Now I see that you really take the Nifty future and not the CNX IT future. I asked you before about that and you never answered.
Now I really have to say that your strategy is just not good enough to be posted here as I did test it with the right underlying at first and then was absolutely confused about your Nifty future long call as at the time you posted it Nifty future was not at toll at that level. Only CNX IT showed that level and as you not can mix up options and futures from the Dow and the Nasdaq 100 in the States you also not can mix up options and futures in India from Nifty and CNX IT future.
With other words: Every body stay away from such wrong posted strategies as the strategy is in loss and has very little change to even get at any time in any profit. The poster of the strategy is not as clever as I thought, because I thought the strategy was fine tuned from him. But this is in no way the case and so sorry for my miss posting in the last post of this thread.
DanPickUp
Edit: The next day after I posted that, the market made a huge jump and the call was sold at 95 Rs. Fine and I am wrong with my market outlook and with my very careful calculations. I have to accept that and give the bonus back to the idea.
Why did the trade get in profit: Jump in market and jump in volatility which was enormously needed to bring the strategy in to profit. I expected a range play in the market and this then would have let the strategy in loss.
As for every implemented strategy: It all depends on our personal outlook of what may comes. And that was never explained by the thread starter.
Rang bound market: Not implement the strategy in the way mentioned here and when it will give a nice breakout on any side, it is fine to implement it the way is posted here. Always keep those two conditions in mind and keep in mind the 10 day before option expires. Some only trade option strategies which have not more than 10 days to go before expiring. And many ideas are out of the box ideas like the one shown here.
Profit at the moment under the given conditions: 15 Rs with the options and 105 points with the future at the moment I edited the post. Well done.