Given the following information, answer the question step by step. No mark will be given if you skip the steps

Paul is interested in investment.

Paul is holding a HSC stock now priced at $50 per share. The following securities are also traded in the market now:

HSC Futures: futures price $55 per share, expiry 1-month later.

HSC Call option: exercise price $50 per share, expiry 1-month later, option premium $3.

HSC Put option: exercise price $50 per share, expiry 1-month later, option premium $5.

a) Paul wants to hedge against the downside risk of holding HSBC stock. Identify the option strategy she should use and describe with a diagram the profits of Paul's hedged portfolio on the expiry date of the option.