--- title: "Two Points Off The Magnet, Nifty Closes | The Tanmay Edge" description: "Friday's close: 24,252. Friday's max pain: 24,250. Two points. Episode 109 opens on a market parked exactly on its magnet with expiry tomorrow, and walks the" source_url: "https://www.rupeecase.com/podcast/episodes/2026-08-24" --- The Tanmay Edge, Season 2, EP109 # Two points off the magnet Nifty closes 24,252 vs max pain 24,250, expiry tomorrow, The Wall rebuilt at 24,300 (135 lakh calls) vs 150 lakh puts at 24,200, Oil breaks to 92, gold record 4646, korea -2.8%, +100 gap above the Wall: buy on dip Nifty closed 24,252 on Friday, two points off the predicted magnet * **11:34**listen * **4/5**graded at settlement * **Mon 24 Aug 2026**aired, Season 2 Now playing Two points off the magnet EP109, 24 Aug, 11:34 1x 0:00Chapter marks are estimated from the notes11:34 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 closed 24,252 on Friday, two points off the predicted magnet The whole session was a 77 point coil, the tightest range in weeks Open 24,284 was the high, low 24,206, breadth dead even at 25 up 24 down Sensex closed 77,540, almost flat after a 280 point round trip VIX rose 4.2 percent to 11.2 on a flat day while options IV fell 37 lakh calls returned at 24,300, taking that resistance to 1.34 crore Fresh calls added at 24,250, 24,350, 24,400 and 24,550 across the board 24,200 put added 17 lakh to reach 1.5 crore, the first support 24,000 put added 13 lakh to reach 1.77 crore At the money 24,250 reads 67 lakh calls against 68 lakh puts PCR just * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded against the 25 Aug 2026 session; on the public trail from 27 Aug 2026. The grader's noteGraded Tue 25 Aug against the Mon close 24,119. The headline call was do not chase the open, and it was the call of the day: the gap opened near 24,300, that print was the high, and the tape sold 130 points into the close. The 24,300 resistance was never crossed as flagged, and the base case of the gap being sold back into the 24,250 to 24,300 zone happened before it kept going. The miss was the buy zone, dips towards 24,200 to 24,250 did not hold and the market sliced through to 24,119. Four on 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: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance 2. **07**The plan: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance 3. **07**The plan: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance 4. **07**The plan: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance 5. **07**The plan: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance 6. **07**The plan: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance 7. **07**The plan: do not chase the gapThe bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance Cold open: two points off the magnet **24,252**Market closed **24,250**Pain still standing between **24,300**Still standing between **37 lakh**One strike higher Friday the market closed at 24,252, exactly two points off the predicted magnet, with max pain still standing between 24,250 and 24,300. The whole day was a 77 point coil that opened at the resistance and dipped into the buy zone we called, then closed exactly Read the chapter Friday's tape: a 77 point coil **24,252**Nifty closed **24,284**Points, the open **24,206**High, the low **77,540**Sensex closed The Nifty closed at 24,252, the second higher close in the range. The range was 77 points, the open was 24,284 and that was the high, the low was 24,206, the tightest day in weeks. Breadth was dead even at 25 up and 24 down. The Sensex closed at 77,540, almost Read the chapter The board: the resistance rebuilt one strike higher **24,300**Writers rebuilt **37 lakh**Writers rebuilt at where **1.34**Take the total **24,250**Fresh calls came Thursday two crore calls got covered. Friday the writers rebuilt at 24,300, where 37 lakh calls were added to take the total to 1.34 crore sold. That is the first resistance. More fresh calls came at 24,250 with 26 lakh added, 24,550 with 19 lakh, 24,350 with Read the chapter The volatility map: one SD sits above the resistance **95 points**Standard deviation is roughly **24,158**Roughly points, giving **24,346**Roughly points, giving **204 points**Implied move of roughly Front IV is just below the 10 mark, with vol moving from 10 down to 8.2 and settling there. The daily one standard deviation is roughly 95 points, giving 24,158 to 24,346. The at the money straddle settled at 163, and the straddle implied move of roughly 204 Read the chapter Who did what: pros long everything, crowd fading both ways **31,000**Pros added **1.4**Take the book **18,000**Lakh, added **1.85**Added puts to almost The pros added 31,000 more calls to take the book to 1.4 lakh, added 18,000 puts to almost 1.85 lakh, and stayed long 10,000 futures, so the flip is holding. The pros are long calls, long puts and long futures. The FIIs covered around 16,000 more calls, taking Read the chapter The flows: foreigners sell cash and buy derivatives **542 crore**FII cash sold **2,124**While DII cash bought **838 crore**Bought index options