The strike price (also called the “exercise price”) is the fixed price stated in an Options contract, at which the buyer has the right to buy (for a Call option) or sell (for a Put option) the underlying asset.
Example
If you buy a Call option with a strike price of ₹1,000, you have the right to buy the underlying at ₹1,000, regardless of where the market price actually is, up to expiry.
Related Reading
See how strike price fits into a full worked example in What Are Options? The Complete Beginner’s Guide.