--- title: "Pro Reversed in 24 Hours. Hedge While Vol | The Tanmay Edge" description: "Pro flipped bearish Thu, bullish Fri | 122,488 calls added, 65,922 puts dumped. Fastest reversal in S2. IV 14.58%, straddle 315. Nifty weekly expiry Tue." source_url: "https://www.rupeecase.com/podcast/episodes/2026-04-20" --- The Tanmay Edge, Season 2, EP22 # Pro reversed in 24 hours. Hedge while vol is cheap Pro reversed 24 hours, 1,22,488 calls added, 65,922 puts dumped, 4,216 shorts covered * **11:05**listen * **7/7**graded at settlement * **Mon 20 Apr 2026**aired, Season 2 Now playing Pro reversed in 24 hours. Hedge while vol is cheap EP22, 20 Apr, 11:05 1x 0:00Chapter marks are estimated from the notes11:05 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 ## 7/7 at settlement. **7/7**100% **The call.** Daily * **7**Hit * **0**Partial * **0**Mechanical * **0**Miss Graded against the 21 Apr 2026 session; on the public trail from 29 Apr 2026. [The whole season, graded](/podcast/#trail)[April 2026 archive](/podcast/2026-04/)[Methodology](/track-record) 02In this episode ## 6 chapters, the numbers pulled out. 1. **06**Trading plan: buy dip with hedgeMorning bias, buy the dip with a hedge. Cheap vol window. 2. **06**Trading plan: buy dip with hedgeMorning bias, buy the dip with a hedge. Cheap vol window. 3. **06**Trading plan: buy dip with hedgeMorning bias, buy the dip with a hedge. Cheap vol window. 4. **06**Trading plan: buy dip with hedgeMorning bias, buy the dip with a hedge. Cheap vol window. 5. **06**Trading plan: buy dip with hedgeMorning bias, buy the dip with a hedge. Cheap vol window. 6. **06**Trading plan: buy dip with hedgeMorning bias, buy the dip with a hedge. Cheap vol window. Market overview **1,22,488**Pro flipped back bullish **65,922**Back bullish, calls added **24,467**GIFT Nifty **24,353.55**Nifty closed Friday Pro reversed in 24 hours. Thursday Pro flipped short with conviction, calls dumped, puts loaded, futures added short. Friday Pro flipped back bullish, 1,22,488 calls added, 65,922 puts dumped, shorts covered. The fastest reversal of Season 2. India's Read the chapter F&O positioning: 24-Hour pro flip **2,128**Pro Futures **1,28,326**Pro Calls **68,741**Pro Puts **1,90,953**FII Futures Pro Futures, -2,128 (from -6,344 Thursday). Covered 4,216 shorts back. Pro Calls, +1,28,326 (from +5,838 Thursday). Added 1,22,488 calls in one session, effectively rebuilt the whole book they dumped Thursday. Pro Puts, +68,741 (from +1,34,663 Thursday). Read the chapter Options chain: 21-Apr expiry **24,200**Max pain shifted **24,300**Pain shifted **24,400**Pain shifted **25,000**Call walls Max pain shifted from 24,200 to 24,300-24,400. That is the Tuesday pin zone. Call walls, 25,000 (114L), 24,800 (83L), 24,600 (49L). Put support, 24,000 (76L, +34L built Friday), 23,500 (65L), 24,200 (63L). ATM 24,350 straddle 315.20. 1SD ±394 pts through Read the chapter Education: hedge when vol is cheap **24,000**Everywhere, that same IV at 14.58%, VIX at 17. This is a cheap-vol window. The 24,000 put is trading around 50. When VIX is 25 and fear is everywhere, that same 24,000 put trades 150 to 200. Three to four times the cost for identical protection. You don't hedge when you're scared. Read the chapter RupeeCase Nifty: 20 Apr rebalance **1.00%**Daily return **55.92%**Net return Today is a rebalance day. Entered, AXISBANK, ONGC (re-entry). Exited, DRREDDY, JSWSTEEL. Retained, TECHM, SHRIRAMFIN, TATASTEEL, HINDALCO, COALINDIA, SBIN, NTPC, POWERGRID. Holdings post-rebalance, SHRIRAMFIN, TATASTEEL, HINDALCO, ONGC, COALINDIA, SBIN, NTPC Read the chapter Trading plan: buy dip with hedge **24,500**Levels, support **24,700**Levels, support, resistance **24,300**Max pain **24,400**Max pain Morning bias, buy the dip with a hedge. Cheap vol window. Levels, 24,200 support, 24,500 resistance, 24,700 if 24,500 breaks. 