Hedging: insurance for your stocks

Yeh cheez important kyun hai?

Ab tak ke har lesson mein options naya paisa kamane ke liye use hue: directional bet, jama kiya gaya premium, ya decay jo aapke haq ya khilaaf chal raha tha. Hedging maqsad hi palat deti hai: aap option ka istemal us paise ko bachane ke liye karte ho jo aapke paas pehle se hai, aur yahi options ke hone ki sabse purani aur sabse imaandar wajah hai.

Maan lo aapne saalon ke sabr se ₹16.25 lakh ka index-tracking portfolio banaya, aur do din baad market hilane wala koi event hai (Budget, election, ya global jhatka). Sab kuch bech dene ka matlab hai capital-gains tax, exit load, aur agar market ulta chadh gaya to poori tarah galat. Ek chhoti si, theek jagah lagayi gayi option purchase bina ek bhi share beche us holding ko bacha sakti hai.

Asli market ka example

Aapne kai saal mein ₹16.25 lakh ka index-tracking portfolio banaya: NIFTY 25,000 par woh 65 units ki value hai, yaani ek lot jitni, sabr se dheere dheere badhi hui. Union Budget do din door hai, aur Budget wale din NIFTY ke moves pehle bhi logon ko chaunka chuke hain, dono taraf.

Aap chaaho to aaj sab bech kar khabar nikalne tak cash mein baith sakte ho. Uski jagah aap insurance kharidte ho: ek 24,800 put, isi hafte expire hone wala, ₹90 per unit × 65 = ₹5,850. Aapki holding ki value ka aadha percent se bhi kam, aage aane wale un do darawne dinon ke liye. Is jod ko, yaani underlying rakhna plus uske against put kharidna, protective put kehte hain.

NIFTY ke alag alag closing levels par kya hota hai:

Farsh dekho. 24,800 ke neeche put ka fayda holding ke nuksan ko rupaya-dar-rupaya kaat deta hai: NIFTY chahe kitna bhi gire, aapka kul nuksan lagbhag ₹18,850 par chaudha hona band ho jaata hai (25,000 se 24,800 ke strike tak ka ₹13,000 ka farak, plus put ke diye hue ₹5,850). 24,800 ke upar put bas bekaar expire ho jaata hai aur aapke ₹5,850 gaye, ek chhota, pata hua, budget kiya hua kharcha, bilkul us har rupaye jaisa jo aapne asli insurance par kharch kiya aur claim kabhi nahi kiya.

Yaad rakhne wali baatein

• Protective put: apni pehle se rakhi holding ke against put kharidna, taaki underlying ki girawat put ki badhti value se kat jaye.
• Farsh (floor): jodi hui position ka sabse bada sambhavit nuksan, jo put kharidte hi lock ho jaata hai; yahan lagbhag ₹18,850, NIFTY chahe kitna bhi gire.
• Insurance ka carry kharcha: woh premium jo aap dete ho, chahe bachav ki zaroorat pade ya na pade; yahan ₹5,850, yaani nishchintata ki keemat, na ki claim na hone par barbaad hua trade.
• Pura vs aadha hedge: poori holding ko cover karne jitne puts kharidna, ya sirf ek hisse ko, yaani kharche aur kitna bachav sach mein chahiye, dono ke beech ka sauda.
• Insurance ≠ investment: hedge ka kaam apne dum par paisa banana nahi hai. "Profit hua ya nahi" se use aankna uske kharidne ki poori wajah hi bhula dena hai.

Picture mein dekho

Neeche wala chart aapki ₹16.25 lakh ki holding ko usi holding plus 24,800 put ke saath rakh kar dikhata hai. Dekho ki NIFTY strike ke neeche girte hi jodi hui line girna band kar deti hai (yahi farsh kaam kar raha hai), jabki uske upar ka rasta poori tarah khula rehta hai.

Traders isko kaise use karte hain

Hedging kuch imaandar, baar baar dohrane laayak tareekon se dikhti hai:

• Event hedging. Kisi pata hui risky window ke liye bachav kharido (Budget ka din, election ke results, koi bada global data), aur event nikalte hi anishchitta khatam hone par hedge ko expire ho jaane do.
• Systematic partial hedging. Kuch investors har mahine ek chhota rolling put kharidte hain, use ek fixed insurance premium ki tarah maan kar, na ki ghabrahat mein ki gayi ek baar ki kharidari ki tarah.
• Soch ka badlav. Bekaar expire hua put fail hua trade nahi hai. Usne apna kaam bilkul waise hi kiya jaise pichhle saal aapki two-wheeler insurance ne kuch na dekar apna kaam kiya: aap covered the, aur kuch galat hua hi nahi.

Jis bhi tareeke se use karo, size aur maqsad wahi rehta hai: hedge isliye hai ki sabse bura case jhela ja sake, doosra profit centre banne ke liye nahi.

Aam galtiyan

• Crash shuru hone ke baad insurance kharidna. Sabke darr jaate hi puts tezi se mehnge ho jaate hain, aur yeh implied volatility ke chalne ka pehla jhalak hai, jise Lesson 9 kholta hai.
• Chhote portfolio par zaroorat se zyada insurance. ₹2 lakh ke portfolio ko bachane ke liye ₹50,000 ke puts kharidna savdhani nahi hai, woh safety ke bhes mein ek nayi bet hai.
• Hedge se profit centre ki ummeed rakhna. Jo put bada payout deta hai, uska matlab aam taur par yeh hai ki aapka portfolio bhi bahut gawa chuka hai. Woh chhota net nuksan hai, jeet nahi.
• Yeh bhoolna ki hedge ki apni expiry hai. Is hafte ke Budget ke liye khareeda gaya bachav agle mahine ke election ko cover nahi karta. Use dobara lena padta hai.
• Ek bekaar expire hue put ko "hedging kaam nahi karti" ka saboot maan lena. Use un saalon ki vehicle insurance se milao jinka aapne kabhi claim nahi kiya: aap bachav ke paise de rahe the, guaranteed payout ke nahi.

Quiz

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