in Indian markets, options trading is much more coveted than cash trading or futures trading and here to stay for long.

Disclaimer: This article is for information purpose only. This article and information do not constitute a distribution, an endorsement, an investment advice, an offer to buy or sell or the solicitation of an offer to buy or sell any securitiesschemes or any other financial products investment products mentioned in this article or an attempt to influence the opinion or behavior of the investors recipients. Any use of the information any investment and investment related decisions of the investorsrecipients are at their sole discretion and risk. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Opinions expressed herein are subject to change without notice. StockFundoo. com provides insightful and in-depth capital markets analysis. Powered by fundamental deep value investing and technical analysis, we offer detailed stock analysis updated on a daily basis. C an you please tell me why Delta Corp is   underperforming as I am holding 3263 shares @ 140 since October 2010. Will I get my investment price within 2 years? D elta Corp is a concept stock and is the only listed Indian company in casino business. Delta Corp operates two offshore casinos in Goa and another onshore casino is coming up in Daman region. The current casino gaming capacity is about 700+ gaming consoles. Delta Corp is launching its onshore gaming operations in the Union Territory of Daman as well.

Third offshore casino is also set to be operational in Goa shortly. From its Goa based offering, Casino Royale is currently India's largest live offshore gaming casino with 480 gaming positions. Casino Caravela is another live casino offering 190 gaming positions. In hospitality space, Delta Corp owns Daman Hospitality Pvt. Ltd (DHPL), which owns the largest resort and convention complex in Daman. The hotel is in the five-star deluxe category with 189 rooms, 29,000 sq ft of indoor events and meeting space and 70,000 sq ft of outdoor pools and events space. Latest revenues for Delta Corp were sales of Rs 103.4 crore and a net profit of Rs 14.86 crore for the quarter ended Dec '12. This is lower in comparison to YoY revenues for Delta Corp. For the Dec 2011 quarter the revenues were Rs 146.37 crore and net profit was Rs 23.67 crore. This slowdown in revenues and profits has impacted the stock price. Looking at charts, Rs 142 was the highest price ever for Delta and you seem to have entered at its peak. Technically support for Delta Corp is at 51, and it would be a tough bet to get Rs 140 in the near future. Resistance levels are at Rs 84 and at Rs 110.

You should aim for Rs 110 in next 12-18 months. Please provide your views on TransGene Biotek. I am holding this stock from a very long time. T ransgene Biotek is a very interesting microcap stock. It has two decades of biotech expertise and unfortunately markets don't value stocks like this properly, because of lack of visibility and business model. Transgene began as a firm manufacturing and selling diagnostic kits and moved on to biotech research, including the research and development of vaccines. One of its first major successes was development of genetically engineered Hepatitis B vaccine technology which was sold to Serum Institute, Pune in 1999, which continues to sell vaccines based on this technology. It has a sizable portfolio of under development drugs and any more blockbuster success from this portfolio will move the scrip in positive direction. Looking at charts, the firm has seen crazy heydays when stock was worth Rs 300 apiece, and currently it is trading at 99 per cent discount to that price. So what has gone so wrong for Transgene? One, promoter shareholding is less than 10 per cent. That sends the signal that effectively no one really owns the company now.

Secondly, there was an attempt at delisting, which failed. At Rs 2.63 a share, and market cap of Rs 17 crore, effectively one is getting all the IP and technology for a very small price. Thirdly, large scale selling by GDR holders, the foreign ownership has come down from 73.44 per cent to 27.44 per cent and this has crashed the price to these penny stock levels. Overall, support may come at Rs 2.1, and now it is as good as a lottery ticket to hold. Any more blockbuster drugs to unlock may cause the series of upper circuits once again. Existing shareholders should hold, however new investments is only for investors with high-risk appetite. I have 1208 shares of Jain Irrigation Systems at Rs 112 per share. Please suggest what to do, I can wait for 2-3 years for good returns? J ain Irrigation is a marquee firm in Drip Irrigation technology and has proven products and technology in this space. The firm has many firsts to its name. Jain irrigation is pioneer of micro irrigation systems in India and is the largest irrigation company in India.

