Yes !! you can, if you have given us the Power of Attorney to us for your depository account and the stock that you are selling is in your depository account with us. To get the sale value you need to sell the stock using product code CNC (cash N carry). Once the order is traded, you will get 100% of the value of the sale as your Credit for sale (CFS).
For example if you sell stock worth Rs. 1 Lakh under CNC then you will get CNC for Rs. 1,00,000. With Rs. 1,00,000 you can then trade in Equity futures / Equity options / currency based on product codes and their applicable margins.
However please note that since the settlement cycle for equity is T+2 and for futures and options is T+1, your account may attract margin penalties for 2 days in case of equity futures buying/selling and options selling. In case of options buying your account may attract margin penalty for 1 day. For more details on margin penalties for equity and commodity click here.