--- title: "Gap Up Over 24,000 Into The FII Call | The Tanmay Edge" description: "Yesterday 24,000 was resistance and we got sold right there. This morning GIFT Nifty is at 24,133, a gap up of about 170 points straight over it. So the" source_url: "https://www.rupeecase.com/podcast/episodes/2026-07-10" --- The Tanmay Edge, Season 2, EP78 # Gap up over 24,000 into the FII call supply. TCS prints a 9.5 billion dollar book. IT decides Friday Nifty closed 23,962 up 0.34 percent Sensex 76,741 up 0.31 percent * **9:24**listen * **5/5**graded at settlement * **Fri 10 Jul 2026**aired, Season 2 Now playing Gap up over 24,000 into the FII call supply. TCS prints a 9.5 billion dollar book. IT decides Friday EP78, 10 Jul, 9:24 1x 0:00Chapter marks are estimated from the notes9:24 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 ## 5/5 at settlement. **5/5**100% **The call.** Gap Up 170 Over 24,000 FIIs Short Index Long Stocks Selling Calls Resistance 24,200 Support 23,800 Gamma Flip 24,000 Straddle 278 IT The Swing * **5**Hit * **0**Partial * **0**Mechanical * **0**Miss Graded the next trading day, 13 Jul 2026, against NSE settlement. 1. **Hit**IT is the swing, IT held green and led up 1.96 percent at close with TCS up 1.45 percent on the beat and the index tagged 24,200 exactly as called. Five clean hits, the whole spine gap up hold 24,000 grind to the 24,200 cap and IT as the swing played out almost to the point, the best graded episode of the run. 2. **Hit**IT is the swing, IT held green and led up 1.96 percent at close with TCS up 1.45 percent on the beat and the index tagged 24,200 exactly as called. Five clean hits, the whole spine gap up hold 24,000 grind to the 24,200 cap and IT as the swing played out almost to the point, the best graded episode of the run. 3. **Hit**IT is the swing, IT held green and led up 1.96 percent at close with TCS up 1.45 percent on the beat and the index tagged 24,200 exactly as called. Five clean hits, the whole spine gap up hold 24,000 grind to the 24,200 cap and IT as the swing played out almost to the point, the best graded episode of the run. 4. **Hit**IT is the swing, IT held green and led up 1.96 percent at close with TCS up 1.45 percent on the beat and the index tagged 24,200 exactly as called. Five clean hits, the whole spine gap up hold 24,000 grind to the 24,200 cap and IT as the swing played out almost to the point, the best graded episode of the run. 5. **Hit**IT is the swing, IT held green and led up 1.96 percent at close with TCS up 1.45 percent on the beat and the index tagged 24,200 exactly as called. Five clean hits, the whole spine gap up hold 24,000 grind to the 24,200 cap and IT as the swing played out almost to the point, the best graded episode of the run. [The whole season, graded](/podcast/#trail)[July 2026 archive](/podcast/2026-07/)[Methodology](/track-record) 02In this episode ## 8 chapters, the numbers pulled out. 1. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 2. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 3. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 4. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 5. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 6. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 7. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold 8. **08**Yesterday's grade: three out of fiveEpisode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold Cold open: 24,000 was resistance, now can we hold above it **23,962**Right back to close **24,133**GIFT Nifty **24,000**Longer can we reach The news first. Yesterday 24,000 was the resistance. The market ran up, tagged it, and got sold right back to close 23,962. This morning GIFT Nifty is at 24,133, gapping about 170 points straight over the level that stopped us yesterday. So the question flips. Read the chapter Yesterday the tape: a broad green day and a VIX collapse **23,962**Nifty closed **0.34 percent**Nifty closed **76,741**Percent, Sensex **0.31 percent**Percent, Sensex Nifty closed 23,962 up 0.34 percent, Sensex 76,741 up 0.31 percent. But the number that matters is India VIX. It collapsed almost 9 percent to 13.36 as Wednesday's crash fear came straight back out. It was a broad day. Realty led up 3.54 percent, Media up 2 Read the chapter TCS Q1: a healthy book at a six year low price **5 percent**Profit crore up almost **14 percent**Almost percent, revenue **9.5**Percent, revenue up percent **2.6**Revenue now running After