Other than its irrigation division, in its Pipe Division, the firm is the largest manufacturer of Plastic Pipes in India. In its Plastic Sheet Division, firm is largest manufacturer of PVC & PC sheets in India and is the only manufacturer producing widest range of Plastic Sheets (PC & PVC) under one roof. Firm has a successful food processing business as well and is initiating new business in solar panels as well. The challenge that Jain Irrigation faces is over dependence on making sales through government subsidies and hence the firm is making a transition away from this business model. For the latest quarter profits have in red. Revenue is flattish from past five quarters and new business model is yet to make serious inroads. Promoter holding has also come down in last quarter from 31 per cent to 27.46 per cent. The firm is a regular dividend paying company. Technically speaking, it has a support at 60 and can be expected to reach Rs 90 levels from here on. One can average a bit here and new investors can take an entry here with a SIP kind of investing in mind. I am holding 100 shares of SHREE RENUKA SUGAR at Rs 55 per share. Could you please suggest whether to average at current price for good profits in next 1 year?

S hree Renuka Sugars is one of leading manufacturer of sugar in India, and one of the largest sugar refiners in the world. The company operates eleven integrated sugar mills globally (four in Brazil & seven in India) and two port based refineries in India. The company operates eleven mills globally with a total crushing capacity of 20.7 million tonnes per annum (MTPA). The company operates seven sugar mills in India with a total crushing capacity of 7.1 MTPA and two port based sugar refineries with capacity of 1.7 MTPA. In its ethanol business, firm manufactures fuel grade ethanol that can be blended with petrol. Global distillery capacity for ethanol is 6,240 KL per day (KLPD). In its power generation business, firm produces power from sugar cane by-products for its own consumption and also for sale to the state grids in India and Brazil. Total power cogeneration capacity is 555MW with exportable surplus of 356 MW. Quarterly revenues of Renuka are in uptrend and have grown from Rs 697 crore in Dec 11 quarter to Rs 1846 crore in last quarter Dec 12. Firm is trading close to its book value of Rs 26.4 and promoter holding stands at 38.06 per cent which is slightly higher than 37.36 per cent two quarters ago. Technically speaking, sugar stocks are consolidating for long and Renuka is currently at 75 per cent discount to its peak price of Rs 120. Technical Support is nearby at Rs 26 and one can average this stock at the current price or even take a fresh entry. The Rangarajan committee report for total decontrol of sugar sector will benefit the sugar stocks tremendously. How to trade in options rediff T he other day a friend told me that she made a killing trading in Stock Futures. On asking around, I discovered that many individuals are now trading in Futures, and doing well. Here's a primer to how it actually works.

How Futures work. When you buy shares, you can buy any number you please, even if it is just one share. In Futures, you buy a contract which will have a specific lot size depending on the stock. Let's say you want to buy an Infosys Futures contract. This will comprise 100 shares. Or, you want to buy a HPCL Futures contract. This will be a lot of 650 shares. In Futures, you buy a lot. The lot size is set for each futures contract and it differs from stock to stock. When you buy a Futures contract, you don't pay the entire value of the contract but just the margin. This margin amount too is prescribed by the exchange.

Let's say you buy a HPCL Futures contract. And the price of each HPCL share is Rs 311. This will amount to Rs 2,02,150 (Rs 311 x 650 shares). You don't pay the entire amount of Rs 2,02,150. You only pay 15% to 20% of that amount and this is called the margin amount. The margin depends on what the exchange sets for the day. Based on certain parameters, it declares the margin for each stock. So the margin for Infosys will vary from, say, HPCL. Let's say the margin for the HPCL Futures is 15%. So you end up just paying just Rs 30,322 (not Rs 2,02,150). How you make or lose money. You purchased a HPCL Futures contract and the underlying price is Rs 311 per share. Let's say, the next day it moves to Rs 312.

