--- title: "24,250 Is The Line. Reliance Decides The | The Tanmay Edge" description: "Yesterday 24,200 was the pin day. It held for six hours. Then somebody pulled the floor out and we closed at 24,173. Twenty-seven points below the line both" source_url: "https://www.rupeecase.com/podcast/episodes/2026-04-24" --- The Tanmay Edge, Season 2, EP26 # 24,250 is the line. Reliance decides the rest 24,200 pin broke, closed 24,173, 27 points below the defended line * **13:30**listen * **2/5**graded at settlement * **Fri 24 Apr 2026**aired, Season 2 Now playing 24,250 is the line. Reliance decides the rest EP26, 24 Apr, 13:30 1x 0:00Chapter marks are estimated from the notes13:30 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 ## 2/5 at settlement. **2/5**40% **The call.** Daily * **2**Hit * **0**Partial * **0**Mechanical * **3**Miss Graded against the 27 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: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You 2. **07**Today's plan: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You 3. **07**Today's plan: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You 4. **07**Today's plan: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You 5. **07**Today's plan: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You 6. **07**Today's plan: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You 7. **07**Today's plan: hedge everything, no nakedBias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You Cold open: the pin that gave up **24,200**Yesterday we said **24,247**GIFT Nifty **24,250**Am watching today Yesterday we said 24,200 was the pin day. It held for six hours. Then in the last seventy minutes, somebody pulled the floor out and we closed at 24,173. Twenty-seven points below the line both writers were defending. That is not a pin. That is a pin giving Read the chapter Overnight tape: infy, oil, US software **1.5**Cut guidance **6%**ADR closed down almost **3%**Asia split, Nikkei Taiwan **0.5%**Taiwan Hang Seng Three things happened while you were sleeping. Infosys Q4, headline beat. Profit +21% YoY at 8500 Cr. Revenue +13.4% at 46,000 Cr. 500% dividend, 25 rupees per share. Then they cut FY27 guidance to 1.5 to 3.5% constant currency. ADR closed down almost 6% after Read the chapter Positioning: pro long gamma, FII stacked short, client trapped **32,000**Trimmed long calls **1,14,000**Doubled long puts, added **1,90,000**Futures net **2,46,000**Calls net Most divergent setup in two weeks. Pro flipped flat to long on futures, added ~9000 contracts. Trimmed long calls by 32,000. Doubled long puts, added 1,14,000 in a single session. That is not direction. That is a long gamma book. Somebody willing to pay for Read the chapter Levels: 24,250 is the line, IV expanded 10.3% **24,000**Market is pricing **24,600**Market is pricing **18.54**India VIX **17.60**Apr IV Nifty 28 Apr monthly straddle 374 rupees. 1SD = 468 points. Market is pricing 24,000 to 24,600 by Tuesday expiry. India VIX 18.54 (+1.31%). 28 Apr IV 17.60, up 10.3% on a down day. IV expanding into weakness means somebody is paying for protection. That Read the chapter Sectors: pharma lead, IT dead, banks soft **1.43**Bank Nifty **1.31**Private banks **8%**Reliance weighted **2%**Reliance weighted of Nifty CNXPHARMA +2.36% yesterday, rank one. Defensive bid + weak rupee = tailwind for exporters. Stay with pharma exporters. CNXIT -3.89%. Infy will add to drag today. Guidance cut + ADR -6 is a de-rating, not a one-session story. Stay away. Bank Nifty -1.43. Read the chapter Education: event-Weight mechanics **14%**Reliance HDFC Bank **8%**HDFC Bank ICICI **30%**Top three carry roughly **3%**Reliance moving Nifty 50 is free-float market-cap weighted. Reliance 8%, HDFC Bank ~14%, ICICI ~8%. Top three carry roughly 30% of the index. Reliance moving 3% is roughly 25 bps of direct index contribution, before HDFC reacts, before ICICI reacts, before Infy finds a floor. Read the chapter Today's plan: hedge everything, no naked **24,400**Holding first hour, target **24,500**First hour, target stretch **24,100**Holds, buy stop **2%**Reliance specific, gap Bias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You can afford protection, you should own protection. Above 24,250 holding first hour, target 24,400, stretch 24,500. 