--- title: "24,500 Broke. Call Writers Got Trapped. | The Tanmay Edge" description: "GIFT 24,454 (-121). Brent 98.18 above 96, USD INR 93.49 above 93.40 | both wrong sides fired. FII still net short 1,73,948 futures, DII +2221 Cr cash. Buy dip" source_url: "https://www.rupeecase.com/podcast/episodes/2026-04-22" --- The Tanmay Edge, Season 2, EP24 # 24,500 broke. Call writers got trapped. Now it's the floor. GIFT Nifty 24,454 (-121), wrong side tells armed but tape not extending * **6:22**listen * **4/7**graded at settlement * **Wed 22 Apr 2026**aired, Season 2 Now playing 24,500 broke. Call writers got trapped. Now it's the floor. EP24, 22 Apr, 6:22 1x 0:00Chapter marks are estimated from the notes6:22 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 ## 4/7 at settlement. **4/7**57% **The call.** Daily * **4**Hit * **0**Partial * **0**Mechanical * **3**Miss Graded against the 23 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**The wrap: narratives lie, data doesn'tBuy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the 2. **06**The wrap: narratives lie, data doesn'tBuy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the 3. **06**The wrap: narratives lie, data doesn'tBuy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the 4. **06**The wrap: narratives lie, data doesn'tBuy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the 5. **06**The wrap: narratives lie, data doesn'tBuy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the 6. **06**The wrap: narratives lie, data doesn'tBuy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the Cold open: 24,500 broke. The Wall flipped. **24,454**GIFT Nifty **93.49**USD INR **93.40**Still above GIFT Nifty 24,454 (-121). Brent 98.18, still above 96. USD INR 93.49, still above 93.40. Both wrong side tells from EP23 fired. The call wall from yesterday just became today's floor. Tuesday's expiry pin failed. 24,500 broke clean. Call writers stuck at the Read the chapter What the tape is saying **24,432**Hours ago GIFT **24,454**AM IST, GIFT **22 points**Gap down narrowed **2.65%**Asia, KOSPI Two hours ago GIFT was 24,432. Now at 8:07 AM IST, GIFT is 24,454. Gap down narrowed 22 points overnight. Somebody was buying the dip in the singapore session. Asia, KOSPI was +2.65% at 6 AM, now flat at -0.17. Hang Seng was +0.5, now -1.21. Asian leadership Read the chapter The FII DII truth **42,203**April MTD, FII dumped **34,884**Dumped Cr, DII absorbed **1,73,948**Index Futures, net short **24,400**Hold above Tuesday close. FII Cash -1918 Cr. DII Cash +2221 Cr. April MTD, FII dumped 42,203 Cr, DII absorbed 34,884 Cr. There is one buyer in this market. It is not foreign money. FII Index Futures, net short 1,73,948 contracts. Covered 15,813 on Tuesday's breakout day. Read the chapter Today's call: buy on dips with hedge **24,500**Call writers **24,400**Wall flips, today **24,350**Stop below **24,600**Target first Yesterday 24,500 broke clean. Expiry pin failed. Call writers at 24,500 did not run. They now sit on a busted wall. That wall flips, today 24,400 to 24,500 becomes the floor zone, not the ceiling. Trade, buy dip into 24,400. Stop below 24,350. Target 24,500 Read the chapter 1DTE Sensex tomorrow: Infosys Q4 wild card **79,273**Sensex spot **79,300**Gamma flip **79,000**Flip, magnet **79,500**Occurs, that is where Tomorrow is 1 day to Sensex weekly expiry + Infosys Q4 post close. Two events stacked. Peak theta. Peak earnings vol. Sensex spot 79,273. Magnet 79,000 below. Pin 79,500 above. Gamma flip 79,300. Sensex sits one step below the flip. Same setup as Nifty, hold Read the chapter The wrap: narratives lie, data doesn't Buy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the panic. Tomorrow stack, Sensex weekly expiry + Infosys Q4. Live data card + prediction trail 8:30 AM tomorrow at rupeecase.com/podcast. The data doesn't lie. Narratives do. Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: 24,500 broke. The Wall flipped. GIFT Nifty 24,454 (-121). Brent 98.18, still above 96. USD INR 93.49, still above 93.40. Both wrong side tells from EP23 fired. The call wall from yesterday just became today's floor. Tuesday's expiry pin failed. 