--- title: "Client Trapped Both Sides. Squeeze First. | The Tanmay Edge" description: "GIFT down 171 before the bell. Sensex expiry + Infy Q4 post close. Client max wrong side | longed 7,33,514 calls + shorted 5,19,012 puts. AND gate live 3rd" source_url: "https://www.rupeecase.com/podcast/episodes/2026-04-23" --- The Tanmay Edge, Season 2, EP25 # Client trapped both sides. Squeeze first. Relief second. Sensex weekly expiry + Infy Q4 post close, stacked event day * **9:04**listen * **1/5**graded at settlement * **Thu 23 Apr 2026**aired, Season 2 Now playing Client trapped both sides. Squeeze first. Relief second. EP25, 23 Apr, 9:04 1x 0:00Chapter marks are estimated from the notes9:04 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 ## 1/5 at settlement. **1/5**20% **The call.** Sensex Expiry * **1**Hit * **0**Partial * **0**Mechanical * **4**Miss Graded against the 24 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 ## 7 chapters, the numbers pulled out. 1. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 2. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 3. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 4. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 5. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 6. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 7. **07**Today's plan + predictionsBias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. Cold open: the pivot from yesterday **171 points**GIFT Nifty already Good morning. Thursday 23 April. Sensex expires today. Infosys reports after close. GIFT Nifty already down 171 points before we open. What happens when Client is trapped on both sides of the book and the morning gaps exactly into their pain? Yesterday bias Read the chapter Yesterday's snapshot: the break **24,367.65**Nifty closed **24,353**Intraday low **784 points**Broke weekly flip **2,08,593**Calls sold Nifty closed 24,367.65 (-0.85%). Intraday low 24,353. 24,400 was supposed to hold. It didn't. Sensex 78,516. Broke 79,300 weekly flip by 784 points. 78,500 magnet owned the close. Pro flipped clean bear. Futures +222 flat. Calls sold 2,08,593. Puts bought Read the chapter Overnight tape: aND gate live 3rd session **0.49**Hang Seng **24,193**GIFT Nifty **93.40**USD INR above US strong. S&P +1.05%. Nasdaq +1.64%. Real follow through from Tuesday. Europe mixed. DAX -0.31. FTSE -0.21. CAC -0.97. Asia split. Nikkei -0.77. Hang Seng -0.49. Taiwan +1.92. KOSPI +1.18. Not a trend. GIFT Nifty 24,193 (-171). 0.70% gap down priced in. India Read the chapter Squeeze then relief: the trapped book mechanic **78,500**Drift back toward Client ended yesterday long calls into a broken floor and short puts into a breakdown. Forced unwind book. Both legs are losers the second we gap down. First hour opens gap down. Client short puts scream higher. Loss is margin not paper. Somebody has to cover. Read the chapter Sensex 1DTE + Nifty 28 Apr levels **78,516**Sensex spot **77,667**Expected range **79,366**Expected range **78,000**Path, First half tests Sensex spot 78,516. ATM straddle 679. 1SD (x1.25) = 849 pts. Expected range 77,667 to 79,366. Walls, 79,000 call ceiling. OI 1.39M. Gamma +3466. Heaviest wall on the board. 78,500 magnet. OI 984k. Negative gamma pin zone. 78,000 put floor. OI 1.14M. PCR 7.4. Read the chapter Education: morning squeeze, midday silence, second half reversion **24,400**Yesterday said **78,000**Today am saying When Client is max trapped on both sides, the expiry mechanic is not pin. It's squeeze then relief. Short puts squeeze first, unlimited loss in a gap. Long calls fade second, wrong hedge from day one. The trap most retail falls into is thinking the first hour Read the chapter Today's plan + predictions **24,300**Nifty settles above Bias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 78,000 Sensex is the line. Holds on first test, second half bullish into magnet. Cleaves through, stand down. Nifty 24,300 is the line on the weekly cycle. Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the pivot from yesterday Good morning. Thursday 23 April. Sensex expires today. Infosys reports after close. GIFT Nifty already down 171 points before we open. What happens when Client is trapped on both sides of the book and the morning gaps exactly into their pain? Yesterday bias was defensive. Sell rallies. Hold puts. Trail hedged longs. Today I am taking the other side of that. The overnight gap just did some of the work for us. First hour and second half are two completely different trades. ### *02*Yesterday's snapshot: the break Nifty closed 24,367.65 (-0.85%). Intraday low 24,353. 24,400 was supposed to hold. It didn't. Sensex 78,516. Broke 79,300 weekly flip by 784 points. 