Exit 4700 Put (aug) at 31 sold on 24.07.09 at 265 (Strangle sold at 530 covered at 509 profit of 21 + 326 hedging profit = 347 points per lot profit)
Exit 4400 call (aug) at 478 sold on 24.07.09 at 265 also exit Nifty long hedge at 4550 now at 4876  
  
We sold 4400 Call & 4700 Put Strangle at 530 on 24.07.09 and Exited today at (15.09.09)
4400 call 478 &
4700 put   31
    total 509 profit of Rs. 21 per lot
    + went long above spot 4550 today exited at 4876 Profit Rs. 326 per lot
  
Total Profit 21 + 326 = Rs. 347 Profit(Risk FREE) per lot
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