You need capital of minimum 3 lakh or this is not for you .
Following strategy :
Buy 9200 feb expiry call @ 126 - 1 lot
Sell 9600 feb expiry call @ 42 - 3 lot
Ratio is 1:3 , Don't violate this ratio .
Pay off :
Expiry @ 9700 , 360 point gain on 9200 , 180 point loss on 9600 , net gain 180 point
Expiry @9800 , 460 point gain on 9200 , 480 point loss on 9600 , net loss of 20
so any expiry between 9200 - 9800 will give profit ,
I have mentioned the trapped zone , there will be resistance in that zone , expecting expiry in that zone
Expiry below 9200 is no profit , no loss in above strategy ,
if you want profit is this scenario too than you can buy 9300 1 lot @94 instead 9200 call
But your risk threshold comes down to 9750 i.e any expiry below 9750 gives profit but above 9750 loss starts.
Consult your financial adviser before investing , options are risky , risk of capital loss