24,500 is a fade level (10.65M call Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the pin that gave up Yesterday we said 24,200 was the pin day. It held for six hours. Then in the last seventy minutes, somebody pulled the floor out and we closed at 24,173. Twenty-seven points below the line both writers were defending. That is not a pin. That is a pin giving up. And the funny part, nobody was even trying to break it. The tape just ran out of reasons to stay at 24,200. GIFT Nifty 24,247 pre-open, plus ninety points. The one number I am watching today is 24,250. Hold above, we have a trade. Lose it, we don't. ### *02*Overnight tape: infy, oil, US software Three things happened while you were sleeping. Infosys Q4, headline beat. Profit +21% YoY at 8500 Cr. Revenue +13.4% at 46,000 Cr. 500% dividend, 25 rupees per share. Then they cut FY27 guidance to 1.5 to 3.5% constant currency. ADR closed down almost 6% after hours. IT basket was already Strong Sell going in. Don't be long IT today. Brent at 106, sixth straight session higher. Trump told Navy to engage anything laying mines in the Strait of Hormuz. That is not a headline, that is a policy. WTI at 97, MCX crude at 9082. US closed red but polite. Dow -98 futures. S&P -0.41. Nasdaq -0.89. IBM -8, ServiceNow -18. AI disruption hitting legacy software. That is a signal, not noise. Asia split, Nikkei +344, Taiwan +3%, Hang Seng -0.5%, KOSPI flat. ### *03*Positioning: pro long gamma, FII stacked short, client trapped Most divergent setup in two weeks. Pro flipped flat to long on futures, added ~9000 contracts. Trimmed long calls by 32,000. Doubled long puts, added 1,14,000 in a single session. That is not direction. That is a long gamma book. Somebody willing to pay for the breakage in either direction. FII stacked bearish on every leg. Futures net -1,90,000, added 7600 shorts. Calls net -2,46,000, added 38,000 more shorts. Puts net +3,75,000, bought 29,000 more long puts. Three-lane conviction short. Client is the trap. Long 1,86,000 calls (71,000 added yesterday). Short 6,61,000 puts (1,42,000 fresh). Overloaded both sides. If Reliance misses and 24,150 breaks, forced unwind on both legs at the same time. Cash, DII +941 Cr. FII -3254 Cr, third session of selling. 20-session cumulative, FII -84,000 Cr, DII +77,000 Cr. Mirror images. ### *04*Levels: 24,250 is the line, IV expanded 10.3% Nifty 28 Apr monthly straddle 374 rupees. 1SD = 468 points. Market is pricing 24,000 to 24,600 by Tuesday expiry. India VIX 18.54 (+1.31%). 28 Apr IV 17.60, up 10.3% on a down day. IV expanding into weakness means somebody is paying for protection. That somebody is Pro with 1,14,000 fresh puts. OI walls, 24,500 call wall 10.65 million, hardest ceiling in this cycle, +2.85M added yesterday. 24,000 put floor 69 lakh, but trimmed 7.80 lakh (floor real but not ironclad). 24,300 call short buildup. 24,200 is the broken pin. 24,150 is the new pivot. Above 24,250, pin that broke yesterday becomes floor that holds today. Polarity flip mechanic. Below 24,250, sit. Next real support 24,000 to 24,050. Empty air between 24,000 and 24,150. April futures closed at 10-point discount to spot (24,163 vs 24,173). Near-expiry contracts below cash = shorts are conviction, not hedging. ### *05*Sectors: pharma lead, IT dead, banks soft CNXPHARMA +2.36% yesterday, rank one. Defensive bid + weak rupee = tailwind for exporters. Stay with pharma exporters. CNXIT -3.89%. Infy will add to drag today. Guidance cut + ADR -6 is a de-rating, not a one-session story. Stay away. Bank Nifty -1.43. Private banks -1.31. Finance -1.42. If Reliance disappoints, Bank Nifty is where you hedge, not where you buy. Metals +1.45. Power +2.37. FMCG +1.41. Classic defensive rotation when the index is uncertain. Reliance is the event. Axis Bank Q4 today. Reliance weighted 8% of Nifty, a 2% move is 16 bps direct contribution to the index before 49 other names even react. ### *06*Education: event-Weight mechanics Nifty 50 is free-float market-cap weighted. Reliance 8%, HDFC Bank ~14%, ICICI ~8%. Top three carry roughly 30% of the index. Reliance moving 3% is roughly 25 bps of direct index contribution, before HDFC reacts, before ICICI reacts, before Infy finds a floor. It does not stop there. A big RIL move changes the risk tone. Surprise up, Bank Nifty leads short covering. Miss, Bank Nifty leads the cascade. Correlated names trade off the lead name. You are not just pricing RIL Q4. You are pricing whether a cautious market becomes brave or breaks. That is why on event days with concentrated weights, you don't trade the index. You wait for the anchor to print, then you trade the spread between index and anchor. Today the anchor is Reliance. ### *07*Today's plan: hedge everything, no naked Bias, Buy dips with hedge. Operative word is hedge. IV 17.6 is cheap vs the 22 range into Tuesday expiry. You can afford protection, you should own protection. Above 24,250 holding first hour, target 24,400, stretch 24,500. 