S2Ep86 | The Pin Printed, Then The Pros Walked | 24,200 Turns From Magnet To Pivot | Oil Back Above 90, Infosys And Sensex Expiry Thursday | The Post Expiry Gamma Reset | 22nd July Wednesday

S2Ep86 | The Pin Printed, Then The Pros Walked | 24,200 Turns From Magnet To Pivot | Oil Back Above 90, Infosys And Sensex Expiry Thursday | The Post Expiry Gamma Reset | 22nd July Wednesday

Yesterday was expiry and the chain paid exactly who got there first. Nifty settled at 24,187.70, down 0.21%, twelve points under the 24,200 max pain magnet. A textbook pin. The straddle sellers collected, the option buyers bled theta, and the day never left the range the vol was pricing. In episode 86 we grade that call, read the fresh positioning, and map the new week. The scoreboard. Nifty 24,187.70, open 24,216.05, high 24,262.20, low 24,135.65. Sensex 77,470.11, down 0.31%. Bank Nifty 57,835.35. India VIX crushed to 12.60, down 2.92%. And the tell most people missed: green under a red index. Midcap 100 up 0.30%, Smallcap 100 up 0.53%. A handful of heavyweights dragged the headline while the broader market closed higher. The positioning, pros first. The pros flattened, cutting index long calls from 2,46,822 contracts to 15,596 and holding index futures near flat at plus 5,239. The desk that carried the long into expiry is neutral this morning. The FIIs look bearish on the headline and are not: short 2,28,847 index futures and long 5,08,927 index puts, but also long 5,23,946 stock futures and buyers of 1,650 crore in cash. That is a hedged long, insurance on a long book, not a crash call. The DIIs sold cash for once, 657 crore. The cash roles flipped. The lesson of the day is the gamma reset. On expiry the whole open interest sits at one strike, dealers are pinned, price freezes. The moment expiry clears, that gamma is gone and has to rebuild onto the next expiry, the 28th of July. Until it does there is no magnet. The day after a pin is a drift, not a trend and not a pin, so you do not chase the first hour. The new map. For the 28 July cycle 24,200 is the pivot, stacked both sides with a 1.14 crore call wall and a 95 lakh put line. Support 24,100 then 24,000. Resistance 24,500. PCR 0.92, straddle about 320, one standard deviation 23,780 to 24,600, gamma flip near 24,150. Above 24,200 the bulls hold and gamma turns positive. Lose 24,100 and the air opens toward 24,000. The driver has changed. Brent crude is back at 92.17 dollars and still climbing, above the 90 level that starts to bite for importers and the rupee. Thursday is the event: Infosys first quarter results and the Sensex weekly expiry land together, so IT is the sector to watch after TCS and Infosys closed red and HCL Tech bucked it. Overnight Wall Street closed up with the Nasdaq plus 1.29%, Asia is hot with the KOSPI up over 5%, and GIFT Nifty points to a soft open near 24,114. One number from the book. The systematic equal weight All Cap strategy closed up 0.49% on a day the Nifty was red, and since the 20 July rebalance it is up 1.15% against the Nifty down 0.58%. Red index, green book. Tracked live on rupeecase.com [http://rupeecase.com]. The plan, the levels, and the full prediction trail are inside. Streaming free first on rupeecase.com [http://rupeecase.com]. Sources: NSE, BSE, NSDL, CDSL, SEBI official disclosures. Follow: X, Instagram, LinkedIn @TanmayKurtkoti. Listen free first on rupeecase.com [http://rupeecase.com], also on Apple Podcasts and Spotify.

S2Ep85 | The Market Un-Bought Its Own Headline | Axis And HDFC Sold 5%, ICICI Bought Green | Red Index, Green Breadth | Buy The Rumour Sell The News | Nifty Expiry Today | 21st July Tuesday