the bell TCS reported. Profit 13,349 crore up almost 5 percent, revenue up 14 percent, a 9.5 billion dollar order book including a big AI deal with SKF, and AI revenue now running at 2.6 billion dollars a year. A 12 rupee dividend on top. The one soft Read the chapter The twist: what the participant book actually shows **533 crore**FIIs sold **2,66,251**Stayed net short **2,68,586**Barely covered from Wednesday's **5,91,571**Net long On the surface this looks easy. Nasdaq up 1.3 percent, Nikkei up 2, our GIFT up, TCS beat. Gap up and go, right? Then look at the NSE participant data. FIIs sold just 533 crore of cash but stayed net short 2,66,251 index futures, barely covered from Read the chapter Who is buying: domestic money and put writers **16,954**Net long **6,45,560**Long calls, and short **2058 crore**DIIs, who bought another The Pros are net long just 16,954 index futures with balanced call and put books, no conviction bet either way. The Clients are net long futures, long calls, and short 6,45,560 puts, writing the support under the market. Add the DIIs, who bought another 2058 Read the chapter The levels: resistance 24,200, support 23,800, flip 24,000 **24,200**Call open interest **90 lakh**Interest is at almost **24,300**Almost lakh **24,000**Almost lakh From the 14 July chain, the heaviest call open interest is 24,200 at almost 90 lakh, then 24,300 and 24,000. That 24,200 strike is where the FIIs parked their short calls. That is your resistance. The heaviest put open interest is 23,800 at about 66 lakh, then Read the chapter The plan: book into strength, buy the 23,800 test **24,000**Hold above **24,200**Gamma grinds it toward **23,800**Gamma and slides toward We open near 24,100 to 24,130, straight into the 24,200 call supply. Hold above 24,000 and positive gamma grinds it toward 24,200, but that is where the FIIs defend, so book do not chase. Lose 24,000 in the first 30 minutes and it flips to negative gamma and Read the chapter Yesterday's grade: three out of five **24,000**Open and nailed **23,962**Right back to close **76,741**Drifted up to settle **76,500**Settle instead of pinning Episode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold right back to close 23,962, and the gap number landed within a few points. The misses. Sensex drifted up to settle 76,741 instead of pinning 76,500 Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: 24,000 was resistance, now can we hold above it The news first. Yesterday 24,000 was the resistance. The market ran up, tagged it, and got sold right back to close 23,962. This morning GIFT Nifty is at 24,133, gapping about 170 points straight over the level that stopped us yesterday. So the question flips. It is no longer can we reach 24,000. It is can we hold above it, today and into next week. This is The Tanmay Edge, episode 78. A news podcast with a twist, and today the twist is all in the positioning. ### *02*Yesterday the tape: a broad green day and a VIX collapse Nifty closed 23,962 up 0.34 percent, Sensex 76,741 up 0.31 percent. But the number that matters is India VIX. It collapsed almost 9 percent to 13.36 as Wednesday's crash fear came straight back out. It was a broad day. Realty led up 3.54 percent, Media up 2 percent, PSU Bank up 1.6, Midcaps up 1.4, Smallcaps up 1.8. Only two sectors closed red, Auto and IT. Hold that thought. IT was the single weakest sector on the board, down 0.30 percent, right into the biggest result of its quarter. ### *03*TCS Q1: a healthy book at a six year low price After the bell TCS reported. Profit 13,349 crore up almost 5 percent, revenue up 14 percent, a 9.5 billion dollar order book including a big AI deal with SKF, and AI revenue now running at 2.6 billion dollars a year. A 12 rupee dividend on top. The one soft spot was the margin, 24 percent, squeezed by the annual wage hike. So the most beaten down sector in the market printed a healthy number while sitting at a six year low price. That is the setup. ### *04*The twist: what the participant book actually shows On the surface this looks easy. Nasdaq up 1.3 percent, Nikkei up 2, our GIFT up, TCS beat. Gap up and go, right? Then look at the NSE participant data. FIIs sold just 533 crore of cash but stayed net short 2,66,251 index futures, barely covered from Wednesday's 2,68,586. At the same time they are net long 5,91,571 stock futures, holding 5,24,225 long puts, and short 2,56,228 calls. Long the stocks. Hedged on the index. Selling the