Backwardation/Ulta Badla/Undha Badla:Backwardation is when the current price”spot”the price of an underlying asset is higher than prices trading in the futures market. Backwardation can occur as a result of a higher demand for an asset currently than the contracts maturing in the future through the futures market. A market in backwardation is a bearish sign because traders expect prices over the long term to decrease. Badla: Carrying forward of transactions from one settlement period to another without effective delivery. This is permitted only in specified securities and is done at the making up price which is usually the closing price of the last day of settlement. Badla Charge is the consideration or interest paid to the seller by the buyer for carrying over a transaction from one settlement period to another. Badliwalas are the financiers who lend money to both buyers and sellers of shares when they are not able to pay or deliver. Undha Badla and Ulta Badla are called backwardation and they are the reverse of Badla. Therefore, from the above explanation, Ulta badla is a charge payable by a bear to a bull. Bull Spectator: A bull considers the market to be bullish. A bull market is the condition of a financial market in which prices are rising or are expected to rise. Bear Spectator: A bear is an investor who is pessimistic about the markets and expects prices to decline in the near- to medium-term.