Approx how many lots can we trade on 3 mins Nifty?

It depends On your cash position and Liquidity of the markets you want to trade in .Check the Bids and offers of Nifty to get a proper fill and avoid slippages.

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What is 3 mins NIFTY, could you explain please?

3 mins is timeframe… in technical analysis, u can see different timeframes, like 3 mins, 5 mins, 15 mins, 30 mins, 60 mins, 120 mins and daily and weekly and sometimes even qtly and monthly, depending on what kind of a trader u r, quick in and out type or holder like warren buffet