--- title: "Monday's V-Shape Stunned Everyone, But FII | The Tanmay Edge" description: "Nifty rallied 620 points intraday yesterday, but FII covered just 366 contracts | 0.14% of their short position. Now GIFT Nifty is gapping down below the GEX" source_url: "https://www.rupeecase.com/podcast/episodes/2026-04-07" --- The Tanmay Edge, Season 2, EP14 # Monday's V-Shape stunned everyone But FII didn't cover Fii covered just 366 contracts, 0 * **6:40**listen * **Pre trail**before the public trail * **Tue 7 Apr 2026**aired, Season 2 Now playing Monday's V-Shape stunned everyone EP14, 7 Apr, 6:40 1x 0:00Chapter marks are estimated from the notes6:40 The host did not serve the audio here. Listen on [Apple Podcasts](https://podcasts.apple.com/us/podcast/the-tanmay-edge-indias-pre-market-edge-5-minutes/id1824088016) or [Spotify](https://open.spotify.com/show/0F755kaD5hggGDjy26Sz33). 01Scorecard ## Before the public trail. This episode aired before the public prediction trail began on 29 Apr 2026, so it carries no grade on the five call scale and is not counted in the season hit rate. A note from the time reads "5/6 HIT, 1 HELD": High volatility session, fast moves both ways, 23,100 squeeze, 22,950 to 23,100 pin zone, negative gamma below 22,950 all hit; 22,542 floor untested.. It is on a different scale and is not counted. [The whole season, graded](/podcast/#trail)[Methodology](/track-record) 02In this episode ## 7 chapters, the numbers pulled out. 1. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube 2. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube 3. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube 4. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube 5. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube 6. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube 7. **07**RupeeCase updateLINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube Market overview **22,876**GIFT Nifty **23,023**Points from last night’s **0.30%**Dow the outlier **0.56%**DAX fell Now this morning, GIFT Nifty is at 22,876, gapping down 147 points from last night’s 23,023. We’re below the GEX flip line. It’s weekly expiry. And I’m expecting a high-volatility session. Let me show you what the data is actually saying. INTRO This is The Read the chapter F&O positioning **14,617**Pro futures moved **22,350**Building long since **69,612**Also added call longs **620 points**Day the market moved SEGMENT 2: The Positioning Triangle, Pro, FII, Client This is where the real story is. Let me start with Pro, the proprietary traders. The side changers. Pro futures moved to +14,617. That’s +940 contracts added on Monday. Small number, but Pro’s been quietly Read the chapter Options & GEX analysis **22,542**Session, Nifty **22,968**V-shape to close **620 points**Market rallied **22,950**Flip line COLD OPEN Yesterday I said the trap is still set. 2 hours into the session, Nifty was at 22,542, down 400 points. People were calling it the crash. Then the market did what nobody expected, a 620-point V-shape to close at 22,968, up 1.12%. But here’s the Read the chapter Commodities & FX **100.12**Dollar Index **10,630**MCX crude **1,50,100**MCX Gold Now the big one, crude. Brent at $111.19, up 1.29%. WTI at $115.17, up 2.45%. Both climbing again. This matters because every time crude spikes, FII selling intensifies. The India inflation narrative comes back. Gold at $4,627, down half a percent. Safe haven Read the chapter Sector watch **2.01%**Bank Nifty rallied SEGMENT 4: Sectors & Screener Monday’s V-shape was broad-based. Bank Nifty rallied 2.01% to 52,585. PSU banks led the charge. Private banks followed. Metal sector was strong, TATASTEEL, HINDALCO, COALINDIA all up. SHRIRAMFIN was the standout at +3.50%, the top Read the chapter Trading plan & levels The setup: Pro leaning long. FII stubbornly short but hedging. Client overexposed on sold puts. This is a recipe for a volatile expiry. SEGMENT 5: Tanmay’s Read Read the chapter RupeeCase update **1.15%**Portfolio alpha **3.50%**SHRIRAMFIN leading LINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube RupeeCase Nifty rebalanced yesterday. All 10 stocks held. Portfolio alpha +1.15% over Nifty 50. SHRIRAMFIN leading at +3.50%. Track it live on rupeecase dot com. CTA CLOSE That’s your edge Read the chapter 03The notes ## Chapter by chapter. ### *01*Market overview Now this morning, GIFT Nifty is at 22,876, gapping down 147 points from last night’s 23,023. We’re below the GEX flip line. It’s weekly expiry. And I’m expecting a high-volatility session. Let me show you what the data is actually saying. INTRO This is The Tanmay Edge, India’s pre-market edge for serious traders. I am Tanmay Kurtkoti. Season 2, Episode 14. Weekly expiry Tuesday. Let’s