--- title: "Pro Bought The Dip. Sensex Expiry Trades | The Tanmay Edge" description: "Yesterday Sensex closed at 74,608.98. Up 49 points. Half a percent of a percent. From the outside it looked like the bleeding from Tuesday's crash had simply" source_url: "https://www.rupeecase.com/podcast/episodes/2026-05-14" --- The Tanmay Edge, Season 2, EP39 # Pro bought the dip. Sensex expiry trades the 75,000 resistance Sensex Wed close 74,608.98 up 49.74 points 0.07 percent * **8:17**listen * **4/5**graded at settlement * **Thu 14 May 2026**aired, Season 2 Now playing Pro bought the dip. Sensex expiry trades the 75,000 resistance EP39, 14 May, 8:17 1x 0:00Chapter marks are estimated from the notes8:17 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 ## 4/5 at settlement. **4/5**80% **The call.** Daily * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 15 May 2026, against NSE settlement. 1. **Hit**. Calibration banked: when Pro flips bullish with wall migration room drop cap-clauses use 1SD wing only. 2. **Hit**. Calibration banked: when Pro flips bullish with wall migration room drop cap-clauses use 1SD wing only. 3. **Hit**. Calibration banked: when Pro flips bullish with wall migration room drop cap-clauses use 1SD wing only. 4. **Hit**. Calibration banked: when Pro flips bullish with wall migration room drop cap-clauses use 1SD wing only. 5. **Hit**. Calibration banked: when Pro flips bullish with wall migration room drop cap-clauses use 1SD wing only. [The whole season, graded](/podcast/#trail)[May 2026 archive](/podcast/2026-05/)[Methodology](/track-record) 02In this episode ## 8 chapters, the numbers pulled out. 1. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 2. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 3. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 4. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 5. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 6. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 7. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 8. **08**RupeeCase Nifty 10: plus 0.86 vs Nifty plusThe RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up Cold open: the boring close that flipped the trade **74,608.98**Yesterday Sensex closed Yesterday Sensex closed at 74,608.98. Up 49 points. Half a percent of a percent. The most boring close of the week. But underneath that boring close, three things happened that change the whole map for today. This is The Tanmay Edge. Tanmay Kurtkoti. Season 2 Read the chapter Pro 3-move flip: one session. One direction. One posture shift. **1.92 percent**Tuesday the market fell Tuesday the market fell 1.92 percent on Sensex. Wednesday it closed flat. From the outside the bleeding looked like it stopped. From the inside Wednesday was the day the trade flipped. Proprietary desks made three moves on the same session. Covered 1,13,051 Read the chapter The chain: 75,000 Wall. 74,000 floor. 73,000 deep floor. **13,06,320**Call open interest **4,58,860**Wednesday alone added **74,000**Below us **18,08,080**Put open interest Sensex weekly expiry is today. The 14 May option chain tells you where the trade is built. The 75,000 strike is the wall. Call open interest 13,06,320 contracts. Wednesday alone added 4,58,860 fresh contracts. A 65 percent build in one session at one strike. Read the chapter GIFT vote: up 109. Brent eased. USD INR 95.70. Wall 391 points away. **105.64**Eased from dollars **95.70**USD INR holding **391 points**Wall sits GIFT Nifty this morning is up 109 points at 23,533. Plus 0.47 percent. Overnight Brent crude eased from 107 dollars to 105.64. USD INR holding at 95.70. US futures green. Asia mostly green. GIFT voted up. Pro bought the floor. And the wall sits 391 points Read the chapter Two desks one trade: pro long. FII short. Same vol bet. **2,54,012**FII held **5752 crore**Sold options worth **7.2**Wednesday the chain added **2.3**Writers by factor Pro flipped bullish on options. FII did the opposite. FII held 2,54,012 short call positions. Held 4,44,048 long put positions. Sold options worth 5752 crore rupees net. One desk leaning long. Another desk leaning short. Different exposures. Both desks added Read