What is nifty futures and options?

Nifty Futures and Options are derivative contracts where the underlying is Nifty index. The Nifty Futures and Options derive their value from the Nifty Index. So if the value of Nifty goes up, then the value of Nifty futures and Options also goes up and vice versa. Just like Equity futures and options, Nifty Futures and Options have the 3-month cycles and are traded in BSE and NSE.