--- title: "The Auction Moved The Price Without A | The Tanmay Edge" description: "The Sensex closed up 373 points at 78,954, clean and orderly, and the settlement everyone feared would break under the new single closing auction held just" source_url: "https://www.rupeecase.com/podcast/episodes/2026-08-07" --- The Tanmay Edge, Season 2, EP98 # The auction moved the price without a single trade Nifty coils at 24,600, FII hedge vs pro bull into tue Sensex closed up 373 at 78,954 the braced for settlement held clean * **9:13**listen * **4/5**graded at settlement * **Fri 7 Aug 2026**aired, Season 2 Now playing The auction moved the price without a single trade EP98, 7 Aug, 9:13 1x 0:00Chapter marks are estimated from the notes9:13 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.** The Auction Moved The Price Without A Single Trade Nifty Coils 24,636 In A 73 Point Range Pro Bull 1.91 L Calls Short Puts FII 4.4 To 1 Hedged Long 3.88 L Puts Short Calls Client Short 3.98 L Puts Naked DII +4,014 Cr Absorbed Tuesday Chain Straddle 252 PCR 0.96 Max Pain 24,600 Put Walls 24,000 24,600 Call Walls 25,000 24,700 Flip 24,650 Map Support 24,600 Lid 24,700 Then 24,800 Edu Indicative Price Is Not The Close * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 10 Aug 2026, against NSE settlement. The grader's noteGraded Fri 7 Aug EOD. The call was 24,600 the magnet and support, below it watch 24,500. Friday broke 24600, retested it from below, rejected, and stopped at 24,522 on the 24,500 shelf, the downside branch to the point. The base case pin did not hold, the branch did. Four out of five. [The whole season, graded](/podcast/#trail)[August 2026 archive](/podcast/2026-08/)[Methodology](/track-record) 02In this episode ## 6 chapters, the numbers pulled out. 1. **06**The plan: 24,600 magnet, 24,700 lidInto Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the 2. **06**The plan: 24,600 magnet, 24,700 lidInto Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the 3. **06**The plan: 24,600 magnet, 24,700 lidInto Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the 4. **06**The plan: 24,600 magnet, 24,700 lidInto Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the 5. **06**The plan: 24,600 magnet, 24,700 lidInto Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the 6. **06**The plan: 24,600 magnet, 24,700 lidInto Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the Cold open: the price moved without a trade **373 points**Sensex closed **78,954**Closed up points Yesterday the Sensex closed up 373 points at 78,954. Clean, orderly, the settlement half the desk was braced to see break held. But in the last ten minutes the price on the terminal ran up to a level the market never really traded at, and then it came back. Read the chapter The tape: it did not sleep, it coiled **24,636**Nifty closed **3.4**Percent underneath, Reliance **2.5**Bank up BEL **1 percent**Smallcap index The Nifty closed 24,636, up eleven points, in a 73 point range, the tightest day of the week. Fifteen up, thirty four down, the vol gauge at 12. The headline says the market fell asleep. It did not, it coiled. The Sensex was up almost half a percent Read the chapter The auction: wild inside, clean at the bell Yesterday was the first Sensex weekly expiry through the new single closing auction, and after two misfires everyone was watching for the settlement to break. It did not, the final settlement was clean, the futures basis barely a point off fair value. But the volatility did not disappear, it moved into the auction window itself. In the last few minutes the indicative price, the provisional number shown while the Read the chapter The edu: the indicative price is not the close The indicative price during a closing auction is a work in progress. While the auction is uncrossing, that number can swing violently on thin, lumpy order flow, one big basket order can throw it hundreds of points, then it snaps back when the final match prints. On these first Sensex auctions, that window is exactly where the wildness lands. Two rules. Do not trade the indicative print, it is a moving target. And do Read the chapter Positioning: offense, defense, and the crowd short vol **1.91**Leaning bullish, long **40,000**Calls and short **3.88**Exact opposite, long roughly **1.63**Puts and short Pro first, then FII, then Client. The pros are leaning bullish, long about 1.91 lakh calls and short about 40,000 puts, an offensive book. The foreign institutions are the exact opposite, long roughly 3.88 lakh puts and short about 1.63 lakh calls, a defensive Read the chapter The plan: 24,600 magnet, 24,700 lid **24,600**Tuesday's Nifty expiry **35 lakh**Writers piled in, roughly **28 lakh**Fresh puts **24,700**Call writers below Into Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the week, and put writers piled in, roughly 35 lakh fresh puts at 24,600 and 28 lakh at 24,700, real support. The call writers below 24,700 bought back Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the price moved without a trade Yesterday the Sensex closed up 373 points at 78,954. Clean, orderly, the settlement half the desk was braced to see break held. But in the last ten minutes the price on the terminal ran up to a level the market never really traded at, and then it came back. That was the closing auction talking, and that is where the whole story of yesterday lives. ### *02*The tape: it did not sleep, it coiled The Nifty closed 24,636, up eleven points, in a 73 point range, the tightest day of the week. Fifteen up, thirty four down, the vol