On Monday the Nifty closed down 96 at 24238 (-0.39%) and the Sensex down 443 at 77708 (-0.57%), and if you only read those two numbers you missed the entire story. Episode 85 is the payoff to Episode 84: I told you not to trust the headline, and on Monday the market didn't either. It sold the exact banks it bought on Friday. RED INDEX, GREEN BREADTH. The red 96-point number hid a green market underneath it. Midcaps closed up, smallcaps up, microcaps +0.61%, the PSU bank index +2.78%, and on the Nifty 50 itself 36 stocks rose against just 14 that fell. An index full of green stocks closed red because the index is a weighted average, not a headcount: two heavyweights, HDFC Bank and Axis, carry enough weight to drag the whole number down while three dozen other names quietly rose. A red headline on green breadth is concentrated heavyweight pain, not a selloff. POSITIONING (Pro, then FII, then Client). Foreign funds sold ₹1,121 Cr of cash on Monday and the domestic institutions bought ₹1,312 Cr and swallowed all of it, the pattern all month. On the official participant data into expiry, the professional desks are net long the futures and the calls but holding real downside puts too, long and balanced. The foreign funds turned a shade defensive: they stopped covering their index short and added a little to it, short the calls and long the puts, while still holding a big long book of actual shares, hedged-long and cautious, not gone. The crowd is long the futures but selling both option wings, usually the wrong seat at the edges. THE PLAN INTO TODAY'S EXPIRY. The magnet is 24200: on the official chain it is the level where the most options expire worthless and the biggest wall of put positions, over 1.3 crore contracts, and on expiry day that becomes the pull. Support is 24200, then 24100 and 24000. Watch where the sellers put the ceiling after Monday's drop: they stacked fresh calls at 24300, 24400 and a big new wall at 24500, so the resistance came down and tightened toward the price, 24300 the first line and 24500 the hard cap. With about 1.4 puts in play for every call, the base case still leans up. The fear gauge fell to just under 13, one-day option pricing was crushed to about 11.6%, and the market is pricing only about 150 points of move by tonight's close. The fear gauge falling, option premium crushed, a 1.3 crore put wall at 24200: that is a day built to sit still, and the gamma picture agrees. Dealers sit long gamma between the 24200 put wall and the 24300 call wall, so they fade every push and pin price back to 24200, the max-pain magnet where the most contracts expire worthless. The overnight then handed us the entry: the Gift Nifty points to a gap-down of about 90 points, opening near 24150, below the magnet and on the 24100 shelf. That is the dip, not a crash. The POV stays buy on dips: buy into 24100 to 24150, target the 24200 magnet then 24300. The one line that voids it: if 24100 breaks and holds below, gamma flips negative into an air pocket toward 24000, and there you stand aside. The rest of the overnight backs the buyers, US chip stocks steadied and closed roughly flat, Korea bounced 2% and Japan almost 2%, and crude held near 88. RUPEECASE ALL CAP. The breadth story from the inside: the 50-stock equal-weight All Cap book closed up 0.74% on Monday on a day the index fell 0.39%, a 1.13% edge and the exact mirror of Friday when the index rose 1.09% and the book fell 1.44%. Rules, not feelings, streaming live on rupeecase.com [http://rupeecase.com]. Streaming first on rupeecase.com [http://rupeecase.com]. Also on Apple Podcasts and Spotify. Sources: NSE, BSE, NSDL. All figures official EOD, 20-Jul-2026.

S2Ep83 | FII Sold 4,206 Crore And Nifty Fell 5.75 Points | The Writers Moved Both Lines Up | Reliance Q1 Today, Pros Are Selling The Crowd Its Ticket | 17th July Friday