The difference is Rs 1 per share (312 – 311) You get a credit Rs 650 (Rs 1 per share x 650 shares). The following day, it dips to Rs 310. The difference is Rs 2 per share (312 – 310) Since the price has dipped, Rs 1,300 (Rs 2 per share x 650 shares) is debited from your account. This will go on till you sell the Futures contract or it expires (last Thursday of the month). So, on a daily basis you make and lose money. There is no delivery. When you buy in the cash segment (where investors buy and sell any number of shares and hold them in demat accounts), the shares are delivered to you and sent to your demat account. Over here, there is no delivery so you do not need a demat account. The brokerage in Futures is much lower. It will be around 0.03% to 0.05% of the transaction. These are the rates given to regular investors. An occasional investor may end up paying up to 0.1% as brokerage.

In the cash segment, the brokerage will be around 0.25% to 0.75%. When you buy shares in the cash segment, you have to make the entire payment to your broker. Let's say you buy 650 HPCL shares for Rs 311 per share. You end up paying Rs 2,02,150. Within two days, you will have to make the full payment to your broker. In Futures, you just pay the margin, not the entire amount. Can effectively short sell. When you sell shares without owning them, it is known as short selling. You would do so if you believe that the price of the stock is going to drop. This way, you sell it at a higher rate and buy it at a lower rate later. With Futures, you do not have to square your transaction at the end of the day. You can square the transaction whenever you want or wait till it expires on the last Thursday of the month. But, in the cash segment, you have to square your transaction by the end of the day, so you can short sell just for a day.

Where the cash segment scores. It is worth noting that the price of the shares in the cash segment is mostly lower than the Futures price. So, if it is available for Rs 311 in the Futures segment, you should get it for Rs 308 in the cash segment. Though, on occasions it may even be slightly higher. In Futures, you pay a tax of 33% on the your profit. In equity, it is a flat rate of 10% (short term capital gains) if you sell within a year and no tax if you sell after a year (long term capital gains). Flexibility in purchases. In the cash segment, you can pick up however many shares you want starting from just one share. In Futures, you cannot buy less than the lot size prescribed. If you want to buy more you can, but they must be in multiples of the lot.

So, you can buy one or two contracts. Risk in Futures is higher. If you are an investor who wants to buy shares and hold on to it, you should invest in the cash segment. Since Futures is a trading tool, the risk is also much higher. Let's say the shares of Infosys are going at Rs 2,700 per share. And, you buy 100 shares in the cash segment. You end up paying Rs 2,70,000. The price dips to Rs 2,200. If you sell the shares at this rate, you make a loss of 18.5% Now let's say you purchase an Infosys Futures at the underlying share price being the same. You pay the 20% margin of Rs 54,000. Let's say the price dips to Rs 2,200. You have to pay out Rs 50,000.

Since you invested only Rs 54,000, you have incurred a loss of 92.5%. Hence, your losses can be much higher in Futures. Where can you trade? All stocks are not permitted for trading in derivatives. To check the list of stocks available for trading, go onto the National Stock Exchange website. You can also check the Bombay Stock Exchange website to read more about derivatives trading. But do note, to trade in futures, you will have to approach a broker who is authorised to trade in derivatives. How to trade in options rediff In an online chat with Get Ahead readers on October 9 Nithin Kamath, CEO, Zerodha. com answered readers' queries on how to trade in futures and options. Here is the unedited chat transcript. kaushal : What are the conditions imposed by SEBI for brokerages to start offering F&O services? Nithin Kamath : SEBI does a rigorous check on background of promoters, networth requirement, market knowledge of the management, technology and risk management systems before allowing a brokerage to offer f&o, along with this there is continuous audits done by the exchanges to ensure that everything is in place. ulfat : Who should ideally trade in futures & options segment? Nithin Kamath : Futures and options requires some commitment in terms of time to learn how to trade and then tracking your trades once you have taken them. If you are a positional trader, then I guess a person who can commit atleast a couple of hours everyday.

