Futures

Shobhit Jain (CA) (4896 Points)

15 August 2016  
Ram buys 10000 shares of X Ltd at Rs 22 and obtain complete hedging of shorting 400 Nifties @ Rs 1100.
Next day, Share dropped by 2℅ and Nifty future by 1.5℅.
What will be profit/loss??
Explain how there is gain on future with proper explanation??
Thanking you.