An index or stock enabled for trading on futures is called an “Underlying” e.g. NIFTY (index) and ACC (stock). There may be various tradable contract for the same underlying based on its different expiration period. For example Fut – ACC – 27 Feb 2002, Fut – ACC – 27 Mar 2002 and Fut – ACC – 27 Apr 2002 are “contracts” available for trading in futures having ACC as “underlying”.

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