--- title: "The Pin Printed, Then The Pros Walked | The Tanmay Edge" description: "Yesterday was expiry and the chain paid exactly who got there first. Nifty settled at 24,187.70, down 0.21%, twelve points under the 24,200 max pain magnet. A" source_url: "https://www.rupeecase.com/podcast/episodes/2026-07-22" --- The Tanmay Edge, Season 2, EP86 # The pin printed, then the pros walked 24,200 turns from magnet to pivot, Oil back above 90, Infosys and Sensex expiry Thursday, The post expiry gamma reset Nifty pinned at 24,187.70 down 0.21 percent twelve points under the 24,200 max pain magnet * **7:50**listen * **4/5**graded at settlement * **Wed 22 Jul 2026**aired, Season 2 Now playing The pin printed, then the pros walked EP86, 22 Jul, 7:50 1x 0:00Chapter marks are estimated from the notes7:50 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.** Post Expiry Gamma Reset Regular Day 24,200 Flips From Magnet To Pivot Call Wall 1,14,47,150 Put 95,21,005 Support 24,100 24,000 Resistance 24,500 PCR 0.92 Straddle 320 IV 11.58 1SD 23,780 To 24,600 Gamma Flip 24,150 Pros Flattened Long Calls 2,46,822 To 15,596 Fut Flat 5,239 FII Short 2,28,847 Fut Long 5,08,927 Puts Long 5,23,946 Stock Fut Cash 1,650 Cr Hedged Long DII Sold Cash 657 Cr Brent 92.17 Above 90 Infosys Q1 And Sensex Expiry Thu Wait First 30 Min Reclaim 24,200 Hold Then 24,300 24,500 Lose 24,100 Wait 24,000 All Cap 0.49 Vs Nifty Red * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 23 Jul 2026, against NSE settlement. The grader's noteGraded Thu 23 Jul against the Wed close 23,996.25. The stand down condition fired clean, Brent pushed through 92 to tag 94 while the rupee cracked to 96.57, and standing aside saved a 191 point Nifty day. The bear branch was almost exact, lose 24,100 and wait for 24,000 and it closed 23,996.25. The one miss was Sensex 77,000 as support, which broke. Four out of five. [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**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 2. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 3. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 4. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 5. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 6. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 7. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am 8. **08**The plan: wait for the chain to rebuildSo my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am Cold open: the pin printed, then the pros walked **24,200**Market would pin Good morning. Yesterday was expiry, and we told you the market would pin at 24,200. It closed at 24,187.70, twelve points under. The straddle sellers got paid, the option buyers bled theta, and the chain did exactly what it wanted. But here is the part nobody Read the chapter The scoreboard: we called the pin, twelve points under 24,200 **24,187.70**Back to close **24,200**Exact, twelve points **24,100**Twelve points **24,300**Never stretched Start with the scoreboard, because we called this one. The plan was simple, buy the dip into the 24,200 wall at 24,100 to 24,150 and target the magnet. The low was 24,135.65. It filled, it held, and it reverted straight back to close at 24,187.70. The only Read the chapter The tell: pros flat, FIIs hedged long not bearish **2,46,822**Index long calls **5,08,927**Index futures and hold **1,650**Same desk bought **5,23,946**Sitting long Now the tell for today, and it is the whole story. Read the official positioning, pros first. The pros cut their index long calls from 2,46,822 contracts down to 15,596 and sat their futures near flat. The desk that carried the long is neutral this morning. Read the chapter The lesson: the post expiry gamma reset **24,200**Stacked at one strike Here is what I actually want you to learn today, because it explains why the day after expiry so often drifts. Call it the gamma reset. On expiry day every bit of open interest is stacked at one strike, 24,200, and the dealers are pinned there, so price goes Read the chapter The new map: 24,200 turns from magnet to pivot **24,200**July cycle **1.14**Stacked on both sides **95 lakh**Crore call wall **24,000**Air opens toward So where is the new map. For the 28 July cycle, 24,200 is now the pivot, stacked on both sides, a 1.14 crore call wall and a 95 lakh put line at the same strike. Above 24,200 and holding, the bulls have it and gamma turns positive, moves get dampened. Lose Read the chapter The driver: oil is back above 90 **1.29 percent**Higher, the Nasdaq **24,114**GIFT Nifty **70 points**Soft open And the driver has changed. Oil is back. Brent is at 92.17 dollars and still climbing, above 90, which is the level that starts to bite for our