go. SEGMENT 1: Global + Commodities US markets closed mixed last night. S&P 500 at 6,611, up 0.44%. Nasdaq up 0.54% to 21,996. Dow the outlier, down 0.30% at 46,528. Tech carried the session, Nasdaq outperforming again. Europe was split. FTSE up 0.69%. But DAX fell 0.56% and CAC down 0.24%. No conviction either way. Asia this morning is red. Nikkei at 53,221, down 0.36%. GIFT Nifty at 22,876, down 0.54%, that’s a 147-point gap down from last night’s 23,023. Taiwan is the bright spot, up 1.27%. Shanghai flat-to-green, up 0.37%. KOSPI barely positive at 0.10%. Client, the crowd. Futures at +1,78,090. And here’s the danger number: -3,61,799 short puts. That’s 3.61 lakh contracts worth of puts that clients have sold. On a day the market went to 22,542, those puts were deep in trouble. They survived because of the V-shape. But today is expiry day with GIFT Nifty already below 22,950. If the market opens weak, client short puts are back in the danger zone. GIFT Nifty right now? 22,876. That’s 74 points below the flip line. We are opening in negative gamma territory. That’s exactly why yesterday’s morning crash from 22,800 to 22,542 was so violent, negative gamma accelerated it. And the bounce past 22,950 into positive gamma territory accelerated the recovery. The V-shape was literally a gamma regime change in real time. VIX at 25.56, elevated. With GIFT Nifty below the flip line on expiry day, I’m expecting fast moves in both directions. This is a long gamma day, you want to own options, not sell them. If you’re holding short straddles, tighten your stops. GIFT Nifty at 22,876 means we’re opening below the flip line again. Same setup as yesterday morning. But today is expiry, OI is higher, pin effects are stronger, and theta decay is working against option buyers. My bias: high volatile expiry. GIFT Nifty is starting below the flip line with crude surging and FII still stubbornly short. Don’t sell naked options today. If you’re trading, own options. Keep your stops tight. ### *02*F&O positioning SEGMENT 2: The Positioning Triangle, Pro, FII, Client This is where the real story is. Let me start with Pro, the proprietary traders. The side changers. Pro futures moved to +14,617. That’s +940 contracts added on Monday. Small number, but Pro’s been quietly building long since the 22,350 low. They’re positioning for more upside. Pro also added call longs, +69,612 net calls. They’re the first ones to lean bullish. Now FII. This is the headline. FII net futures: -2,68,462. They covered 366 contracts on a day the market moved 620 points. Let me put that in perspective, that’s 0.14% of their position. On the biggest intraday reversal in weeks. They didn’t blink. But something unusual happened. FII bought index options worth +1,040 Cr on Monday. FII are typically option sellers. When they start buying, it’s hedging. They’re protecting their short book. That tells you they’re not planning to cover, they’re preparing for volatility. Cash side: FII sold another -8,167 Cr. DII absorbed +8,089 Cr. The DII absorption machine continues, rupees in, dollars out. Then the market crossed back above 22,950, the flip line. Suddenly dealers switched to positive gamma. Now they’re buying every dip instead of selling into it. The character of the market changed completely. Same stocks, same participants, completely different behavior. That’s what gamma does. If you understand where the flip line is, you understand when the market’s personality changes. My Read for Tuesday: ### *03*Options & GEX analysis COLD OPEN Yesterday I said the trap is still set. 2 hours into the session, Nifty was at 22,542, down 400 points. People were calling it the crash. Then the market did what nobody expected, a 620-point V-shape to close at 22,968, up 1.12%. But here’s the number that matters more than the 620. FII covered 366 contracts. Out of 2,68,462 short. That’s 0.14%. The market rallied 620 points and FII didn’t blink. SEGMENT 3: GEX, Options & Key Levels Today is weekly Nifty expiry. And the GEX setup is telling you everything. The GEX flip line is at 22,950. Above that level, dealers are in positive gamma, they buy dips, sell rallies, market stays stable. Below 22,950, negative gamma kicks in, dealers sell into drops, buy into rips. Moves get amplified. Now here’s today’s map. 23,200 is the new call wall, that’s where the biggest open interest sits. 2.5 million OI was added there yesterday. Total OI at 62.8 lakh. GEX of +2,420. That’s the magnetic ceiling. If the market somehow gets there, expect pinning or rejection. On the downside, 22,600 is where negative gamma gets aggressive, GEX of -1,203. And Monday’s intraday low of 22,542 is the floor. If that breaks, you’re looking at acceleration toward 22,350. Education Point, What is a Gamma Regime Change? Yesterday was a textbook example of what I call a gamma regime change. The market opened in negative gamma territory below 22,950, dealers were short gamma, amplifying the move down. Every dip triggered more selling. That’s how you get a 400-point crash in 2 hours. 