Stock market :: futures contract roll over

[Venkatlukky]

Hi Bro,

Need info on futures contract roll over; I am new to stocks , need help.

suppose I buy a future contract of a company Reliance, for 1550 strike price and the expiry date is one month say July20th; 

1 .Incase the stock price falls to 1400 , by the expiration date, is it possible to roll over the contract for next month with roll over cost, if so what will be the cost; or

Will i have to book loss of 100 and get the future contract .

2. Incase if stock price rises to 1600 by expiration date, how to roll over to next month.

let me tell what i am trying to do is, buy future contract and sell call option .

Say i buy future contract for Reliance at 1550 price and sell the call option at same price(1550) so that i get premium.

So my doubt is  suppose call is bought for a premium of 50 and by 1 month price falls to 1400 and since its loss the call option buyer  will not take delivery; and i will have to pay the loss of contract rate since I bought at 1550

I am talking about NIFTY ;

Any info will be highly appreciated.