importers and the rupee. Watch that. Thursday is the big one. Infosys first quarter numbers and the Sensex weekly Read the chapter The book: red index, green all cap **0.49 percent**Com, closed **0.58 percent**Against the Nifty One thing I tracked on my dashboard that proves the breadth point. My All Cap book, the systematic equal weight one on rupeecase.com, closed up 0.49 percent on a day the Nifty was red. Since the last rebalance on the 20th it is up 1.15 percent against the Read the chapter The plan: wait for the chain to rebuild **24,200**GIFT at reclaim **24,300**Bulls have **24,100**If we lose **24,000**Drift, wait So my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am not trading till 9:45. If we open near the GIFT at 24,110, reclaim 24,200 and hold, the bulls have it, 24,300 is the test and then 24,500. If we lose Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the pin printed, then the pros walked Good morning. Yesterday was expiry, and we told you the market would pin at 24,200. It closed at 24,187.70, twelve points under. The straddle sellers got paid, the option buyers bled theta, and the chain did exactly what it wanted. But here is the part nobody is talking about this morning. The desk that led that whole move long into expiry, the pros, they are flat now. They took the win and they walked. This is episode 86, and the whole story today is that one move, what it printed and who stepped aside. ### *02*The scoreboard: we called the pin, twelve points under 24,200 Start with the scoreboard, because we called this one. The plan was simple, buy the dip into the 24,200 wall at 24,100 to 24,150 and target the magnet. The low was 24,135.65. It filled, it held, and it reverted straight back to close at 24,187.70. The only thing that did not show was the push to 24,300. So here is the honest one line. The pin was exact, twelve points under 24,200, and 24,100 never broke. It opened firmer than the gap I flagged and it never stretched to 24,300, but the pin and the risk line were spot on. Full scorecard is on the website. Sensex closed 77,470.11, down 0.31 percent. Bank Nifty 57,835.35. And the tell most people missed, the India VIX crushed to 12.60 and under a red headline the market was actually green. Midcap up 0.30 percent, Smallcap up 0.53 percent. A handful of heavyweights dragged the index, the rest of the market had a fine day. ### *03*The tell: pros flat, FIIs hedged long not bearish Now the tell for today, and it is the whole story. Read the official positioning, pros first. The pros cut their index long calls from 2,46,822 contracts down to 15,596 and sat their futures near flat. The desk that carried the long is neutral this morning. Then the FIIs, and this is the one everybody is going to misread. They are short 2,28,847 index futures and hold 5,08,927 long index puts. On the headline that screams bearish. It is not. The same desk bought 1,650 crore of cash yesterday and is sitting long 5,23,946 stock futures. That is not a bear, that is a hedged long, long the stocks and insured on the index. And the DIIs, for once, sold cash, 657 crore. The cash roles flipped. So do not read the FII short as a crash call. Read it as insurance on a long book. ### *04*The lesson: the post expiry gamma reset Here is what I actually want you to learn today, because it explains why the day after expiry so often drifts. Call it the gamma reset. On expiry day every bit of open interest is stacked at one strike, 24,200, and the dealers are pinned there, so price goes nowhere. The moment expiry clears, that gamma is gone. It has to rebuild onto the next expiry, the 28th of July. Until it does, there is no magnet holding price in place. So the day after a pin is not a trend day and it is not a pin day. It is a drift while the dealers reload. That is exactly why you do not chase the first hour. You let the new chain build. ### *05*The new map: 24,200 turns from magnet to pivot So where is the new map. For the 28 July cycle, 24,200 is now the pivot, stacked on both sides, a 1.14 crore call wall and a 95 lakh put line at the same strike. Above 24,200 and holding, the bulls have it and gamma turns positive, moves get dampened. Lose 24,100 and stay there, gamma goes negative and the air opens toward 24,000. The straddle is about 320, the PCR is 0.92, and one standard deviation for the week is 23,780 to 24,600. ### *06*The driver: oil is back above 90 And the driver has changed. Oil is back. Brent is at 92.17 dollars and still climbing, above 90, which is the level that starts to bite for our importers and the rupee. Watch that. Thursday is the big one. Infosys first quarter numbers and the Sensex weekly expiry land on the same