Comment on STT Trap - Options Expiry - NSE BSE MCX-SX

Hi Nithin,
I am new to this site and found the informations very useful. please explain some of my Queries.
consider the case of Yes bank, CMP Rs. 365/- at NSE on 13.12.2013

I decide to buy 1 lot PUT (lot size 500 nos.) YESBANK 26Dec2013 PE 360.00 on 16.12.13 @ Rs. 0.90/-

(i) on 20 th December, Yes bank is trading at 355. can I sell my 1 lot PUT on this day (which is before expiry day) ? will I be able to book profit ?

(ii) If Yes Bank trades at 375 on 20 th Dec. and I still decide to sell my 1 lot PUT, then what will happen ?

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