Index trading vs Stock trading

#1
Hi Gurus,

I have some doubts regarding using technicals used on stocks for index trading (read nifty)

1. Volume - For stocks volume is defined as no of shares traded within a particular timeframe and I guess even for stock FnO, volume means the same. However how would we define volume for Nifty (or any index) since index is not a real stock which is traded. Also, am I right in my understanding that volume is same for all futures n options contracts within a stock and it relates only to the volume of the STOCK traded and not its FnO

2. Open Interest - From my understanding it is the unmatched contracts for any futures or options for a stock. If a person buys 10 call options for a certain price and expiry, and there is no seller to match his demand, then open interest gets added by 10. also, open interest would vary for different option and futures contracts and is a rough indicator of liquidity?

3. are there any other indicators which reasonably predict (i know there is no such thing as predict!) future price movements of a index.

It would be great if someone can provide their insights on these.
Thanks in advance!
Alan:)
 
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