calls overhead. That is not a desk chasing the market higher. ### *05*Who is buying: domestic money and put writers The Pros are net long just 16,954 index futures with balanced call and put books, no conviction bet either way. The Clients are net long futures, long calls, and short 6,45,560 puts, writing the support under the market. Add the DIIs, who bought another 2058 crore of cash. The domestic money is doing the buying. So the twist is this. The bounce is real, but it is led by domestic buying and put writers while the FIIs sit short the index and sell the calls into the strength. The move up has a lid on it, and the FIIs are holding the lid. ### *06*The levels: resistance 24,200, support 23,800, flip 24,000 From the 14 July chain, the heaviest call open interest is 24,200 at almost 90 lakh, then 24,300 and 24,000. That 24,200 strike is where the FIIs parked their short calls. That is your resistance. The heaviest put open interest is 23,800 at about 66 lakh, then 24,000. That is your support. The level that decides the day is 24,000, the gamma flip. Above it gamma is positive and moves get dampened, the market grinds. Below it gamma is negative and moves get fast. The 14 July straddle is near 278 with front volatility crushed to 11.6 percent, so the weekend zone is roughly 23,800 to 24,200. ### *07*The plan: book into strength, buy the 23,800 test We open near 24,100 to 24,130, straight into the 24,200 call supply. Hold above 24,000 and positive gamma grinds it toward 24,200, but that is where the FIIs defend, so book do not chase. Lose 24,000 in the first 30 minutes and it flips to negative gamma and slides toward 23,800. That is the buy zone, not the panic, where the puts are written and the domestic money has been stepping in. TCS and IT are the swing. Watch IT in the first hour. If it holds green the index can tag 24,200, if it sells the news again it caps the index. It is a Friday with crude at 76 still the open risk, so keep the hedge on. ### *08*Yesterday's grade: three out of five Episode 77 called the gap up open and nailed 24,000 flipping to resistance. Nifty poked above it and got sold right back to close 23,962, and the gap number landed within a few points. The misses. Sensex drifted up to settle 76,741 instead of pinning 76,500, and IT lagged into TCS instead of leading. Three out of five. The full scorecard is on the website. One gap over resistance, one lid held by the FIIs, one result that decides IT. Have a great weekend. 04Key takeaways ## 20 things to carry into the session. * *01*Nifty closed 23,962 up 0.34 percent Sensex 76,741 up 0.31 percent * *02*India VIX collapsed almost 9 percent to 13.36 as crash fear unwound * *03*GIFT Nifty 24,133 a gap up of about 170 points over 24,000 * *04*Broad tape Realty up 3.54 percent Media up 2 PSU Bank up 1.6 * *05*Midcaps up 1.4 percent Smallcaps up 1.8 percent only Auto and IT red * *06*IT the weakest sector down 0.30 percent into its biggest result * *07*TCS profit 13,349 crore up almost 5 percent revenue up 14 percent * *08*TCS order book 9.5 billion dollars with an AI led SKF deal * *09*TCS AI revenue at a 2.6 billion dollar run rate 12 rupee dividend * *10*TCS margin 24 percent squeezed by the annual wage hike * *11*FIIs sold 533 crore cash still net short 2,66,251 index futures * *12*FIIs net long 5,91,571 stock futures holding 5,24,225 long puts * *13*FIIs short 2,56,228 calls capping the index into the weekend * *14*Pros net long only 16,954 index futures with balanced books * *15*Clients short 6,45,560 puts writing the support DIIs bought 2058 crore * *16*Heaviest call open interest 24,200 near 90 lakh then 24,300 and 24,000 * *17*Heaviest put open interest 23,800 about 66 lakh then 24,000 * *18*24,000 is the gamma flip positive above it negative below * *19*14 July straddle near 278 volatility crushed to 11.6 percent * *20*Weekend zone 23,800 to 24,200 book into 24,200 buy the 23,800 test Show all 20 05In his words It is not, can we reach 24,000. It is, can we hold above it. Long the stocks. Hedged on the index. Selling the calls overhead. That is not a desk chasing the market higher. The move up has a lid on it. And the FIIs are the ones holding the lid. