introduction to derivative

7/30/2019 Introduction to Derivative

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A Project Report On Relationship between Call and Put

Option using Individual Stocks and NiftyOptions


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Introduction

The understanding of call and put options and the dynamics of their relationship is extremely important in

getting to know the options market.

The underlying currents that govern their relationship is useful for their efficient analysis.

Through this project we aim:

To establish relationship between Call and Put Options Understand how Premium moves of both call and put option on the basis of Strike Price Understand how Premium moves of both call and put option on the basis of Underlying Asset Understand how Premium moves of both call and put option on the basis of Time to maturity

To understand the Premium mechanism To derive which factor affects the most to premium movement


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Relationship between Premium andUnderlying Asset ITC

Date Expiry Strike Price Close Strike Price Close15-Nov-12 29-Nov-12 280 3.25 280 5.1516-Nov-12 29-Nov-12 280 2.45 280 7.119-Nov-12 29-Nov-12 280 5.25 280 3.0520-Nov-12 29-Nov-12 280 4.15 280 3.3521-Nov-12 29-Nov-12 280 7.35 280 1.322-Nov-12 29-Nov-12 280 9.6 280 0.8523-Nov-12 29-Nov-12 280 7.2 280 0.9

26-Nov-12 29-Nov-12 280 7.5 280 0.527-Nov-12 29-Nov-12 280 14.1 280 0.1529-Nov-12 29-Nov-12 280 17.65 280 0.05

Call Option Put Option

0246810

1214161820

StrikePrice(280)

ITC

Call Option

Put Option


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AXIS Bank

Date Expiry Strike Price Close Strike Price Close15-Nov-12 29-Nov-12 1250 20.55 1250 31.55

16-Nov-12 29-Nov-12 1250 13.95 1250 38.7519-Nov-12 29-Nov-12 1250 10.25 1250 44.2520-Nov-12 29-Nov-12 1250 10.4 1250 40.421-Nov-12 29-Nov-12 1250 13.8 1250 26.2522-Nov-12 29-Nov-12 1250 25.05 1250 13.523-Nov-12 29-Nov-12 1250 19.3 1250 1126-Nov-12 29-Nov-12 1250 21.35 1250 6.4527-Nov-12 29-Nov-12 1250 38.25 1250 1.2529-Nov-12 29-Nov-12 1250 58.5 1250 0.05


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Strike Price (1250)

Axis Bank

Call Option

Put Option


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Infosys

Date Expiry Strike Price Close Strike Price Close

15-Nov-12 29-Nov-12 2300 34.85 2300 30.4516-Nov-12 29-Nov-12 2300 60 2300 14.419-Nov-12 29-Nov-12 2300 73.95 2300 8.820-Nov-12 29-Nov-12 2300 49.75 2300 15.4521-Nov-12 29-Nov-12 2300 59.1 2300 8.822-Nov-12 29-Nov-12 2300 83.8 2300 3.623-Nov-12 29-Nov-12 2300 82.6 2300 2.526-Nov-12 29-Nov-12 2300 114.75 2300 0.727-Nov-12 29-Nov-12 2300 172.05 2300 0.2529-Nov-12 29-Nov-12 2300 144.7 2300 0.1


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Strike Price (2300)

Infosys

Call Option

Put Option


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ONGC

Date Expiry Strike Price Close Strike Price Close15-Nov-12 29-Nov-12 260 2.25 260 7.3

16-Nov-12 29-Nov-12 260 3 260 5.0519-Nov-12 29-Nov-12 260 1.95 260 6.920-Nov-12 29-Nov-12 260 1.25 260 921-Nov-12 29-Nov-12 260 1.2 260 7.7522-Nov-12 29-Nov-12 260 0.85 260 8.7523-Nov-12 29-Nov-12 260 0.5 260 8.3526-Nov-12 29-Nov-12 260 0.3 260 9.627-Nov-12 29-Nov-12 260 0.15 260 9.4529-Nov-12 29-Nov-12 260 0.1 260 6.5