day. IT is the sector to watch, TCS and Infosys closed red yesterday and HCL Tech bucked it. Overnight Wall Street closed higher, the Nasdaq up 1.29 percent. Asia is hot this morning, the KOSPI up over 5 percent. And the GIFT Nifty is at 24,114, a soft open about 70 points under the close. ### *07*The book: red index, green all cap One thing I tracked on my dashboard that proves the breadth point. My All Cap book, the systematic equal weight one on rupeecase.com, closed up 0.49 percent on a day the Nifty was red. Since the last rebalance on the 20th it is up 1.15 percent against the Nifty down 0.58 percent. Red index, green book. That is what equal weight does when the damage is concentrated in a few heavyweights. ### *08*The plan: wait for the chain to rebuild So my plan for Wednesday. Wait for the first 30 minutes, let the new chain build, do not chase the drift. I am not trading till 9:45. If we open near the GIFT at 24,110, reclaim 24,200 and hold, the bulls have it, 24,300 is the test and then 24,500. If we lose 24,100 in the first 30 minutes and do not reclaim by 10am, I am not buying the drift, I wait for 24,000 to test. And if Brent pushes hard through 92 and the rupee cracks, that is the tell, stand down and respect the defensive positioning. Sensex 77,500 is the pivot into Thursday, 77,000 support, 78,000 resistance. The traders who win consistently are not smarter. They are earlier. You just got earlier. 04Key takeaways ## 20 things to carry into the session. * *01*Nifty pinned at 24,187.70 down 0.21 percent twelve points under the 24,200 max pain magnet * *02*Open 24,216.05 high 24,262.20 low 24,135.65 the dip filled and held * *03*Sensex 77,470.11 down 0.31 percent Bank Nifty 57,835.35 * *04*India VIX crushed to 12.60 down 2.92 percent the premium sellers won * *05*Green under a red index Midcap up 0.30 percent Smallcap up 0.53 percent * *06*Pros flattened index long calls from 2,46,822 contracts to 15,596 and sat futures near flat at 5,239 * *07*The desk that carried the long into expiry is neutral this morning * *08*FII short 2,28,847 index futures and long 5,08,927 index puts looks bearish on the headline * *09*FII long 5,23,946 stock futures and bought 1,650 crore of cash a hedged long not a bear * *10*DII sold cash 657 crore for once and the cash roles flipped * *11*Post expiry gamma reset the pin clears and dealer gamma must rebuild onto the 28 July expiry * *12*The day after a pin is a drift not a trend so do not chase the first hour * *13*24,200 flips from expiry magnet to the pivot for the new week * *14*A 1.14 crore call wall and a 95 lakh put line stacked at 24,200 * *15*PCR 0.92 straddle about 320 one standard deviation 23,780 to 24,600 gamma flip near 24,150 * *16*Above 24,200 the bulls hold and gamma turns positive lose 24,100 and the air opens to 24,000 * *17*Brent crude back at 92.17 dollars above the 90 level that bites importers and the rupee * *18*Thursday brings Infosys first quarter and the Sensex weekly expiry with IT the sector to watch * *19*Overnight Nasdaq up 1.29 percent KOSPI up over 5 percent GIFT points to a soft open near 24,114 * *20*All Cap up 0.49 percent on a red Nifty day and up 1.15 percent since the 20 July rebalance versus Nifty down 0.58 percent Show all 20 05In his words The desk that led that whole move long into expiry, the pros, they are flat now. They took the win and they walked. The pin was exact, twelve points under 24,200, and 24,100 never broke. That is not a bear. That is a hedged long. Long the stocks, insured on the index. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 939 words, about 4 min to read A very good morning, guys. Yesterday was the expiry, and we told you the market would pin at 24,200. It closed at 24,188, 12 points under 24,200. The straddle sellers got paid, the option buyers bled theta, and the chain did exactly what it wanted. But here is the part nobody is talking about this morning. The desk that led that whole move long into expiry, the pros, they are flat now. They took the win and they walked out. This is The Tanmay Edge. You are listening to episode 86. I am Tanmay Kurtkoti. Let's go. So let me start with the scoreboard, guys. So here is the honest one line. The pin was exact, 12 points under 24,200, and 24,100 never broke. It opened firmer than the gap I flagged, and it never stretched to 24,300, but the pin and the risk line were spot on. com. 31%. Bank Nifty 57,835. And here is the tell most people missed. 60, and under a red headline the market was actually green. 53%. A handful of heavyweights dragged the index yesterday, and the rest of the market had a fine day. So now here is the tell for today, and it is the whole story, guys. Read the official positioning, pros first. 