--- title: "Second Gap Up. Buy The Dips. 24,000 | The Tanmay Edge" description: "On Friday this market did something it had not managed in a week. It tore straight through the ceiling. Nifty closed 23,622.90, up 461 points, almost 2" source_url: "https://www.rupeecase.com/podcast/episodes/2026-06-15" --- The Tanmay Edge, Season 2, EP60 # Second gap up. Buy the dips. 24,000 decides Nifty closed 23,622.90 up 461.30 points plus 1.99 percent the whole move in the last 90 minutes * **9:58**listen * **3/5**graded at settlement * **Mon 15 Jun 2026**aired, Season 2 Now playing Second gap up. Buy the dips. 24,000 decides EP60, 15 Jun, 9:58 1x 0:00Chapter marks are estimated from the notes9:58 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 ## 3/5 at settlement. **3/5**60% **The call.** Second Gap Up Continuation * **3**Hit * **1**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 16 Jun 2026, against NSE settlement. 1. **Miss**buying the dip for a push through 24000, the day faded from the open so dip entries did not carry up. The deeper dip 23,650 to 23,500 add and the Iran and Brent risk off conditional never triggered, low held 23,817.80 and Brent stayed quiet near 83. On air and script grade 3 of 5. 2. **Miss**buying the dip for a push through 24000, the day faded from the open so dip entries did not carry up. The deeper dip 23,650 to 23,500 add and the Iran and Brent risk off conditional never triggered, low held 23,817.80 and Brent stayed quiet near 83. On air and script grade 3 of 5. 3. **Miss**buying the dip for a push through 24000, the day faded from the open so dip entries did not carry up. The deeper dip 23,650 to 23,500 add and the Iran and Brent risk off conditional never triggered, low held 23,817.80 and Brent stayed quiet near 83. On air and script grade 3 of 5. 4. **Miss**buying the dip for a push through 24000, the day faded from the open so dip entries did not carry up. The deeper dip 23,650 to 23,500 add and the Iran and Brent risk off conditional never triggered, low held 23,817.80 and Brent stayed quiet near 83. On air and script grade 3 of 5. 5. **Miss**buying the dip for a push through 24000, the day faded from the open so dip entries did not carry up. The deeper dip 23,650 to 23,500 add and the Iran and Brent risk off conditional never triggered, low held 23,817.80 and Brent stayed quiet near 83. On air and script grade 3 of 5. [The whole season, graded](/podcast/#trail)[June 2026 archive](/podcast/2026-06/)[Methodology](/track-record) 02In this episode ## 8 chapters, the numbers pulled out. 1. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 2. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 3. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 4. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 5. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 6. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 7. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap 8. **08**Lesson and risk: don't chase the gapThe simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap Cold open: Friday tore through the ceiling **23,622.90**Nifty closed **2 percent**Points, almost **1695 points**Sensex ran **75,527.95**Sensex ran points A very good morning, guys. On Friday this market did something it had not managed in a week. It tore straight through the ceiling. Nifty closed 23,622.90, up 461 points, almost 2 percent, with the entire move packed into the last 90 minutes. The Sensex ran Read the chapter Scorecard: eP59 graded 2.5 of 5 **23,600**Hold above it opened **23,700**Above it opened Episode 59 graded 2 and a half out of 5. The big call landed. I said 23,500 was the test and a hold above it opened 23,600 to 23,700, and that is exactly where Friday closed. What I got wrong was the cover. I said firmly they would buy back 25 to 30 thousand Read the chapter Friday's tape: the afternoon squeeze **23,350**Nifty sat flat **23,313.90**Day's low **3 percent**Bank index ran almost **2.94**BSE bank gauge added We came in expecting the global pop to fade, and instead the afternoon did the one thing crowded shorts dread. At one o'clock Nifty sat flat near 23,350. Then it lifted, 300 points in two hours, and closed on the high, the day's low of 23,313.90 already Read the chapter The why: one word, peace **4 percent**Brent is down another **83.69**Percent this morning **4.43**Year yield slipped **5.53 percent**Baton overnight, Japan The why is one word. Peace. Trump's Iran settlement pulled the war premium out of crude, and over the weekend it did not stop. Brent is down another 4 percent this morning to 83.69, the US benchmark under 81, both rated very bearish. Lower oil is a direct gift Read the chapter The desks: the only seller left is trapped **2,43,623**Desk is still short **23,000**Futures, having covered **2 percent**Having covered **33,000**Percent up day The official numbers are in, and they tell you why you buy dips and don't fade this. The foreign desk is still short 2,43,623 index futures, having covered just 23,000 on a 2 percent up day, only 33,000 lighter than Monday's peak across the entire week. Read the chapter The board: a ceiling at 24,000, a floor at 23,400 **24,000**Big number **1 crore**Strike holds **5 lakh**Strike holds crore **23,800**Flipping to support Lay that 23,950 open on the option board for Tuesday's expiry, and the structure says buy weakness. The big number is 24,000. That strike holds 1 crore 5 lakh written calls, by far the heaviest block on the board, a round number ceiling sitting just above the Read the chapter The plan: buy dips, three steps **23,850**Buy pullbacks **24,000**Flipped to support **1 crore**Take something off, because **24,200**Next leg The plan is a buy dips plan, three steps. One, buy the dips, do not chase the gap. Let the excited open settle, and buy pullbacks into 23,850 down to 23,750, right on top of the sellers who just flipped to support, with 24,000 as the first target. Two, 24,000 Read the chapter Lesson and risk: don't chase the gap **360 points**Open is also **23,400**Stop honest The simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap, and a 360 point gap will fatten the call side and make chasing look smart. Do not buy that opening spike. The day before a weekly expiry usually Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: Friday tore through the ceiling A very good morning, guys. On Friday this market did something it had not managed in a week. It tore straight through the ceiling. Nifty closed 23,622.90, up 461 points, almost 2 percent, with the entire move packed into the last 90 minutes. The Sensex ran 1695 points to 75,527.95. The desk sitting short two and a half lakh contracts had one job that afternoon, cover while it is cheap. They bought back just 23,000 and stopped, betting the peace rally would cool over the weekend. The weekend just answered them. Crude fell again, Korea jumped almost 5 percent, Japan five and a half, and GIFT Nifty is pointing at a second gap up of 360 points. My read today is simple, and it has not changed in three sessions. You buy the dips. You are listening to episode 60. ### *02*Scorecard: eP59 graded 2.5 of 5 Episode 59 graded 2 and a half out of 5. The big call landed. I said 23,500 was the test and a hold above it opened 23,600 to 23,700, and that is exactly where Friday closed. What I got wrong was the cover. I said firmly they would buy back 25 to 30 thousand shorts, and they came up short of that. Full breakdown is on rupeecase.com. Hold that miss in your head, because today it is the whole story. ### *03*Friday's tape: the afternoon squeeze We came in expecting the global pop to fade, and instead the afternoon did the one thing crowded shorts dread. At one o'clock Nifty sat flat near 23,350. Then it lifted, 300 points in two hours, and closed on the high, the day's low of 23,313.90 already forgotten. Look where the strength sat. Banks led, the bank index ran almost 3 percent and the BSE bank gauge added 2.94. Financials topped the table up 3.15. Realty ran three and a half. Bajaj Finance alone added 5.56 percent, HDFC Bank 3.73, Axis 2.92. Only one sector finished red, and it was IT, down a tenth. The VIX crushed almost 6 percent to 14.72, because when sellers are winning they do not pay up for fear. And the rupee, the lone holdout on Thursday, finally confirmed at 95.08, its best day in months. ### *04*The why: one word, peace The why is one word. Peace. Trump's Iran settlement pulled the war premium out of crude, and over the weekend it did not stop. Brent is down another 4 percent this morning to 83.69, the US benchmark under 81, both rated very bearish. Lower