--- title: "Round 4, Priced For Boredom, The Auction | The Tanmay Edge" description: "Last Thursday the closing auction moved the Sensex 284 points in four minutes after freezing for eleven. Everybody watched it. So here is the remarkable thing" source_url: "https://www.rupeecase.com/podcast/episodes/2026-08-20" --- The Tanmay Edge, Season 2, EP107 # Round 4, priced for boredom The auction that moved 284 points costs less this week, 24 lakh calls press 77,000, and the crowd sets a fifth record Sensex expiry round four priced at about 10 percent IV vs 13 to 14 the last three rounds * **11:49**listen * **4.5/5**graded at settlement * **Thu 20 Aug 2026**aired, Season 2 Now playing Round 4, priced for boredom EP107, 20 Aug, 11:49 1x 0:00Chapter marks are estimated from the notes11:49 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 ## 4.5/5 at settlement. **4.5/5**90% **The call.** Round 4 Priced For Boredom Sensex Auction IV 10 Percent vs 13-14 Prior Rounds Straddle 374 36 L Calls On 77,000 Sensex 76,910 First Close Below The Strike Max Pain 77,000 Just 90 Above Spot PCR 0.57 Call Heavy Resistance 77,500 28 L Calls Nifty 24,078 Seventh Lower Close Low 24,025 Base Held VIX 11.33 Clients FIFTH Record 7.13 L Naked Puts Pros Bought Back The Entire 0.7 L Call Short Back To Long Vol FII Fut Short 2.10 L Calls Short 3.14 L Both First Over The Round Number Cash +408 Cr DII +3,974 Cr Biggest In 8 Sessions Every Round Strike Sold 24,100 To 24,500 Plan Sell 77,500 Reclaim 24,250 * **4**Hit * **1**Partial * **0**Mechanical * **0**Miss Graded the next trading day, 21 Aug 2026, against NSE settlement. The grader's noteGraded Fri 21 Aug against the Sensex expiry settlement 77,537. The buy on dips range worked perfectly, the day held inside the called 76,900 to 77,800 band, and the expiry magnet called at 77,500 settled at 77,537, within 37 points. On the Nifty the up day arrived as flagged after seven lower closes, ripping 153 points to 24,231. Four and a half out of five. [The whole season, graded](/podcast/#trail)[August 2026 archive](/podcast/2026-08/)[Methodology](/track-record) 02In this episode ## 7 chapters, the numbers pulled out. 1. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 2. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 3. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 4. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 5. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 6. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 7. **07**The plan: sell 77,500, buy the Nifty dipSensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 Cold open: round four, priced for boredom **300 points**Moved the Sensex almost **14 percent**Rounds of almost **24 lakh**Pressed on the strike **7 lakh**Put book of almost Today is the Sensex expiry. Last Thursday the auction moved the Sensex almost 300 points in the last two minutes. Everybody remembers it. So what does the market price for round four this morning? Around 10 percent IV, cheaper than the last three rounds of Read the chapter The Sensex board: first close below 77,000 **76,910**Sensex closed yesterday **325 points**Below the strike **0.42 percent**Strike, points lower **77,081**Future remained at almost The Sensex closed yesterday at 76,910, just below the 77,000 strike, 325 points lower, 0.42 percent, the first close below that strike. The expiry future remained at almost 77,081, basis points above the spot close. Max pain stands at around 77,000, 90 points Read the chapter The Nifty: seventh straight lower close **24,472**Trend has remained **24,078**Remained, from to almost **400 points**Almost almost **1.49 percent**Defence sector We closed at 24,078, down 76 points, the seventh straight lower close. The staircase trend has remained, from 24,472 to almost 24,078, almost 400 points down in seven sessions. The low was 24,025, so the 24,000 base case held nicely. VIX was 11.33. The defence Read the chapter The clients: a fifth record **5.74**Put book started **7.13**Finally we closed The clients' naked put book started at 5.74 lakh, then 6.08, then 6.61, yesterday 6.97, and finally we closed at 7.13 lakh puts sold. Plus 2.73 lakh calls bought. Seven red days, five records. Nobody has ever needed five warnings, and the clients are still Read the chapter The pros and the FIIs: the lean got booked **0.7**Bought back the entire **1.05**Got covered, swing **0.33**Yesterday, long calls **2.10**Futures short remains The pros bought back the entire 0.7 lakh call short at the lows. The month's only directional lean got covered, a swing of 1.05 lakh calls. Their book is now exactly the opposite of yesterday, long calls of 0.33 lakh and almost one lakh long puts, back to long Read the chapter The Nifty board: every strike is written **24,250**Stands at the same **24,100**Call writers **24,200**Lakh added **1.1**Lakh added, with almost The BhavCopy tells us max pain stands at the same 24,250 to 24,300 levels, 150 to 170 points above the spot close, and we open around 24,200. Call writers are at 24,100 with 