F&O Ban: Indiabulls Housing Finance under ban on Monday

Indiabulls Housing Finance is under the F&O trade ban on Monday, September 4, 2023. The market-wide position limits (MWPL) for Indiabulls Housing stood at 114.9% on Friday with OI reported by Trendlyne at 64.8 million. It was up 16.8% from the previous session.

The future and options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide position limits. 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.

Shares of Indiabulls Housing ended at Rs 197.50 on the NSE on Friday and were down by Rs 0.80 or 0.40% from the previous closing price.

The September series started on a strong note for the benchmark indices with buying action across market breadth. The rally was led by gains in banks, auto and IT stocks. The only exceptions were pharma and health stocks which saw selling pressure. The Sensex ended at 65,387.16, up 555.75 points or 0.86% while the broader Nifty50 settled at 19,435.30, higher by 181.50 points or 0.94%. The banking gauge Nifty Bank finished at 44,436.10, up by 446.95 points or 1.02%.

“Technically, Nifty is trying to create a base around the 19200 level, but it has to cross the 19600 resistance level to resume its bullish momentum. Above 19,600, we can expect a move towards the 19,650–19,700 zones. Below 19191, the next crucial support zone will be 18,888.

He said that while the Bank Nifty was respecting its 100-DMA, it still has to cross the 44,800–45,000 zone for any short-covering rally and the next resistance levels will be 45,000 and 45,640. Meanwhile, if Bank Nifty slips below 43,500 level, the next support level will be 43,000, he added.The overall derivatives data indicates a neutral to positive bias, the analyst maintained.

(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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