In-the-Money pricing?

Hi all.

I've personally usually avoided Options. I did take some long-calls when we were down at the bottom of this market, but week-to-week and day-to-day, Futures is the way I like to play the market.

Here's my quetsion for those of you who track these markets more closely. I'm not looking for you know 10 times in a few days sort of returns and I quite like playing this more simply - buying calls or puts, without some of the more nuanced strategies a lot of options traders use. I simply want to get a fair idea of the way severely in the money calls operate. For example, one could buy a 1920 Reliance call at 155 or so with the stock trading at 2075 odd, or a Hindalco 100 call at 15, with the stock trading at about 115. This seems a worthwhile strategy - since I'm automatically limiting my exposure at where my stop would have been, while I Imagine even if the price comes down to 100 in the short-run the 100 call probably wouldn't be worthless. So, how reflective is the upside?
If we go to 125 with let's say 7 trading days to expiry, where can I expect the 100 call to be priced? would we be trading effectively a discount? so like 20 for the call? I would imagine this would leave an arb opportunity on the table, so do prices actually follow the black scholes or similar pricing mechanisms quite closely? Is theoretical brushing up the way to go with options pricing? Many thanks in advance. Cheers.

hi..
if ur using the neat system of trading, at any point u can calculate the delta of the call u intend to buy. an at the money call would usually have .5 delta barring the last few trading sessions of the month,which simply means that on every 1 Re price move in the underlying, the call would move by .50 paise. the deep in the money call would have a delta very close to 1, ie. with every 1 re move in the underlying, the call would also move by around 1 re. the only problem u can encounter here is that very deep in the money calls (especially in shares) can become illiquid and it becomes difficult to square off ur position, in which case u can either sell the futures or ask ur broker 2 excecise the call and it will be squared off with the closing price of the underlying.

many thanks anurag. Much appreciated.