F&O Ban List: Multibagger Hindustan Copper enters trade ban on Wednesday
Hindustan Copper is under the futures & options (F&O) trade ban on Wednesday The MWPL of the stock stood at 113.1% on Tuesday, with OI reported by Trendlyne at 35.6 million. It was up by 15.9% from the previous session.
No stock was under the trade ban on Tuesday.
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 is reversed only if the open interest falls below 80%.
Traders who trade in indices do not encounter a situation of security ban.
Hindustan Copper shares ended at Rs 308.50 on the NSE on Tuesday, down Rs 1.35 or 0.44% over the Monday closing price. The price action was accompanied by strong volume action with over 2.1 crore shares changing hands on the NSE. The total traded value stood at Rs 652.68 crore.
The multibagger stock has been in top form over the past 12 months and has delivered a whopping 210% returns during this period. In comparison, the headline index has given nearly 30% returns in the same period. In FY2024 so far, its returns have been over 13%.
With the recent price action, the stock is now trading above its 50-day and 200-day simple moving averages (SMAs). Momentum indicator MFI is also in a strongly overbought zone at 81 according to Trendlyne data. Meanwhile, the RSI is hovering near 64 mark. A number above 70 is considered overbought and suggests a likely trend reversal. Meanwhile, a number below 30 is seen to be oversold.
Indian benchmark indices ended Tuesday in the red ending
