Bank Nifty and Nifty 50 option chains are not interchangeable. They list options on different indices, with different expiry calendars, strike intervals and exchange-published market lots. As of the National Stock Exchange’s consolidated specifications updated August 11, 2026, Nifty 50 has weekly, monthly, quarterly and longer-dated half-yearly listings, while Bank Nifty (Nifty Bank) is listed with monthly and quarterly contracts rather than a weekly cycle. Nifty 50 short-term strikes are spaced 50 points apart; Bank Nifty short-term strikes are spaced 100 points apart. The revised lots published by NSE are 65 for Nifty 50 and 30 for Nifty Bank, but you should check the current permitted-lot file before placing an order because the exchange can revise contract sizes.
Bank Nifty vs Nifty 50 option chain at a glance
| Feature | Nifty 50 | Bank Nifty (Nifty Bank) |
|---|---|---|
| Underlying | Nifty 50 index | Nifty Bank index |
| Short-dated expiry availability | Four weekly expiries excluding monthly contracts, plus monthly contracts in the NSE consolidated schedule | Three monthly contracts; no weekly cycle is listed in the consolidated NSE schedule |
| Quarterly contracts | Three quarterly expiries | Three quarterly expiries |
| Additional longer-dated contracts | Eight following half-yearly expiries | Not stated in the consolidated schedule beyond the monthly and quarterly cycles |
| Expiry day in the consolidated specification | Tuesday, or the previous trading day when Tuesday is a holiday | Tuesday, or the previous trading day when Tuesday is a holiday |
| Short-term strike interval | 50 points; 35 in-the-money, one at-the-money and 35 out-of-the-money strikes | 100 points; 50 in-the-money, one at-the-money and 50 out-of-the-money strikes |
| Published revised market lot | 65 index units | 30 index units |
The expiry and strike details above come from NSE’s consolidated equity-derivatives contract specifications, while the product pages describe the respective index contracts: NIFTY 50 F&O and Nifty Bank F&O. Contract availability is changeable, so treat the table as the published framework and verify the live chain before trading.
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The first difference: each chain represents a different index
An option chain is a list of call and put contracts arranged by strike price for a selected expiry. A Nifty 50 chain represents exposure to the Nifty 50 index; a Bank Nifty chain represents exposure to the Nifty Bank index. Their index levels, constituents and movements are therefore different. A strike that is near the money for one index is not automatically near the money for the other.
This matters when you compare premiums, open interest or the apparent width of a chain. Compare each index with its own current level and its own at-the-money strike. Do not infer that a lower rupee premium, a larger number of displayed strikes or a particular open-interest figure makes one chain superior or more profitable.
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Expiry calendars: weekly Nifty 50 versus monthly Bank Nifty in the current schedule
Nifty 50 expiry availability
NSE’s consolidated specification lists four weekly Nifty 50 expiries, excluding the monthly expiry, and three monthly contracts. It also lists three quarterly expiries and eight following half-yearly expiries. The half-yearly listings provide a longer-dated structure that is not shown for Bank Nifty in the same schedule.
Bank Nifty expiry availability
In the same consolidated specification, Bank Nifty is among the indices with three monthly contracts and three quarterly contracts. A weekly Bank Nifty cycle is not listed there. Older pages and archived material can contain legacy weekly or Thursday-expiry references; do not use those references as the current rule. The consolidated page and the live NSE contract list take precedence.
Expiry day and holiday treatment
The consolidated NSE specification gives Tuesday as the expiry day for these index options. If Tuesday is a trading holiday, expiry moves to the previous trading day. The exchange can amend schedules, so check the actual expiry shown after selecting a symbol and date in the live option-chain interface.
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What the calendar changes for a comparison
- A Nifty 50 comparison can involve a weekly contract or a monthly contract; state which one you selected.
- A Bank Nifty comparison generally starts with a monthly contract in the published schedule, not a weekly contract.
- Time to expiry affects premium, time decay and the meaning of open interest. Comparing a Nifty 50 weekly option with a Bank Nifty monthly option is a maturity comparison as well as an index comparison.
- For a fair structural comparison, use expiries with similar remaining time when the live listings allow it, and record the observation date.
Strike spacing and the number of listed strikes
Nifty 50 short-term strikes
NSE publishes 50-point strike intervals for Nifty 50 weekly and monthly contracts. The short-term scheme contains 35 in-the-money strikes, one at-the-money strike and 35 out-of-the-money strikes. The result is relatively fine strike granularity around the index level.
