Reason for NF Trading in Discount

Nifty Futures is trading in Discount of 40 Point to Nifty Spot. Nifty has rallied almost 680 from the Lows of 6826 on Budget day and did 3 back to back 100 pointer day but still trading in discount.

If Nifty future is trading higher than nifty spot, then nifty future is trading with premium.
Second case, if nifty future trades lower than nifty spot level, then we conclude nifty future is trading with discount.
Reason for Futures trading at Discount
HDFC F --1113 HDFC -- 1121

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