hedges are mostly insurance on main trading position in case things go wrong...
mostof the time big boys go for multi leg positions and start entering spreads as a hedge with some calculated ratios....when opp seems to happen they knew that they wont be able to get out....start covering their positions even their spreads and at the same time start taking different positions....normally they go for nexxt month but budget mostly happens during the start hence hence same month.
this time they already played budget before budget see all psu bank charts. They knew from start that psu banks will get a fund easy n cheap money from govt.They played it.
with big boys sometimes it becomes easy to predict... budgets,diwali xmas...hence they do opposite...they get what they want as we follow them.
If any part of system falters we people save it with our money ...we get nothing in return....
arey bhai woh log sirf 6500 ka pe ya 8000 ka ce leke kaam thode hi kar sakta hai....
this is what i think but must tell u, i know nothing. .