oil is a direct gift to a country that imports most of its energy, a lower import bill, a stronger rupee, softer inflation, more room for the Reserve Bank later. The bond market agrees, the US 10 year yield slipped to 4.43. Asia took the baton overnight, Japan up 5.53 percent, Korea 4.70, Taiwan 2.68. GIFT Nifty sits at 23,988 against Friday's 23,622.90, a gap up of roughly 360 points, an open near 23,950. ### *05*The desks: the only seller left is trapped The official numbers are in, and they tell you why you buy dips and don't fade this. The foreign desk is still short 2,43,623 index futures, having covered just 23,000 on a 2 percent up day, only 33,000 lighter than Monday's peak across the entire week. Underneath that, they are short the calls and long the puts, a fully hedged bear book. The proprietary desks, the smart money that flips first, are sitting long, long futures and long on both option sides, paid for the move. And the retail crowd is piled long with 1.8 lakh futures and a huge stack of sold puts, leaning bullish into the rally. So the only bearish player left in the building is the one desk that is trapped short, and it is the fuel, not the warning. A short that refuses to cover does not escape the move, it pays for it later. ### *06*The board: a ceiling at 24,000, a floor at 23,400 Lay that 23,950 open on the option board for Tuesday's expiry, and the structure says buy weakness. The big number is 24,000. That strike holds 1 crore 5 lakh written calls, by far the heaviest block on the board, a round number ceiling sitting just above the open. Below us the old sellers are flipping to support, 23,800 with 63 lakh and 23,700 with 41 lakh, both now underneath price. And the floor is concrete, because the put writers planted themselves at 23,400 with 93 lakh contracts, 23,500 with 85 lakh, 23,300 with 89 lakh. The whole chain reads with two puts written for every call, a bullish tilt, and the at the money straddle for Tuesday is around 280 points, the market's own price for the week's move. ### *07*The plan: buy dips, three steps The plan is a buy dips plan, three steps. One, buy the dips, do not chase the gap. Let the excited open settle, and buy pullbacks into 23,850 down to 23,750, right on top of the sellers who just flipped to support, with 24,000 as the first target. Two, 24,000 is where you take something off, because 1 crore of written calls does not step aside on first contact, so sell a piece of the rise there. Only a 15 to 30 minute hold above 24,000 opens the next leg to 24,200 and then 24,500. Three, if the open fades harder, the real buy zone is 23,650 down to 23,500, sitting on that put writer floor, and that is where strong hands add. The continuation is only dead if we lose 23,400 for half an hour, because that breaks the floor the writers built. Until then, every dip is a buy. ### *08*Lesson and risk: don't chase the gap The simpler trade is a warning about the gap, not a fade of it. The VIX is at 14.72, premium is already cheap, and a 360 point gap will fatten the call side and make chasing look smart. Do not buy that opening spike. The day before a weekly expiry usually belongs to the patient buyer of dips and the seller of premium once a range sets, not the breakout chaser. The honest risk is the one thing holding all of this up. This entire two day move rests on a peace settlement holding, and we have watched settlements break twice on this show. A fresh Iran headline and crude back above 90 unwinds it fast, and a 360 point gift at the open is also 360 points of air below your entry. Notice the one tell that is not confirming, IT, still the lone red sector, still flashing sell. The rupee at 95.08 is on our side. The laggard is not. Buy the dips, but keep the stop honest at 23,400. 