78,500 magnet owned the close. Pro flipped clean bear. Futures +222 flat. Calls sold 2,08,593. Puts bought 1,18,931. FII pressed deeper short. Futures -1,83,314. Added 9366 shorts. Put book +3,45,946, biggest put flow of the day. Client max wrong side. Longed 7,33,514 calls into the fade. Shorted 5,19,012 puts into the breakdown. Cash, first dual sell day in April. FII -2078 Cr. DII -1048 Cr. MTD FII -85,559 Cr. DII +81,334 Cr. DII was the buyer of last resort for 4 weeks. Yesterday they sold too. ### *03*Overnight tape: aND gate live 3rd session US strong. S&P +1.05%. Nasdaq +1.64%. Real follow through from Tuesday. Europe mixed. DAX -0.31. FTSE -0.21. CAC -0.97. Asia split. Nikkei -0.77. Hang Seng -0.49. Taiwan +1.92. KOSPI +1.18. Not a trend. GIFT Nifty 24,193 (-171). 0.70% gap down priced in. India diverging south of US cue. Brent 102.31. Spike near 5 AM IST ran higher then reverted fast. Noise, not signal. USD INR above 93.40 gate. Both legs of wrong side tell are live into expiry. Brent above 96. Rupee above 93.40. First time in April both fired at close and still firing into the open. After a 171 point gap down, you don't sell the gap. You wait for the cover to finish. ### *04*Squeeze then relief: the trapped book mechanic Client ended yesterday long calls into a broken floor and short puts into a breakdown. Forced unwind book. Both legs are losers the second we gap down. First hour opens gap down. Client short puts scream higher. Loss is margin not paper. Somebody has to cover. They cover into a chain where Pro already owns puts, FII is max short on both futures and puts, and nobody of size is sitting there offering. Puts get slaughtered in the first hour. Not because they were the wrong trade. Because they were the forced trade into no offer. Once covering finishes (11:30 to 12), bid under puts disappears. Nobody needs them. Pro and FII already own theirs. Client just covered. Second half. Mean reversion. Drift back toward 78,500 magnet on Sensex. Recovery into 24,300 to 24,350 on Nifty. Squeeze then relief on a trapped Client book. Morning violent. Afternoon quiet. Close mean reversion into magnet. Yesterday's defensive becomes today's buy dips with hedge. Not buy the open. Buy the dip after the forced covers finish. ### *05*Sensex 1DTE + Nifty 28 Apr levels Sensex spot 78,516. ATM straddle 679. 1SD (x1.25) = 849 pts. Expected range 77,667 to 79,366. Walls, 79,000 call ceiling. OI 1.39M. Gamma +3466. Heaviest wall on the board. 78,500 magnet. OI 984k. Negative gamma pin zone. 78,000 put floor. OI 1.14M. PCR 7.4. Gamma -2423. Real floor. Path, First half tests 78,000. 78,000 holds. Second half drifts 78,200 to 78,500. Settle 78,200 to 78,700. Trade on chain, Hold 78,500 on open, sell the 79,000 78,000 strangle. Lose 78,500 first hour, stand down, buy straddle unwind after 78,000 confirms. Reclaim 79,000, abandon the pin play. Nifty 28 Apr, ATM straddle 360. 1SD 451. Expected range 23,927 to 24,829. Call wall 24,500 (4.88M). Put wall 24,300 (3.58M). Floor 24,000. Intraday line 24,350. Below that, 24,200 is the real target. Reclaim 24,500, flip back to fade. IV 16.88, hedges cheap. ### *06*Education: morning squeeze, midday silence, second half reversion When Client is max trapped on both sides, the expiry mechanic is not pin. It's squeeze then relief. Short puts squeeze first, unlimited loss in a gap. Long calls fade second, wrong hedge from day one. The trap most retail falls into is thinking the first hour is the day trade. On a trapped book day, the first hour is forced covering. Not the direction. The direction shows up after the panic ends. Morning squeeze. Midday silence. Second half mean reversion into settle. The fade of the fade is where the edge lives when the participant chain shows Pro + FII on one side and Client alone on the other. Two episodes ago I said IV below 17 was cheap. It came in at 16.88. Right. Yesterday I said 24,400 would hold. It didn't. Today I am saying 78,000 holds on test. We will know by 14:00 IST. ### *07*Today's plan + predictions Bias, Buy dips with hedge. Pivot from yesterday. Overnight gap does the work of the sell rally for you. 78,000 Sensex is the line. Holds on first test, second half bullish into magnet. Cleaves through, stand down. Nifty 24,300 is the line on the weekly cycle. Above 24,300 at close means mean reversion won. Below 24,200 means gap got extended and we are in a real trend. Infy post close is a Friday story, not a today story. Don't anchor your intraday trade to it. Five point prediction set on record for tomorrow's grade. 78,000 tests but holds. Second half relief prints. Nifty settles above 24,300. Brent stays above 96 at close. Pro trims some short into the relief. You don't need more information. You need the right information. 