the chapter Trade map: buy the dip. Sell the rally. Pin at 74,600. Hold the wing. Stand down on premium. **74,000**Floor stack **73,500**Floor stack at plus **73,000**Stack at plus plus **74,100**See Sensex test First. The dip yesterday was the buy. Sensex 74,134 was the intraday low. The floor stack at 74,000 plus 73,500 plus 73,000 makes that level the buy zone. If we see Sensex test 74,100 to 74,300 intraday today that is the second-chance entry. Hedge it with a Read the chapter Wing as hedge: same put. Two jobs. Sometimes three. This is the third week in a row that the wing as hedge has paid something. EP36 the 23,800 put wing protected the floor. EP38 the 75,000 mega-call sat as a ceiling hedge. Today the 74,000 put protects again. Same put. Two jobs. Sometimes three jobs. When insurance graduates to the buy the chain does not re-price it as a different contract. The trader has to re-read it as a different role. Read the chapter RupeeCase Nifty 10: plus 0.86 vs Nifty plus 0.21. Metals led. **0.86 percent**RupeeCase Nifty portfolio added **0.21 percent**Day Nifty added **3.73**Tata Steel **2.90**Adani Ports The RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 3.73. Hindalco up 3.61. Adani Ports up 2.90. JSW Steel up 1.95. The metals leg led on a day the BSE Metal index added 3.30 percent. The Wednesday 11 Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the boring close that flipped the trade Yesterday Sensex closed at 74,608.98. Up 49 points. Half a percent of a percent. The most boring close of the week. But underneath that boring close, three things happened that change the whole map for today. This is The Tanmay Edge. Tanmay Kurtkoti. Season 2 Episode 39. Let's go. ### *02*Pro 3-move flip: one session. One direction. One posture shift. Tuesday the market fell 1.92 percent on Sensex. Wednesday it closed flat. From the outside the bleeding looked like it stopped. From the inside Wednesday was the day the trade flipped. Proprietary desks made three moves on the same session. Covered 1,13,051 short calls. Sold 45,229 long puts. Added 5095 long futures contracts. Three moves. One direction. Each move makes the next one safer. When one desk makes one bullish move on a session that is noise. When the same desk makes three bullish moves on the same session that is a posture shift. We saw this exact signature on the 28th and 29th of April. Pro flipped. Four sessions later the market was higher. That is the reference trade for this week. ### *03*The chain: 75,000 Wall. 74,000 floor. 73,000 deep floor. Sensex weekly expiry is today. The 14 May option chain tells you where the trade is built. The 75,000 strike is the wall. Call open interest 13,06,320 contracts. Wednesday alone added 4,58,860 fresh contracts. A 65 percent build in one session at one strike. The wall did not just exist. The wall got built yesterday. Below us at 74,000 sits the floor. Put open interest 18,08,080. Wednesday added 9,04,160 puts at that strike. At 73,000 sits the deepest single strike of any chain this season. Put open interest 22,40,440. Plus another million added Wednesday. Wall at 75,000. Floor at 74,000. Reinforced floor at 73,000. The chain itself is telling you the range. Roughly 1000 points wide. 2000 if you stretch to the outer floor. ### *04*GIFT vote: up 109. Brent eased. USD INR 95.70. Wall 391 points away. GIFT Nifty this morning is up 109 points at 23,533. Plus 0.47 percent. Overnight Brent crude eased from 107 dollars to 105.64. USD INR holding at 95.70. US futures green. Asia mostly green. GIFT voted up. Pro bought the floor. And the wall sits 391 points away. Those three things together are why today trades the wall. ### *05*Two desks one trade: pro long. FII short. Same vol bet. Pro flipped bullish on options. FII did the opposite. FII held 2,54,012 short call positions. Held 4,44,048 long put positions. Sold options worth 5752 crore rupees net. One desk leaning long. Another desk leaning short. Different exposures. Both desks added option-selling on top of core positions. Pro covered shorts but sold more options as theta plays. FII held shorts and sold options for premium. The market chain aggregate said the same