worth **858 crore**Crore, stock futures worth FII cash sold 542 crore on Friday while DII cash bought 2,124 crore. In derivatives the FIIs bought index options worth 838 crore, stock futures worth 858 crore and index futures worth 364 crore. So the foreigners sold Indian cash and bought Indian Read the chapter The plan: do not chase the gap **24,300**Gap opens above **24,250**Sold back **1.35**Gamma only above **24,200**Zone is dips toward The bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance get broken and let 24,300 get held. Base case, the gap up gets sold back into the 24,250 to 24,300 zone, with positive gamma only above 24,300 and Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: two points off the magnet Friday the market closed at 24,252, exactly two points off the predicted magnet, with max pain still standing between 24,250 and 24,300. The whole day was a 77 point coil that opened at the resistance and dipped into the buy zone we called, then closed exactly at 24,250. Thursday the call carpet got ripped up. Friday the writers rebuilt it one strike higher, with 37 lakh calls returning at 24,300. Puts thickened underneath, so the support has increased. Overnight oil broke to 92.7, Korea is down 2.8 percent, gold made another record at 4,646, and GIFT Nifty is showing a 100 point gap up above the 24,300 resistance. Expiry is tomorrow. Something blinks today, the gap or the resistance. ### *02*Friday's tape: a 77 point coil The Nifty closed at 24,252, the second higher close in the range. The range was 77 points, the open was 24,284 and that was the high, the low was 24,206, the tightest day in weeks. Breadth was dead even at 25 up and 24 down. The Sensex closed at 77,540, almost flat after a 280 point round trip. VIX rose 4.2 percent to 11.2 on a flat day while the options IV fell, so edges were being bought under the calmness. Banks led at 0.46 percent, metals 0.86 percent, PSU green, while FMCG fell 0.7 percent, auto 0.6 percent and IT dragged 0.46 percent lower. Power Grid added 2.66 percent, BEL 1.17 percent and Kotak Bank 1.08 percent. Trent fell 1.53 percent and Maruti 1.51 percent. ### *03*The board: the resistance rebuilt one strike higher Thursday two crore calls got covered. Friday the writers rebuilt at 24,300, where 37 lakh calls were added to take the total to 1.34 crore sold. That is the first resistance. More fresh calls came at 24,250 with 26 lakh added, 24,550 with 19 lakh, 24,350 with 14 lakh and 24,400 with 11 lakh, so writing happened across the board. Puts advanced too. The 24,200 put added almost 17 lakh to reach 1.5 crore, the 24,000 put added 13 lakh to reach 1.77 crore, and 24,300 holds 95 lakh puts. At the money 24,250 reads 67 lakh calls against 68 lakh puts, almost even. PCR is just above one at 1.07 and max pain still stands between 24,250 and 24,300. ### *04*The volatility map: one SD sits above the resistance Front IV is just below the 10 mark, with vol moving from 10 down to 8.2 and settling there. The daily one standard deviation is roughly 95 points, giving 24,158 to 24,346. The at the money straddle settled at 163, and the straddle implied move of roughly 204 points gives a range of 24,050 on the lower end to 24,455 on the upper end. The one standard deviation upper edge of 24,346 sits above the 24,300 resistance, so that strike is going to get tested. The actual battlefield is between 24,200 and 24,380 to 24,400. Negative gamma sits below 24,200 and positive gamma above 24,300, which leaves 24,200 to 24,300 as a dead zone. ### *05*Who did what: pros long everything, crowd fading both ways The pros added 31,000 more calls to take the book to 1.4 lakh, added 18,000 puts to almost 1.85 lakh, and stayed long 10,000 futures, so the flip is holding. The pros are long calls, long puts and long futures. The FIIs covered around 16,000 more calls, taking the two day cover to roughly a lakh, trimmed 11,000 puts in a real de-risk, kept futures short at 2.1 lakh and added another 15,000 stock futures contracts. So the FIIs are short calls, long puts and short index futures while carrying a large long stock futures book. The clients sold another 46,000 calls, two straight days dumping into strength, and re-added 7,000 naked puts to grow the short put book to 6.98 lakh. ### *06*The flows: foreigners sell cash and buy derivatives FII cash sold 542 crore on Friday while DII cash bought 2,124 crore. In derivatives the FIIs bought index options worth 838 crore, stock futures worth 858 crore and index futures worth 364 crore. So the foreigners sold Indian cash and bought Indian derivatives, which reads as re-entry rather than an exit. The buy signal is still live from 24,210, so the current trade is up by 41 points. Rolling three trades is almost 900 points on the Nifty, or three and a half percent, and rolling five trades is more than 1,000 points, or 4.17 percent. The futures ladder carries 37 points of basis and the expiry pin prediction is 24,250 to 24,300. ### *07*The plan: do not chase the gap The bias remains buy on dips. The gap opens above 24,300, so do not chase the open. Let the 24,300 resistance get broken and let 24,300 get held. Base case, the gap up gets sold back into the 24,250 to 24,300 zone, with positive gamma only above 24,300 and 1.35 crore calls sitting there. The first buy zone is dips toward 24,200 to 24,250 with 1.5 crore puts as support, and the next is 24,000 to 24,100. Stop loss below 24,100 on a closing basis and 24,000 intraday. If 24,300 holds into the close that is a third higher close and the magnet shifts to 24,350 to 24,400. Watch Asia and keep oil below 93. Expiry is tomorrow so theta rules today. Spreads only, never naked, flat by Tuesday at 3:15. 