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ONGC

Call Option

Put Option


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TATA Motors

Date Expiry Strike Price Close Strike Price Close

15-Nov-12 29-Nov-12 270 7.25 270 5.0516-Nov-12 29-Nov-12 270 3.85 270 8.7519-Nov-12 29-Nov-12 270 3.45 270 8.5520-Nov-12 29-Nov-12 270 4.15 270 7.421-Nov-12 29-Nov-12 270 3.4 270 7.0522-Nov-12 29-Nov-12 270 1.2 270 11.4523-Nov-12 29-Nov-12 270 1 270 9.7526-Nov-12 29-Nov-12 270 0.75 270 7.3527-Nov-12 29-Nov-12 270 0.7 270 3.729-Nov-12 29-Nov-12 270 8.1 270 0.05


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StrikePrice(270)

TATA Motors

Call Option

Put Option


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Relationship between Premium and MaturityTATA Motors

Analysis

The underlying value of TATA Motors: 15-Nov-12 : Rs.272.25 29-Nov-12 : Rs.278.45

Strike Price: 270

Expiry Date Close Date Close29-Nov-12 15-Nov-12 7.25 15-Nov-12 5.0529-Nov-12 16-Nov-12 3.85 16-Nov-12 8.7529-Nov-12 19-Nov-12 3.45 19-Nov-12 8.5529-Nov-12 20-Nov-12 4.15 20-Nov-12 7.429-Nov-12 21-Nov-12 3.4 21-Nov-12 7.0529-Nov-12 22-Nov-12 1.2 22-Nov-12 11.4529-Nov-12 23-Nov-12 1 23-Nov-12 9.7529-Nov-12 26-Nov-12 0.75 26-Nov-12 7.3529-Nov-12 27-Nov-12 0.7 27-Nov-12 3.729-Nov-12 29-Nov-12 8.1 29-Nov-12 0.05

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TATA Motors

Call Option

Put Option


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ONGC

Analysis:

The underlying value of ONGC: 15-Nov-12 : Rs.253.5 29-Nov-12 : Rs.253.8

Strike Price: 260

Date Close Date Close15-Nov-12 2.25 15-Nov-12 7.316-Nov-12 3 16-Nov-12 5.05

19-Nov-12 1.95 19-Nov-12 6.920-Nov-12 1.25 20-Nov-12 921-Nov-12 1.2 21-Nov-12 7.7522-Nov-12 0.85 22-Nov-12 8.7523-Nov-12 0.5 23-Nov-12 8.3526-Nov-12 0.3 26-Nov-12 9.627-Nov-12 0.15 27-Nov-12 9.4529-Nov-12 0.1 29-Nov-12 6.5

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ONGC

Call Option

Put Option


10/28

ITC

Analysis:

The underlying value of ITC: 15-Nov-12 : Rs.276.45 29-Nov-12 : Rs.298

Strike Price: 280

Date Close Date Close15-Nov-12 3.25 15-Nov-12 5.1516-Nov-12 2.45 16-Nov-12 7.1

19-Nov-12 5.25 19-Nov-12 3.0520-Nov-12 4.15 20-Nov-12 3.3521-Nov-12 7.35 21-Nov-12 1.322-Nov-12 9.6 22-Nov-12 0.8523-Nov-12 7.2 23-Nov-12 0.926-Nov-12 7.5 26-Nov-12 0.527-Nov-12 14.1 27-Nov-12 0.1529-Nov-12 17.65 29-Nov-12 0.05

02468

101214161820

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ITC

Call Option

Put Option


11/28

Infosys

Analysis:

The underlying value of Infosys: 15-Nov-12 : Rs.2,296.30 29-Nov-12 : Rs.2,445.25

Strike Price: 2300

Date Close Date Close15-Nov-12 34.85 15-Nov-12 30.4516-Nov-12 60 16-Nov-12 14.4

19-Nov-12 73.95 19-Nov-12 8.820-Nov-12 49.75 20-Nov-12 15.4521-Nov-12 59.1 21-Nov-12 8.822-Nov-12 83.8 22-Nov-12 3.623-Nov-12 82.6 23-Nov-12 2.526-Nov-12 114.75 26-Nov-12 0.727-Nov-12 172.05 27-Nov-12 0.2529-Nov-12 144.7 29-Nov-12 0.1

020406080

100120140160180200

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Infosys

Call Option

Put Option


12/28

AXIS Bank

Analysis:

The underlying value of Axis Bank: 15-Nov-12 : Rs.1,232.25 29-Nov-12 : Rs.1,310.20

Strike Price : Rs. 1250

Date Close Date Close15-Nov-12 20.55 15-Nov-12 31.5516-Nov-12 13.95 16-Nov-12 38.75