24,500 is a fade level (10.65M call wall), not a breakout level. Take profit, don't chase. Lose 24,250 in first 30 minutes, flat and watching, not shorting. Pro is long gamma, if they add to the put side intraday you don't want to be the short they pull the trade out of. Wait for 24,150 to test. Holds, buy stop 24,100. Breaks, walk away. Reliance specific, gap +2% = fade, don't chase. Flat + hold 1360 = acceptance. Gap down + Q4 in line = buy. Gap down + weak guidance = stand aside. Hedge, 24,000 or 24,050 puts cover any long. IV 17.6 pays for insurance without burning delta. One rule. No naked anywhere today. Not long, not short. Event days with this positioning spread punish conviction, reward asymmetry. 04Key takeaways ## 20 things to carry into the session. * *01*24,200 pin broke, closed 24,173, 27 points below the defended line * *02*GIFT Nifty 24,247 pre-open, +90, 24,250 is today's line * *03*Infy Q4 beat, cut FY27 guidance to 1.5-3.5% CC, ADR -6% after hours * *04*Brent 106 sixth straight session, Trump Navy order on Hormuz * *05*US closed red polite, software dumped (IBM -8, ServiceNow -18) * *06*Pro flipped long gamma, +9000 futures, doubled puts with 1,14,000 adds * *07*FII stacked short all three legs, futures -1,90,000, calls -2,46,000, puts +3,75,000 * *08*Client is the trap, 1,86,000 long calls + 6,61,000 short puts stacked * *09*Cash, FII -3254 Cr (session 3), DII +941 Cr * *10*20-session cumulative, FII -84,000 Cr vs DII +77,000 Cr * *11*Nifty 28 Apr straddle 374, 1SD 468, expected range 24,000 to 24,600 * *12*India VIX 18.54, IV 17.60 (+10.3% expansion on down day) * *13*24,500 call wall 10.65M, hardest ceiling in this cycle * *14*24,000 put floor trimmed 7.80 lakh, real but not ironclad * *15*April futures 10-point discount to spot, shorts are conviction * *16*Pharma leads (+2.36%), IT dead (-3.89%), Bank Nifty -1.43% * *17*Reliance Q4 today, 8% Nifty weight, 16 bps per 2% move * *18*Bias, buy dips with hedge above 24,250, sit below * *19*Hedge, 24,000/24,050 puts at IV 17.6, cheap protection * *20*No naked anywhere today, event day rules Show all 20 05In his words That's not a pin. That's a pin giving up. A volatility day dressed up as a directional one. Above 24,250 we have a trade. Below 24,250 we don't. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,845 words, about 8 min to read A very good morning guys. Yesterday we said 24,200 was the pin day. It held for six hours. Then in the last seventy minutes, somebody pulled the floor out and we closed at 24,173. Twenty-seven points below the line both writers were defending. That's not a pin. That's a pin giving up. And the funny part, nobody was even trying to break it. The tape just ran out of reasons to stay at 24,200. This morning, GIFT Nifty is trading at 24247, plus ninety points. And the one number I'm watching today is 24,250. If we hold above it, we have a trade. If we lose it, we don't. Welcome to The Tanmay Edge. I am Tanmay Kurtkoti. This is Friday, 24th April. Let's go. So three things happened while you were sleeping guys. One. Infosys printed Q4 results last evening. The headline is a beat. Profit is up 21% year on year at 8500 crore. 4% at 46,000 crore. 500% dividend is declared, that is 25 rupees per share. Sounds great, right? 5% constant currency. And that is the number the street actually priced. The ADR closed down almost 6% after hours. IT basket was already in Strong Sell going in. This confirms it. Don't be long IT today. Two. Oil didn't blink. Brent is at $106, sixth straight session higher. Trump told the Navy to engage anything laying mines in the Strait of Hormuz. That's not a headline, that's a policy. And the oil market is treating it like one. WTI trading at $97. MCX crude at 9082. Slight pullback on MCX, but the international is the tell and the international is bullish. Three. The US closed red but polite. Dow down 98 on futures. 41. 