Bank Nifty short-term strikes
Bank Nifty short-term contracts use 100-point intervals and a 50-1-50 arrangement: 50 in-the-money strikes, one at the money and 50 out of the money. Long-term Bank Nifty contracts use separate schemes, so do not automatically apply the short-term count to every distant expiry.
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| Strike characteristic | Nifty 50 | Bank Nifty |
|---|---|---|
| Short-term interval | 50 index points | 100 index points |
| In-the-money strikes in the published short-term scheme | 35 | 50 |
| At-the-money strikes | 1 | 1 |
| Out-of-the-money strikes in the published short-term scheme | 35 | 50 |
| Long-term scheme | Use the applicable NSE listing | Separate scheme; do not assume the short-term 50-1-50 count |
Strike spacing is a contract-design parameter, not a measure of liquidity or ease of trading. A 50-point interval gives more possible strike choices between two index levels than a 100-point interval, but the tradability of any particular strike still depends on the live bid, offer, volume and open interest.
Market lots: translating a premium into one-contract exposure
NSE Circular NSE/FAOP/70616, dated October 3, 2025, states that “The market lot of derivative contracts on the following Indices shall be revised as follows:” The revised lots are 65 for Nifty 50 and 30 for Nifty Bank. The circular included staged effective dates, with existing weekly and monthly lots continuing through the December 30, 2025 expiry as part of the implementation. The applicable lot can change again, so verify the current permitted-lot file before using either number in an order or exposure calculation.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstall| Index option | Published revised lot | How to use it |
|---|---|---|
| Nifty 50 | 65 index units | Premium per index point multiplied by 65 gives the rupee value of one contract, subject to the displayed premium and any exchange or broker charges. |
| Nifty Bank | 30 index units | Premium per index point multiplied by 30 gives the rupee value of one contract, subject to the displayed premium and any exchange or broker charges. |
For a hypothetical illustration only, a premium of ₹100 per index point would represent ₹6,500 for one Nifty 50 contract at a lot of 65, or ₹3,000 for one Bank Nifty contract at a lot of 30. Those are arithmetic examples, not quoted market premiums. The lot does not by itself tell you the margin requirement, maximum loss or notional index value.
NSE’s product pages direct traders to the latest applicable contract information. Before submitting an order, check the current permitted-lot file and the contract details displayed by your broker and NSE. A stale lot size can make an otherwise correct risk calculation wrong.
Contract mechanics common to both index chains
NSE identifies CE as a call European option and PE as a put European option on its index product pages. Both Nifty 50 and Nifty Bank index options are European style and cash settled. European style means exercise is at expiry under the exchange’s settlement process rather than an early exercise choice by the holder; cash settlement means the contract is settled financially rather than by delivery of index shares.
These common mechanics do not remove the differences in underlying index, maturity choices, strikes or lot size. Read the contract specification for the selected expiry, especially when the listing is long dated or when the exchange has announced a revision.
How to inspect and compare the live chains on NSE
The exchange’s Option Chain — Equity Derivatives page lets you select an equity-derivatives symbol, expiry date or strike and download CSV data. Use the following process rather than relying on an old screenshot or an undated social-media table.
- Open the NSE equity-derivatives option chain. Confirm that the page is showing equity derivatives, not a different segment.
- Select the first symbol. Choose NIFTY for the Nifty 50 chain, then select the expiry you intend to study.
- Record the observation time. Prices, open interest and volume are market snapshots. Note the date and time next to any figures you save or share.
- Identify the at-the-money area. Use the current Nifty 50 index level and inspect nearby 50-point strikes. Do not use a Bank Nifty strike as a Nifty 50 reference.
- Repeat for Bank Nifty. Select the Nifty Bank symbol and a stated monthly or quarterly expiry, then locate its own at-the-money area and nearby 100-point strikes.
- Match the maturity as closely as possible. If one chain is weekly and the other is monthly, label that difference instead of presenting the rows as equivalent.
- Check the lot before converting premiums. Use the currently permitted lot, not an old figure copied from a prior contract cycle.
- Download CSV when you need a record. The downloadable file is useful for preserving the displayed rows and timestamp for your own comparison, but it does not turn a snapshot into a permanent fact.
How to read the comparison without drawing the wrong conclusion
Compare nearby strikes, not identical numerical strikes
Because the indices trade at different levels, the same numerical strike can have entirely different moneyness. Compare each chain’s at-the-money strike and then move the same number of strike intervals away from it. For example, compare one or two 50-point steps around Nifty 50’s at-the-money level with one or two 100-point steps around Bank Nifty’s at-the-money level.