19-Nov-12 10.25 19-Nov-12 44.2520-Nov-12 10.4 20-Nov-12 40.421-Nov-12 13.8 21-Nov-12 26.2522-Nov-12 25.05 22-Nov-12 13.523-Nov-12 19.3 23-Nov-12 1126-Nov-12 21.35 26-Nov-12 6.4527-Nov-12 38.25 27-Nov-12 1.2529-Nov-12 58.5 29-Nov-12 0.05

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Axis Bank

Call Option

Put Option


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Relationship between Premium and Different Strike Price

Relationship between Strike Price & Call Option Price

For call options, the higher the strike price, the cheaper the option. The following table listsoption premiums typical for near term call options at various strike prices when the underlyingstock is trading at 272.5

Relationship between Strike Price & Put Option Price

Conversely, for put options, the higher the strike price, the more expensive the option. Thefollowing table lists option premiums typical for near term put options at various strike priceswhen the underlying stock is trading at 272.5

Moneyness

Moneyness is a term describing the relationship between the strike price of an option and thecurrent trading price of its underlying security. In options trading, terms such as in-the-money,out-of-the-money and at-the-money describe the moneyness of options.

In-the-Money (ITM)

A call option is in-the-money when its strike price is below the current trading price of theunderlying asset.

A put option is in-the-money when its strike price is above the current trading price of theunderlying asset.

In-the-money options are generally more expensive as their premiums consist of significantintrinsic value on top of their time value.

Out-of-the-Money (OTM)

Calls are out-of-the-money when their strike price is above the market price of the underlyingasset.

Puts are out-of-the-money when their strike price is below the market price of the underlyingasset.


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Out-of-the-money options have zero intrinsic value. Their entire premium is composed of onlytime value. Out-of-the-money options are cheaper than in-the-money options as they possessgreater likelihood of expiring worthless.

Intrinsic Value

The intrinsic value is determined by the difference between the current trading price and thestrike price. Only in-the-money options have intrinsic value. Intrinsic value can be computed forin-the-money options by taking the difference between the strike price and the current tradingprice. Out-of-the-money options have no intrinsic value.

Time Value

An option's time value is dependent upon the length of time remaining to exercise the option, themoneyness of the option, as well as the volatility of the underlying security's market price.

The time value of an option decreases as its expiration date approaches and becomes worthlessafter that date. This phenomenon is known as time decay. As such, options are also wastingassets.

For in-the-money options, time value can be calculated by subtracting the intrinsic value fromthe option price. Time value decreases as the option goes deeper into the money. For out-of-the-money options, since there is zero intrinsic value, time value = option price.

Typically, higher volatility give rise to higher time value. In general, time value increases as theuncertainty of the option's value at expiry increases.


15/28

TATA Motors (Call Option)

StrikePrice

Spot PriceAs

on15/11/12 Premium MoneynessIntrinsic

ValueTimeValue

270 272.25 7.25 ITM 2.25 5250 272.25 22.85 ITM 22.25 0.6280 272.25 3.15 OTM 0 3.15260 272.25 14.2 ITM 12.25 1.95

Strike Pric Close Strike Pric Close Strike Pric Close Strike Pric Close270 7.25 250 22.85 280 3.15 260 14.2270 3.85 250 16.05 280 1.65 260 8.65

270 3.45 250 15.3 280 1.4 260 8.3270 4.15 250 16 280 1.55 260 9.55270 3.4 250 16.55 280 1.1 260 8.75270 1.2 250 10.2 280 0.45 260 4.1270 1 250 11.55 280 0.35 260 4.35270 0.75 250 13.5 280 0.2 260 4.7270 0.7 250 17.8 280 0.15 260 6.75270 8.1 250 28.95 280 0.1 260 18.2

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strike 270

Strike 250

Strike 280

Strike 260


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TATA Motors (Put Option)

StrikePrice

Spot PriceAs


ValueTimeValue

270 272.25 2.05 ITM 2.25 0.2250 272.25 5.05 ITM 22.25 17.2280 272.25 0.9 OTM 0 0.9260 272.25 10.75 ITM 12.25 1.5

Strike Price Close Strike Price Close Strike Price Close Strike Price Close260 2.05 270 5.05 250 0.9 280 10.75260 3.75 270 8.75 250 1.4 280 16.6260 3.5 270 8.55 250 1.3 280 16.2