04Key takeaways ## 20 things to carry into the session. * *01*Nifty closed 23,622.90 up 461.30 points plus 1.99 percent the whole move in the last 90 minutes * *02*Friday low 23,313.90 high 23,645.35 closed on the high * *03*Sensex ran 1695 points to 75,527.95 plus 2.30 percent * *04*Banks led the bank index almost 3 percent BANKEX plus 2.94 * *05*Financials plus 3.15 Realty three and a half percent * *06*Bajaj Finance plus 5.56 HDFC Bank plus 3.73 Axis plus 2.92 * *07*IT lone red sector down 0.09 still the laggard * *08*VIX crushed 5.73 percent to 14.72 * *09*Rupee confirmed at 95.08 its best day in months * *10*Brent down another 4 percent to 83.69 WTI under 81 * *11*US 10 year yield 4.43 Gold 4328 * *12*Asia Japan plus 5.53 Korea plus 4.70 Taiwan plus 2.68 * *13*GIFT Nifty 23,988 gap up roughly 360 points open near 23,950 * *14*FII short 2,43,623 index futures covered just 23,000 on a 2 percent up day * *15*FII short calls 2,09,020 long puts 5,42,612 a hedged bear book * *16*Pro long both sides Client long 1,80,400 futures and short 7,12,299 puts * *17*24,000 ceiling holds 1.05 crore written calls the heaviest block * *18*Put floor 23,400 93 lakh 23,300 89 lakh 23,500 85 lakh * *19*Below price 23,800 63 lakh 23,700 41 lakh flipped to support * *20*PCR 1.74 two puts per call ATM straddle Tuesday around 280 points Show all 20 05In his words It tore straight through the ceiling. My read today is simple, and it has not changed in three sessions. You buy the dips. Hold that miss in your head, because today it is the whole story. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,308 words, about 6 min to read A very good morning, guys. On Friday this market did something it had not managed in the last 10 days. It tore straight through the resistance. Nifty closed at 23622, up 461 points, almost 2 percent, with the entire move packed into the last 90 minutes of Friday's close. The Sensex ran 1700 points to 75,527. And the desk sitting short two and a half lakh contracts had one job that afternoon, cover while it was cheap. They bought back just 23,000 contracts and stopped, betting the peace rally would cool over the weekend. The weekend answered it. 5 percent, and GIFT Nifty today morning is pointing at a second gap up of 360 points. My read today is simple and it has not changed in the last 3 sessions. You buy the dips. This is The Tanmay Edge. You are listening to episode 60. I am Tanmay Kurtkoti. Let's go. So a quick scorecard before we proceed, guys. Episode 59 graded 3 out of 5. The big call landed. I said 23,500 was the test and a hold above it would open doors to 23,700 and 800, and that is exactly where Friday closed. What I got wrong was the cover. I said firmly they would buy back at least 25,000 to 50,000 in index futures, and they came up short of that, just 23,000 was bought down. com. Hold that miss in your head because today it is the whole story. Now Friday's tape, guys, because it sets the board of what is happening today morning. We came in expecting the global pop-up to fade and instead the afternoon did the one thing crowded shorts dread. At one o'clock Nifty sat flat near 23350, then it lifted 300 points in the next two hours and closed on the high, the day low of 23,313 already forgotten. Look where the strength sat. 94 percent. 15 percent. Realty ran three and a half percent. 92. Only one sector finished in red and it was IT, down a tenth, still nursing Wall Street's bruise. 72, because when sellers are winning they do not want to pay up for the fear. 08, its best day in months. The why is one word, peace. Trump's Iran settlement pulled the war premium out of the crude, and over the weekend it did not stop. 69, the US benchmark under 81. Both trading extremely bearish. Lower oil is a direct gift to a country that imports most of its energy, a lower import bill, a stronger rupee, softer inflation, more room for the RBI later. 43. Asia took the baton overnight. 68 percent. GIFT Nifty sits at 23,988 against Friday's close of 23622, a gap up of roughly 360 points and an open near 23,950. Now the positioning, because it tells you why you buy the dips and don't fade this. The official numbers are in. The FII is still short 2,43,623 index futures, having covered just 23,000 on a 2 percent up day, only 33,000 lighter than Monday's peak across the entire week. Underneath that, they are short the calls and long the puts, a fully hedged bear book. The smart money that flips first is sitting long, long futures and long on both option sides, paid for the move. 8 lakh futures and a huge stack of sold puts, leaning bullish into the rally. So the only bearish player left in the building is the one desk that is trapped short, and it is the fuel, not the warning. A short that refuses to cover does not escape the move, it pays up for it later, and a 360 point gap up marks the books before the bell