89. What actually moved was software. IBM dropped 8. ServiceNow dropped 18. AI disruption narrative hitting legacy software. That's a signal, not noise. And it flows into why Infy guidance read cold. Europe was mixed yesterday. Asia this morning is a wide split. Nikkei plus 344. Taiwan Weighted up almost 3%, that's huge. Hang Seng down half a percent. KOSPI flat. And our GIFT Nifty plus ninety. So the world is not dumping. But nobody wants to commit capital before Reliance prints today. Now listen carefully because the positioning tells you something the tape can't. Yesterday post market the participant data came in and it is the most divergent setup we have had in two weeks. Start with the Pros. Pro flipped from flat to long on index futures, added almost 9000 contracts. Trimmed their long calls by 32,000 and then doubled their long puts. Added 1 lakh 14,000 puts in a single session. That is not a directional bet. That is a long gamma book. A house that wants to own movement, not direction. Somebody with proper capital sat down yesterday and said, I don't know which way Reliance breaks, but I'm willing to pay for the breakage. Now FII. Stacked bearish on every single leg. Futures net minus 1,90,000 contracts, added another 7600 yesterday. Calls net minus 2,46,000, added 38,000 more shorts. Puts net plus 3,75,000, bought 29,000 more long puts. Three-lane conviction short. They are not hedging, they are pressing on one single direction. Downside. And the Client. This is the trap candidate. Clients are sitting on 1,86,000 long calls, of which 71,000 was added just yesterday. And they are short 6,61,000 puts, of which 1,42,000 fresh shorts went in yesterday. Overloaded long and short puts both. If Reliance misses and the index breaks 24150, there is forced unwind on both legs at the same time. That's the move. DII quietly bought 941 crore of cash yesterday. FII dumped 3254 crore. That is session three of FII selling. Cumulative twenty sessions, FII minus 84,000 crore. DII plus 77,000 crore. They are almost mirror images. Somebody is leaving, somebody is accumulating, and that battle is what holds this market up. So before we open. Pro is long gamma. FII is stacked short. Client is trapped. DII is underwriting the tape. This is a volatility day dressed up as a directional one. Levels. And here is where today's plan lives. Nifty 28 April monthly straddle trades at 374 rupees. 25, that is your one standard deviation. 468 points. Wide band. The market is pricing 24,000 on the bottom to 24,600 on the upside by Tuesday's expiry. That is what the options are saying. 31%. 60. 3% expansion on a down day. Normally IV contracts when the tape bleeds slow. When it expands, somebody is paying for protection. That somebody is Pro with 1,14,000 fresh puts. OI walls. 65 million contracts, over one crore shares. Hardest ceiling we have seen in this cycle. 85 million added just yesterday. Writers are telling you they don't think we get there. 24,000 put floor where almost 69 lakh shares sit, but it got trimmed yesterday, 7,80,000 unwound. Which means the floor is real but not ironclad. If we test it, it holds. If we spike through, there isn't a second layer right below. 24,300 call short buildup is there. 24,200 is now the broken pin. 24,150 is today's new pivot. And above everything, one number. 24,250 on the spot. This is the line I'm watching. Above 24,250 we have a trade. The pin that broke yesterday becomes the floor that holds today. That is how trap mechanics work. A level gets defended, it breaks, writers on that strike get squeezed into the next session, and the line flips polarity. 24,200 was the ceiling yesterday. 24,200 is the floor today. But only if 24,250 holds on the upside. Below 24250, you don't do anything. You don't fight the FII. You don't trust the pin flip. You sit. Because the next real support directly comes around 24,000 to 24,050. We can go all the way down there. One more thing. April futures closed at a ten point discount to spot. 24,163 versus 24,173. Near-expiry contracts trading below cash is a rare signal. It tells you the shorts are conviction, not hedging. They want the index lower into Tuesday. Sectors. 36%, rank one on the screener, highest score on the board. Defensive bid coinciding with a weak rupee, which is a tailwind for pharma exporters. Stay with it today, specifically the exporters. IT is dead. 89 yesterday. Infy will add to the drag today. Guidance cut plus ADR minus 6 is not a one-session story, it is a de-rating. Stay away. Don't try to catch the bounce. Banks are soft. 43. 31. 42. If Reliance disappoints today, Bank Nifty is where you hedge, not where you buy. 45. 37. 