SBI Futures is at 2298. Cover 2300 Put at CMP Rs 63, and Sell 1 2250 PE at CMP Rs 42, and 2200 PE at Rs 26.5. Loss from covering 2300 PE is Rs 2563. However this is just a notional loss considering that we are earning an almost same amount of profit from shorting 2400 Call. Overall margin involved is around Rs 120000. Net position now is One 2200 PE Short, One 2250 PE Short, and One 2400 CE Short. Next action only below 2250 or above 2400.
....... Kujnish Vashisht