F&O Ban List: SAIL only stock under trade ban on Wednesday; Biocon, Zee and one other stock exit
Steel Authority of India (SAIL) stock is under the F&O trade ban on Wednesday.
The MWPL for SAIL stood at 86.2% on Tuesday with OI reported by Trendlyne at 58.3 million. It was down 10.5% from the previous session.
Biocon, Tata Chemicals and Zee Entertainment Enterprises (ZEE) have moved out of the ban.
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.
SAIL shares ended at Rs 130.60 on the NSE on Wednesday, up by Rs 0.60 or 0.46%. They have remained unbeaten in the past four trading sessions.
The government-owned steel company has seen its stock rally 60% over the past 12 months which is nearly two-fold returns given by Nifty during the same period. The counter is currently trading above its 50-day and 200-day simple moving averages (SMAs).
Momentum indicators RSI and MFI as reported by Trendlyne are in a medium. While the former is around 53, the latter is hovering near the 55 mark. A number above 70 indicates that the stock is trading in an overbought zone while below 30 means it is in the oversold zone.
Indian benchmark indices ended Tuesday in the red despite a sell-off in IT and bank counters. While The S&P BSE Sensex settled at 72,470.30, lower by 361.64 points or 0.50%, the broader Nifty closed at 22,004.70, down by 92.05 points or 0.42%.
The Maharatna
