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

Two stocks - Biocon and Indiabulls Housing Finance - are under the F&O ban on Thursday, 23 March 2023, according to the data available on NSE. While Indiabulls has been under the ban since the previous week, 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 86.8% as on 22 March with the open interest at 37.7 million. The OI day change was at negative 1.9%.

The MWPL of Indiabulls Housing stood at 89.3% on Wednesday with OI at 44.8 million. It was down 1.4% from the previous session.

Meanwhile, in the cash market, the stocks will be available for purchase.

On Wednesday, Biocon shares ended at Rs 203.80 on the NSE, up Rs 2.70 or 1.34% tracking weakness in the pharma stocks despite frontline indices S&P BSE Sensex and Nifty50 ending in the green. Both benchmark indices ended higher on global positive sentiments riding on the recovery in the US banking system.

As for Indiabulls Housing Finance, the stock ended at Rs 100.65, up by Re 0.50 or 0.50%.

"The Nifty witnessed a range bound day of trade on Wednesday. It opened on a positive note and consolidated thereafter to close the day on a positive note up 44 points. On the daily charts we can observe that the Nifty is in a pullback mode after correcting around 1000 points between March 9 and March 20," Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said.

"The daily momentum indicator triggered a fresh positive crossover on Wednesday, which is a buy signal. Also, we believe that the pullback is not yet complete and we expect it to continue over the next few trading sessions," Gedia said.

"On the upside we expect it to retrace till levels of 17460 – 17500 where resistance in the form of the 200-day moving average and also a gap formed on the 10th march is placed. On the downside the immediate support stands at the lower end of the downward sloping channel 16800 – 16830," the Sharekhan analyst said.

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