260 2.75 270 7.4 250 0.95 280 14.3260 2.6 270 7.05 250 0.85 280 15260 4.55 270 11.45 250 1.4 280 20260 3.05 270 9.75 250 0.75 280 19260 1.45 270 7.35 250 0.35 280 16.75260 0.35 270 3.7 250 0.1 280 12.8260 0.05 270 0.05 250 0.05 280 1.65

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Strike 260

Strike 270

Strike 250

Strike 280


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ONGC (Call option)

StrikePrice

Spot PriceAson15/11/12 Premium Moneyness

IntrinsicValue

TimeValue

260 253.5 2.25 OTM 6.5 4.25240 253.5 14.95 ITM -13.5 1.45280 253.5 0.4 OTM 26.5 26.1

Strike Pri Close Strike Pric Close Strike Pric Close260 2.25 240 14.95 280 0.4260 3 240 18.25 280 0.45

260 1.95 240 14.95 280 0.35260 1.25 240 12.7 280 0.25260 1.2 240 13.25 280 0.35260 0.85 240 12 280 0.2260 0.5 240 12 280 0.15260 0.3 240 10.55 280 0.1260 0.15 240 10.35 280 0.1260 0.1 240 13.35 280 0.05

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at different strike price

Strike 260

Strike 240

Strike 280


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ONGC (Put option)

StrikePrice

Spot PriceAson15/11/12 Premium Moneyness

IntrinsicValue

TimeValue

260 253.5 0.4 ITM 6.5 6.1240 253.5 7.3 OTM 0 7.3280 253.5 23.3 ITM 26.5 3.2

Strike Pri Close Strike Pric Close Strike Pric Close240 0.4 260 7.3 280 23.3240 0.5 260 5.05 280 22.3

240 0.5 260 6.9 280 22.5240 0.4 260 9 280 22.5240 0.45 260 7.75 280 28240 0.4 260 8.75 280 27240 0.25 260 8.35 280 28.2240 0.2 260 9.6 280 29.25240 0.15 260 9.45 280 30.05240 0.05 260 6.5 280 26.2

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Strike 240

Strike 260

Strike 280


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ITC (Call Option)

StrikePrice

Spot PriceAs


ValueTimeValue

280 283.85 3.25 ITM 3.85 0.6260 283.85 19.5 ITM 23.85 4.35300 283.85 0.55 OTM 0 -0.55240 283.85 50.5 ITM 43.85 -6.65

Strike Pric Close Strike Pric Close Strike Pric Close Strike Pric Close280 3.25 260 19.5 300 0.55 240 50.5280 2.45 260 15.55 300 0.45 240 50.5280 5.25 260 21.7 300 0.6 240 50.5

280 4.15 260 24 300 0.45 240 50.5280 7.35 260 24 300 0.6 240 50.5280 9.6 260 24 300 0.7 240 50.5280 7.2 260 27.5 300 0.35 240 50.5280 7.5 260 26.1 300 0.25 240 46.25280 14.1 260 34.45 300 0.5 240 46.25280 17.65 260 38.05 300 0.1 240 46.25

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Strike 280

Strike 260

Strike 300

Strike 240


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ITC (Put Option)

StrikePrice

Spot PriceAs


ValueTimeValue

280 283.85 3.25 OTM 3.85 0.6260 283.85 19.5 OTM 23.85 4.35300 283.85 0.55 ITM 0 -0.55240 283.85 50.5 OTM 43.85 -6.65

Strike Pric Close Strike Pric Close Strike Pric Close Strike Pric Close240 0.2 260 0.35 280 5.15 300 22.2240 0.2 260 0.55 280 7.1 300 25.2240 0.2 260 0.35 280 3.05 300 17.95

240 0.2 260 0.4 280 3.35 300 19.55240 0.2 260 0.15 280 1.3 300 14.05240 0.2 260 0.15 280 0.85 300 11.65240 0.2 260 0.05 280 0.9 300 13.15240 0.15 260 0.1 280 0.5 300 12.95240 0.15 260 0.1 280 0.15 300 6.3240 0.15 260 0.05 280 0.05 300 1.6

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Strike 240

Strike 260

Strike 280

Strike 300


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Infosys (Call Option)

