Markets
Three markets. One practice.
Spyzen operates across Indian equities, derivatives, and commodities. We treat these not as three separate desks running three separate strategies, but as one practice expressed through three sets of instruments.
The connections matter. A view on commodities informs how we think about commodity-linked equities. A position in index options is shaped by the underlying cash market. Volatility regimes show up across all three. We think this way deliberately — the same regimes that move equities move volatility, commodity prices, and the cost of carry. Treating the three markets as one practice lets us see those connections clearly.
Equities
Cash and futures across NSE and BSE.
We trade Indian equities across the cash and futures segments of NSE and BSE. Our focus is large-cap and mid-cap names with sufficient liquidity and price discovery. We also participate selectively in sectoral themes when our framework suggests a regime shift — financials, energy, industrials, technology, consumer.
Our approach is rules-based but not high-frequency. We are not running latency-sensitive strategies. Position sizing is determined by volatility, correlation to existing book, and conviction grade. Holding periods range from intraday to multi-week depending on the setup.
We do not trade illiquid small-caps, micro-caps, or names where the bid-ask spread is the dominant cost of participation. We do not participate in IPOs as a strategy. We do not take directional bets on stocks based on news flow or social sentiment.
Derivatives
Index and stock options. Futures. Structured combinations.
Derivatives are the most distinctive part of our practice. We trade index options on Nifty, Bank Nifty, Sensex, and Bankex, stock options on liquid underlyings, single-stock and index futures, and structured multi-leg combinations.
We view derivatives as tools to express specific, well-defined views — directional, relative-value, or volatility-based. Every derivatives position is sized against a defined maximum loss before it is opened. Multi-leg structures are constructed to bound risk explicitly, not to maximize best-case profit.
We do not trade naked short options without defined protection. We do not chase deep out-of-the-money expiry lottery tickets. We do not use leverage as a substitute for analysis. The Indian derivatives market is uniquely accessible — we treat the instruments with the seriousness they require.
Commodities
Precious metals, base metals, energy.
We trade commodities on MCX with a focus on precious metals (gold, silver), base metals (copper, aluminium, zinc), and energy (crude oil, natural gas). Our positioning is macro-driven — informed by global growth, currency moves, and central bank policy — and event-aware.
Commodities introduce risk profiles that equities and derivatives do not — overnight gaps, weekly closes that diverge from intraday action, settlement quirks, and exposure to overseas markets that set prices outside Indian trading hours. We manage these risks explicitly through position sizing, stop discipline, and reducing exposure around scheduled market-moving events.
We do not trade agricultural commodities. We do not trade illiquid contract months. We do not run commodity strategies designed to play news flow.
Across Markets
One framework.
The instruments differ. The risk framework does not. The same principles — defined risk before entry, position sizing calibrated to volatility, willingness to sit in cash when conditions are unclear — govern every position we take, regardless of which market it is in.
This is what we mean when we say we run one practice across three markets. The strategies adapt. The discipline is shared.