A protective put is also a bullish strategy but it comes with a built in insurance. The problem with buying naked options is that you end up paying a huge premium and more often than not it is difficult to recover the premium amount. An alternate strategy could be protective put where you buy futures and protect it by purchasing a lower put option. In the Reliance example, if you can buy Reliance Futures at Rs.960 and protect yourself with a 950 put option at Rs.12, then your maximum risk is still Rs.22 as in the case of the naked option. But then your breakeven point is Rs.972 as at that point you will cover the cost of the put option too. Remember, when you buy futures here is higher margin payable and also you are subject to payment of mark to market margins. But this strategy essentially brings down your breakeven point.