StrikePrice

Spot PriceAs


ValueTimeValue

2300 2296.3 34.85 OTM 0 34.852350 2296.3 16 OTM 0 162400 2296.3 7.5 OTM 0 7.52250 2296.3 66.35 ITM 46.3 20.05

Strike Price Close Strike Price Close Strike Price Close Strike Price Close2300 34.85 2350 16 2400 7.5 2250 66.352300 60 2350 29.45 2400 12.45 2250 93.652300 73.95 2350 38.35 2400 17.65 2250 118

2300 49.75 2350 23.35 2400 9.85 2250 90.12300 59.1 2350 26.45 2400 10.15 2250 1092300 83.8 2350 41.9 2400 15.5 2250 121.652300 82.6 2350 37.65 2400 12.7 2250 121.652300 114.75 2350 66.6 2400 25.9 2250 162.552300 172.05 2350 116.8 2400 68.4 2250 2052300 144.7 2350 91.8 2400 42 2250 205

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Strike 2300

Strike 2350

Strike 2400

Strike 2250


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Infosys (Put Option)

StrikePrice

Spot PriceAs


ValueTimeValue

2300 2296.3 34.85 ITM 3.7 31.15

2350 2296.3 16 ITM 53.7 37.72400 2296.3 7.5 ITM 103.7 96.22250 2296.3 66.35 OTM 0 66.35

Strike Price Close Strike Price Close Strike Price Close Strike Price Close2250 12.6 2300 30.45 2350 60.9 2400 102.72250 5.5 2300 14.4 2350 33 2400 64.32250 3.05 2300 8.8 2350 23.4 2400 51.25

2250 5.8 2300 15.45 2350 37.65 2400 72.72250 3.05 2300 8.8 2350 25.1 2400 58.752250 1.4 2300 3.6 2350 11.25 2400 32.852250 0.8 2300 2.5 2350 10.4 2400 34.552250 0.35 2300 0.7 2350 2.1 2400 9.852250 0.15 2300 0.25 2350 0.3 2400 0.92250 0.05 2300 0.1 2350 0.1 2400 0.1

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Strike 2250

Strike 2300

Strike 2350

Strike 2400


23/28

AXIS Bank (Call Option)

StrikePrice

Spot PriceAs on14/12/12 Premium Moneyness

IntrinsicValue

TimeValue

1180 1353 63 ITM 173 110

1250 1353 20.55 ITM 103 82.451200 1353 48.8 ITM 153 104.21300 1353 6.6 ITM 53 46.4

Strike Pric Close Strike Pric Close Strike Pric Close Strike Pric Close1180 63 1250 20.55 1200 48.8 1300 6.61180 55.5 1250 13.95 1200 38.15 1300 3.81180 45.75 1250 10.25 1200 31.65 1300 3.15

1180 49.2 1250 10.4 1200 33.45 1300 2.651180 58.95 1250 13.8 1200 42.5 1300 2.951180 86.6 1250 25.05 1200 63.2 1300 5.551180 86.6 1250 19.3 1200 59.55 1300 3.051180 84.5 1250 21.35 1200 65.1 1300 2.61180 107 1250 38.25 1200 87.4 1300 4.751180 117.6 1250 58.5 1200 109.25 1300 9.6

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Strike 1180

Strike 1250

Strike 1200

Strike 1300


24/28

AXIS Bank (Put Option)

StrikePrice

Spot PriceAs


ValueTimeValue

1180 1232.25 7.1 ITM 52.25 45.151250 1232.25 31.55 OTM 0 31.551200 1232.25 11.3 ITM 32.25 20.951300 1232.25 75 OTM 0 75

Strike Pric Close Strike Pric Close Strike Pric Close Strike Pric Close1180 7.1 1250 31.55 1200 11.3 1300 751180 9.7 1250 38.75 1200 14.1 1300 751180 9.8 1250 44.25 1200 15.9 1300 90

1180 8.1 1250 40.4 1200 13.3 1300 901180 4.2 1250 26.25 1200 7.6 1300 65.61180 2.15 1250 13.5 1200 3.35 1300 41.751180 1.1 1250 11 1200 2.2 1300 45.51180 0.65 1250 6.45 1200 1.35 1300 38.41180 0.3 1250 1.25 1200 0.35 1300 15.81180 0.05 1250 0.05 1200 0.05 1300 0.25

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Strike 1180

Strike 1250

Strike 1200

Strike 1300


25/28

NIFTY (Call Option)

