Bull call spread on Bank Nifty
Buy a call and sell a higher-strike call with the same expiry. You pay less than for the call alone, and give up gains above the upper strike. Shown per lot of 30 with illustrative numbers.
Contract basics. Bank Nifty lot size: 30. Bank Nifty has monthly options only (last Tuesday of the month), so this example uses 25 days to expiry. Strikes in this example are rounded to the 100-point strike interval.
A structure for a view that the index will rise moderately by expiry, with a known maximum loss.
| Leg | Premium per unit | Cash flow |
|---|---|---|
| Buy 1 lot 55,000 CE | ₹1,044.02 | −₹31,320 |
| Sell 1 lot 57,300 CE | ₹247.85 | +₹7,435 |
Profit and loss at expiry
For the whole position, before charges.
Premiums are theoretical Black–Scholes values from round, illustrative inputs, not market prices. Charges and margin are not included.Price a single leg with your own numbers.
Frequently asked questions
What is the maximum loss of a bull call spread on Bank Nifty?
In this illustrative example, ₹23,885 per set of legs (lot size 30), before charges.
What is the lot size of Bank Nifty options?
30 units per lot at the time of writing. Lot sizes are revised by the exchange from time to time; check the current size before trading.
When do Bank Nifty options expire?
Bank Nifty has monthly options only (last Tuesday of the month), so this example uses 25 days to expiry.
What is the maximum loss on a bull call spread?
The net premium paid for the spread, plus charges. It is reached if the index ends at or below the lower strike at expiry.
What is the maximum profit?
The difference between the strikes minus the net premium, times the lot size. It is reached if the index ends at or above the upper strike.