--- title: "Buy The Dip, Not The Fear, 24,600 Flipped | The Tanmay Edge" description: "On Friday the Nifty did exactly what this podcast mapped: it broke 24,600, drifted, and stopped at the 24,500 shelf, low 24,522, close 24,570.65, down 0.27%." source_url: "https://www.rupeecase.com/podcast/episodes/2026-08-10" --- The Tanmay Edge, Season 2, EP99 # Buy the dip, not the fear 24,600 flipped from put Wall to call Wall, Asia gaps up, stop 24,500, target 25,000 to 25,200 24,600 flipped from biggest put wall to biggest call wall in one session * **9:58**listen * **4/5**graded at settlement * **Mon 10 Aug 2026**aired, Season 2 Now playing Buy the dip, not the fear EP99, 10 Aug, 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 ## 4/5 at settlement. **4/5**80% **The call.** Buy The Dip Not The Fear 24,600 Flipped From Biggest Put Wall To Biggest CALL Wall In One Session Calls +64.5 L Puts Covered 8.9 L Now 1.2 Cr PCR 0.96 To 0.73 Max Pain 24,600 Overhead Spot 24,570.65 Put Floor 24,500 Fresh 15 L Pro Long Vol Both Sides 2.4 L Calls 1 L Puts FII 4 To 1 Hedged Long Cash +480 Cr Client Short 5.67 L Naked Puts Straddle 222 Asia Flying GIFT +150 Plan Buy Dips 24,550 To 24,500 Stop Close Below 24,500 Trigger 24,600 Close Target 25,000 Then 25,200 * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 11 Aug 2026, against NSE settlement. The grader's noteGraded Tue 11 Aug against the Mon close 24,583. The buy the dip call landed to the point, the first hour dip to 24,511 got bought exactly in the flagged 24,550 to 24,500 zone and the close below 24,500 stop never came close. The do not sell volatility call paid in one session, front week IV exploded 22 percent from 10 to 12.2 and the curve inverted. The miss, the 24,600 upside trigger never fired, the day pressed under it with a 24,620 high and closed 16 points below the magnet. 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: buy the dip, not the fearThe bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything 2. **06**The plan: buy the dip, not the fearThe bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything 3. **06**The plan: buy the dip, not the fearThe bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything 4. **06**The plan: buy the dip, not the fearThe bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything 5. **06**The plan: buy the dip, not the fearThe bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything 6. **06**The plan: buy the dip, not the fearThe bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything Cold open: the fortress became the lid **24,522**Shelf, the low **24,600**Strongest support on Thursday On Friday the market did exactly what was mapped. It broke 24,600, it drifted, it stopped at the 24,500 shelf, the low 24,522. So far, so normal. But while price did the boring thing, the options board did something violent. The strike that was the market's Read the chapter The tape: break, retest, reject **24,570**Friday the Nifty closed **24,539**Opened soft **24,630**Soft at squeezed **24,522**Faded all day Friday the Nifty closed 24,570, down 65. It opened soft at 24,539, squeezed to 24,630 in the first hour, then faded all day to 24,522 before a small bounce. The Sensex was harder hit, down 455 at 78,499. The fear index did nothing, sitting at 12. The detail Read the chapter The rotation: one sector deep **5.9**Bajaj Finance **4.2**Bajaj Finserv **3.7**ICICI Bank **3.5**Other side TCS Full market breadth was flat, 1684 advances against 1664 declines. What actually fell was financials and almost nothing else. Bajaj Finance down 5.9, Bajaj Finserv 4.2, ICICI Bank 3.7, Trent 3.5, that is where all 455 Sensex points came from. On the other side Read the chapter The Wall flip: same strike, opposite army **9 lakh**Put writers ran, nearly **24,600**Nearly lakh puts **64.5**Came the call writers **1.2**Strike to almost On Thursday 24,600 was the biggest put wall for Tuesday's expiry, the magnet and the floor. On Friday, after the failed retest, the put writers ran, nearly 9 lakh puts at 24,600 covered. Into the vacuum came the call writers, 64.5 lakh fresh calls sold at Read the chapter Positioning: long vol, hedged long, and naked **1 lakh**Back and went long **1.4**Went long lakh puts **2.4**One day, while holding **4.14**Deepened the hedge, long Friday the pros made the biggest single move of the week. Thursday they were short about 40,000 puts, Friday they bought all of them back and went long 1 lakh puts, a 1.4 lakh contract swing in one day, while holding 2.4 lakh calls. Long calls and long puts, a Read the chapter The plan: buy the dip, not the fear **2 percent**Ripping, Nikkei **2.1**Nikkei up percent, Taiwan **24,600**Open right **24,500**Put wall sits The bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything, the breadth is flat, the damage is one sector deep, Asia is ripping, Nikkei up 2 percent, Taiwan 2.1, GIFT at 24,670 landing the open right at the Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the fortress became the lid On Friday the market did exactly what was mapped. It broke 24,600, it drifted, it stopped at the 24,500 shelf, the low 24,522. So far, so normal. But while price did the boring thing, the options board did something violent. The strike that was the market's strongest support on Thursday, 24,600, became its strongest resistance by Friday evening. Sixty four lakh fresh calls sold on that one strike in one session. And this morning, all of Asia is flying. ### *02*The tape: break, retest, reject Friday the Nifty closed 24,570, down 65. It opened soft at 24,539, squeezed to 24,630 in the first hour, then faded all day to 24,522 before a small bounce. The