79 lakh added, 24,200 with almost 1.1 crore, 24,300 with 1.16 crore and 36 lakh added Read the chapter The plan: sell 77,500, buy the Nifty dip **77,500**First real resistance **28 lakh**Resistance is with almost **77,000**Bottom side, if **76,800**First support Sensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 with almost 28 lakh calls written, so we could see oscillation there, and selling 77,500 for today's expiry would be a good trade. On the bottom side Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: round four, priced for boredom Today is the Sensex expiry. Last Thursday the auction moved the Sensex almost 300 points in the last two minutes. Everybody remembers it. So what does the market price for round four this morning? Around 10 percent IV, cheaper than the last three rounds of almost 13 to 14 percent. The Sensex straddle is trading around 374 rupees for the day. 36 lakh calls are pressed on the 77,000 strike, 24 lakh of which were added yesterday. And the clients walk in short a fifth record put book of almost 7 lakh carried overnight. Expiry decides at 3:30, then the uncross decides after 3:26. ### *02*The Sensex board: first close below 77,000 The Sensex closed yesterday at 76,910, just below the 77,000 strike, 325 points lower, 0.42 percent, the first close below that strike. The expiry future remained at almost 77,081, basis points above the spot close. Max pain stands at around 77,000, 90 points above the spot. The fight, 77,000, has 25 lakh calls with 24 lakh added yesterday, and around 17 lakh puts sold at the same strike. Support is at 76,900 to 77,000 where 19 lakh puts sit with almost 16 lakh added. The first actual resistance is 77,500, where the magnet should shift after the open, with around 28 lakh calls. The PCR is almost 0.57, decisively call heavy. Negative gamma below 76,900 to 77,000, and above 77,000 the steam gets to 77,500. Indicative is not the close. Flat into the window. ### *03*The Nifty: seventh straight lower close We closed at 24,078, down 76 points, the seventh straight lower close. The staircase trend has remained, from 24,472 to almost 24,078, almost 400 points down in seven sessions. The low was 24,025, so the 24,000 base case held nicely. VIX was 11.33. The defence sector was down 1.49 percent, the defensive lean cracked, and IT was the only green at 0.73 percent. And another wild late print near 24,200 in the Nifty's closing session before settling around 24,078. That happened in the cash. The daily uncross circus continues in the cash session. ### *04*The clients: a fifth record The clients' naked put book started at 5.74 lakh, then 6.08, then 6.61, yesterday 6.97, and finally we closed at 7.13 lakh puts sold. Plus 2.73 lakh calls bought. Seven red days, five records. Nobody has ever needed five warnings, and the clients are still holding that, and we should give it to them, where today they are going to get paid on the gap up. ### *05*The pros and the FIIs: the lean got booked The pros bought back the entire 0.7 lakh call short at the lows. The month's only directional lean got covered, a swing of 1.05 lakh calls. Their book is now exactly the opposite of yesterday, long calls of 0.33 lakh and almost one lakh long puts, back to long vol and long straddle. The lesson, they picked a side on Tuesday, melted for two days, booked it at the bottom. That is how a lean is traded. And the FII futures short remains at 2.10 lakh, first time over 2 lakh this month, call short almost 3.14 lakh, first time over 3 lakh. FII cash bought 408 crore, and the DIIs bought 3,974 crore, the biggest cheque in the last eight sessions. ### *06*The Nifty board: every strike is written The BhavCopy tells us max pain stands at the same 24,250 to 24,300 levels, 150 to 170 points above the spot close, and we open around 24,200. Call writers are at 24,100 with 79 lakh added, 24,200 with almost 1.1 crore, 24,300 with 1.16 crore and 36 lakh added, and the last strike 24,500 with 1.49 crore. Roughly two crore calls got added in one session, every round strike is sold. Support is present nicely at 24,000 with 1.37 crore puts as the base. PCR 0.7, the weekly straddle around 235 giving a range of around 270 points, 24,000 to 24,300, so we still trade the same zone. Front IV just below 10. Resistance now sits at every 100 points from 24,100 to 24,500. ### *07*The plan: sell 77,500, buy the Nifty dip Sensex first. 77,000 is the sustained side where we look at the bottom. The first real resistance is 77,500 with almost 28 lakh calls written, so we could see oscillation there, and selling 77,500 for today's expiry would be a good trade. On the bottom side, if 77,000 breaks, the first support is 76,800, unlikely but keep a watch. The straddle at 374 gives an opening range of almost 76,900 to 77,800, an 800 point width. Don't carry anything into the last window, the Sensex expiry moves drastically in the last few minutes. On the Nifty, the 170 point gap up opens into the fresh resistance zone of 24,300. Seven lower closes and we are finally going to see an up day. Reclaim and hold 24,250 for the first few hours and we could see 24,300 breached, then 24,500. One green day does not change the size rule, small defined risk, because the market below 24,300 is not a good close. Globally the KOSPI is up 6 percent fully rebounding yesterday's crash, gold at a record 4,528, Brent 91.92 still above 90, and USD INR at another record 95.76. 