even rings. So lay that 23,950 open on the options board for Tuesday's expiry and the structure says buy the weakness. The big number is 24000, the strike has 1 crore 5 lakh calls written over there, by far the heaviest block on the board, a round number ceiling sitting just above the open where we are going to start. Below us the sellers are flipping to support, 23,800 with 63 lakh and 23,700 with 41 lakh, both now underneath the opening price. And the floor is concrete, because the put writers planted themselves at 23,400 with 93 lakh contracts, 23,500 with 85 lakh contracts, and 23,300 with almost 90 lakh contracts. Those are the people who lose money if the market falls, and they have parked a wall of capital saying it won't fall. The whole chain reads with two puts written for every call, a put is present all the way up. The ATM straddle for Tuesday is around 280 points, the market's price for the week's move. The plan, that is for today, and it is buy on dips, three steps. One, the trade is buy on dips, not chase the gap up. Let the excited open settle and buy pullbacks into 23,850 down to 23750, right on top of the sellers who just flipped to support, with 24,000 as the first target. Two, 24,000 is where you take something off, because one crore of written calls does not step aside on the first contact, so sell a piece of the rise there. Only a 15 to 30 minute hold above 24,000 opens the next leg to 24,200 and 24,500. Three, if the open fades harder, the real buy zone is 23,650 down to 23,500 as well, sitting on the put writer's floor, and that is where the strong hands would add a lot more longs in this fall. The continuation is only dead if we lose that 23,500 in the first half an hour, because that breaks the floor the writers built. Until then, every dip is a buy. The simpler trade is a warning about the gap, not a fade of it. 72, premium is already cheap, and a 360 point gap will flatten the call side and make chasing look smart. Do not buy that opening spike. The day before a weekly expiry, with the market parked in the calm zone above the flip, usually belongs to the patient buyer of dips and the seller of premium once the range settles in, not the breakout chaser. Let the crowd pay up, you wait for the pullback. The honest risk is the one thing holding all this up. The entire two-day move rests on a peace settlement holding, and we have watched settlements break twice on this show. A fresh Iran headline and crude back above 90 unwinds it fast, and a 360 point gift at the open is also 360 points of air below your entry. And notice that one tell that is not confirming, IT, still the lone red sector, still flashing sell. 08 is on our side, the laggard is not. Buy the dips, keep the stop honest at 23,500. So Monday in one breath, guys. Friday broke 23500, the shorts refused to blink, and the weekend gapped them another 360 points. The trend is up, the smart money is long, put writers are defending 23400, and the only seller left is trapped. So buy the dips towards 24000, take something off at the wall, and add lower at 23,500 if it comes. The continuation breaks only below that 23,500 mark. Call it buy dips continuation, 24,000 is the resistance. Trade the level, not the opinion. This is The Tanmay Edge, guys. If this helped you read the tape more clearly, share it with one person who trades and needs it right now. Hit that subscribe button so you never miss a morning podcast. com and on Apple Podcasts and Spotify, every trading morning at 8:30. And leave me a rating, guys, I read every single one of them. I am waiting for your reviews. Have a great trading week, guys, and a happy Monday. Questions ## EP60, in plain words. What does EP60 of The Tanmay Edge cover?EP60, Monday 15 Jun 2026, 9:58, in 8 chapters: Cold open: Friday tore through the ceiling; Scorecard: eP59 graded 2.5 of 5; Friday's tape: the afternoon squeeze; The why: one word, peace; The desks: the only seller left is trapped; The board: a ceiling at 24,000, a floor at 23,400; The plan: buy dips, three steps; Lesson and risk: don't chase the gap. How did the calls in EP60 score?Grade 3/5 (60 percent): 3 hit, 1 partial, 0 mechanical, 1 miss. Graded the next trading day, 16 Jun 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. 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