Also, the business involves leverage and can be an emotional roller coaster, so a person who can handle that volatility. alex : Which books did you read to become an expert? What role does experience play in becoming a great F&O trader? Nithin Kamath : Best books to get started with are those which talk about the good habits of profitalble traders as mentioned below. But once you are done with that, it is self discovery in reading and researching on what method best suits u. Yep, experience is the key, important thing is to learn from your experience and not make the same mistake twice. Jeswal : How can I become an expert in F&O trading. Nithin Kamath : f&o trading or trading in general requires a lot of time effort and dedication. The only way to learn trading is by actually putting up your money, only then will what you read make sense. But it also important that the money you put is something you can afford to lose. As I said earlier, try reading about what most profitable traders in the world did right in the book Market Wizards. kapadia : premium for which strike prices have high implied volatility? What does it imply and how to make money using this high implied volatility? Nithin Kamath : Usually out of the money options have a higher IV, the trade typically could be if it is much above the mean IV, it could be a good time to sell them and much below the mean time to buy. Tharun : If i sell a call on starting of month ex.18 rs-, when it reaches to zero on expiry, so i get profit of 18 rs? How can i calculate margin required for writing a option?

Nithin Kamath : We provide a tool called SPAN calculator, zerodha. comz-connectblogviewspan-calculator this allows you to calculate. We will be soon providing a similar tool on our website which can be used by everyone. vinod gatta : what is the average oscillation range of IV in nifty option? how can we use of it by analyzing? Nithin Kamath : Don't have the exact numbers but the range is between 10 to 40, at the lower end better to buy options and at the higher end to write them hoping that it will revert to the mean. sudaram : What is historical or statistical volatility? How does it affect pricing of futures and options? Nithin Kamath : Historical volatility is simply historical volatility in the price of the underlying. Volatility affects options more than the futures, higher volatility usually would mean option would be priced higher. John : Are Indian F&O mkts deep enough?

there are no calll writing and put writing for next month or 3-month F&Os. Nithin Kamath : Yes liquidity is pretty bad if you go for anything other than present month. Also the activity in stock options is really low. jitesh : How shall one trade in the F&O of index heavyweights on the expiry day? Nithin Kamath : There is no preset method to trade on expiry day, all you have to be careful is about not letting your in the money options expire (you rather sell it on the exchange rather than holding it till the close of trading on the expiry day. The reason for this is because the STT on expired options which are in the money goes up significantly. omi : How does a call writer and put writer make money? Nithin Kamath : call writer makes money when the markets don't go up above a certain point and put writer if market doesn't go down below a certain point. rajat : plz enlighten us on 5 must-dos and don'ts while trading in F&O. Nithin Kamath : The most important rule while trading f&o is to be very conservative, since there is a risk of losing money fast, risk only that which you can afford to lose, ideally should not exceed more than 15 to 20% of your investible capital. bhanu : what is implied volatility mean? How can I calculate it? Gadgets-Gaming : Tell me what are the risks associated with F&O and risks with day-trading in stocks? Nithin Kamath : Risks associated are the same, since you are trading with leverage, i. e more money than what you have in your account, the risk of losing money fast if your trade is not right. shaishav : Is it advisable to buy calls and puts or sell them?

Nithin Kamath : It is advisable for a beginner trader to start off buying options rather than writingselling them. Once you get a hang of how the business works, you can look at writingselling them as well. shinde : How can I make profits on results day. A lot of benchmark stocks will be announcing their results starting october 11. Nithin Kamath : As mentioned in Anil's query earlier, buying both calls and puts is the best bet when expecting volatility in the markets. mustafa : How is trading in futures & options differennt from trading in stocks? What makes more money? Nithin Kamath : Trading in f&O basically lets you get over the basic limitations of trading stocks. 1. it can be used to hedge, similar to insurance policy for your portfolio 2. Speculate, while trading stocks if you feel stockmarket is going down, you can sell and buy back only for intraday, whereas in f&O you can run this position upto 3 months. Also while trading stocks if you want to buy for more than what money you have, there is an interest to worry about, but not in case of f&o. vishal : What are the kind of money one can make in F&O? What are the risks attached?

