Stock Future trading help required

Hi

I am new to future trading....(mostly doing option trading).

I have two specific queries. Those who are trading futures , can you please tell ...

Q1: Can I Short SELL next month's future in this month ? For example, say if I want to short sell Hindalco JAN expiry 2013 contract today i.e on 12-Decm -2012 ....Is it allowed ?

Also can I Square off this future contract in this month ...or I have to wait till JAN 2013 begins ?

just want to check out if there is any rule involved.

I would appreciate if someone tells what is not allowed in future trading.


Q2: How do you I check if the stock future contract I'm buying / short selling is liquid ?

Check that from BBO terminal quotes and the volumes traded.

Answers posted in purple....

ST

Thanks ST. That was very much helpful.

By the way ..I could not understand 'BBO terminal quotes' .

what is BBO terminal quotes ? I am not aware of this term...specially BBO....I did a quick google search for this term but did not find anything meaningful.......It'll be wonderful if you could please explain 'BBO terminal quotes'

Thanks for your time.

BBO means Best Bids and Offers ...it is the front end or our trading terminal showing best Bids and Offers....

ST

Is this data available in non trading hours ? do you know any menu / shortcut key to check this in Nest Trader terminal ?



However I have found Snap Quote for hindalco future scrip of JAN , 2013 Expiry in Nest Trader terminal
This looks to me pretty liquid though in far month....gaps are very small.



Hope I'm looking at it correctly.