The National Stock Exchange (NSE) banned the trading in futures and options (F&O) of up to six stocks/securities on Monday, July 24, 2023. Manappuram Finance, Indiabulls Housing Finance, Delta Corp, L&T Housing Finance, Balrampur Chini Mills, and Punjab National Bank are the stocks/securities placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Monday. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
“Overnight fall in tech-heavy Nasdaq triggered a wave of massive correction in local software stocks led by Infosys, which slashed the revenue growth guidance for the rest of the year due to sharp deterioration in discretionary spending by the clients. The record upsurge in the markets in such a quick time was already raising concerns of expensive valuations. Hence, investors took this opportunity of weak US cues to prune their holdings, although India’s fundamentals remain on strong footing. Technically, on intraday charts, the Nifty has breached the crucial support of 19825, and post breakdown it is comfortably trading below the same, which is largely negative,” said Amol Athawale, Vice President – Technical Research, Kotak Securities.
“In addition, a sharp intraday correction and reversal formation on daily charts is also indicating temporary weakness. Below 19825, the weak sentiment is likely to continue below the same and could slip till 19600-19550. On the flip side, a fresh uptrend rally is possible only after the dismissal of 19825, and above the same, the index could retest the level of 19900-19950. Contra traders can take a long bet near 19550 with a strict stop loss of 30 points. For Bank Nifty, 45800-45500 would be the key levels to watch out for, and above the same, the index could move up to 46500-46900. On the flip side, below 45500 would be vulnerable,” Amol Athawale, added.
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Manappuram Finance, Indiabulls Housing Finance, Delta Corp, RBL Bank, L&T Housing Finance, Balrampur Chini Mills, and Punjab National Bank were the stocks/securities were put on the F&O ban earlier on Friday, July 21, 2023.
On Friday, the benchmark indices NSE Nifty 50 and BSE Sensex ended the trading session deep in red. The Nifty 50 plunged 234.15 points or 1.17% to 19,745 and Sensex tumbled 887.64 points or 1.31% to 66,684.26. In sectoral indices, Bank Nifty sank 111.70 points or 0.24% to 46,075.20, Nifty IT tanked 1,274.85 points or 4.09% to 29,871.05, Nifty FMCG tumbled 1% while Nifty PSU Bank rose 0.25%.