Spot market or cash market is equity market. Where buyers give money (cash) to sellers and sellers in turn give shares to buyers. What is futures and options. Future is where we can decide the price will go up as per trend and buying the stocks at future. Where as option is just rights to buy/sell the shares, if the buyer needs will buy or sell the shares. Futures and options need caution deposit. Future deals with MTM on daily basis. Physical and cash settlement is held on futures.
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nifty can be traded as option also
Thank you