Symbol Expiry Strike Pric Close Strike Price Close Strike Pric Close Strike Pric CloseNIFTY 29-Nov-12 4000 1639.25 4500 1140 5000 646.15 6000 1.75NIFTY 29-Nov-12 4000 1567.15 4500 1084.65 5000 587.75 6000 1.25NIFTY 29-Nov-12 4000 1578.7 4500 1086.95 5000 580.9 6000 1.3NIFTY 29-Nov-12 4000 1578.05 4500 1070.4 5000 576.5 6000 1NIFTY 29-Nov-12 4000 1617.5 4500 1114 5000 616.75 6000 0.9NIFTY 29-Nov-12 4000 1632 4500 1135.4 5000 636.7 6000 0.75NIFTY 29-Nov-12 4000 1629.2 4500 1131.25 5000 628.8 6000 0.7NIFTY 29-Nov-12 4000 1638.6 4500 1137 5000 642.7 6000 0.4NIFTY 29-Nov-12 4000 1729 4500 1226 5000 729.4 6000 0.3NIFTY 29-Nov-12 4000 1825.3 4500 1326.75 5000 823.2 6000 0.05

Call Option

0

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10

Movement Of Call Premium at

different strike price

Strike 4000

Strike 4500

Strike 5000

Strike 6000


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NIFTY (Put Option)

0

50100

150

200

250

300

350

400

450

1 2 3 4 5 6 7 8 9 10

Movement of premium of NIfty PutOption for different strike prices

Strike 4000

Strike 5000

Strike 4500

Strike 4000

Symbol StrikePrice

Close StrikePrice

Close StrikePrice

Close StrikePrice

Close

NIFTY 6000 345.1 5000 1.25 4500 0.75 4000 0.25

NIFTY 6000 402.9 5000 1.6 4500 0.9 4000 0.2NIFTY 6000 406.85 5000 1.1 4500 0.85 4000 0.1NIFTY 6000 414.55 5000 0.95 4500 0.5 4000 0.15NIFTY 6000 374 5000 0.85 4500 0.35 4000 0.15NIFTY 6000 355.55 5000 0.7 4500 0.2 4000 0.1NIFTY 6000 361.35 5000 0.5 4500 0.2 4000 0.1NIFTY 6000 353.5 5000 0.45 4500 0.3 4000 0.2NIFTY 6000 263.5 5000 0.3 4500 0.15 4000 0.1NIFTY 6000 174.7 5000 0.05 4500 0.05 4000 0.05


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Findings TATA motors call option remained in the money on 15 th November, and it put

option remained out of the money. ONGC call option remained Out-of money , and Put option remained In- the

Money at a spot price of 253.5 ITC call option remained in the money and put option out of money at a spot price

of 283.85 Infosys call option remained Out of money, and its put option remained In the

money at a spot price of 2296.3 Axis Bank call option remained In the money and its put option remained out of

out of money at a spot price of 1353.52 The relationship between the maturity date and premium is generally as follows:

o If the market is in a bullish mode, the premium on the call option increasesand the premium on the put option decreases as the maturity date drawscloser.

o If the market is in a bearish mode, the premium on the call optiondecreases and the premium on the put option increases as the maturity datedraws closer.

The relationship between the underlying asset value and the premium generally is:o If the price of the underlying asset increases, the premium on the call

option increases and the premium on the put option decreases.o If the price of the underlying asset decreases, the premium on the call

option decreases and the premium on the put option increases.


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Bibliography:

http://nseindia.com/

http://www.moneycontrol.com/stocksmarketsindia/

http://www.learn-stock-options-trading.com/puts-and-calls.html

http://stocks.about.com/od/advancedtrading/a/OptionBa022705.htm
http://nseindia.com/http://nseindia.com/http://www.moneycontrol.com/stocksmarketsindia/http://www.moneycontrol.com/stocksmarketsindia/http://www.learn-stock-options-trading.com/puts-and-calls.htmlhttp://www.learn-stock-options-trading.com/puts-and-calls.htmlhttp://stocks.about.com/od/advancedtrading/a/OptionBa022705.htmhttp://stocks.about.com/od/advancedtrading/a/OptionBa022705.htmhttp://stocks.about.com/od/advancedtrading/a/OptionBa022705.htmhttp://www.learn-stock-options-trading.com/puts-and-calls.htmlhttp://www.moneycontrol.com/stocksmarketsindia/http://nseindia.com/

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