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,347 words, about 6 min to read A very good morning, guys. Yesterday we told you 24,000 was the resistance. The market ran up, tagged it, and got sold right back. It closed at 23,962. This morning, before the bell, GIFT Nifty is trading at 24,133, and we are gapping around 170 points straight over that level that stopped us yesterday. So the question changes today. It is not, can we reach 24,000. It is, can we hold above 24,000 today and into next week. This is The Tanmay Edge. You are listening to episode 78. I am Tanmay Kurtkoti. Let's go. So let me give you yesterday first, because it sets up everything for today. 34 percent. 31 percent. But the number that matters in India is VIX. 36. The fear that spiked on Wednesday's crash came straight back out. And it was a broader day, guys. 54 percent. Media was up 2 percent. 6 percent. 4 percent. 3 percent. Hold that thought, guys. IT was the single weakest sector on the board, right into its biggest result of the quarter. Then after the bell, TCS reported. Profits almost 13,349 crore, up by 5 percent. Revenue up by 14 percent. 5 billion dollar order book, including a big AI deal with SKF. 6 billion dollars a year, and a 12 rupee dividend. Strong book. The one soft spot was the margins, 24 percent, squeezed by the annual wage hike. So the most beaten down sector in the market printed a healthy number, sitting at a six year low price. So that is the setup. Now here is the part nobody on the news is telling you, because on the surface this looks easy. 3 percent, Nikkei up two percent, our GIFT Nifty is also up, TCS has beaten the street, the margins are thin but the rest of the numbers were perfectly fine. Gap up and go, right, right into the rally. Look at what the big money actually did with its positions yesterday. This is NSE's participant data, so this is not an opinion. This is the actual option book and participation book that we have. Starting with foreign institutional investors, or FIIs. In cash they were small sellers, minus 533 crore. Fine. But in futures they are still net short 2,66,251 index contracts. On Wednesday they were short 2,68,000, so across the whole bounce they covered almost nothing. They stayed short the index. At the same time they are net long 5,91,571 stock futures, they are holding 5,24,225 long puts for protection, and they sold around two and a half lakh calls on top of it. So just take a thought on this. They are short two lakh sixty eight thousand index, but with that they are long almost six lakh stock futures. Now to protect that, they are holding almost five and a half lakh of long puts as well, and with that they have sold some covered calls, where two and a half lakh calls are sold. Put that together. So that is a desk that is happy to own stocks, but is capping the index and paying for the insurance into the weekend. Then the proprietary traders, that is the pros, the members' proprietary accounts, the ones who usually move first. Net long the index futures, but only by 16,954 contracts. Long calls, long puts at the same time, betting for long volatility. Small, balanced, not a big position but either way. And the crowd, the clients. Net long futures, long calls, and short puts. They are writing the puts, and that actually helps us, because put writers build support under the market. And the DIIs, who bought another 2,058 crore of cash. The domestic money is doing the buying. So the twist is this. The bounce is real, but it is led by domestic buying and put writers, while the FIIs sit short the index and sell the calls into the strength. The move up has a lid on it, and the FIIs are the ones who are holding that lid. So where exactly is that lid, or resistance. Go to the option chain. This is the 14 July option chain data. The heaviest call open interest stands at 24,200, almost 90 lakh contracts, then 24,300 at 87 lakh, and 24,000 at 79 lakh. That 24,200 to 24,300 strike is where the FIIs parked most of their short calls. That is your resistance for today, remember it. So 200 to 300 is your resistance, anything above 200 gets into a sell zone. On the downside, the heaviest put open interest is 23,800, about 66 lakh, then 24,000, and that is your support. And the one level that decides the character of the day is 24,000. That is your gamma flip level. Above 24,000, gamma is positive, moves get dampened, they are not going to be aggressive, the market grinds. Below 24,000, gamma is negative, and moves get fast and one way. Yesterday we were below it and it was choppy. Today we gap above it. So remember this, once the market opens, we are going to rally at least a hundred points straight towards that 200 to 300 zone. 6 percent, down more than 20 percent. So the expected zone into the weekend is roughly 23,950 to 23,900 on the downside, to 24,300 on the upside. That lines up exactly with the put base and the call resistance that we have. So here is the plan, guys. We open near 24,100 to 24,120, straight into the 24,200 call supply zone. So we rally 100 points after the open. We open and hold above 24,000, positive gamma takes over, and the grind is towards that 24,200 level. But I am not chasing it up there. 