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F&O Ban: L&TFH, Manappuram Finance under ban on Wednesday

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Two stocks are under the F&O ban for trade on Wednesday, June 28, 2023 viz. L&T Finance Holdings (L&TFH) and Manappuram Finance. The banned 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.

The MWPL for L&TFH stood at 110.7% on Tuesday with OI reported by Trendlyne at 68.5 million. It was up 678.1% from the previous session.

L&TFH shares ended at Rs 123.25 on Tuesday, up by Rs 4.60 or 3.88% from the previous closing price.

MWPL of Manappuram Finance stood at 95.3%, with OI reported by Trendlyne at 63.8 million. It was up 34.2% from the previous session.

Shares of Manappuram ended flat at Rs 126.30.Indian frontline indices S&P BSE Sensex and Nifty50 ended in the green on Tuesday led by the surge in financial stocks. Nifty registered its second positive closing. The Sensex closed at 63,416.03, up by 446 points while the broader Nifty50 settled at 18,817.40, higher by 126 points or 0.68%. Nifty Bank finished at 44,121.50, up by 480.45 points or 1.1%.

“It was an eventful day for the market participants on Tuesday as initially, the NSE circular on the update of the expiry date led to some curiosity, followed by the HDFC twins merger date triggered buoyancy. Technically, the index is poised to test the 18,888 level on the expiry day and strong thumbs-up coming from the BFSI space could provide the much-needed thrust to push sentiments,” Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One said.

Krishan said that a decisive closure above the all-time high could open gates for the 19,000 mark for Nifty while he puts support at 18,750-18,700, with 18,650 as a strong support zone.

It would be interesting to see how banking space performs when markets resume trading, he said, while cautioning against volatility on the monthly expiry day.

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

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