--- title: "Nifty Monthly Expiry: Pinned at 24,000 | The Tanmay Edge" description: "Today is the Nifty monthly expiry, and it is a textbook pin. This is The Tanmay Edge, Episode 90, for Tuesday 28 July 2026. I am Tanmay Kurtkoti." source_url: "https://www.rupeecase.com/podcast/episodes/2026-07-28" --- The Tanmay Edge, Season 2, EP90 # Nifty monthly expiry: pinned at 24,000, max pain 24,000, buy the dips Hold 23,900 and 24,150 is where this settles, Crude 87, VIX 12.6, PCR 1.13, Sell spreads, don't buy options Monthly expiry day the whole July series settles the heaviest OI of the month * **8:46**listen * **4/5**graded at settlement * **Tue 28 Jul 2026**aired, Season 2 Now playing Nifty monthly expiry: pinned at 24,000, max pain 24,000, buy the dips EP90, 28 Jul, 8:46 1x 0:00Chapter marks are estimated from the notes8:46 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.** Nifty Monthly And Weekly Double Expiry Pinned At 24,000 Max Pain 24,000 Gamma Flip Hedge Do Not Sell The Pin Held Within 15 Points Vol Never Crushed Fed Propping It Ran To 24,011.60 Closed 23,995.95 Under The Lid Crude Falling VIX Eased Pros Long Both Wings FII Hedged Long Client Short Puts * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded against the 29 Jul 2026 session; on the public trail from 30 Jul 2026. The grader's noteGraded Wed 29 Jul. The call was simple, pinned at 24000, hedge, do not sell it. It landed, the pin held to within 15 points and volatility never crushed, exactly because the Fed was sitting there propping it up. Roughly a four. [The whole season, graded](/podcast/#trail)[July 2026 archive](/podcast/2026-07/)[Methodology](/track-record) 02In this episode ## 6 chapters, the numbers pulled out. 1. **06**The edu: be the seller of premium, with aOn a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of 2. **06**The edu: be the seller of premium, with aOn a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of 3. **06**The edu: be the seller of premium, with aOn a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of 4. **06**The edu: be the seller of premium, with aOn a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of 5. **06**The edu: be the seller of premium, with aOn a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of 6. **06**The edu: be the seller of premium, with aOn a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of Cold open: the monthly settles today **24,000**Ran straight **24,011**Straight up to tapped **23,995.95**Tapped and closed **12.6**Gauge is asleep Today is the big one, not a weekly, the monthly expiry. The whole July series, the heaviest open interest of the month, settles today. Yesterday the market ran straight up to 24,000, tapped 24,011, and closed 23,995.95, four points under the round number, on Read the chapter The close: a breadth thrust **12.6**Fear gauge crashed Monday was a proper up day. Nifty 23,995.95, up 228 points, almost a percent. Sensex 76,835.78, up 776. The internals were stronger than the headline, forty three up and only seven down inside the Nifty 50, midcaps and smallcaps up more than a percent, all Read the chapter The monthly chain: 24,000 is the magnet **24,000**Pain sits exactly **1.13**Put call ratio **20 crore**Supportive side **17.7**Crore puts against On a monthly the open interest is three to four times heavier than a weekly, so the levels pull much harder. Max pain sits exactly at 24,000. The put call ratio is 1.13, the supportive side, 20 crore puts against about 17.7 crore calls. 24,000 itself holds Read the chapter Positioning: everybody De-Risked The official participant file showed one clear thing, everybody de-risked into this expiry. The professional desk booked profit on the calls they had been long. The foreign institutions bought back the calls they were short, and stopped defending the downside so hard. The retail crowd covered more of their short puts. Nobody is pressing a big directional bet into a monthly settlement with a Fed the next day. That is Read the chapter The plan: buy dips at 23,900, target 24,150 **24,150**Monthly can drift **23,800**Pin break toward **24,000**Flat open right **95.91**Rupee firm One line under, one line over. The line under is 23,900, the put sellers' floor, the dip to buy. Hold it and this monthly can drift to 24,150, into the empty pocket between the walls. The line over is 24,200, the heaviest call wall, fade the first tap unless Read the chapter The edu: be the seller of premium, with a spread **1.31 percent**Cap finally shone **0.99**Against the Nifty On a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of options. Time decay and falling vol eat a naked call or put alive even if the direction is right. The structure that fits a pin is to be the seller Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the monthly settles today Today is the big one, not a weekly, the monthly expiry. The whole July series, the heaviest open interest of the month, settles today. Yesterday the market ran straight up to 24,000, tapped 24,011, and closed 23,995.95, four points under the round number, on the biggest single strike on the board. Crude is still falling, near 87 dollars from 100 a week ago. The fear gauge is asleep at 12.6. The put sellers are stacked underneath like a floor. Every one of those things says the same thing, buy the dips. ### *02*The close: a breadth thrust Monday was a proper up day. Nifty 23,995.95, up 228 points, almost a percent. Sensex 76,835.78, up 776. The internals were stronger than the headline, forty three up and only seven down inside the Nifty 50, midcaps and smallcaps up more than a percent, all eleven sectors green, IT leading up more than two percent. And the fear gauge crashed to 12.6, down almost ten percent, as the bounce confirmed. Price up and fear down hard on broad breadth is the tape telling you the sellers are done for now. ### *03*The monthly chain: 24,000 is the magnet On a monthly the open interest is three to four times heavier than a weekly, so the levels pull much harder. Max pain sits exactly at 24,000. The put call ratio is 1.13, the supportive side, 20 crore puts against about 17.7 crore calls. 