04Key takeaways ## 10 things to carry into the session. * *01*Sensex weekly expiry + Infy Q4 post close, stacked event day * *02*GIFT Nifty 24,193 (-171), 0.70% gap down before the bell * *03*AND gate live 3rd session, Brent 102.31 above 96 + USD INR above 93.40 * *04*FII max short, futures -1,83,314, added 9366 shorts, +3,45,946 puts * *05*Client max wrong side, longed 7,33,514 calls, shorted 5,19,012 puts * *06*First dual sell day in April, FII -2078 Cr + DII -1048 Cr * *07*Sensex ATM straddle 679, 1SD 849, expected range 77,667 to 79,366 * *08*Walls, 79,000 ceiling (1.39M OI), 78,500 magnet, 78,000 floor (PCR 7.4) * *09*Nifty 28 Apr IV 16.88, hedges cheap for longer holds * *10*Bias flipped overnight, defensive yesterday to buy dips with hedge today Show all 10 05In his words Today I am taking the other side of that. The overnight gap just did some of the work for us. Puts get slaughtered in the first hour. Not because they were the wrong trade. Because they were the forced trade into no offer. Morning squeeze. Midday silence. Second half mean reversion into the settle. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,284 words, about 6 min to read Good morning traders. It's Thursday, 23rd April. Sensex expires today. Infosys reports after close. GIFT Nifty is already down more than 200 points before we have even opened. The question I want you to sit with for the next seven to eight minutes is this. What happens when Client is trapped on both sides of the book and the morning gaps exactly into their pain. Yesterday I said the default bias was defensive. Sell on rallies. Hold puts. Buy on dips with hedges. Okay. Today I am taking the other side of that. The overnight gap just did some of the work for us and the setup I see on the chain says the first hour and the second half are completely different trades. So let's look at what happened yesterday. 85. Intraday low was 24,353. 24,400 was supposed to hold. It didn't. Sensex closed at 78516, broke the 79,300 weekly flip by 784 points. The 78,500 magnet owned the close. Pro flipped clean bear in one session. Futures plus 222, essentially flat. Calls 2 lakh sold. Puts bought 1 lakh 18,000. FII pressed deeper short. Futures are now minus 1 lakh 83,000. Added around 9000 shorts on that day. Did not cover. Put book added around 3,45,946. That was the biggest put flow of the day by any participant. Client did what Client always does on a day like this. Long around 7,33,000 calls into the fade. Shorted around 5,19,000 puts into the breakdown. Maximum wrong side exposure on both legs. On the cash tape, the first dual sell day in April. FII sold around 2000 crore. That's regular. DII sold another 1050 crore. Month to date FII have sold almost 85,000 crore. DII cumulative stands at almost 81,000 crore. DII have been the buyer of last resort for four weeks. Yesterday they sold as well. US closed strong. 05 pct. 64 pct. Real follow through from Tuesday's risk on. Europe was mixed. 31. 21. CAC was also minus 1 pct. This morning is a split board. 77. Hang Seng minus half a pct. But Taiwan plus almost 2 pct. 2. Not a trend, but showing some bounces in the Asian markets. GIFT Nifty 24,190. Minus 180 points from yesterday. 7 pct priced in before the bell rings. India is diverging south of the US cues. 39 pct overnight. There was a spike near 5am IST that almost ran higher before reverting fast. Treat that as noise, not a signal. 40 gate. Both legs of the wrong side tell are live into the expiry day. Brent above 96, that's bad news. Rupee above 93, that's bad news. First time in April both fired at close and they are still firing into the open. The rally to sell exists on the tape. But after a 180 point gap down, you don't sell the gap. You wait for the cover to finish. Here is the part I want to internalise. Client ended yesterday with long calls into a broken floor and short puts into a breakdown. That is a forced unwind book. Both legs are losers the second we gap down. First hour opens. Gap down. Client short puts start screaming higher. So the loss isn't on paper. It's margin. Somebody has to cover and they don't have a choice. They cover prints into the chain where Pro already owns puts. FII is max short on futures and puts. And nobody of size is sitting there as an offering. Puts get slaughtered in the first hour. That is what I see. Not because they were the wrong trade. Because they were forced to trade into no offer. Once the covering finishes, usually by 10:30 to 12, the bid under puts disappears. Nobody needs them anymore. Pro and FII already own theirs. Client just covered theirs short. So then the tape has nobody left to hold it down. Now you get to the second half. After 12. The mean reversion. The drift back towards the magnet of 78,500 on Sensex. The recovery into 24,300 to 350 on Nifty. This is the squeeze then relief mechanic on a trapped Client book. Morning is violent. Afternoon is quiet. Close is a mean reversion into the magnet. My bias has shifted overnight. Yesterday's defensive becomes today's buy dips with hedges. Not buy the open. Buy the dip after the forced covering happens during the first half. Sensex today. Spot is trading around 78,516. ATM straddle is around 679. One standard deviation is equal to almost 850 points. So the expected range would be 77,700 on the bottom side to almost 79,300 on the upside. Real wall on the chain stands at 79000, which is a major hurdle. I don't see that getting broken today. 