24,500 broke clean. Call writers stuck at the wall did not run. The busted ceiling is today's floor. ### *02*What the tape is saying Two hours ago GIFT was 24,432. Now at 8:07 AM IST, GIFT is 24,454. Gap down narrowed 22 points overnight. Somebody was buying the dip in the singapore session. Asia, KOSPI was +2.65% at 6 AM, now flat at -0.17. Hang Seng was +0.5, now -1.21. Asian leadership cooled into open. Not a risk on tape, a risk off tape with one buyer left standing in India. But, US futures flipped green overnight. Dow +253, a 318 pt swing from cash close. S&P and Nasdaq still soft. Rotation is Dow over tech. Old economy over new. Brent 98.18, WTI 89.23. Crude is the story. Not the panic move of 24 hours ago, but has not given back the breakout. As long as Brent sits above 96 and USD INR above 93.40, the wrong side tell from EP23 stays armed. Gold 4754 bid back. Silver -3%. Risk is being reshuffled, not being bought. ### *03*The FII DII truth Tuesday close. FII Cash -1918 Cr. DII Cash +2221 Cr. April MTD, FII dumped 42,203 Cr, DII absorbed 34,884 Cr. There is one buyer in this market. It is not foreign money. FII Index Futures, net short 1,73,948 contracts. Covered 15,813 on Tuesday's breakout day. That is not capitulation. That is a hedge trim. They are still short. FII Index Options, sold 131k calls, bought 300k puts. On a breakout day. A hedged bearish book. The breakout did not change foreign positioning. That tells you everything. Pro is on the other side, long 124k calls, long 23k puts. Long volatility, long direction. Client, sold 380k puts right at the call wall. If the wall breaks the wrong way, Client is the one who pays. Whose book is right today? Hold above 24,400 Pro wins. Crack 24,400 FII wins. Chop DII wins. Most exposed book, Client. ### *04*Today's call: buy on dips with hedge Yesterday 24,500 broke clean. Expiry pin failed. Call writers at 24,500 did not run. They now sit on a busted wall. That wall flips, today 24,400 to 24,500 becomes the floor zone, not the ceiling. Trade, buy dip into 24,400. Stop below 24,350. Target 24,500 first, 24,600 second. 24,600 is the next gamma flip on the way up. Why this works today and didn't yesterday, IV got crushed at expiry. Yesterday IV 21.64, today's open print on protection is much cheaper. Buy the dip and pay almost nothing for a put hedge underneath. Hedged longs at cheap vol is the cleanest structure of the week. If 24,400 breaks, do not fight. Step aside, watch FII covering speed. Flush goes 24,350, 24,300. That is where DII steps in, add back the position there. ### *05*1DTE Sensex tomorrow: Infosys Q4 wild card Tomorrow is 1 day to Sensex weekly expiry + Infosys Q4 post close. Two events stacked. Peak theta. Peak earnings vol. Sensex spot 79,273. Magnet 79,000 below. Pin 79,500 above. Gamma flip 79,300. Sensex sits one step below the flip. Same setup as Nifty, hold the flip, drift to the pin. Lose the flip, magnet to 79,000. 3-step ladder, 79,000 is your buy on dip first, 79,300 gets activated and the flip occurs, that is where 79,500 can be seen. Tomorrow's strategy, if today Nifty holds 24,400 and Sensex holds 79,300, sell the 79,500 straddle into Thursday. Theta plus pin. Sellers win. If we lose the flip on either index, do not sell. The magnet activates and the straddle blows up before the pin can pay. Infosys post close, earnings into 1DTE is volatility expansion. Size for it. ### *06*The wrap: narratives lie, data doesn't Buy on dips with hedge. 24,400 to 24,500 floor. 24,600 next flip. Wrong sides fired but tape not extending the panic. Tomorrow stack, Sensex weekly expiry + Infosys Q4. Live data card + prediction trail 8:30 AM tomorrow at rupeecase.com/podcast. The data doesn't lie. Narratives do. 04Key takeaways ## 10 things to carry into the session. * *01*GIFT Nifty 24,454 (-121), wrong side tells armed but tape not extending * *02*Brent 98.18 still above 96, USD INR 93.49 still above 93.40 * *03*FII Cash -1918 Cr vs DII Cash +2221 Cr, April MTD DII +34,884 absorbing FII -42,203 * *04*FII still net short 1,73,948 futures, covered only 15,813 on breakout day = hedge trim, not capitulation * *05*FII sold 131k calls, bought 300k puts on a green day, hedged bearish book * *06*Pro long 124k calls + long 23k puts, long vol, long direction * *07*Client sold 380k puts at the wall, most exposed book * *08*24,400-24,500 call wall flipped to floor, stop below 24,350, target 24,500/24,600 * *09*Hedged longs at cheap vol = cleanest structure post expiry * *10*1DTE Sensex Thu stacked with Infosys Q4, flip 79,300, pin 79,500, magnet 79,000 Show all 10 05In his words Both wrong sides fired. The call wall from yesterday just became today's floor. There is one buyer in this market. It is not foreign money. That is not capitulation. That is a hedge trim. They are still short. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 798 words, about 4 min to read Gift Nifty is trading at 24,454, down 121 points. 