Separate contract design from market conditions
Expiry count, strike interval and lot size are exchange-published parameters. Last traded price, bid and offer, volume and open interest change during the session. A chain can look different a few minutes later without any contract rule changing. Quote a timestamp if you publish a live value.
Do not treat open interest as a forecast
Open interest describes outstanding positions at the displayed moment; volume describes contracts traded during the relevant period. Neither number, by itself, proves that the index will rise or fall. Use them as observations alongside price, expiry and strike context rather than as a stand-alone recommendation.
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Which structural difference matters for a particular use case?
When expiry choice is the priority
If you need a weekly expiry in the published schedule, Nifty 50 offers that structure. Bank Nifty’s consolidated schedule provides monthly and quarterly contracts instead. This is a statement about available maturities, not a conclusion that weekly or monthly options are safer or more profitable.
When strike granularity is the priority
Nifty 50’s 50-point short-term interval allows a closer numerical choice around the index level than Bank Nifty’s 100-point short-term interval. Bank Nifty offers more listed strikes in its 50-1-50 short-term range, but each adjacent strike is farther apart. Choose the chain only after deciding whether maturity, interval or the underlying exposure is the actual requirement.
When contract-size budgeting is the priority
The published revised lots mean that one Nifty 50 contract contains 65 index units and one Bank Nifty contract contains 30. Compare the premium multiplied by the correct lot, not the premium displayed per index point alone. Also account for the strategy’s loss profile, margin rules and transaction costs; lot size is only one part of risk.
When the underlying exposure is the priority
Use Nifty 50 options when the intended hedge or position is linked to the Nifty 50 index, and Bank Nifty options when it is linked to the Nifty Bank index. A contract with a convenient interval cannot substitute for exposure to a different benchmark.
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- Using an old Bank Nifty weekly-expiry article: Check the updated consolidated NSE specification and the live contract list. Older individual pages can contain legacy Thursday or weekly references.
- Assuming every expiry has the same strike scheme: Apply the published 50-point Nifty 50 and 100-point Bank Nifty rules to the stated short-term contracts, then check the separate long-term scheme.
- Comparing identical strike numbers: Re-center the comparison on each index’s own at-the-money strike.
- Multiplying by an outdated lot: Confirm the current permitted-lot file before calculating rupee exposure or placing an order.
- Mixing weekly and monthly observations: Write the expiry date and remaining time beside every premium, open-interest or volume figure.
- Treating a screenshot as current data: Use NSE’s live chain and record the timestamp; download the CSV if you need an auditable copy.
- Calling one chain “better” from structure alone: Structural differences describe available contracts. They do not establish profitability, liquidity superiority or suitability for a particular trader.
A worked, hypothetical comparison method
Suppose you want to compare one Nifty 50 contract and one Bank Nifty contract without making a directional prediction. First, select a Nifty 50 expiry and note whether it is weekly or monthly. Then select a Bank Nifty monthly expiry with a similar time remaining if one is available. Record both index levels and identify each at-the-money strike.
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Next, select nearby strikes using each chain’s own interval: 50-point steps for the Nifty 50 short-term listing and 100-point steps for the Bank Nifty short-term listing. Write down the displayed call and put prices, open interest and volume with the same timestamp. Finally, multiply each premium by the current lot for that contract. The output is a like-for-like description of two different index exposures, not a prediction that either option will outperform.
Keeping the specifications current
The exchange can change expiries, strike schemes or market lots. NSE’s consolidated contract-specifications page was marked updated August 11, 2026, and should be preferred over older product-page wording when the two conflict. The October 3, 2025 lot-size circular explains the transition to lots of 65 and 30, but a later permitted-lot file governs a live order.
For additional educational material, NSE publishes a Bank Nifty Option Strategies Booklet. It is a learning resource, not a substitute for checking the current contract specification, expiry listing and risk disclosures.
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Nifty 50 and Bank Nifty option chains differ first because they track different indices. In the current NSE framework, Nifty 50 provides weekly as well as monthly, quarterly and longer-dated half-yearly listings, while Bank Nifty provides monthly and quarterly listings. Nifty 50 short-term strikes are 50 points apart versus 100 points for Bank Nifty, and the published revised lots are 65 versus 30. For any real comparison, select the same observation date, state the expiry, compare each index around its own at-the-money level, use the current lot file and treat prices, volume and open interest as time-stamped market data.
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