Foreign institutions sold 4,206 crore of Indian shares on 16 July, the biggest cash sell of this run, and the Nifty closed down 5.75 points at 24,072.75. Episode 83 explains where all of it went, and why yesterday was not selling at all. THE RESHUFFLE. On the official NSE participant book, foreign institutions sold 4,206 crore in cash and in the same session bought 1,994 crore of index futures and 1,308 crore of stock futures, with 2,195 crore of that in Nifty futures alone. Their index futures short came down from 2,62,712 contracts to 2,49,886, a second straight session of covering. They stayed long 5,34,167 stock futures and added to it. Long the shares, short the index. That is a hedged book being re-plumbed, not an exit. THE CORRECTION. Episode 82 read Wednesday's domestic institutional buying of 705 crore, against 2,928 crore the prior day, as a 76 percent collapse in the support under this market and called it sentiment. That was wrong and it is corrected on air. It was mechanical. A large domestic fund book was closing that week and the cash was parked. On 16 July domestic institutions bought 2,986 crore, straight back to normal, absorbing the entire foreign sell. One session of low domestic buying was a calendar, not a mood. THE CHAIN. On the Nifty 21 July expiry, off official NSE closing data, call open interest at 24000 fell by 7,47,565 while writers added 7,55,040 at 24100 and 10,79,910 at 24150, the biggest add on the board. Put sellers stacked support higher too, adding 14,32,080 contracts at 24050 and 5,09,470 at 24000. Resistance up, support up. The 24200 strike now carries 92,22,590 calls, the largest on the board and the clear resistance. The chain settles at 24100. Put-call ratio 0.83. GIFT Nifty at 24,108.50 opens the market exactly on the number the chain wants it to finish at. THE RELIANCE TRADE. Reliance reports Q1 today after the close, roughly 8 percent of the index, and closed at 1,296.60, up 0.08 percent, dead flat, doing nothing into its own result. In the participant book, retail clients are net long 10,94,177 stock calls and added to it. Proprietary desks are net short 5,26,622 stock calls and added to that. The crowd is buying the lottery ticket, the pros are selling it. On the index the pros are doing the opposite, net long 1,26,560 index calls while foreign institutions sit short 2,18,883. Pro long, foreign short. SECTORS. Fourth straight day of the same split. IT closed up 0.67 percent, led by Wipro up 1.77 percent and HCL Tech up 1.66 percent. Financial services excluding banks fell 1.17 percent on 3 advances against 27 declines. Capital markets fell 2.40 percent, worst on the board. Realty down 0.98 percent. Bank Nifty down 0.30 percent to 57,582.25. Money is leaving financials for technology, and the big bank results land over the weekend. VOLATILITY. India VIX closed 12.88, down 2.92 percent, under 13 and the calmest of the run. The 24000 straddle for Tuesday is 270, so the market is paying for a 270 point move by Tuesday and no more, into an 8 percent index weight reporting after the bell. THE PLAN. Above 24,100 moves get dampened and the tape drifts to 24,100. Below 24,050 they amplify. Fade rallies into 24,180 to 24,200. Buy dips into 24,040 to 24,060 only while 24,000 holds, and if we open above 24,120 and never trade back, the dip is void, do not chase it. Sensex closed 77,186.87, flat. Brent 85.07. USD/INR 96.35. Sources: NSE, BSE. Free on rupeecase.com [http://rupeecase.com], where it streams first. HASHTAGS #Nifty #Reliance #StockMarket #Trading #Options #FII #DII #NSE #BSE #TheTanmayEdge #RupeeCase #IndianStockMarket #Nifty50 #OptionsTrading #Q1Results LINKS rupeecase.com [http://rupeecase.com] Apple Podcasts | Spotify | Amazon Music | YouTube

S2Ep82 | The Writers Moved The Ceiling Up, Then Korea Broke: Sensex Expiry With Max Pain At 77200, Gamma Flip At 77000, And GIFT Nifty Pricing None Of It | 16th July

Yesterday's call landed and then died. I said 24000 holds and the target is 24150 to 24200. By 09:40 the Nifty had tagged 24,220.35. Both calls, inside forty minutes. Then the tape spent five hours taking every point back and closed at 24,078.50, up 26.45. The Sensex closed 77,185.43, up 130.49, after trading as high as 77,646.27. The levels were right. The hold was not. Today is Sensex expiry, and episode 82 opens with the thing almost nobody caught in yesterday's option chain. The headline put-call ratio on today's Sensex expiry is 0.74. Read that alone and you would say sellers everywhere, stay away from upside. Now look at where the calls actually moved. At 77000, call open interest fell by 1,44,760. At 77100, it fell by 1,42,700. Nearly 2,90,000 calls covered. And at 77500 the writers added 12,48,220, at 77600 another 14,98,720. They walked away from 77000 and 77100 and rebuilt the wall 400 points higher. The ceiling moved up. The NSE participant book agrees. Proprietary desks bought 64,108 index calls net yesterday, the biggest single-day call buy of this run, and added 3,350 net long futures. Foreign institutions sold 50,260 calls. The pros bought the ceiling the foreigners were selling. Pro long plus FII short is the strongest bull pairing in this framework. Max pain sits at 77200 and the Sensex closed at 77,185.43. Fifteen points. The whole book says one word: pin. And then Korea opened down about 7%. The KOSPI is at 6,762, a sell-side sidecar triggered at 09:10 local time freezing program trading for the 19th time this year, SK Hynix down 9%, Samsung lower, Japan's Nikkei around 66,500. It is a chip rout. And GIFT Nifty is at 24,070, up 0.12%. Twelve hundredths of one percent on a morning when Asia's biggest chip market has a circuit breaker. The book says pin. The tape from Seoul says gap. In this episode I work through which one to trade, why Metal at minus 1.11% and IT at minus 0.67% are the exact channels a chip rout travels down, and why this is a chip panic rather than an everything panic, with Hang Seng up 1.12% and the S&P and Nasdaq both closing green. Then the numbers that decide it. Sensex 77000 is the whole trade: total gamma flips sign there, negative at 77000 and positive at 77100, and yesterday's low of 76,982.82 already tested it once. Above 77100 moves get dampened and the market pins toward 77200. Below it, moves amplify. The 77200 straddle is 491, pricing 76,694 to 77,676. The Nifty's own flip zone is 24020 to 24040 and it closed just 40 points above the trapdoor, with 92,97,015 calls now stacked at 24200 after 50,14,620 were added in a single session. Plus the flow nobody is talking about: FII sold 735.83 Cr of cash but bought 441 Cr of index futures, their first futures buy of this stretch, while still sitting on a short book of 2,62,712 contracts they have covered barely 1% of. And DII absorption collapsed from 2,927.71 Cr on Tuesday to 704.93 Cr yesterday. A 76% thinner floor, in one session. The writers moved the ceiling up. The domestics thinned the floor out. Korea is down 7%. Three days, same two lines. The first one that breaks decides the rest of July. Full levels, the 0DTE plan, and where to own protection into Reliance tomorrow and the banks on Saturday. Data: NSE, BSE, 15 July 2026. The Tanmay Edge drops every trading day at 8:30 AM IST. Free on rupeecase.com [http://rupeecase.com], where it streams first.