41. Classic defensive rotation when the index is uncertain. Stocks to watch. Reliance is the event. Axis Bank Q4 today, midcap bleed continues. And specifically Reliance itself, weighted 8% of Nifty. If RIL moves 2% on Q4, that is a direct 16 basis point contribution to the index before the other 49 names even react. Which brings me to today's education point. Event-weight mechanics. Why Friday is a one-stock day. Nifty 50 is a free-float market-cap weighted index. Reliance carries a big weightage. HDFC Bank even higher, around 14%. ICICI around 8%. Together the top three carry roughly 30% of the index. Now imagine Reliance prints and moves 3%. Direct index contribution is roughly 25 basis points, before HDFC reacts, before ICICI reacts, before Infy finds a floor. But it doesn't stop there. A big Reliance move changes the risk tone of the tape. If Reliance surprises up, Bank Nifty leads short covering. If Reliance misses, Bank Nifty leads the cascade. Correlated names trade off the lead name's direction. You are not just pricing Reliance Q4, you are pricing whether a cautious market becomes brave or breaks. That is why on event days with concentrated weights, you don't trade the index. You wait for the anchor to print, then you trade the spread between index and anchor. Today the anchor is Reliance. And here is how I am approaching today. Bias. Buy on dips continues with hedge. The operative word is hedge, not naked long. 6. That is cheap compared to the 22 range we saw into last Tuesday's expiry. You can afford protection, you should own protection. If 24,250 holds on the open and the tape base builds for the first hour, that is a green day. Target one is 24,400. Target two, only if Reliance beats and the Infy drag gets absorbed, 24,500. 65 million call wall, over one crore. That is not a breakout level, it is a fade level where mean reversion kicks in. Take profit there, don't chase through. If we lose 24,250 in the first thirty minutes, I am flat and watching. Not shorting. Because the setup is Pro long gamma, and if they add to the put side intraday you do not want to be the short they pull the trade out of. Wait for 24,150 to test. If 24,150 holds, buy with a stop at 24,100. If 24,150 breaks, walk away. The put floor at 24,000 is trimmed and 24,000 to 24,150 is empty air. On Reliance itself. If it gaps up more than 2% into the session, fade the gap, don't chase. If it opens flat and holds 1360, that is acceptance. If it gaps down and the Q4 is in line, that is your buy. If it gaps down and guidance is weak, stand aside and stay smart. The hedge of the day. Buy 24,000 or 24,050 puts to cover any long. 6 pays for insurance without burning your delta. If we grind up into 24400, you give up some premium but you sleep. If we break 24150, the put goes and works for you. One rule. No naked anywhere today. Not long, not short. Event days with this kind of positioning spread will punish conviction and reward asymmetry. A word on where this sits for the long-only investor. The RupeeCase Nifty strategy rebalanced on Monday. Added Axis Bank and TechM, exited Sun Pharma and Dr Reddy. Twenty sessions of FII selling have not broken the tape because DII has absorbed roughly 77,000 crore in the same window. That is the single reason we are not 2% lower today. If you SIP into Nifty or a large-cap basket, today is noise. If you are a weekly trader, today is the whole game. com. Rebalance history is there. Strategy mix is there. I don't need to sell it to you. The numbers do. To close it out. Yesterday was a pin that ran out of reason. Today is a pre-event tape pricing a volatility day. Pro wants gamma. FII wants lower. Client is sitting on the trap leg. 24,250 becomes the line. Above it, lean long with a hedge. Below it, you don't do anything. Just keep a watch on the markets. Markets don't owe us a direction. They owe us a decision. Today, Reliance gives us one. Until then, sit with your rules. Stay sharp. Stay hedged. Stay in the chair. This was The Tanmay Edge. I'll see you after the chaos on Monday. Questions ## EP26, in plain words. What does EP26 of The Tanmay Edge cover?EP26, Friday 24 Apr 2026, 13:30, in 7 chapters: Cold open: the pin that gave up; Overnight tape: infy, oil, US software; Positioning: pro long gamma, FII stacked short, client trapped; Levels: 24,250 is the line, IV expanded 10.3%; Sectors: pharma lead, IT dead, banks soft; Education: event-Weight mechanics; Today's plan: hedge everything, no naked. How did the calls in EP26 score?Grade 2/5 (40 percent): 2 hit, 0 partial, 0 mechanical, 3 miss. Graded against the 27 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. 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