24,200 is where the FIIs sold their calls, so that is the level they will defend. I will treat the open strength as a place to book, not to buy. If we cannot hold 24,000 by the end of the day and do not reclaim it, that flips to negative gamma territory, and we slide back towards that 23,900 mark. And that, guys, is the buy zone, not the panic. So 23,800 is where the puts are written and where the domestic money has been stepping in. The swing factor is TCS and IT. I feel the IT sector is going to be the leader today, finally takes the lead from the global tech and holds green, and the index has room to tag 24,200 to 24,300. If IT sells one more time, then it caps the index again and we face a selloff today. Watch IT in the first hour. That is your tell. 5 percent positive, you are going to have a very good, strong day. And do not forget it is Friday, guys. Crude is at 76, but it is still open risk over the weekend. So keep that hedge on. Do not sell your protection cheap. Just because volatility is low, that is exactly when you want to own it. Quick scorecard on yesterday, guys. We called a gap up open and we nailed 24,000 flipping to resistance. Nifty poked above it and got sold right back to the close of 23,962, and the gap number landed within a few points. The misses. Sensex drifted up to settle 76,740, instead of 76,500 to 76,600, that was the expectation of the pin. And IT lagged into TCS instead of leading. Three out of five. com, have a look over there. Have a great weekend, guys. One gap up over resistance. One lid held by FIIs. One result that decides IT sector as a whole. Hold above 24,000 and book into 24,200 to 24,300. Lose it and buy 23,800 as your support and a buy zone. This was The Tanmay Edge. If you found value, guys, please share it with one trader friend who needs it right now. com where it streams first. And give a rating, guys, and a review if you want to add something to the podcast. Thank you all. See you all once again on Monday morning. Questions ## EP78, in plain words. What does EP78 of The Tanmay Edge cover?EP78, Friday 10 Jul 2026, 9:24, in 8 chapters: Cold open: 24,000 was resistance, now can we hold above it; Yesterday the tape: a broad green day and a VIX collapse; TCS Q1: a healthy book at a six year low price; The twist: what the participant book actually shows; Who is buying: domestic money and put writers; The levels: resistance 24,200, support 23,800, flip 24,000; The plan: book into strength, buy the 23,800 test; Yesterday's grade: three out of five. How did the calls in EP78 score?Grade 5/5 (100 percent): 5 hit, 0 partial, 0 mechanical, 0 miss. Graded the next trading day, 13 Jul 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 6.6Derivatives, Futures and Options for the Systematic Investor8 min read](/learn/path-6/module-6-6-derivatives-futures-options) * [StrategySmallcap strategyNifty Smallcap 250, 50 stocks, every 2 weeks](/strategies/smallcap) * [StrategyMidcap strategyNifty Midcap 150, 20 stocks, every 2 weeks](/strategies/midcap) * [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 7.4INR, FII Flows, and Global Market LinkagesIndian equity markets don't operate in isolation. Every day, foreign money flows in or out, moves the rupee, and shiftsIntermediate, 10 min](/learn/path-7/module-7-4-inr-fii-flows-global-linkages)[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) [StrategyMidcap Smallcap40 stocks, fortnightly rotation. Momentum on the NSE Universe under 2000.Model, back tested CAGR 42.6%, as of 27 Apr 2026. Risk Moderately High.](/strategies/midcap-smallcap) Share [X](https://x.com/intent/tweet?text=Gap%20up%20over%2024%2C000%20into%20the%20FII%20call%20supply.%20TCS%20prints%20a%209.5%20billion%20dollar%20book.%20IT%20decides%20Friday%20%7C%20The%20Tanmay%20Edge%20EP78&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-07-10) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-07-10) 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.