1SD range 23,956 to 24,744 through Tuesday expiry. Max pain 24,300-24,400, pin zone for Tuesday. Remember, this is a slow grind on FII Read the chapter 03The notes ## Chapter by chapter. ### *01*Market overview Pro reversed in 24 hours. Thursday Pro flipped short with conviction, calls dumped, puts loaded, futures added short. Friday Pro flipped back bullish, 1,22,488 calls added, 65,922 puts dumped, shorts covered. The fastest reversal of Season 2. India's pre-market edge, actionable data, zero fluff. Season 2, Episode 22. Monday, 20 April. Pre-Nifty weekly expiry (Tuesday 21 Apr). GIFT Nifty 24,467 (+47, +0.19%). Nifty closed Friday at 24,353.55 (+156.80, +0.65%), V-shape recovery from 24,096 low through 24,371 high (276-pt intraday range). VIX 17.17 (-5.09%). 21-Apr ATM IV 14.58%, crushed. Brent $94.80, bounced +4.89% from Friday's $90.38 close. DXY 98.29 (+0.20%), USD/INR 92.92 (-0.31%). ### *02*F&O positioning: 24-Hour pro flip Pro Futures, -2,128 (from -6,344 Thursday). Covered 4,216 shorts back. Pro Calls, +1,28,326 (from +5,838 Thursday). Added 1,22,488 calls in one session, effectively rebuilt the whole book they dumped Thursday. Pro Puts, +68,741 (from +1,34,663 Thursday). Dumped 65,922 puts. All three legs reversed together in a single day. That is the fastest pivot of Season 2. FII Futures, -1,90,953. Covered 9,765 over two days, pace is collapsing. From 87,636/day Tuesday to ~5,000/day now. The easy money from the squeeze is done. FII Cash, +683 Crore Friday. Third straight day positive. Distribution-to-accumulation handoff. DII Cash, -4,721 Friday, -3,427 Thursday = -8,149 Cr over two sessions. DII selling into FII buying. ### *03*Options chain: 21-Apr expiry Max pain shifted from 24,200 to 24,300-24,400. That is the Tuesday pin zone. Call walls, 25,000 (114L), 24,800 (83L), 24,600 (49L). Put support, 24,000 (76L, +34L built Friday), 23,500 (65L), 24,200 (63L). ATM 24,350 straddle 315.20. 1SD ±394 pts through Tuesday, range 23,956 to 24,744. PCR 1.018, neutral, down from 1.28 Wednesday. GEX, positive above 24,200, negative below 24,100. Gamma flip is the line. ### *04*Education: hedge when vol is cheap IV at 14.58%, VIX at 17. This is a cheap-vol window. The 24,000 put is trading around 50. When VIX is 25 and fear is everywhere, that same 24,000 put trades 150 to 200. Three to four times the cost for identical protection. You don't hedge when you're scared. You hedge when the market is calm and the option is mispriced on the cheap side. Today is one of those windows. That is the education point. View, buy the dip with a hedge. Not buy the dip naked, not sit in cash, not short. Buy with protection while protection is on sale. ### *05*RupeeCase Nifty: 20 Apr rebalance Today is a rebalance day. Entered, AXISBANK, ONGC (re-entry). Exited, DRREDDY, JSWSTEEL. Retained, TECHM, SHRIRAMFIN, TATASTEEL, HINDALCO, COALINDIA, SBIN, NTPC, POWERGRID. Holdings post-rebalance, SHRIRAMFIN, TATASTEEL, HINDALCO, ONGC, COALINDIA, SBIN, NTPC, POWERGRID, AXISBANK, TECHM. Daily return +1.00%. Net return 55.92%. Benchmark 64.44%. Next rebalance 4 May. The strategy didn't wait for conviction. It rescored on momentum, executed the swap, moved on. ### *06*Trading plan: buy dip with hedge Morning bias, buy the dip with a hedge. Cheap vol window. Levels, 24,200 support, 24,500 resistance, 24,700 if 24,500 breaks. 1SD range 23,956 to 24,744 through Tuesday expiry. Max pain 24,300-24,400, pin zone for Tuesday. Remember, this is a slow grind on FII covering, not a squeeze. Covering pace from 87K/day to 5K/day means the easy pop is done. DII-to-FII handoff in cash signals the easy money from the lows is done. Grind higher on fundamentals from here, not flow pyrotechnics. EP21 grade, 7/10. Selloff came, 24,200 broke briefly but no acceleration, V-shape instead. Crude conditional didn't trigger ($90 Friday, not $100). Prediction trail now 9.5/11.5 through the run. 04Key takeaways ## 9 things to carry into the session. * *01*Pro reversed 24 hours, 1,22,488 calls added, 65,922 puts dumped, 4,216 shorts covered * *02*Fastest Pro pivot of Season 2 * *03*FII cover pace collapsed, 87,636/day to ~5,000/day * *04*FII cash +683 Cr Fri, 3rd straight day positive * *05*DII sold 8,149 Cr in 2 sessions, handoff in progress * *06*IV 14.58%, VIX 17.17, cheap-vol hedge window * *07*Max pain shifted 24,200 to 24,300-24,400 for 21-Apr * *08*ATM 24,350 straddle 315, 1SD ±394 pts into expiry * *09*RupeeCase Nifty rebalance, +AXISBANK +ONGC, -DRREDDY -JSWSTEEL Show all 9 05In his words Pro reversed in 24 hours. That's the fastest flip of Season 2. The easy money from the squeeze is done. Hedge when vol is cheap, not when vol is high. Three to four times the cost for the same protection. