Indian securities market follows three month trading cycle. The near month (one), the next month (two) and the far month (three). You have an option to buy any of the contracts depending on your choice.
What is strike price?
What is strike price?.The Strike Price is the price at which the holder of a stock option or future may purchase the stock on future date. Strike price is determined at the time of buying the contract itself and holder of option would decide to exercise his option to buy or sell depending upon the price of the underlying security at that point of time as compared to the strike price.
What is intrinsic value?
Intrinsic value is the amount by which a call option or a put option is in the money, calculated by taking the difference between the strike price and the market price of the underlying security.What is expiration date?
Expiration date is the future date when derivative contract will expire. In Indian securities market, last Thursday of every month is the expiration day for derivative contracts.

What is open interest?
Open interest is the total number of futures contracts or option contracts that have not yet been exercised, expired, or fulfilled by delivery. These contracts may be on individual securities or on indices.