thing. Wednesday the chain added 7.2 million call open interest contracts. And 16.7 million put open interest contracts. Put writers outpaced call writers by a factor of 2.3 to 1. When more puts get written than calls on the same session the option sellers are saying they do not expect prices to fall. That is the quietest bullish signal in the book. Two desks. Different bets on direction. Same bet on volatility. Sensex implied volatility for 14 May expiry dropped 8.15 percent in one session. Straddle premiums crushed. The sell-vol signal that has been waiting for a window finally got one. ### *06*Trade map: buy the dip. Sell the rally. Pin at 74,600. Hold the wing. Stand down on premium. First. The dip yesterday was the buy. Sensex 74,134 was the intraday low. The floor stack at 74,000 plus 73,500 plus 73,000 makes that level the buy zone. If we see Sensex test 74,100 to 74,300 intraday today that is the second-chance entry. Hedge it with a 74,000 put or a 73,500 put depending on protection. Second. The wall is the short. 75,000 inner wall. 75,500 outer wall. 76,000 the mega wall with 19,48,380 calls open. If Sensex tags 75,000 intraday without the chain trimming call OI that is the sell-the-rally trade. Sell calls at 75,000 hedge with 75,500 or 75,800. Third. The pin is at the ATM. Sensex 74,600 is the joint pin. Both calls and puts added 2,50,000 plus contracts there yesterday. The expiry magnet. Fourth. The wing as hedge stays on the books. Long basket holds a 74,000 put. Short basket holds a 75,500 call. Premium is small. Insurance is real. Fifth. India VIX closed 19.43. Until VIX prints below 17 on a daily close premium-selling stays a tactical trade not a strategic one. We sell into rallies. We do not sell into fear. ### *07*Wing as hedge: same put. Two jobs. Sometimes three. This is the third week in a row that the wing as hedge has paid something. EP36 the 23,800 put wing protected the floor. EP38 the 75,000 mega-call sat as a ceiling hedge. Today the 74,000 put protects again. Same put. Two jobs. Sometimes three jobs. When insurance graduates to the buy the chain does not re-price it as a different contract. The trader has to re-read it as a different role. ### *08*RupeeCase Nifty 10: plus 0.86 vs Nifty plus 0.21. Metals led. The RupeeCase Nifty 10 portfolio added 0.86 percent yesterday on a day Nifty added 0.21 percent. Tata Steel up 3.73. Hindalco up 3.61. Adani Ports up 2.90. JSW Steel up 1.95. The metals leg led on a day the BSE Metal index added 3.30 percent. The Wednesday 11 May rebalance brought Coal India back into the basket. Adani Enterprises moved out. The new ten holdings showed up at the right time on the right day. Excess return since the rebalance is plus 2.03 percent. Annualised CAGR around 26 percent. Next rebalance scheduled for the 8th of June. To recap. Pro bought the dip. The chain built the wall. The chain built the floor. GIFT voted up overnight. Today trades inside the 1000-point range between 74,000 and 75,000. Buy the dip. Hedge the ceiling. Hold the wing. Stand down on premium until VIX cracks 17. Have a happy trading expiry. 04Key takeaways ## 20 things to carry into the session. * *01*Sensex Wed close 74,608.98 up 49.74 points 0.07 percent * *02*Sensex weekly expiry today 14-May * *03*Pro covered 1,13,051 short calls in one session * *04*Pro sold 45,229 long puts same session * *05*Pro added 5095 long futures contracts * *06*75,000 strike call OI 13,06,320 the wall * *07*75,000 added 4,58,860 fresh calls Wed 65 percent build * *08*74,000 strike put OI 18,08,080 the floor * *09*74,000 added 9,04,160 puts Wednesday * *10*73,000 deepest put strike 22,40,440 plus another million Wed * *11*GIFT Nifty 23,533 up 109 plus 0.47 percent * *12*Brent eased to 105.64 from 107 overnight * *13*USD INR 95.70 holding record-low region * *14*FII held 2,54,012 short calls and 4,44,048 long puts * *15*FII sold options 5752 crore net Tuesday F&O * *16*Chain Wed 7.2M call OI vs 16.7M put OI ratio 2.3 to 1 * *17*Sensex IV dropped 8.15 percent in one session * *18*India VIX 19.43 close above 17 daily gate * *19*RC Nifty 10 plus 0.86 vs Nifty plus 0.21 alpha plus 0.65 * *20*RC Nifty 10 excess return since 11-May rebalance plus 2.03 percent Show all 20 05In his words Yesterday Sensex closed at 74,608.98. Up 49 points. The most boring close of the week. When one desk makes one bullish move on a session that is noise. When the same desk makes three bullish moves on the same session that is a posture shift. The wall did not just exist. The wall got built yesterday. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,193 words, about 5 min to read A very good morning guys. Yesterday Sensex closed at 74,610. Up 49 points. The most boring close of the week that we saw. But underneath that boring close, three things happened that changed the whole map for today. This is The Tanmay Edge. I am Tanmay Kurtkoti. Season 2, Episode 39. Let's go. 92 percent on Sensex. Wednesday it closed flat. From outside it looked like the bleeding stopped and nothing else happened. From inside, Wednesday was the day the trade flipped. Now let's look at some data points. Proprietary desks made three moves on the same session. They covered 1 lakh 13 thousand short calls. They sold 45 thousand long puts. They added 5 thousand long futures contracts. Three moves, one direction. Each move makes the next one safer. When one desk makes one bullish move on a session that is noise. When the same desk makes three bullish moves on the same session, that is a posture shift that we saw yesterday. We saw this exact signature on 28th and 29th of April as well. Pros had flipped. Four sessions later the market was higher. That is the reference trade for this week as well. So that is the first thing guys. The second thing is the chain. Sensex weekly expiry is today. The 14 May option chain tells you where the trade is built. The 75,000 strike is the wall or the resistance. Call open interest over there is 1 crore 30 lakh contracts. Wednesday alone added around 4 lakh 58 thousand contracts over there. That is a 65 percent buildup in one session at one strike. The wall did not just exist. The wall got built yesterday. Below us at 74000, that is your support, sits the floor. Put open interest is 1 crore 80 lakh over there. Wednesday added around 9 lakh puts on that strike. And below that at 73,000 sits the deepest single strike of any chain we have looked at this season. Put open interest at 22 lakh 40 thousand plus another million added on Wednesday. So we have a resistance at 75000, a support at 74000, a reinforced floor at 73,000. The chain itself is telling you the range. Roughly 1000 points wide between the support and the resistance. Roughly 2000 points wide if you stretch to the outer floor. But we are not going to look into that. So 1000 point is that range. That is the second thing to remember. The third thing. GIFT Nifty this morning is up 109 points at 23,533. 47 percent. 64. 70. US futures are green. Asia is mostly all green. GIFT has voted up. Pro has bought the floor. And the wall sits 400 points away. That is the third thing to remember. And those three things together are why today trades the wall. So now, here is where it gets interesting. Pro flipped bullish on options, FII did the opposite. FII held 2 lakh 54 thousand short call positions. They held 4 lakh 44 thousand long put positions. They sold options worth 5752 crores net. So we have one desk leaning long, another desk leaning short. Different exposures. But here's the thing. Both the desks added options selling on top of their core positions. Pro covered shorts but sold more options as theta plays. FIIs held short and sold options for premium. The market chain aggregate said the same thing. 7 million put open interest contracts. 3, two point three to one. So when more puts get written than calls on the same session, the option sellers are saying they do not expect prices to fall further. That is the quietest bullish signal in the book. Two desks, different bets on direction, same bet on volatility. The volatility cracked yesterday. 