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 986 words, about 4 min to read a very good morning guys pros flipped on Thursday and we told you Friday they flipped back added 1,22,000 long calls dumped 66,000 puts the fastest reversal we have seen in recent times was the bear flip real or was it a one day trade meanwhile dh just sold 8,000 crores in two sessions while fis quickly bought cash the handoff is happening and crude just went from 102 to 95 to 90 and back to 98 again today I am going to break down what actually changed over the weekend and why the hedge window is open right now and what option chain is telling you about tomorrow's expiry this is the message episode 22 let's go so gift if the this morning guys is trading up by 47 points from Friday's close modest gap up what we are seeing not the 24 5 50 or 600 we saw friday evening gift already pulled back to from 24 600 to 24 500 to 24 400 overnight and now is sitting around 24 450. The gap up is narrowing. Friday's close, Nifty was up by 150 points, opened at 24,160, crashed to 24,080 in the first 90 minutes, then rallied 276 points to close near the day high at 24,371. Classic V -shape recovery. The first rally second was played out again on Friday. 58, Asia recovered but Gift Nifty 24 -4 -50 is the smallest gap up in the region. Commodities, Crude, this is the story of the week, Monday 13th April, Brent was at 102 on Hormuz Square. Wednesday it was 95. Friday it crashed to 90. And today it is back to 95, up 5 % from Friday. WTI same pattern. 83 Friday to 88 to today up by 6%. So crude went from 102 to 95 to 90 to 98 in 7 days. That is not a trend. That is noise. Do not build your thesis on crude right now. Just know the direction is lower from 102. 80 usd inr still below that 93 so crude down plus dollar down equals rupee tailwind that is good for import heavy india this is the most important section we are going to cover today so if i have positioning प्रोस थर्स्डे वी टोल यू प्रोस फ्लिप शॉर्ट फ्यूचर्स माइनस 6300 डम 93 परसेंट अब देर लॉंग कॉल्स आडेड फिफ्टी वन थाउसेंड लॉंग पूटर नेट वास कन्विक्शन शॉर्ट फ्राइडी दी रिवर्स बैक फ्यूचर्स बैक टू माइनस 21 28 added one lakh twenty two thousand long calls dumped sixty six thousand puts pro went from maximum bearish to neutral bullish in options within six and a half hours of trade what does that tell you it tells you that thursday's short was an expiry trade tray not structural call pros used sensex expiry to play the downside collected the premium and then repositioned for the continuation f is still short stating around one lakh ninety thousand short contracts covered around 10,000 crores over Thursday and Friday combined. Compare that with 87,000 crores covered on Wednesday alone. The covering pace has collapsed by 90%. The panic phase is over. 1,90,000 shots will be a slow grind, not a squeeze. Think weeks, not days. But here's the shift. If I cash flow flipped, three straight days of buying, plus 666 Wednesday, plus 282 Thursday plus 683 Friday first time in April that FIS has been a cash buyer for three consecutive sessions index futures flow also turned positive from at 1,278 crores on Friday clients on the other hand trimmed for the first time futures from one lakh forty two thousand have come down to one lakh thirty one thousand dump two lakh long calls covered one lakh ten thousand short put client is taking profit and reducing risk that is actually healthy when clients euphoria feeds the market has more room to run diaz this is the surprise diaz sold forty seven hundred crores on friday 3400 crores on Thursday, that's total 8000 crores sold by DI in two days. DI's have been the buyer all the month while FI has sold. DI's selling into FI buying when the domestic institutions hand off to foreign institutions, it usually means DI's think the easy money from Lowe's is done. They are locking in profits from March to April rally. 