I understand your point but below is what I meant.
Lets say you have 3 Lakh and want to invest in RIL with just 2X leverage but not 6X. So what you do is you buy 1 lot of Reliance on zerodha and keep 2Lakh in a debt mutual fund/ liquidbees or equivalent.
Given that your total networth/cash is 3 Lakh but the Reliance position is almost equal to 6L (in future contract) so your leverage is just 2X.
Also, the future markets are not liquid if someone wishes to trade 100s of contract in one go but if you just want a few contracts at a go, then I see the bid ask spread is minimal so I would say the fno market for top-100 stocks is pretty liquid. no?
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