Intraday is blocked for this BANKEX contract due to its open interest (OI) being less than 1000 lots

growwealthalgos
Today received this Exception while placing SELL order using API(contract: BANKEX40154100PE).
I was thinking of a way to handle this scenario in future.

My query is:
1. Is this 1000 lots for a Bankex contract fixed? And if so, what is that number for contracts of Nifty, BN, FinNifty and Sensex. If not fixed, how is this value derived
2. I understand that OI can be obtained by getting the market quote for that particular contract. I can use that value to see if OI is less than prescribed value and then decide whether to place order or not. Am I correct in my understanding?
3. Placing a NRML order instead of MIS will be of any help, in this scenario? Because in the exception statement I see, 'You can exit existing positions or place MIS orders for strikes with OI above 1000 lots. Try placing a NRML order instead.'

What are the other possible reasons for a contract to be blocked from trading MIS, other than OI Restriction?
  • growwealthalgos
    Time while placing order was attempted was, 9:20AM.
    Another Query,
    Is there a way to check intraday OI movement for a particular contract. Just like we have charts for price movements. ?
  • rakeshr
    Intraday is blocked for this BANKEX contract due to its open interest (OI) being less than 1000 lots
    This article explains in detail.
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