3 million. Gamma is almost 3466 over there. This is the single heaviest wall on the board. 78,500 is the magnet. ATM OI stands at almost 9 lakh. Negative gamma pin zone, which is a high likelihood. 78,000 is another level I'm looking at very strongly. 14 million. 4. Gamma is minus 2423. That is the real floor I am seeing. Any dip towards 78,000 to 77,800 should be bought into, for a covering towards 78,200 to 78,300. My path expectation. First half Sensex tests 78,000. Panic from Client short put covers. 78,000 holds or is broken. Second half drift back between 78,200 to 78,500 is what I am looking at, depending on how clean the relief is. Trade on the chain. Holding 78,500 on open, sell the 78,000 strangle along with 77,500 strangle. Nifty 28 April ATM straddle stands at 360. One standard deviation stands at 451 points. Expected range is 23,900 on the bottom end to almost 24,700 by next Tuesday. Biggest call wall is at 24500, which is now acting as resistance. 88 million. 58 million. Psychological floor is around that 24,300 to 400 zone. Levels that matter today. Nifty 24,350 is the intraday line. Back below that, 24,200 is the real target. Reclaiming 24,500 is going to be very difficult. 88, making the hedges cheap if you want to run this longer than today. When Client is max trapped on both sides, the expiry mechanic is squeeze then relief. Short puts squeeze first because they carry unlimited loss in the gap. Long calls fade second because they were on the wrong hedge from day one. The trap most retail traders fall into is thinking the first hour is the day trade. On a trapped book day, the first hour is forced covering. It's not the direction. The direction shows up after the panic ends. Write this down. Morning squeeze. Midday silence. Second half mean reversion into the settle. The fade of the fade is where the edge lives. When the participation chain shows Pro plus FII on one side and Client alone on the other side, that is what is going to happen today. Bias still remains buy dips with hedges. That's the pivot from yesterday. The overnight gap does the work of the sell rally for you. 78,000 Sensex into the magnet. Nifty above 24,300 is the line on the weekly cycle. Above 24,300 at close means mean reversion worked and one. Infy post close is Friday's story, not today's story. Don't anchor your trade into it. Five point prediction set going on record for tomorrow's grade. 1. 78,000 tests but holds 2. Second half relief prints 3. Nifty settles above 24,300 4. Brent stays above 96 5. Pro trims some shorts into the relief You already know where to find the data. com slash podcast. You don't need more information. You need the right information. See you all tomorrow with a grade. Have a good expiry guys. Thank you. Questions ## EP25, in plain words. What does EP25 of The Tanmay Edge cover?EP25, Thursday 23 Apr 2026, 9:04, in 7 chapters: Cold open: the pivot from yesterday; Yesterday's snapshot: the break; Overnight tape: aND gate live 3rd session; Squeeze then relief: the trapped book mechanic; Sensex 1DTE + Nifty 28 Apr levels; Education: morning squeeze, midday silence, second half reversion; Today's plan + predictions. How did the calls in EP25 score?Grade 1/5 (20 percent): 1 hit, 0 partial, 0 mechanical, 4 miss. Graded against the 24 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 7.4INR, FII Flows, and Global Market Linkages10 min read](/learn/path-7/module-7-4-inr-fii-flows-global-linkages) * [StrategyNifty 50 Equal Weight strategyNifty 50, 50 stocks, every 4 weeks](/strategies/nifty-50-equal-weight) * [Free module 1.3Indices & Benchmarks13 min read](/learn/path-1/module-1-3-indices-and-benchmarks) * [Free module 7.6Corporate Earnings Cycle in India10 min read](/learn/path-7/module-7-6-corporate-earnings-cycle-india) 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=Client%20trapped%20both%20sides.%20Squeeze%20first.%20Relief%20second.%20%7C%20The%20Tanmay%20Edge%20EP25&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-04-23) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-04-23) 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.