{"id":218257,"date":"2026-08-25T11:11:24","date_gmt":"2026-08-25T05:41:24","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=218257"},"modified":"2026-08-25T11:11:27","modified_gmt":"2026-08-25T05:41:27","slug":"condor-spread-nifty-midcap-select","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/condor-spread-nifty-midcap-select\/","title":{"rendered":"Condor Spread Nifty Midcap Select: Setup, Payoff and Risk Guide"},"content":{"rendered":"
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Nifty Midcap Select level used in this article: Rs 13,850 (as of illustrative reference level; verify current level on NSE). Next monthly (last Tuesday of the month) expiry: 25 August 2026 (Tuesday). Lot size 120. Weekly options on Nifty Midcap Select were discontinued in November 2024 under SEBI’s one weekly index per exchange rule; only monthly contracts remain.<\/em><\/p>\n

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Quick Answer<\/strong><\/p>\n

The condor spread Nifty Midcap Select uses four different strikes and four call options (or, alternatively, four put options), creating a defined risk trade with a wider profit plateau than a butterfly spread. With Nifty Midcap Select at Rs 13,850, the condor spread Nifty Midcap Select costs a net debit at entry, which is the maximum loss, while the maximum profit is realised across a range between the two middle strikes rather than at a single point. Unlike the iron condor, which combines calls and puts, the condor spread Nifty Midcap Select uses options of a single type throughout, similar to how a standard butterfly spread differs from an iron butterfly.<\/p>\n<\/div>\n

The this strategy can be thought of as a butterfly spread with its middle strike split into two separate strikes, widening the point of maximum profit into a plateau. This trades some of the butterfly’s peak profit for a wider zone in which that maximum profit is achieved.<\/p>\n

Because it is built entirely from calls (or entirely from puts), the condor spread Nifty Midcap Select is structurally simpler to think about than the iron condor, even though the two strategies produce a similar overall payoff shape in practice.<\/p>\n

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