18, still above that $96 mark. 49, still above that 93. Both wrong sides fired and the call wall from yesterday just became today's floor. This is the Tanmay Edge. I am Tanmay Kurtkoti. Episode 24. Let's go. So 2 hours ago, Gift Nifty was trading at 24,450. Right now, Gift Nifty is trading over there itself. The gap down narrowed by 22 points overnight. Somebody was buying the dip in the gift session. Look at Asia. 65% at 6am. 17. 21%. Asia leadership cooled into open. That's not a risk on the tape. That's a risk off tape with one buyer left standing in India. But here's the twist. US futures flipped green while we were sleeping. That's a 318 point swing from the cash close. S&P is still soft. Nasdaq is still soft. So the rotation in the Dow over tech, old economy over new, which lines up with what crude is doing. So let's look at that as well. 20. 20. Crude is the story. It's not the panic move. It was 24 hours ago, but it has not given back the breakout. And as long as Brent sits above $96 and USDINR sits above that $93, the wrong side tell from episode 23 stays armed. So gold is at $4754 back, whereas silver minus 3%. Risk is being reshuffled, not being bought in, that's clear. So Tuesday close, we saw FIIs selling again 1918 crores, so that is 1900 crore of equity. The DII cash bought 2200 crore of equity. April month to date FIIs have dumped around 42,000 crores where DIIs have absorbed around 35,000 crores. There is one buyer in the market. It is not the foreign money. Now the part nobody talks about. FII index futures. So net short are standing around 1,73,000 contracts. They covered around 15,000 yesterday as well on the breakout day. That is not capitulation. That is a hedge trim. They are still short. FII index options, they sold 1,31,000 calls. They bought 300,000 puts on a breakout day. That is a hedged bearish book. The breakout did not change foreign positioning. That tells you everything. So pro is on the other side, long 1 lakh 24,000 calls, long 23,000 puts. Pro is long volatility, long direction. So they are playing for long volatility as well as the markets to go higher. And the client sold 3 lakh 80,000 puts right at the call wall. And if the wall breaks the wrong way, client is the one who pays. So whose book is right today? If we hold above 24,400, pro wins. If we crack 24,400, FIIs win. If we chop, DIIs win. The most exposed book is clients. So what is today's call? So yesterday 24,500 broke clean. The expiry pin failed. But the call writers at 24,500 did not run. They are now sitting on a busted wall. The wall flips. Today, 24,400 to 24,500 becomes the floor, not the ceiling. Here is the trade. Buy the dip into 24,400. Stop below 24,350. Targets are about 24,500 first, then 24,600 second. And 24,600 is the next gamma flip on the way up. The reason this works today and didn't work yesterday is that IVs got crushed at expiry. 64. Today's open print on protection is much cheaper. So you can buy the dip and pay almost nothing for a put hedge underneath. Hedged longs at cheap vol is the cleanest structure of the week. So if 24,400 breaks, you don't fight it. Step aside, watch FII covering speed. A flush goes to 24,350, 24,300. That is where DIIs would step in. So that is where you can also add back the position once again. Today is one day to expiry plus Infosys Q4 results at close. Two events stacked. Peak theta. Peak earnings vol. That is present. Sensex spot is trading at 79,273. Magnet 79,000 below, pin above 79,500. That is that level. And gamma flip level is 79,300. So since it sits one step below the flip, same setup as Nifty. Hold the flip, drift to the pin. Lose the flip, magnet to 79,000. That is the play. What does that mean? It means that 79,000 is your buy on dip first, then your 79,300 gets activated, the flip occurs, and that is where 79,500 can be seen. So strategy for tomorrow. If Nifty holds 24,400 and Sensex holds 79,300, sell the 79,500 straddle into Thursday. Theta plus pin is what we are trying to play for. Sellers win. If we lose the flip on either index, do not sell. The magnet activates and the straddle blows up before the pin can pay. Infosys post close is a wildcard earnings. So let's see how it Questions ## EP24, in plain words. What does EP24 of The Tanmay Edge cover?EP24, Wednesday 22 Apr 2026, 6:22, in 6 chapters: Cold open: 24,500 broke. The Wall flipped.; What the tape is saying; The FII DII truth; Today's call: buy on dips with hedge; 1DTE Sensex tomorrow: Infosys Q4 wild card; The wrap: narratives lie, data doesn't. How did the calls in EP24 score?Grade 4/7 (57 percent): 4 hit, 0 partial, 0 mechanical, 3 miss. 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