gauge at 12. The headline says the market fell asleep. It did not, it coiled. The Sensex was up almost half a percent underneath, Reliance up 3.4, State Bank up 3, BEL up 2.5, ICICI up 2.3, against TCS down 2 and the IT pack soft, autos and metals down 1. Winners and losers almost exactly the same size, so the index went nowhere while a lot moved underneath. The smallcap index was up 1 percent on the same day, the tape firmer than the headline. ### *03*The auction: wild inside, clean at the bell Yesterday was the first Sensex weekly expiry through the new single closing auction, and after two misfires everyone was watching for the settlement to break. It did not, the final settlement was clean, the futures basis barely a point off fair value. But the volatility did not disappear, it moved into the auction window itself. In the last few minutes the indicative price, the provisional number shown while the exchange matches closing orders, jumped hard, ran well above where the stock was trading, then settled back to an orderly close. The fear that vol would be bid into the untested expiry was right, it just paid inside the auction, not the settlement. ### *04*The edu: the indicative price is not the close The indicative price during a closing auction is a work in progress. While the auction is uncrossing, that number can swing violently on thin, lumpy order flow, one big basket order can throw it hundreds of points, then it snaps back when the final match prints. On these first Sensex auctions, that window is exactly where the wildness lands. Two rules. Do not trade the indicative print, it is a moving target. And do not fire a market on close order into an auction the market has not learned to trust, because the price you are chasing is not real until the bell. ### *05*Positioning: offense, defense, and the crowd short vol Pro first, then FII, then Client. The pros are leaning bullish, long about 1.91 lakh calls and short about 40,000 puts, an offensive book. The foreign institutions are the exact opposite, long roughly 3.88 lakh puts and short about 1.63 lakh calls, a defensive hedge, short about 1.45 lakh index futures but long 6.4 lakh stock futures, a four to one hedged long. They own the market and they are buying insurance on it. And the crowd is short almost 4 lakh puts, naked, at a 12 VIX, paid almost nothing for the risk. Offense, defense, and short volatility. Nobody capitulating, a coil not a trend. The DIIs held the tape up, buying over 4000 crore while FII cash was flat. ### *06*The plan: 24,600 magnet, 24,700 lid Into Tuesday's Nifty expiry the 24,600 strike is the magnet. Max pain 24,600, the biggest options stack of the week, and put writers piled in, roughly 35 lakh fresh puts at 24,600 and 28 lakh at 24,700, real support. The call writers below 24,700 bought back and rolled the resistance up, so the lid lifted to 24,700 and 24,800. Support building up, resistance moving up, quietly constructive. The Tuesday straddle is about 252, gamma flips positive just above 24,650 and we closed 24,636, a hair below. The map, 24,600 support and magnet, 24,700 the lid then 24,800, above 24,700 on a close the coil breaks up, below 24,600 we drift to 24,500. Trade the range, respect the auction, do not chase the last minute print. The All Cap book sits up 1.67 percent since rebalance against 1 percent for its benchmark. 04Key takeaways ## 17 things to carry into the session. * *01*Sensex closed up 373 at 78,954 the braced for settlement held clean * *02*Nifty 24,636 up eleven in a 73 point range the tightest day of the week * *03*Breadth 15 up 34 down but smallcaps up 1 percent tape firmer than headline * *04*Reliance up 3.4 SBI up 3 BEL 2.5 ICICI 2.3 against TCS down 2 * *05*First Sensex weekly expiry through the auction settled with basis barely 1 point off * *06*Indicative price spiked hard in the uncrossing window then snapped back * *07*Do not trade the indicative print do not fire MOC into an untrusted auction * *08*Pros long 1.91 lakh calls short 40,000 puts an offensive book * *09*FII long 3.88 lakh puts short 1.63 lakh calls a defensive hedge * *10*FII short 1.45 lakh index futures long 6.4 lakh stock futures 4 to 1 hedged long * *11*Crowd short almost 4 lakh puts naked at a 12 VIX * *12*DII bought over 4000 crore FII cash flat minus 18 crore * *13*Tuesday chain max pain 24,600 put writers added 35 lakh there and 28 lakh at 24,700 * *14*Call resistance rolled up lid lifted from 24,600 to 24,700 and 24,800 * *15*Straddle about 252 gamma flips just above 24,650 close 24,636 a hair below * *16*Map support 24,600 lid 24,700 above on a close the coil breaks up below drift 24,500 * *17*All Cap up 1.67 percent since rebalance vs 1 percent benchmark Show all 17 05In his words You saw something the tape never actually printed. It did not fall asleep. It coiled. The fear that vol would be bid into this untested expiry was right. It just paid inside the auction, not in the settlement. Questions ## EP98, in plain words. What does EP98 of The Tanmay Edge cover?EP98, Friday 7 Aug 2026, 9:13, in 6 chapters: Cold open: the price moved without a trade; The tape: it did not sleep, it coiled; The auction: wild inside, clean at the bell; The edu: the indicative price is not the close; Positioning: offense, defense, and the crowd short vol; The plan: 24,600 magnet, 24,700 lid. How did the calls in EP98 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded the next trading day, 10 Aug 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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