24,000 itself holds more than one and a half crore puts and 23,900 holds one and a third crore, the writers' floor. Above, 24,200 is the heaviest call line at about one and a half crore. And the pocket that matters, between 24,100 and 24,200 the 24,150 strike is almost empty, barely six lakh puts, so if we hold 23,900 and reclaim 24,050 there is very little in the way up to 24,150, exactly where a monthly like this tends to drift and settle. The straddle at 24,000 is only about 126, pricing a move of just 125 points for the whole day. ### *04*Positioning: everybody De-Risked The official participant file showed one clear thing, everybody de-risked into this expiry. The professional desk booked profit on the calls they had been long. The foreign institutions bought back the calls they were short, and stopped defending the downside so hard. The retail crowd covered more of their short puts. Nobody is pressing a big directional bet into a monthly settlement with a Fed the next day. That is a market that wants to pin, not one that wants to run. ### *05*The plan: buy dips at 23,900, target 24,150 One line under, one line over. The line under is 23,900, the put sellers' floor, the dip to buy. Hold it and this monthly can drift to 24,150, into the empty pocket between the walls. The line over is 24,200, the heaviest call wall, fade the first tap unless it is taken on a close. Lose 23,900 and only then does the pin break toward 23,800. GIFT is near 23,977, a flat open right under 24,000, starting the monthly expiry sitting on the pin. Crude near 87 keeps the tailwind, the rupee firm near 95.91, its best in weeks. ### *06*The edu: be the seller of premium, with a spread On a monthly expiry with the vol gauge this low and the straddle only 126, you do not want to be the buyer of options. Time decay and falling vol eat a naked call or put alive even if the direction is right. The structure that fits a pin is to be the seller with a spread so the risk is capped, sell into the walls, buy the dips into support, let theta do the work. One caveat, the Fed decides tomorrow, so the vol gauge will not fully collapse today. Do not sell so much premium that a Fed surprise hurts. Keep it defined, keep it small, respect the event. On the book, the All Cap finally shone, up 1.31 percent against the Nifty at 0.99, level with its benchmark since rebalance. 04Key takeaways ## 16 things to carry into the session. * *01*Monthly expiry day the whole July series settles the heaviest OI of the month * *02*Nifty closed 23,995.95 four points under 24,000 on the biggest strike on the board * *03*Monday up 228 points Sensex up 776 a proper up day * *04*Breadth thrust 43 up 7 down inside the Nifty 50 all eleven sectors green * *05*India VIX crashed to 12.6 down almost ten percent as the bounce confirmed * *06*Max pain exactly 24,000 PCR 1.13 20 crore puts vs 17.7 crore calls * *07*24,000 holds 1.5 crore puts 23,900 holds 1.33 crore the writers floor * *08*24,200 the heaviest call wall at about 1.5 crore contracts * *09*24,150 pocket almost empty barely 6 lakh puts the drift target * *10*Straddle at 24,000 only about 126 pricing a 125 point day * *11*Pros booked call profits FII bought back short calls clients covered puts * *12*Crude near 87 dollars down from 100 a week ago the tailwind holds * *13*Rupee firm near 95.91 its best in weeks GIFT 23,977 flat open on the pin * *14*Plan buy dips at 23,900 target 24,150 fade 24,200 lose 23,900 opens 23,800 * *15*Sell premium with defined spreads not naked the Fed decides tomorrow * *16*All Cap up 1.31 percent vs Nifty 0.99 on the broad up day Show all 16 05In his words Every one of those things says the same thing. Buy the dips. Price up and fear down hard on broad breadth is the tape telling you the sellers are done for now. The strike at 24,150 is almost empty. That is exactly where a monthly like this tends to drift and settle. Questions ## EP90, in plain words. What does EP90 of The Tanmay Edge cover?EP90, Tuesday 28 Jul 2026, 8:46, in 6 chapters: Cold open: the monthly settles today; The close: a breadth thrust; The monthly chain: 24,000 is the magnet; Positioning: everybody De-Risked; The plan: buy dips at 23,900, target 24,150; The edu: be the seller of premium, with a spread. How did the calls in EP90 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded against the 29 Jul 2026 session. Is The Tanmay Edge investment advice?No. It is market commentary for education only, not a recommendation to buy or sell any security. RupeeCase is not a SEBI registered investment adviser, and strategy figures on RupeeCase are model, back tested. 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 7.6Corporate Earnings Cycle in India10 min read](/learn/path-7/module-7-6-corporate-earnings-cycle-india) 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=Nifty%20monthly%20expiry%3A%20pinned%20at%2024%2C000%2C%20max%20pain%2024%2C000%2C%20buy%20the%20dips%20%7C%20The%20Tanmay%20Edge%20EP90&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-07-28) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-07-28) 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.