S2Ep81 | 24000 Held To The Tick A Second Day But The Pros Just Cut Their Bet And FII Turned Defensive | Buy Dips With A Hedge | 15th July Wed

On the screen yesterday looked calm. Nifty slipped two thirds of a percent, but 24000 held to the tick for the second day running and closed 24052, pinned between the walls. Then the official positioning dropped, and it told a different story. Episode 81 is a news podcast with a twist, and the read is simple, still a buyer of dips on this wall for a third day, but the split under the surface is exactly why the hedge stays on. The tape first. Crude was the whole story, Brent past 86 dollars on the Hormuz standoff, and the market slipped with it, Nifty down 159 to 24052, the Sensex down 561 to 77055. But 24000 held to the tick again, the low was 24023, and the close pinned between 24000 and 24100. Under the hood it was defensive, pharma healthcare and metals the only green, while realty the public banks autos and IT were sold, HCLTech down four and a half percent after its result. The foreign desks sold 740 crore of cash, the domestics bought 2,928 crore and absorbed it. And the fear gauge did not fall on expiry the way it usually does, it rose three and a half percent to 13.75. Now the twist, from the NSE participant open interest for 14 July. The pros move first, and going into expiry they were long both wings, paying for a move. Overnight they cut it, long calls down from 1,52,033 to 47,803, the long puts trimmed too. The smart desk took the bet off the table. The foreign desks went the other way, more defensive, index futures short out to 2,65,465, another 44,000 downside puts added, and for the first time the big single stock long book trimmed by about 82,000 contracts, a bearish read across the whole book. The crowd did the opposite of both, adding a lakh of long calls and selling even more downside, now short 6,29,019 index puts under the market. Smart money stepped back, the crowd stepped in. That is why this is a buy dips market, not a chase it market, and why the hedge stays on. The crowd is short 6,29,019 puts sitting right at 24000. As long as 24000 holds those writers are fine and dips get bought. If crude cracks it they all cover at once, and a slow drift becomes a fast drop. The levels, from the official chain. 24000 is the line, the biggest paired cluster on the board. 24100 is the first resistance, the heaviest call wall at over 6 crore contracts, then 24200, 24300, and the far wall 24500. Support is 23900 then 23800. The fear gauge at 13.75 prices about 210 points, a box of 23850 to 24260 today. Tomorrow is Sensex weekly expiry. It opens flat near 77050. The sellers stacked the top, 77500 the heaviest call wall, 77200 and 77100 just under it, almost 12 million call contracts written defending that zone, so it is capped. 77000 is the pivot, 76900 then 76500 the supports, and the board is pricing a 76500 to 77500 band into the close. Fade rallies into 77200 toward 77500 with a stop, buy dips to 77000 that hold, trade the edges not the middle, and a fresh crude headline beats the pin. Overnight the tone improved, US closed green on cooler inflation with the Nasdaq up 0.9 percent, Asia is green, Taiwan chips reversed up 1.8 percent, and crude stopped climbing at 86. GIFT Nifty 24046, a flat open. The rupee is still soft at 96.20. Episode 80 graded two and a half out of five, direction right and the hedge paid, but 24000 held to the tick so the lower buy never came. SOURCES Data from NSE and BSE official BhavCopy and end of day reports. STREAMING Streaming free on rupeecase.com [http://rupeecase.com], and on Apple Podcasts, Spotify, Amazon Music and YouTube. DISCLAIMER This podcast is for education only and is not investment advice. Markets carry risk. Do your own research or consult a registered advisor. HASHTAGS #Nifty #SensexExpiry #Crude #Hormuz #OptionChain #FnO #TheTanmayEdge #StockMarketIndia #Trading #GIFTNifty #RupeeCase