17 down 5 % options are pricing almost nothing one standard deviation range plus or minus is trading at roughly 400 points that gives you 23,950 or 24,000 on the downside to upside of around 24,700 through the expiry The chain shifted up. Wednesday's Max Payne was at 24,200 with 47,00,000 OI and 46,00,000 put OI. Friday, 24,200 call OI dropped by 28,00,000. New Max Payne stands 100 points higher to 150 points higher, around 24,300 to 400 zone. Call wall or the resistance stands at 24,500 is the fortress. 08 ऑलमोस्ट फ्लाट ओके एंड गैक्स पॉजिटिव गैमा अबाव देख 24 250 लेवेल नेगेटिव बिलो 24 100 लेवेल सो बिलो बिलो and above a 24 200 or 250 the Max spin and mean reversion happens below 24 100 momentum takes over and below after a 24 300 the momentum fades slightly and we enter into a pullback mean reversion rain once again the range for Tuesday's expiry is 24 200 is your support range on the upside we have 24 500 if broken we could easily see expiry happening towards 24 700 keep a watch on that as well so Fridays Friday's sectorial shift was very strong. IT confirmed from Thursday. Finance, auto, metal, pharma, realty all strong and all showing strength. Even FMCG also started showing strength on Friday. When everything flashes green simultaneously, it means one of the two things. Either the market is in the early phase of broad rally where it... com or stream it on amazon apple music or spotify see you all guys on tuesday tomorrow expiry stay tuned for more updates Questions ## EP22, in plain words. What does EP22 of The Tanmay Edge cover?EP22, Monday 20 Apr 2026, 11:05, in 6 chapters: Market overview; F&O positioning: 24-Hour pro flip; Options chain: 21-Apr expiry; Education: hedge when vol is cheap; RupeeCase Nifty: 20 Apr rebalance; Trading plan: buy dip with hedge. How did the calls in EP22 score?Grade 7/7 (100 percent): 7 hit, 0 partial, 0 mechanical, 0 miss. Graded against the 21 Apr 2026 session. Is The Tanmay Edge investment advice?No. It is market commentary for education only, not a recommendation to buy or sell any security. RupeeCase is not a SEBI registered investment adviser, and strategy figures on RupeeCase are model, back tested. Explore next ## Learn what the episode covers. * [Free module 6.9Gold, Commodities, and International Investing for Indian Investors8 min read](/learn/path-6/module-6-9-gold-commodities-international) * [StrategyAllcap strategyNifty Total Market, 50 stocks, every 2 weeks](/strategies/allcap) * [Free module 7.4INR, FII Flows, and Global Market Linkages10 min read](/learn/path-7/module-7-4-inr-fii-flows-global-linkages) * [Free module 3.1The Momentum Factor11 min read](/learn/path-3/module-3-1-momentum-factor-deep-dive) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera 07Read next ## Behind the calls. [Learn, module 2.3Risk Metrics That MatterEvery strategy shows you a CAGR. Fewer show you the drawdown. Almost none explain what the Sharpe ratio actually means.Intermediate, 8 min](/learn/path-2/module-2-3-risk-metrics-that-matter)[Learn, module 6.6Derivatives: Futures and Options for the Systematic InvestorThe F&O market in India is one of the largest derivatives markets in the world by volume. Most retail participants loseIntermediate, 8 min](/learn/path-6/module-6-6-derivatives-futures-options) [StrategyEnergy Basket10 stocks from CNX Energy, rotated weekly. The thematic satellite.Model, back tested CAGR 33.1%, as of 27 Apr 2026. Risk High.](/strategies/energy-basket) Share [X](https://x.com/intent/tweet?text=Pro%20reversed%20in%2024%20hours.%20Hedge%20while%20vol%20is%20cheap%20%7C%20The%20Tanmay%20Edge%20EP22&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-04-20) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-04-20) Copy link [All episodes](/podcast/) Market commentary for education only. Not investment advice, not a recommendation to buy or sell any security. RupeeCase is not a SEBI registered investment adviser. Strategy figures are model, back tested.