Nifty at 6987. I write NIFTYMay16 7100 CE 1 LOT & Long NIFTYMarch16 7100 PE 9 Lots. As per Z. Span pay Rs. 60154 (Margin B Rs. 43269). When and how much Margin Reqd. If nifty moves ABOVE 7100 & More

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Your puts are reducing the margin risk of your short calls, and hence there is a margin benefit you are seeing for shorting the calls. You need around Rs 43k to short. As market moves above 7100, it will be like holding a naked short, margin required goes up based on how much above 7100 Nifty goes to. Margin required also goes up if volatility increases. But no way to guess how much exactly.

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Thank you very much for such a quick response.