F&O Market Recap for 19 May 2022

Blog | F&O

Index Action 


The Nifty50 extended its losses for the second day and tumbled over 2% after a steep fall in global markets. Losses across sectors pulled the index lower, with IT and Metals falling the most. Barring ITC, Dr. Reddy's and Power Grid, all the other 47 stocks of the index closed in the red. The Nifty50 lost 430 points to close at 15,809. 

The Nifty50’s options contracts expiring on 26 May have sizable positions at 16,000 and 17,000 call options and 16,000 and 15,000 put options. 

As per options data, the broad range for the Nifty50 is between 15,100 and 16,600 levels. Its immediate support is at 15,600 and resistance is at 16,100 levels.

Bank Nifty

Amid overall market weakness, the Bank Nifty was also off to a negative start. It opened 700 points lower, and further slipped to the 33,180 level. However, it made a marginal recovery of nearly 200 points towards the close and settled just above the 33,300-mark. The Bank Nifty declined 848 to end at 33,315. 

The Bank Nifty’s options contracts expiring on 26 May have sizable positions at 35,000 and 34,000 call options and 32,000 and 33,000 put options. 

As per the options data, the broad range for the Bank Nifty is between 32,500 and 34,800 levels. Its immediate support is at 32,900 and resistance is at 33,900 levels. 

Stock Action

Today’s top gainers were ITC, PI Industries, Abbott India, Metropolis and Dr.Reddy’s. 

Today's top losers were Manappuram, L & T Technology Services, Coforge, Lupin and Mphasis. 

Sector Update 

All the major sectoral indices ended in red, with IT, Metal and Media being the top losers. Stocks like Mphasis, Coforge, Vedanta, SAIL and Zee Entertainment closed in the red.

Major News

India is facing its worst power crisis in over six years, largely due to the unprecedented heatwave across South Asia. A Surge in air-conditioning demand and revival in economic activity due to the removal of Covid curbs pushed the power demand to record highs in April.

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