1 ) BUY NIFTY FUTURE & SELL CALL - LIMITED PROFIT & UNLIMITED LOSS WITH HIGHER INVESTMENT
2 ) BUY NIFTY FUTURE & BUY PUT - UNLIMITED PROFIT & LIMITED LOSS WITH LOWER INVESTMENT
FOR BEARISH TREND - I HAVE CONSIDERED TWO HEDGE POSITION LIKE.
3 ) SELL FUTURE NIFTY & SELL PUT - LIMITED PROFIT & UNLIMITED LOSS WITH HIGHER INVESTMENT
4 ) SELL NIFTY FUTURE & BUY CALL - UNLIMITED PROFIT & LIMITED LOSS WITH LOWER INVESTMENT
DOWNLOAD THE EXCEL CALCULATOR FROM LINK -
http://www.4shared.com/document/AciwBw6A/NIT_HEDGING_MTM_CALCULATOR.html