04Key takeaways ## 21 things to carry into the session. * *01*Sensex expiry round four priced at about 10 percent IV vs 13 to 14 the last three rounds * *02*Sensex straddle 374 rupees 36 lakh calls pressed on the 77,000 strike * *03*Sensex closed 76,910 down 325 the first close below the 77,000 strike * *04*Max pain around 77,000 just 90 points above the spot * *05*77,000 holds 25 lakh calls with 24 lakh added and 17 lakh puts sold same strike * *06*First real resistance 77,500 with around 28 lakh calls the magnet should shift there * *07*Sensex PCR 0.57 decisively call heavy negative gamma below 76,900 to 77,000 * *08*Nifty closed 24,078 down 76 the seventh straight lower close low 24,025 * *09*Almost 400 points down in seven sessions from 24,472 the 24,000 base held * *10*VIX 11.33 defence down 1.49 the defensive lean cracked IT the only green * *11*Another wild late print near 24,200 before settling 24,078 in the cash session * *12*Clients fifth record 7.13 lakh naked puts plus 2.73 lakh calls bought * *13*Pros bought back the entire 0.7 lakh call short a 1.05 lakh swing back to long vol * *14*FII futures short 2.10 lakh and call short 3.14 lakh both first time over the round number * *15*FII cash bought 408 crore DII bought 3,974 crore the biggest cheque in eight sessions * *16*Nifty max pain 24,250 to 24,300 sitting 150 to 170 points above the spot * *17*Roughly two crore calls added every round strike from 24,100 to 24,500 is sold * *18*24,500 the last strike carries 1.49 crore calls support 24,000 with 1.37 crore puts * *19*Weekly straddle 235 range about 270 points PCR 0.7 front IV below 10 * *20*Plan sell 77,500 into expiry Nifty reclaim 24,250 for a run at 24,300 then 24,500 * *21*KOSPI up 6 percent fully rebounding gold record 4,528 USD INR record 95.76 Show all 21 05In his words So what does the market price for round four this morning? Expiry decides at 3:30, then the uncross decides after 3:26. Nobody has ever needed five warnings. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,306 words, about 6 min to read A very good morning, guys, and today is the Sensex expiry. Last Thursday the auction moved the Sensex almost 300 points in the last two minutes. Everybody remembers it. So what does the market price for round four this morning? Around 10 percent IV, cheaper than the last three rounds of almost 13 to 14 percent IV. So the Sensex straddle is trading around 374 rupees for the day. 36 lakh calls are pressed on the 77,000 strike, 24 lakh of which were added yesterday itself. And the crowd, the clients, walk in short a fifth record put book of almost 7 lakh that they are carrying overnight. So this is the fireworks that are going to happen today. Expiry decides at 3:30, then the uncross decides after 3:26. This is The Tanmay Edge. You are listening to episode 107. I am Tanmay Kurtkoti. Let's go. 42 percent lower, the first close below that 77,000 strike that we saw. The expiry future remained at almost 77,081, basis points above that spot close. Max pain stands at around 77,000, 90 points above the spot. The fight, 77,000, is present with 25 lakh calls, 24 lakh calls got added over there yesterday itself, and we have around 17 lakh puts also sold in that same strike. The support, if we talk about the support, is at the current level of 76,900 to 77,000 where 19 lakh puts are present, of which almost 16 lakh got added yesterday itself. And then the bigger support is at 76,000, almost 19 lakh puts present over there, 11 lakh of which got added yesterday itself. And the resistance, the first actual resistance, stands at 77,500 where actually the magnet should shift in after the open, where around 28 lakh calls are present. 57, so decisively call heavy. Gamma, the negative gamma is present below 76,900 to 77,000, and above 77,000 we would see the steam getting to the strike itself of 77,500. So this is indicative, not the close. Flat into the window. The move will again happen today after 3:26, so keep a watch on that as well. So Wednesday's tape, the Nifty as well. We closed at 24,078, down 76 points, the seventh straight lower close that we have seen. The staircase trend has remained, from 24,472 to almost 24,078, almost 400 points down in the last seven sessions, and today we are going to retrace around 200 points back from there. So the low was 24,025, the 24,000 base case held nicely. 33. 49 percent, the defensive lean cracked. 73 percent positive. And another wild late print near 24,200 in the Nifty's closing session before settling around 24,078. That happened in the cash. The daily uncross circus continues in the cash session. And for yesterday's scorecard, I will take a 4 on 5. com, you can have a look over there. So now let's look at the clients' data point. 