15 percent in one session. Straddle premiums have crushed. The sell volatility signal that has been waiting for a window finally got one. So here is the trading plan for today guys. First the dip. The dip yesterday was the buy. Sensex 74,134 was the intraday low. That is 475 points below today's close. So the floor is stacked at 74,000. That is your support. Plus 73,500. Plus 73,000 strike makes that level a buy zone. If we see Sensex test 74,100 to 74,300 intraday today, that is your second chance of doing an entry. Hedge it with 73,500 depending on how aggressive you want the protection. Second, the wall is the short. Sensex 75,000 is the inner wall. 75,500 is the outer wall. 76,000 is the mega wall with almost 1 crore 94 lakh calls open over there. If Sensex tags 75,000 intraday today without the chain trimming its call open interest, that is the sell the rally trade. Sell call options at 75000, hedge it with 76,000 call or 75,800 calls. Third, the pin is at the ATM. Sensex 74,600 is the joint pin. Both calls and puts added almost 2 lakh 50 thousand plus contracts there yesterday. That is the expiry magnet. If we run sideways into the close, the pin pulls towards 74,600. Fourth, the wing as a hedge stays on the book. Anyone running a long basket today should hold a 73,500 put or 74,000 put. Anyone running a short basket should hold a 75,500 or 75,800 call. Premium is small. Insurance is the real thing. Fifth, volatility is still above the high wall zone. 43. Until VIX prints below 17 on daily close, premium selling stays a tactical trade, not a strategic one. We sell into rallies. We do not sell into fear. Third, and this is the third week in a row that the wing as a hedge has paid something. Episode 36 the 23,800 put protected the floor. Episode 38 75,000 mega call sat at the ceiling. Today 74,000 put protects again. Same put, two jobs. Sometimes three jobs as well. 86 percent yesterday. 21 percent. 73 percent. 61 percent. 9 percent. JSW Steel almost 2 percent. 30 percent. The Wednesday 11 May rebalance brought Coal India back into the basket. Adani Enterprises moved out. The new 10 holdings showed up at the right time on the right day. 03 percent. Annualised CAGR is still trading around 26 percent. The next rebalance is scheduled on 8 June. The strategy keeps doing its job through every regime. The pin trade weeks. The wing trade weeks. The metal rotation is happening through different weeks. Discipline holds, guys. So to recap, pros have bought the dip. Chain has built up the resistance. The chain has built up the support as well. So GIFT voted up overnight. Today trades inside the 1000 point range. That is 74,000 to 75,000. Buy the dip. Hedge the ceiling. Hold the wings. Stand down on premium until VIX cracks below 17. com slash podcast. You will get all the details over there. com right now. The podcast is streaming live as well. So if you like this podcast guys, share it with one trader friend who needs it right now. And you have just got an alpha edge, guys. I will see you all tomorrow. This was The Tanmay Edge. Have a happy trading expiry. Questions ## EP39, in plain words. What does EP39 of The Tanmay Edge cover?EP39, Thursday 14 May 2026, 8:17, in 8 chapters: Cold open: the boring close that flipped the trade; Pro 3-move flip: one session. One direction. One posture shift.; The chain: 75,000 Wall. 74,000 floor. 73,000 deep floor.; GIFT vote: up 109. Brent eased. USD INR 95.70. Wall 391 points away.; Two desks one trade: pro long. FII short. Same vol bet.; Trade map: buy the dip. Sell the rally. Pin at 74,600. Hold the wing. Stand down on premium.; Wing as hedge: same put. Two jobs. Sometimes three.; RupeeCase Nifty 10: plus 0.86 vs Nifty plus 0.21. Metals led.. How did the calls in EP39 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded the next trading day, 15 May 2026, against NSE settlement. 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) * [StrategyAllcap strategyNifty Total Market, 50 stocks, every 2 weeks](/strategies/allcap) * [Free module 1.3Indices & Benchmarks13 min read](/learn/path-1/module-1-3-indices-and-benchmarks) * [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%20bought%20the%20dip.%20Sensex%20expiry%20trades%20the%2075%2C000%20resistance%20%7C%20The%20Tanmay%20Edge%20EP39&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-05-14) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-05-14) 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.