At this point of time Nifty fut is trading at 4914.  Traders can buy 1 lot Nifty fut at cmp and at the same time buy nifty 4900 put option at cmp Rs.102. If Nifty closes below 4850 then we have to exit both positions.

In summary you are buying 1 lot Nifty fut and at the same time you are also buying 4900 put option. to hedge against the risk.More info about this strategy will be published after market hours.