Put option kya hai hindi mein samjho — strike, premium, profit calculation, aur bearish trading strategy. Beginners ke liye complete guide.
Published by The Retail Trader · AUG 14, 2026 · Features
Put option kya hai hindi mein samjho — strike, premium, profit calculation, aur bearish trading strategy. Beginners ke liye complete guide.
Put option ek contract hai jo aapko kisi stock/index ko ek pre-decided price (strike price) pe BECHNE ka right deta hai — obligation nahi. Is right ke liye aap premium pay karte ho.
Simple words:
• Aapko lagta hai Reliance ka price neeche aayega
• Aap ₹2,800 strike ka Put kharidte ho ₹40 premium pe
• Agar Reliance ₹2,750 ho gaya → aapka profit = ₹10/share (₹50 - ₹40)
• Agar Reliance ₹2,850 pe raha → aapka loss = ₹40 (sirf premium)
Put option = Bearish view. Aap expect karte ho price neeche aayega.
Call vs Put:
• Call = price UPAR jaayega (bullish)
• Put = price NEECHE aayega (bearish)
Cost: ₹60 × 50 shares = ₹3,000
Ye saat baatein dhyaan mein rakho:
• 24,700 — Value: 0, Profit/Loss: -₹3,000 (max loss)
• 24,600 — Value: 0, Profit/Loss: -₹3,000
• 24,560 — Value: 0, Profit/Loss: -₹3,000 (breakeven)
• 24,500 — Value: 0, Profit/Loss: -₹3,000
• 24,400 — Value: ₹5,000, Profit/Loss: +₹2,000
• 24,300 — Value: ₹10,000, Profit/Loss: +₹7,000
• 24,200 — Value: ₹15,000, Profit/Loss: +₹12,000
Breakeven: Strike - Premium = 24,500 - 60 = 24,440
Max loss: Premium = ₹3,000 (limited) Max profit: Strike - 0 - Premium = ₹2,22,000 (if Nifty goes to 0, theoretical)
Nifty at 24,600:
Ye teen baatein dhyaan mein rakho:
• ITM — Strike: Above spot, Example: 24,700 PE, Logic: Strike > spot = put has intrinsic value
• ATM — Strike: At spot, Example: 24,600 PE, Logic: Strike = spot
• OTM — Strike: Below spot, Example: 24,500 PE, Logic: Strike < spot = sirf time value
Put buyers: ATM ya slightly ITM kharido for best risk-reward.
Best Conditions:
• Bearish view — market down trend, weak stock
• High VIX expected to go higher (volatility = put premium up)
• Resistance rejection — stock strong resistance pe reject ho
• Bad news expected — poor results, sector downgrade
• 5-7+ days to expiry — time value preserved
Put as Hedging (Insurance):
• Portfolio hai worth ₹10L (long stocks)
• Market crash ki tension hai
• Buy Nifty Put = portfolio insurance
• Agar market crash → put profit offsets portfolio loss
• Agar market up → put premium loss = insurance cost (acceptable)
Strategy 1: Long Put (Simplest):
• Buy ATM/slightly ITM put
• Hold 2-5 days
• Target: 50-100% premium gain
• SL: 30-40% premium loss
Strategy 2: Bear Put Spread:
• Buy 1 ITM Put + Sell 1 OTM Put
• Lower cost than naked put
• Max profit = spread width - net premium
• Max loss = net premium paid
Strategy 3: Protective Put (Hedging):
• Hold shares + Buy Put
• = downside protection
• Agar stock crash → put profit covers loss
• Cost = put premium (like insurance premium)
Ye paanch baatein dhyaan mein rakho:
• OTM put kharidna — 70% OTM expire zero
• Expiry pe hold — theta kills premium
• Bina SL ke — premium zero ho sakta hai
• Hedging ke bina naked put — theta + time = loss even if direction right
• Har baar put kharidna — markets 70% time upar jaate hain, puts lose more often
Limited (strike - premium). If Nifty 24,500 PE at ₹60, max profit = 24,500 - 0 - 60 = 24,440 × 50 = ₹12,22,000 (if Nifty goes to 0 — impossible practically).
Bearish traders, hedgers (portfolio protection), arbitrageurs.
Haan — straddle/strangle strategy. Advanced. Beginners avoid.
theretailtrader.org/index-details/NSEI → Options tab. Full option chain available.
Haan! Protective put = portfolio insurance. Crash se protect karta hai. Cost = premium.
Option chain: theretailtrader.org/index-details/NSEI Pro (intraday + alerts): theretailtrader.org/pricing Telegram: @theretailtrader_in
Educational only. Options involve risk. NOT investment advice.
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.