Protective put, covered call aur index hedge — aur wo sach ki hedge muft nahi hota
Published by The Retail Trader · AUG 09, 2026 · Features
Hedging ka maqsad paisa kamana nahi hai. Uska maqsad ye hai ki jis din sab kuch galat ho, us din nuksaan itna na ho ki aap khel se bahar ho jao. Jo hedge ko profit centre ki tarah dekhta hai, wo dono ganwata hai.
Aapke paas stock ya index exposure hai aur aap girawat se darte ho. Aap ek put option kharid lete ho. Girawat aayi to put ka faayda aapke portfolio ke nuksaan ka kuch hissa bhar deta hai.
Iska kharcha premium hai, aur wo har baar lagta hai — chahe girawat aaye ya na aaye. Bilkul waise hi jaise insurance ka premium har saal jaata hai chahe accident ho ya na ho.
Aapke paas shares hain jinhe aap abhi bechna nahi chahte, par aapko lagta hai ki bahut upar bhi nahi jaayenge. Aap unke upar ek call option bech dete ho aur premium kama lete ho.
Iska cost dikhta nahi, par hai: agar stock us strike se upar bhaag gaya, to aapka upar ka faayda wahin ruk jaata hai. Aapne kiraya liya hai, aur badle mein upside ka ek hissa bech diya hai.
Har stock par alag hedge lagana mehnga hai. Isliye log poore portfolio ka hedge index par lagate hain. Ye sasta aur liquid hota hai.
Iski kami saaf hai: agar aapka portfolio index se alag chal raha hai, to hedge kaam nahi karega. Index flat rahe aur aapke midcaps 8% giren — hedge ne kuch nahi bachaya, sirf premium gaya. Ise basis risk kehte hain.
Imandaar checklist:
• Hedge tab samajh aata hai jab exposure itna bada ho ki uska ek bura din aapki planning tod de.
• Hedge tab bekaar hai jab uski laagat aapke expected return ka bada hissa kha jaaye. Chhote portfolio par lagataar hedge aksar isi wajah se nuksaan mein rehta hai.
• Hedge ghabrahat mein mat lagao. Jis din sabko dar lagta hai, us din premium sabse mehnga hota hai. Insurance aag lagne ke baad nahi kharida jaata.
• Hedge ki ek expiry hoti hai. Use lagakar bhool jaana sabse aam galti hai — protection chup-chaap khatam ho jaata hai aur pata bhi nahi chalta.
Aur aakhri baat: sabse sasta hedge aksar koi option nahi hota. Wo chhoti position size hoti hai. Agar hedge ka kharch bardasht nahi hai, to shayad exposure hi zyada hai.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.