F&O Ban: Biocon, IB Housing Finance, HAL under ban for trade on Friday

F&O Ban: Biocon, IB Housing Finance, HAL under ban for trade on Friday

Three stocks - Biocon, Indiabulls Housing Finance and Hindustan Aeronautics (HAL) are under the F&O ban on Friday, 24 March 2023, according to data available on the NSE.

HAL is the latest entrant on the list. Indiabulls has been under the ban since the previous week while Biocon entered the ban on Monday.

The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

Traders who trade in indices do not encounter a situation of security ban.

According to data available on Trendlyne, the MWPL of Biocon stood at 80.6% as on 23 March with the open interest at 35.5 million. The OI day change was at negative 5.8%.

The MWPL of Indiabulls Housing stood at 87.2 % on Thursday with OT at 43.9 million. It was down 2% from the previous session.

The MWPL of HAL stood at 111 % on Thursday with OI reported at 3.6 million. It was up 18.6% from the previous session.

The stocks will be available for trading in the cash market.

On Thursday, the Biocon shares ended at Rs 207.10 on NSE, up by Rs 3.40 or 1.64%. IB Housing shares settled at Rs 98.80, down Rs 1.70 or 1.69%.

Meanwhile, HAL, whose offer for sale is ongoing and will be open for retail investors today, ended with declines on Thursday. It slipped Rs 120 or 4.57% to Rs 2,504.75.

"The Nifty witnessed an extremely volatile day of trade on Thursday. It traded with a positive bias during the first half of the trading session while it completely reversed during the second half of the trading session and ended the day on a negative note down 75 points," Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said.

"On the daily charts, we can observe that 17,180 – 17,210 acted as a stiff resistance and was unable to surpass it. On the hourly charts, we can observe that the Bollinger bands are contracting, indicating a range-bound price action. The hourly momentum indicator has a negative crossover which also indicates range price action before it starts a new cycle," Gedia said.

"We believe that this fall is a retracement of the rise from 16,828– 17,207. Overall, we expect the Nifty to hold on to the support zone of 17,020–16,970 and resume the pullback over the next few trading sessions. On the upside, the initial hurdle is placed at 17,180–17210. Beyond this it has the potential to 17,315–17,430," the Sharekhan analyst further said.

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