Future buying = CE buying + PE sold= synthetic future buying.
It's BNF buying and synthetic future selling.
No gain no loss..IMHO
How no gain no loss. Sir. Let us take 3 levels to substantiate the arguement.
Scene 1 BN at 23600. (Profit in futures 125 loss in PE around 80 assuming 23600 PE would still be around 80-90 as today is not expiry. 23700 CE would not increase)
At 23700 BN Profits 225 PE loss 130 CE -30
At 23800 BN + 325 PE - 150 Ce - 70
Check for yourself. I have taken this trade. Will give you the results at expiry tom. My only consideration for taking this trade is that my risk is defined at almost zero. Whatever i make would be a bonus.