Pawan, In this strategy, you are net collecting 400 - 70 - 70 = 260 points of premium.
apply that to 5100 short ATM, your breakeven will be at 5100 - 260 = 4840, or 5100+260 = 5360.
i.e if mkt goes beyond these 2 level, then u start seeing loss. But as you are buying 4900 and 5300 options, so that covers you very well.
So you will not see any loss in this position ...
Say, if mkt falls to 4500 level, your short call of 5100 and long call at 5300 will expire worthless. 5100 short PUT will be worth 600 rs of liablity but 4900 Long put will be worth 400 as well. Hence yr net liability of 600-400 = 200 rs. As you have already collected 260, so even after giving back 200, u are in profit of 60.
Nice strategy (Iron butterfly spread) with high success rate in range bound market and also has limited risk just in case mkt decides to go in trend from sideway mood.
As DanPickUp mentioned, do practice this using any tool or draw the risk graph manually.
by the way - I am not sure if you would get the price as mentioned by you i.e. 400 for ATM option, and 70 rs for 2 strikes away OTM options. Generally this strategy does not come out with NO LOSS scenario (atleast I haven't seen it) otherwise, I would jump in now and put my whole acct on this tomorrow. At EOD today, you would get 107+117 = 224 for ATM 5100 short and will have to pay 50 rs for 4900 put and 35 rs for 5300 call i.e 85 Rs. for buying the protection. So net u collect is 224 - 85 = 139 Rs. and
max risk is 200 rs on either side.. That means, your return could be anywhere between 60 Rs of worst case loss to 139 rs of max profit.. Still a nice trade for the Reward risk ratio of 140/60 = 2.66 to 1.
Happy Trading