13 lakh puts have been sold. 73 lakh calls have been bought. Seven red days, five records. Nobody has ever needed five warnings, and the clients are still holding that, and we should give it to them, where today they are going to get paid on the gap up. The smart money, the lean got booked. 7 lakh call short at the lows. 05 lakh calls was seen. Their book now is exactly the opposite of what we saw yesterday. 33 lakh, almost one lakh long puts, back to long vol and long straddle is what they are playing for. So the lesson, they picked a side on Tuesday, melted for two days, booked it at the bottom. That is how a lean is traded. 10 lakh, first time over 2 lakh in this month. 14 lakh, first time over 3 lakh. And yes, FII cash, again, they bought 408 crore in the cash market, whereas the DIIs bought 3,974 crore in cash, the biggest cheque in the last eight sessions we have seen. And the Nifty board. The BhavCopy is telling us the max pain stands at the same 24,250 to 24,300 levels, around 150 to 170 points above the spot close. And into the open, we are going to open around 24,200. So call writers are present at 24,100, 79 lakh calls got added over there. 1 crore calls are present, so that is where we are going to face the first resistance. 16 crore calls have been written over there, almost 36 lakh got added over there. 49 crore calls. So roughly two crore calls got added in yesterday's session, every round strike is sold. 37 crore puts is the base that is holding. 7. The weekly straddle, if you look at it, is around 235, giving us a weekly range of around 270 points, that is around 24,000 on the bottom end to 24,300, so we still trade in the same zone. Front IV is just below that 10 mark. Resistance now sits at every 100 points, starting from 24,100 all the way till 24,500. Every strike is written. So Thursday morning, today, we are seeing globally, first the GIFT Nifty. GIFT Nifty is up almost 150 points, and we are going to open towards that 24,229 zone. So a good break into the seven day downtrend that we are seeing. 4 percent crash fully rebounded. The Nikkei is up by almost a percent. 68 percent. So overall Asia is ripping higher. 8. Gold exploded yesterday to a record of 4,528 and is currently trading right now at 4,500. 92, still above that 90 zone that I am worried for, but slowly coming down. 76, that is the lowest close ever. And the gap lands the Nifty at 24,230, exactly into the call resistances of 24,100 to 24,300. 53 percent remains. 63 percent since rebalance. So the plan for today is simple, and the POV remains buy on dips. So we are not going to change the stance. Sensex first. So 77,000 is the sustained side, where we are looking at the bottom. So the first real resistance would come at 77,500, where almost 28 lakh calls are written, so we could see oscillation happening over there. So selling 77,500 for today's expiry would be a good trade. On the bottom side, I see 77,000, if it breaks, the first support is 76,800, which is unlikely to happen, but keep a watch on that 76,800 strike as well. The straddle is trading around 374 points, giving us a range of almost 470 points on each side. That gives us an opening range of almost 76,900 on the bottom end to 77,800 on the upside. So keep a watch, almost an 800 point width that we are going to see. Don't carry anything into the last window, because the Sensex is where we are seeing expiry to be very volatile, and in the last few minutes the markets are moving very drastically. Nifty, the 170 point gap up is opening into the fresh resistance zone of 24,300, so keep a watch on that. Seven lower closes, and we are finally going to see an up day today. So reclaim and hold 24,250 for the first few hours and we could see the markets breaching through 24,300 as well, and then towards that 24,500 mark. One green day does not change the size rule. Small, defined risk is what we are going to trade in, because the market below 24,300 is not a good close. And if you liked today's episode, guys, share it with one trader friend who needs it right now. Subscribe on Apple Podcasts, Spotify and Amazon Music. com. And give it a rating, guys, if you want to add something. Have a very safe expiry, and see you all once again tomorrow morning. Until then, have a happy Thursday and a happy expiry. Questions ## EP107, in plain words. What does EP107 of The Tanmay Edge cover?EP107, Thursday 20 Aug 2026, 11:49, in 7 chapters: Cold open: round four, priced for boredom; The Sensex board: first close below 77,000; The Nifty: seventh straight lower close; The clients: a fifth record; The pros and the FIIs: the lean got booked; The Nifty board: every strike is written; The plan: sell 77,500, buy the Nifty dip. How did the calls in EP107 score?Grade 4.5/5 (90 percent): 4 hit, 1 partial, 0 mechanical, 0 miss. Graded the next trading day, 21 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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