________________________________________________________________________ In April we had mentioned a "No-Downside Strategy" on the Nifty. The Momentum portfolio was then up 18%, so we considered a "no-downside strategy" on the Nifty. We could then sell all the stocks we owned, and buy a Nifty 9500 call and enjoy the ride with no downside risk. The Nifty was at 9262 then. This is how the payoff would have look at till December. If the Nifty went up, you . . .