How to handle this Open position

#1
Traderji,

I bought call option of FEB - [email protected] at premium of 78.50.
The LTP is now at 70 and spot price is at 2855.

What should I do now ? Is there any best strategy to minimise the losses ?

Iam using ICICI direct.I have the following questions pertaining to what I can do using ICICI direct

Is there any way I can sell this contract at 70 atleast? If so how ?
Is there any way I can take the delivery of the stocks?If so how?

This is my first trade in options and badly needed your guidance.

Thanks,
mb
 

vince

Active Member
#2
Hi mb123,

You have the following alternatives,

Sell at cmp and take the loss. or

Sell a 2900 call , that would make it a spread, the premium ( currently at 30)recd should offset your loss to some extent and manage the trade from there. or

Buy a 2850 put, now at 57. This would mean you need a 135 point move just to break even. Tough.

Take your choice.
Trade well
 

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