Futures contract have a maximum of 3-month trading cycle – the near month contract(which is the 1st month ) the next month contract (which is the 2nd month ) and the far month contract (which is the 3rd month ). A new contract is introduced on the trading day following the expiry of the near month contract. At any point in time there will be three valid contracts available for trading. However, AxisDirect would allow trading in Near month, Next month and selective Far Month contract. Nifty and Mini Nifty can be traded for Far month through AxisDirect portal.