Nithin Kamath : Since when trading on f&O, you get a leverage, the profits you can make also gets multiplied. But leverage is a double edged sword, so the risk also goes up quite a bit. salim : I have heard about straddles and strangles in F&O. But how do they help me make profits? What are the risks associated with such strategies? Nithin Kamath : Straddles and strangles are option strategies that you can take when instead of direction of the markets, you are betting on the volatility. Safer than naked options trading because your risk is hedged. shirish : I want to trade in stocks and also F&O. Which are the best books to read? Nithin Kamath : The best way to start off trading markets is by knowing what the profitable traders do, so in that context Market Wizards by Jack Schwager is a good way to start. How to trade on futures and options in india.

Nithin Kamath: Futures and options requires some commitment in terms of time to learn how to trade and then tracking your trades once you have taken them. If you are a positional trader, John: Are Indian F&O mkts deep enough? there are no calll writing and put writing for next month or 3-month F&Os. Futures Trading Basics - Indian Stock Market - xiguacc. com. How to trade on futures and options in india. As volumes on the Indian equity derivatives market rise, here is a lowdown on how the futures and options segment can help you build your portfolio. If on that date, the Nifty is trading at 5, points, you have made a profit of Rs on each unit or Rs 5, on your investment. If, however, the Nifty falls to 5,, you lose. Derivatives are instruments that derive their value from an underlying security like a share, debt instrument, currency or commodity. Futures and options are the two type of derivatives commonly traded. Investing in futures and options with Kotak Securities can help make your financial infrastructure secure. A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price.

Such an agreement works for those who do not have the money to buy the contract now but can bring it in at a certain date. These contracts are mostly used for arbitrage by traders. It means traders buy a stock at a low price in the cash market and sell it at a higher price in the futures market or vice versa. The idea is to play on the price difference between two markets for the same stock. In case of futures contracts, the obligation is on both the buyer and the seller to execute the contract at a certain date. Futures contracts are special types of forward contracts. They are standardized exchange-traded contracts like futures of the Nifty index. An Option gives the buyer the right but not the obligation. As a buyer, you may choose to let the option to buy call or put option lapse. The seller has an obligation to comply with the contract. In the case of a futures contract, there is an obligation on the part of both the buyer and the seller. Options are of two types - Calls and Puts options: If the buyer of options chooses to exercise the option to buy, the counter-party seller must comply. A futures contract, on the other hand, is binding on both counter-parties as both parties have to settle on or before the expiry date.

Please note that all option contract available on NSE can be exercised on expiry date only. If you are a buyer in the futures market, there is no limit on the profit that you make. At the same time, there is no limit on the loss that you make. A futures contract carries unlimited profit and loss potential whereas the buyer of a Call or Put Option's loss is limited, but the profit potential is unlimited. Purchasing a futures contract requires an up front margin and normally involves a larger outflow of cash than in the case of Options, which require only the payment of premium. Futures are a favourite with speculators and arbitrageurs whereas Options are widely used by hedgers. Presently, at NSE, futures and options are traded on the Index and single stocks. You have now studied all the important parts of the derivatives market � what are derivatives contracts, different types, futures and options, call and put contracts, and how to trade these. Existing customers can send in their grievances to service. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment.

No worries for refund as the money remains in investor's account. We have taken reasonable measures to protect security and confidentiality of the Customer Information. Infinity IT Park, Bldg. Skip to main content. Account Login Not Logged In. About Us Why Join Us? Difference Between Futures and Options Derivatives are instruments that derive their value from an underlying security like a share, debt instrument, currency or commodity. Futures A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Previous Chapter Next Chapter. Why Capital gains report? Reflects performance of your portfolio. How to trade in option market in india.

