Bull put spread on Bank Nifty
Sell a put and buy a lower-strike put. You collect a premium up front and keep it if the index stays above the sold 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 stay above a level by expiry, with the loss capped by the bought put.
| Leg | Premium per unit | Cash flow |
|---|---|---|
| Sell 1 lot 53,800 PE | ₹363.07 | +₹10,892 |
| Buy 1 lot 51,500 PE | ₹43.04 | −₹1,291 |
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 put spread on Bank Nifty?
In this illustrative example, ₹59,399 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 profit on a bull put spread?
The net premium received, if the index ends above the sold put strike at expiry.
What is the maximum loss?
The difference between the strikes minus the net premium, times the lot size, if the index ends below the bought put strike.