F&O Ban: BHEL, PNB, Delta Corp among 6 stocks under ban for trade on Monday

Six stocks are under the futures and options (F&O) ban for trade on Monday namely, Bharat Heavy Electricals (BHEL), Delta Corp Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Manappuram Finance Canara Bank and Punjab National Bank.

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

The F&O 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 for BHEL stood at 82.8% on Friday with OI reported by Trendlyne at 95.9 million. It was down 2.4% from the previous session.

BHEL shares ended at Rs 80.80 on Friday, down by 0.31% from their previous closing price.

Meanwhile, the MWPL for GNFC stood at 114.2% on Friday with OI reported by Trendlyne at 8 million. It was up 13.7% from the previous session.

GNFC shares settled at Rs 622.60 and were down 0.13%.

Meanwhile, the MWPL for Manappuram stood at 80.7% on Friday with OI reported by Trendlyne at 36.4 million. It was down 2.6% from the previous session.

Manappuram shares closed at Rs 110.15, up 4.63%.

And as for Canara Bank, the MWPL stood at 80.8% on Friday with OI reported by Trendlyne at 43.7 million. It was down 1.8% from the previous session.

Canara Bank shares closed the day 1.18% higher at Rs 297.55.

The MWPL for Delta Corp stood at 104.5% on Friday with OI reported by Trendlyne at 20.5 million. It was down 20.4% from the previous session.

Delta Corp shares ended at Rs 219 on the NSE and were up by 3.99%.

Finally for PNB, the MWPL stood at 94.5% on Friday with OI reported by Trendlyne at 243.9 million. It was down 3.2% from the previous session.

PNB shares ended at Rs 48.40 on the NSE, lower by 0.21%.

"The Indian equity markets had a spectacular start to the previous week, taking cues from the positive global developments over the weekend. The benchmark index Nifty50 witnessed continuation in the uptrend consecutively for the third week and settled at the highest point in the current calendar year on a closing basis. Amidst the robust trading week, Nifty soared nearly 1.40 percent from its last week’s closure and decisively settled above the 18,300 level," Osho Krishan, Senior Analyst, Technical & Derivative Research, Angel One said.

"The broader market participation showcased the eagerness of the bulls to levitate the market amidst favorable conditions, as all the intra-week dips have augured well for the bulls. Also, the ease in the US inflation data has acted as a catalyst that has provided buoyancy in the overall equity space, and that certainly got reflected in the price action of the key indices," Krishan said.

"As far as levels are concerned, 18,200 is likely to cushion any short-term blip, while the sacrosanct support lies around the 18,100-18,000 zone in the comparable period. On the flip side, 18,500 is very much in the vicinity and with ongoing momentum, it is strongly anticipated to get tested soon. At the same time, an authoritative breach beyond the same could trigger the next leg of rally in the upcoming weeks," this analyst said.

He remains sanguine with the current momentum and would advocate the traders to utilise the dips to add long positions in the index. Also, the high beta index – Bank Nifty, has gained buying traction, which could provide a vital role in uplifting the overall sentiments of the market.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)