Hello,
Here is the setup:
Buy 1 Lot Nifty Futures (current month) @ INR 17,000. Will rollover to the next month, every month until December 2022 expiry.
+
Buy 1 Lot x 17000 PE (December 2022 Expiry) @ INR 1000.
The margin required for this hedged setup is around INR 80,000.
Let’s presume I have 1.2L margin in my account.
Technically, the max loss in this setup is 1000 points (which is the value of the put)  and has already been paid for in cash.
Hypothetically, let’s presume there is a situation where the value of Nifty futures drops by 3000 points, and the value of the put increases by only 2000 points. In this case, my current P&L is 1000 points x 50 = INR50,000.
So the fund balance here will be 10k.

Will the margin required for this setup increase / decrease as the price of the nifty futures increases / decreases? If yes, then any idea by how much?

Will I be charged a penalty for negative balance?

Will the loss in the futures be considered by the system as an MTM loss  and will the RMS square off my positions? Or will it consider the fact that my position is hedged with a put that will not expire anytime soon and keep my positions untouched?
Also 
 Can I buy Nifty futures with my pledged margin? (I’m aware of the 5050 rule).
Thank you.