3 scenarios. Above 23,100, positive gamma kicks in, squeeze toward 23,200 call wall. Between 22,950 and 23,100, expiry pin zone, dealers hedge, low volatility grind near 23,000. Below 22,950, negative gamma, fast moves, first support 22,600, last defense 22,542. ### *04*Commodities & FX Now the big one, crude. Brent at $111.19, up 1.29%. WTI at $115.17, up 2.45%. Both climbing again. This matters because every time crude spikes, FII selling intensifies. The India inflation narrative comes back. Gold at $4,627, down half a percent. Safe haven demand cooling slightly. Dollar Index at 100.12, barely moved. Rupee at 93.06. MCX crude at 10,630. MCX Gold at 1,50,100. Silver at 2,33,367. IT was soft, Nifty IT up only 0.61%. With crude surging and rupee weakening, IT may underperform near term despite the Nasdaq strength. ### *05*Sector watch SEGMENT 4: Sectors & Screener Monday’s V-shape was broad-based. Bank Nifty rallied 2.01% to 52,585. PSU banks led the charge. Private banks followed. Metal sector was strong, TATASTEEL, HINDALCO, COALINDIA all up. SHRIRAMFIN was the standout at +3.50%, the top mover in the RupeeCase Nifty portfolio. Screener signals are mixed. Most sectors bounced hard from oversold zones yesterday. The question is whether that bounce holds or this is a dead cat that’s about to be tested again on expiry day. ### *06*Trading plan & levels The setup: Pro leaning long. FII stubbornly short but hedging. Client overexposed on sold puts. This is a recipe for a volatile expiry. SEGMENT 5: Tanmay’s Read ### *07*RupeeCase update LINKS: rupeecase.com, Apple Podcasts, Spotify, Amazon Music, YouTube RupeeCase Nifty rebalanced yesterday. All 10 stocks held. Portfolio alpha +1.15% over Nifty 50. SHRIRAMFIN leading at +3.50%. Track it live on rupeecase dot com. CTA CLOSE That’s your edge for today. If this added value, share it with 1 trader who needs it right now. Subscribe on Apple Podcasts, Spotify, or stream live on rupeecase dot com. I’m building RupeeCase, India’s systematic investing terminal. Link is in the show notes. The data doesn’t lie. Narratives do. You just got earlier. See you tomorrow. 04Key takeaways ## 5 things to carry into the session. * *01*Fii covered just 366 contracts, 0 * *02*Fii covered 366 contracts * *03*Fii net futures: -2,68,462 * *04*Fii bought index options worth +1,040 cr on monday * *05*Fii sold another -8,167 cr 05In his words data doesn't lie guys narratives do you just got earlier see you all tomorrow once again you just got earlier see you all tomorrow once again 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,051 words, about 5 min to read 12 percent but here's the number that matters more than the 620 point rally. FI has covered 366 contracts. 14 bips. The market rallied 620 points and FI didn't blink. Now this morning, GIF Nifty is at 22,876, gapping down almost 150 points from last night. That is 23,023. We are below the GEX flip line. It's weekly expiry and I'm expecting a high volatility session. Let me show you what the data is actually saying. So this This is Tanmay's Edge, India's pre -market edge for serious traders. I am Tanmay Kurthakoti. Season 2, episode 14, weekly expiry Tuesday. Let's go. So US market closed mix last night. 44%. 54 bps to 21,996. 30 bps at 46,528. Tech carried the session, Nasdaq outperforming once again. Europe was split. FTSE was up 69 bps, but DAX fell. 45%. Both climbing again, this matters because every time crude spikes, FII selling intensifies, the India inflation narrative comes back. 5%, safe haven demand cooling slightly. Dollar index just above that 100 mark and barely moved. 06, some strength is being shown over there. 5L. 50,000 and silver at 2,33,000. That's the position. So this is where the real story is. Let me start with pro, the proprietary traders, the side changes. So pro futures moved to 14,617. That was an addition of almost 1,000 contract on Monday. Small number, but pros have been actively adding. 