Know what is options trading & how the different components of call & put options are calculated. Start trading in stock options today with Kotak Securities! are Options that can only be executed on the expiration date. Please note that in Indian market only European type of options are available for trading. LOT SIZE. Option Trading Ki ABCD (In Hindi) How to trade in option market in india. Know what is options trading & how the different components of call & put options are calculated. Start trading in stock options today with Kotak Securities! are Options that can only be executed on the expiration date. Please note that in Indian market only European type of options are available for trading. LOT SIZE. In the derivatives market, you may want to Buy shares or Sell them at a specific price in the future. On this basis, there are two types of options available in the derivatives markets � Call options and the Put options.

Call options are those contracts that give the buyer the right, but not the obligation to buy the underlying shares or index in the futures. They are exactly opposite of Put options, which give you the right to sell in the future. Let's take a look at these two options, one at a time. In this section, we will look at Call options. When you purchase a 'Call option', you purchase the right to buy a certain amount of shares or an index, at a predetermined price, on or before a specific date in the future expiry date. The predetermined price is called the strike or exercise price, while the date until which you can exercise the Option is called the expiry date. This is because the writer of the call option assumes the risk of loss due to a rise in the market price beyond the strike price on or before the expiry date of your contract. The seller is obligated to sell you shares at the strike price even though it means making a loss. The premium payable is a small amount that is also market-driven. As a trader, you would choose to purchase an index call option if you expect the price movement of the index to rise in the near future, rather than that of a particular share. Suppose the Nifty is quoting around 6, points today. If you are bullish about the market and foresee this index reaching the 6, mark within the next one month, you may buy a one month Nifty Call option at 6, Let's say that this call is available at a premium of Rs 30 per share. Since the current contract or lot size of the Nifty is 50 units, you will have to pay a total premium of Rs 3, to purchase two lots of call option on the index.

If the index remains below 6, points for the whole of the next month until the contract expires, you would certainly not want to exercise your option and purchase at 6, levels. And you have no obligation to purchase it either. You could simply ignore the contract. All you have lost, then, is your premium of Rs 3, If, on the other hand, the index does cross 6, points as you expected, you have the right to buy at 6, levels. Naturally, you would want to exercise your call option. That said, remember that you will start making profits only once the Nifty crosses 6, levels, since you must add the cost incurred due to payment of the premium to the cost of the index. This is called your breakeven point � a point where you make no profits and no losses. When the index is anywhere between 6, and 6, points, you merely begin to recover your premium cost. So, it makes sense to exercise your option at these levels, only if you do not expect the index to rise further, or the contract reaches its expiry date at these levels. As long as the index does not cross 6, , he benefits from the option premium he received from you. Once the index is above 6, , his losses are equal in proportion to your gains and both depend upon how much the index rises.

In a nutshell, the option writer has taken on the risk of a rise in the index for a sum of Rs 30 per share. Further, while your losses are limited to the premium that you pay and your profit potential is unlimited, the writer's profits are limited to the premium and his losses could be unlimited. In the Indian market, options cannot be sold or purchased on any and every stock. SEBI has permitted options trading on only certain stocks that meet its stringent criteria. These stocks are chosen from amongst the top stocks keeping in mind factors like the average daily market capitalization and average daily traded value in the previous six months. While the share is currently quoting at Rs , you feel that this announcement will drive the price upwards, beyond Rs However, you are reluctant to purchase Reliance in the cash market as it involves too large an investment, and you would rather not purchase it in the futures market as futures leave you open to an unlimited risk. Yet, you do not want to lose the opportunity to benefit from this rise in price due to the announcement and you are ready to stake a small sum of money to rid yourself of the uncertainty. A call option is ideal for you. Depending on the availability in the options market, you may be able to buy a call option of Reliance at a strike price of at a time when the spot price is Rs And that call option was quoting Rs. You start making profits once the price of Reliance in the cash market crosses Rs per share i. If the AGM does not result in any spectacular announcements and the share price remains static at Rs or drifts lower to Rs because market players are disappointed, you could allow the call option to lapse. In this case, your maximum loss would be the premium paid of Rs 10 per share, amounting to a total of Rs 6, However, things could have been worse if you had purchased the same shares in the cash market or in the futures segment. On the other hand, if the company makes an important announcement, it would result in a good amount of buying and the share price may move to Rs 1, You would stand to gain Rs 20 per share, i. Timing is of great essence in the stock market. Same applies to the derivatives market too, especially since you have multiple options. So when do you buy a call option?

