FUTIDX is work like options?

I want to ask, if i buy one lot of FUTIDX for say 4950 long or CALL and say nifty close at 4940, i.e. 10 points less does i have to provide daily MTM of 50*10 =500 rs or it work like options i can hold till expiry without any worry of daily MTM

just try it doing so and you will understand very soon what will happen dear...:rofl:
For your knowledge long/short in future is your liability and own a option is like holding stock in your account.
for example
@ 4950 if you will buy nifty you should have margin of around 10000 in your account and to hold call of same price (4950 - though not active but lets presume) you have to pay premium according to time decay to expiry and that is max 80 rs today and you have to pay 4000 rs if nifty will falls by 50 points you have to pay mtm of 2500 and for your call you should not.....

hope you understand little bit what i mean to say buddy
(any way you will not learn untill you loose some money, I think most of all on TJ will agree with me

You have to Pay MTM in case of Nifty Futures and if you are Long in a Call you do not have to Pay MTM on day to day basis. In options when you are Short that MTM comes into picture.
For positions in Nifty Futures or for writing options (selling Calls or Puts) you need to pay margines and MTM, and in case of Buying or holding Long positions in Call or Put you do not require to pay any margine or MTM. All you pay is the premium of the option when you took Long position.
Your query tells us that you need to study a lot more before plunging into the stormy waters of FnO!!!
A very good link below for easy to understand Word Doc prepared by rkkarnani for the newbies... if interested, have a look

http://www.4shared.com/office/sbJr3wAT/Step_By_Step_Learning.html

Thanks rh