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

    Synopsis

    "The Nifty witnessed an extremely volatile day of trade on Friday. It was consolidating in a narrow range during the first half of the session. However, as the day progressed and especially during the last couple hours of the trading session the Nifty witnessed intense selling pressure which dragged the Nifty lower to close with a cut of 132 points," Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said.

    Biocon: Buy above Rs 253 | Target: Rs: 270 | Stop Loss: Rs 245
    Two stocks - Indiabulls Housing Finance and Hindustan Aeronautics (HAL) are under the F&O ban on Monday, 27 March 2023, according to data available on the NSE. While HAL entered the F&O ban last week, Indiabulls has been under the ban period for some time now.

    Biocon, which was under the ban last week, has exited from the list.

    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 Indiabulls Housing stood at 82.1% on Friday with OI reported by Trendlyne at 41.2 million. It was down 6.2% from the previous session.

    The MWPL of HAL stood at 81.9% with OI reported by Trendlyne at 2.5 million. It was down 30.5% from the previous session.

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

    On Friday, IB Housing shares settled at Rs 95, down Rs 3.95 or 3.99%. Meanwhile, HAL shares ended up by Rs 62.65 or 2.51% at 2,559.

    "The Nifty witnessed an extremely volatile day of trade on Friday. It was consolidating in a narrow range during the first half of the session. However, as the day progressed and especially during the last couple hours of the trading session the Nifty witnessed intense selling pressure which dragged the Nifty lower to close with a cut of 132 points," Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said.

    "On the hourly charts, we can observe that the Nifty is trading in the zone of 16,910 – 16,970 where the crucial Fibonacci retracement levels of the previous rise from 16,828 – 17,207 are placed. This zone shall be the make or break support zone and if the Nifty fails to hold on to this support, it is likely that the Nifty has started the next leg of the fall," Gedia cautioned.

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



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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