To maximize profits, you buy at lows and sell at highs. A call option helps you fix the buying price. This indicates you are expecting a possible rise in the price of the underlying assets. So, you would rather protect yourself by paying a small premium than make losses by shelling a greater amount in the future. As we read earlier, the buyer of an option has to pay the seller a small amount as premium. Seller of call option has to pay margin money to create position. In addition to this, you have to maintain a minimum amount in your account to meet exchange requirements. Margin requirements are often measured as a percentage of the total value of your open positions. Let us look at the margin payments when you are buyer and a seller:. Remember, while the buyer of an option has a liability that is limited to the premium he must pay, the seller has a limited gain. However, his potential losses are unlimited. The margins are levied on the contract value and the amount in percentage terms that the seller has to deposit is dictated by the exchange. It is largely dependent on the volatility in the price of the option.

Higher the volatility, greater is the margin requirement. So, the seller of a call option of Reliance at a strike price of , who receives a premium of Rs 10 per share would have to deposit a margin of Rs 1,16, How to settle a Call Option: When you sell or purchase an options, you can either exit your position before the expiry date, through an offsetting trade in the market, or hold your position open until the option expires. Subsequently, the clearing house settles the trade. Such options are called European style options. Let us look at how to settle a call option depending on whether you are a buyer or a seller. There are two ways to settle � squaring off and physical settlement. If you decide to square off your position before the expiry of the contract, you will have to sell the same number of call options that you have purchased, of the same underlying stock and maturity date and strike price. When you square off your position by selling your options in the market, as the seller of an option, you will earn a premium. The difference between the premium at which you bought the options and the premium at which you sold them will be your profit or loss. Some also choose to buy a put option of the same underlying asset and expiry date to nullify their call options. The downside to this option is that you have to pay a premium to the put option writer. Selling your call option is a better option as you will at least be paid a premium by the buyer. If you have sold call options and want to square off your position, you will have to buy back the same number of call options that you have written.

These must be identical in terms of the underlying scrip and maturity date and strike price to the ones that you have sold. In this section, we understood the basics of Options contracts. In the next part, we go into details about Call options and Put options. Existing customers can send in their grievances to service. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account. We have taken reasonable measures to protect security and confidentiality of the Customer Information. Infinity IT Park, Bldg. Skip to main content. Account Login Not Logged In. About Us Why Join Us? What are Call Options: Here are some key features of the call option: You will also have to specify how much you are ready to pay for the call option. The strike price for a call option is the fixed amount at which you agree to buy the underlying assets in the future.

It is also known as the exercise price. When you buy the call option, you must pay the option writer a premium. This is first paid to the exchange, which then passes it on to the option seller. You sell call options by paying an initial margin, and not the entire sum. However, once you have paid the margin, you also have to maintain a minimum amount in your trading account or with your broker. For a buyer of a call option: For the seller of a call option: How to trade in options rediff We are dedicated to provide you best stock & commodity advice for consistent return on investment. Performance of track record reflects our experience and expertise. We know the pulse of volatile market. Awards and Accreditation. Stock Cash Tips. In stock cash tips we provide our clients accurate and timely intraday best stock tips which drive them to make maximum profit from the equity market. Calls are given for NSE Stock Cash Traders. Premium Stock Tips is especially designed for those traders who trade full time in stock cash, stock futures and Nifty future. Premium Stock Tips consists of Stock Cash Calls, Stock Futures & Nifty.

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