14 % of their position. On the biggest intraday reversal in recent weeks, they didn't blink. But something unusual happened. FII bought index options worth 1040 crore on Monday. FII typically option sellers, when they start buying, it's hedging. They are protecting their short book. That tells you they are not planning to cover. They are preparing for volatility. On the cash side, FII has sold another 8167 crore. But DI has absorbed the whole selling and bought almost 8089 crores. The DI absorption machine continues repeating dollars out. That is what is happening. Clients, the crowd, futures position stands at 1,78,000 long. And here's the danger number. Short puts, they are almost 3,61,000. Short puts, that's 3,61,000. contracts worth of puts that clients have sold on a day the market went to 20 to 542 those puts were deep in trouble they survived because of the v -shape but today's expiry day with gift nifty already below 20 to 950 if the market opens weak client short puts are back in the danger no the setup pros leaning long fr stubbornly short but hedging clients overexposed on sold puts this is a recipe for a volatile expiry so today is weekly nifty expiry and the get setup is telling you everything the gex flip line is at 20 to 950 above that level dealers are in positive gamma They buy the dips, sell rallies. Market stays stable. Below 950, negative gamma kicks in. Dealers sell into the drops, buy into the rips. Moves get amplified. And that is what is expected today. So, GiveNifty right now is 22,876. That's 74 point below the flip line. We are opening in a negative gamma territory. That's exactly why yesterday's morning crash from 20 to 800 to 20 to 542 was so violent. Negative gamma accelerated it and bounced past 20 to 950 into positive territory. Accelerated the recovery. The V -shape was literally a gamma regime change in real time. Now here's today's map. 23,200 is the new call wall. That's where the biggest open interest sits. 5 million added yesterday. So total OII is around 63 lakhs over there and gex of positive 2420. That's magnetic ceiling. If the market somehow gets there, expect pinning or rejection. On downside, 22,600 is where negative gamma gets aggressive. Gex of minus 1203 and Monday's interest. day low of 20 to 542 is the floor if that breaks you are looking at acceleration towards that 350 mark wicks at 2556 is elevated with gift nifty below the flip line on expiry day i am expecting fast moves in both direction this is a long gamma day you want to own options not to sell them if you are holding short straddles uh tighten your stops monday's v -shape was broad based bag nifty rallied 2 % to 52,585 psu banks led the charge yesterday private banks followed metal sectors was Storm, Tata Steel, Indalco, Coal India, all up. 5%, the top mover in Rupi K's Nifty portfolio. IT was soft. Nifty IT up only 61 bps with crude surging and rupee weakening. IT may underperform in near term despite the NASDAQ strength. Screener signals showed most sectors bounced hard from oversold zones yesterday. The question is whether that bounce hold holds or this is a dead cat that's about to be tested once again on expiry day so yesterday was a textbook example of what i call gamma regime change the market opened in negative gamma territory below 22 950 dealers were short gamma amplifying the down move every dip triggered more selling that's how you get a 400 point crash in less than two hours then the market crossed back above 20 to 950 the flip line suddenly the dealers switch to positive gamma now they are buying every dip instead of selling into it the character of market changed completely some same stock same participants completely different behavior that what gamma does if you understand where the flip line is you understand where the market personality changes gift nifty at 20 to 876 means we are opening below the flip line same setup as yesterday but today's expiry oi is higher pin effects are stronger and theta decay is working against option buyers three scenarios above 23 100 positive gamma quicksand squeeze towards 200 call wall between 20 to 950 and 23 000 expiry pin zone dealers hedge low volatility grind near 23 000 so Rupee case nifty rebalanced yesterday. All 10 stocks held. 15 % over nifty 50. Citibank transport finance is leading. com. That was your edge guys for today. If this added value, share it with one trader friend who needs it right now. com. I'm building Rupee case India systematic investing terminal. Link in the show. show notes the data doesn't lie guys narratives do you just got earlier see you all tomorrow once again Questions ## EP14, in plain words. What does EP14 of The Tanmay Edge cover?EP14, Tuesday 7 Apr 2026, 6:40, in 7 chapters: Market overview; F&O positioning; Options & GEX analysis; Commodities & FX; Sector watch; Trading plan & levels; RupeeCase update. How did the calls in EP14 score?It aired before the public prediction trail began on 29 Apr 2026, so it is not graded on the five call scale and not counted in the season hit rate. Is The Tanmay Edge investment advice?No. It is market commentary for education only, not a recommendation to buy or sell any security. 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