46 lakh contracts down to 15,000. They flattened. The desk that carried the long is neutral this morning. And then the FIIs, and this is the one everybody is going to misread. 08 lakh long index puts. 08 lakh index puts long. But it is not. 24 lakh stock futures. Remember this. That is not a bear, that is a hedged long, long the stocks and insured with the index short futures. And the DIIs, for once, sold cash, 657 crore. The cash roles flipped. So do not read the FII short as a crash call. Read it as insurance on a long book. And here is what I actually want you to learn today, because it explains why the day after expiry so often drifts. Call it the gamma reset. On expiry day every bit of OI is stacked at one strike, 24,200, and the dealers are pinned there, so the price goes nowhere. The moment expiry clears, that gamma is gone. It has to rebuild into the next expiry. That is the 28th of July expiry, which is the monthly one. Until it does, there is no magnet holding the price in place. So the day after a pin is not a trend day, and it is not a pin day. It is a drift while the dealers roll the position again. That is exactly why you do not want to chase the first hour. You let the new chain build up. So here is what we are going to do for today. For the 28th of July cycle, 24,200 now is the pivot, stacked on both sides. 14 crore wall present on the call side. 14 crore short calls have been written, and a 95 lakh put line at the same strike. Above 24,200 and holding, the bulls have it, and the gamma turns positive, moves get dampened. So lose 24,100 and stay there, gamma goes negative, and the air opens towards that 24,000 level. The straddle is about 320 points, guys. 92, and one standard deviation for the week is 23,800 on the downside to 24,600. So we are looking at roughly an 800 point move on a one standard deviation distribution. And the driver has changed. Oil is back, guys. 17 dollars and is still climbing, above 90, which is the level that starts to bite for our importers and rupee. Watch that. Thursday is the big one. Infosys first quarter numbers and Sensex weekly expiry land on the same day. IT is the sector to watch. TCS and Infosys closed red yesterday. HCL Tech bucked it. Overnight, Wall Street closed higher. 29%. Asia is hot this morning. The KOSPI is up by 5%. And GIFT Nifty is trading at 24,114, a soft open, about 70 points under the close. But I think by 9:10 we should be back towards that 24,180 zone. And one thing I tracked on my dashboard that proves the breadth point. 49% on the day the Nifty was red. 58%. Red index, green book. That is what an equal weight systematic book does when the damage is concentrated in a few heavyweights. So my plan for Wednesday is clear, guys. Wait for the first 30 minutes. I am not going to trade till 9:45. Let the new chain build up. Do not chase the drift. If we open near 24,110, reclaim 24,200 and hold, the bulls have it. 24,300 is the test, and 24,500 is where we are heading. , I am not buying the drift. Wait for 24,000 to test, for sure. And if Brent pushes hard through 92 and the rupee cracks, that is the tell. Stand down and respect the defensive positioning. Sensex 77,500 is the pivot into Thursday. 77,000 to 77,200 is your support, and 77,800 to 78,000 is your resistance. The traders who win consistently are not smarter, guys, they are earlier. You just got earlier. So have a great Wednesday, guys. One pin printed, one desk stepped aside, one new chain is getting built up. Reclaim 24,200 and hold it, and you would see 24,500 extremely soon. This was The Tanmay Edge. If you found value in this, guys, please share it with one trader friend who needs it right now. com where it streams. And give a rating, guys, and a review if you want to add something to the podcast. Questions ## EP86, in plain words. What does EP86 of The Tanmay Edge cover?EP86, Wednesday 22 Jul 2026, 7:50, in 8 chapters: Cold open: the pin printed, then the pros walked; The scoreboard: we called the pin, twelve points under 24,200; The tell: pros flat, FIIs hedged long not bearish; The lesson: the post expiry gamma reset; The new map: 24,200 turns from magnet to pivot; The driver: oil is back above 90; The book: red index, green all cap; The plan: wait for the chain to rebuild. How did the calls in EP86 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded the next trading day, 23 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 7.4INR, FII Flows, and Global Market Linkages10 min read](/learn/path-7/module-7-4-inr-fii-flows-global-linkages) * [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. 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