What It Means
Spot price is the current market price of an asset right now, for immediate delivery, as opposed to a futures price or an option's derived premium. When traders say "Nifty is at 24,000," they mean Nifty's spot price is ₹24,000.
Example
If Nifty's spot price is ₹24,000, a 23,800 call strike sits ₹200 below spot, so that call is ₹200 in the money. Every option's intrinsic value is measured this way: strike compared directly against spot, with nothing else factored in.