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For Nifty and BankNifty F&O, the ATM options strike is almost always determined by the nearest expiry futures price, not the spot price. Options premiums are priced off the futures curve, as futures inherently factor in time value and market expectations until expiry. While spot is live, futures represent the market's consensus for the underlying's price at the contract's expiry.

Bottom line: Futures are the standard for setting the ATM options strike because they reflect the market's forward view, which option premiums are built upon.