Sensex was harder hit, down 455 at 78,499. The fear index did nothing, sitting at 12. The detail most people missed, that morning squeeze to 24,630 was the market going back up to touch 24,600 from below, the level it had just broken. It kissed it, it failed, and it fell away. Break, retest, reject. When a broken support gets rejected on the retest, that level has changed teams. ### *03*The rotation: one sector deep Full market breadth was flat, 1684 advances against 1664 declines. What actually fell was financials and almost nothing else. Bajaj Finance down 5.9, Bajaj Finserv 4.2, ICICI Bank 3.7, Trent 3.5, that is where all 455 Sensex points came from. On the other side TCS up 3.5, M&M up 2.5, State Bank up 1, the IT index up 1.4 percent on a red day. Thursday IT was the drag and banks the lift, Friday they swapped jerseys. That is rotation, not distribution, and money that rotates is money that stays. ### *04*The Wall flip: same strike, opposite army On Thursday 24,600 was the biggest put wall for Tuesday's expiry, the magnet and the floor. On Friday, after the failed retest, the put writers ran, nearly 9 lakh puts at 24,600 covered. Into the vacuum came the call writers, 64.5 lakh fresh calls sold at 24,600, taking the strike to almost 1.2 crore contracts, the biggest wall on the whole board. Same strike, opposite army. The put defense moved one floor down, 15 lakh fresh puts at 24,500, exactly where Friday's fall stopped. The put call ratio collapsed from 0.96 to 0.73. Max pain is still 24,600 and we closed thirty points below it. The magnet is overhead. ### *05*Positioning: long vol, hedged long, and naked Friday the pros made the biggest single move of the week. Thursday they were short about 40,000 puts, Friday they bought all of them back and went long 1 lakh puts, a 1.4 lakh contract swing in one day, while holding 2.4 lakh calls. Long calls and long puts, a long volatility book walking into expiry. The foreigners deepened the hedge, long 4.14 lakh puts, short 2.13 lakh calls, short 1.5 lakh index futures against 6.34 lakh long stock futures, a 4 to 1 hedged long, and they bought 480 crore of cash, their first real buy of the week. And the crowd sold another 1.68 lakh puts, now short 5.67 lakh naked into expiry eve at a 12 VIX. Somebody is wrong by Tuesday night, and history says it is rarely the first two. ### *06*The plan: buy the dip, not the fear The bias is buy on dips. The foreigners are 4 to 1 hedged long and buying cash, the locals absorb everything, the breadth is flat, the damage is one sector deep, Asia is ripping, Nikkei up 2 percent, Taiwan 2.1, GIFT at 24,670 landing the open right at the 24,600 wall. The freshest put wall sits at 24,500, big writers telling you where they will buy. Dips toward 24,550, even 24,500, are for buying. The stop is a close below 24,500, below that the crowd's naked puts start burning and you do not stand in front of that fire. Upside, the trigger is 24,600 on a closing basis. Cross and hold it and the 64 lakh calls sold there are trapped, their covering becomes the fuel, 24,700 and 24,800 come fast, and the bigger magnet sits at 25,000 where 113 lakh calls are stacked. Target 25,000 first, 25,200 after, into the monthly. The Tuesday straddle costs about 222, movement is underpriced, own it, do not write it. On the book, All Cap up 0.02 since the 3 August rebalance against the benchmark down 0.82, alpha of 0.85 percent in a falling week. 04Key takeaways ## 18 things to carry into the session. * *01*24,600 flipped from biggest put wall to biggest call wall in one session * *02*64.5 lakh fresh calls sold at 24,600 taking the strike to almost 1.2 crore * *03*Nearly 9 lakh puts at 24,600 covered the defense moved down to 24,500 * *04*15 lakh fresh puts at 24,500 exactly where Fridays fall stopped * *05*PCR collapsed from 0.96 to 0.73 max pain 24,600 overhead * *06*Nifty closed 24,570 down 65 low 24,522 the 24,500 shelf held * *07*Morning squeeze to 24,630 kissed 24,600 from below and failed break retest reject * *08*Sensex down 455 at 78,499 all of it from financials * *09*Bajaj Finance down 5.9 Finserv 4.2 ICICI 3.7 while TCS up 3.5 IT up 1.4 * *10*Breadth flat 1684 advances vs 1664 declines rotation not distribution * *11*Pros swung 1.4 lakh contracts in a day now long 1 lakh puts and 2.4 lakh calls * *12*FII 4 to 1 hedged long 6.34 lakh stock futures and bought 480 crore cash * *13*Crowd sold 1.68 lakh more puts now short 5.67 lakh naked at a 12 VIX * *14*Tuesday straddle about 222 movement underpriced own it do not write it * *15*Asia flying Nikkei up 2 Taiwan 2.1 GIFT 24,670 open lands at the wall * *16*Plan buy dips 24,550 to 24,500 stop below 24,500 trigger 24,600 on a close * *17*Above 24,600 the trapped calls fuel 24,700 24,800 then the 25,000 magnet target 25,200 * *18*All Cap alpha 0.85 percent in a falling week since the 3 Aug rebalance Show all 18 05In his words The fortress became the lid. Break, retest, reject. When a broken support gets rejected on the retest, that level has changed teams. That is rotation, not distribution, and money that rotates is money that stays. Questions ## EP99, in plain words. What does EP99 of The Tanmay Edge cover?EP99, Monday 10 Aug 2026, 9:58, in 6 chapters: Cold open: the fortress became the lid; The tape: break, retest, reject; The rotation: one sector deep; The Wall flip: same strike, opposite army; Positioning: long vol, hedged long, and naked; The plan: buy the dip, not the fear. How did the calls in EP99 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded the next trading day, 11 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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