The strike price is the price at which you have the right to buy 50 shares of NIFTY, in the case of a call contract, or to sell 50 shares of NIFTY in the case of a put contract.
The expiration date is the date on which a NIFTY option contract expires, on the last Thursday of every month. This is call F&O settlement date in NSE stock exchange.
An in-the-money option is a call whose strike price is below the current price of NIFTY, or a put whose strike price is above the current price of NIFTY. We say that an in-the-money option has intrinsic value equal to the amount by which the NIFTY price is over the strike price. For ex:- if NIFTY FUT is at 5550 level, then all the strike price below this level is called in-the-money CALL option. any strike price above this level is called in-the-money put option.
An out-of the money option is call whose strike price is above the current price of NIFTY, or a put whose strike price is below the current price of NIFTY.
