Here are some of the useful resources from the net for your benefit.
1) Option Analysis Software for Indian Market -
OptionsOracle software (Download) is a free tool for analysing options strategies, greeks, risk graphs, volatility etc. It can be configured to connect to NSE server and get realtime data. Once user knows the basic concept of options, then this tool fi fairly easy to use. The site also has the user manual and tutorial.
2) Basics of Derivatives - Study material from NSE site on Derivatives Market Module (download). The file covers following topics
Introduction to derivatives - Concept of derivatives; Types of products, Participants and functions; Difference between Exchange-traded vs. OTC derivatives markets.
Market Index - Concept of Index; Index construction; Desirable attributes of an Index and types of Indices; Application of Index.
Introduction & Application of futures and options - Basics of Forward, Futures and Options Markets; Payoff for futures and options contracts; Difference between trading securities and trading futures on individual securities; Strategies of hedging, speculation and arbitrage in Futures and Options.
Trading - Trading system of Futures and options; Entities in the trading system; Functionalities of the NEAT System; Transaction Charges.
Clearing and settlement - Clearing entities; Clearing and Settlement Mechanism; Risk Management and Margining System.
Regulatory framework – Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Regulation for derivatives trading; Accounting and Taxation issues.
Receipt for download