04Key takeaways ## 24 things to carry into the session. * *01*Nifty closed 24,252 on Friday, two points off the predicted magnet * *02*The whole session was a 77 point coil, the tightest range in weeks * *03*Open 24,284 was the high, low 24,206, breadth dead even at 25 up 24 down * *04*Sensex closed 77,540, almost flat after a 280 point round trip * *05*VIX rose 4.2 percent to 11.2 on a flat day while options IV fell * *06*37 lakh calls returned at 24,300, taking that resistance to 1.34 crore * *07*Fresh calls added at 24,250, 24,350, 24,400 and 24,550 across the board * *08*24,200 put added 17 lakh to reach 1.5 crore, the first support * *09*24,000 put added 13 lakh to reach 1.77 crore * *10*At the money 24,250 reads 67 lakh calls against 68 lakh puts * *11*PCR just above one at 1.07, max pain 24,250 to 24,300 * *12*Front IV just below 10, vol settling from 10 down to 8.2 * *13*Daily one SD roughly 95 points, 24,158 to 24,346 * *14*At the money straddle 163, implied move roughly 204 points * *15*Negative gamma below 24,200, positive above 24,300, dead zone between * *16*Pros added 31,000 calls to 1.4 lakh and stayed long 10,000 futures * *17*FIIs covered 16,000 calls, two day cover now roughly a lakh * *18*FIIs added 15,000 stock futures contracts while holding index futures short 2.1 lakh * *19*Clients sold 46,000 calls and grew the naked put book to 6.98 lakh * *20*FII cash sold 542 crore, DII cash bought 2,124 crore * *21*Buy signal live from 24,210, rolling three trades almost 900 points * *22*GIFT Nifty 24,355, a 100 point gap up over the 24,300 resistance * *23*Gold made another record at 4,646 and Korea fell 2.8 percent * *24*Plan on record: do not chase the gap, buy dips 24,200 to 24,250, spreads only Show all 24 05In his words Friday the market closed at 24,252, exactly two points off the predicted magnet. Thursday the call carpet got ripped up. Friday the writers rebuilt it, one strike higher. Something blinks today, the gap or the resistance. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,129 words, about 5 min to read A very good morning, guys. Friday the market closed at 24,252, exactly two points off the predicted magnet, and max pain still stands between that 24,250 to 24,300 level. The whole day, a 77 point coil that we saw, opened at the resistance and dipped into the buy zone we called, closed exactly at 24,250. Thursday the call carpet got ripped up. Friday the writers rebuilt it, one floor higher, 37 lakh calls returned at 24,300. 77 crore. 8 percent, gold made another record high at 4,646, and GIFT Nifty is showing a 100 point gap up above that 24,300 resistance. Expiry is tomorrow. Something blinks today, the gap or the resistance, and that is what we are going to see. So this is The Tanmay Edge. You are listening to episode 109. I am Tanmay Kurtkoti. Let's go. So Friday first, guys. Friday the Nifty closed at 24,252, the second higher close in the range. The range was 77 points, the open was 24,284, that was the high, the low was 24,206, the tightest day in weeks we have seen. Breadth dead even, 25 up 24 down. 2 on a flat day. While the options IV fell, edges being bought under the calmness was being seen. 46 percent lower. 08 percent. 51 percent lower. 5 on 5 for Friday's call. com. Called the resistance at 24,300, called the buy on dips at 24,200, called two higher closes in a row, and the pin drifting towards that 24,250 to 300. So let's see how the markets have stacked up for today. Thursday, two crore calls got covered. 34 crore calls sold at 24,300. That is your first resistance. More fresh calls, about 24,250, 26 lakh calls got added over there, 24,550 19 lakh, 24,350 14 lakh, 24,400 11 lakh. So across the board we saw some writing happening on the call side. Puts advanced too. 5 crore, so that is a good support that we are seeing. 77 crore of support is present over there. And at 24,300, 95 lakh puts are present. 24,250 almost 18 lakh got added, and 24,200 15 lakh got added. So at the at the money 24,250, 67 lakh calls versus 68 lakh puts, almost even. 07. Max pain still stands between 24,250 to 300 levels. Resistance, the first resistance is at 24,300, then 24,400. Support is present at 24,200, then 150 and 100 levels. So negative gamma below 24,200 levels, positive gamma above 24,300 levels, and between 24,250 to 300, or 200 to 300, is a dead zone. So keep a watch on that. So the option data. Front IV is just below that 10 mark. 2, almost settling over there. So the daily one standard deviation is roughly 95 points, 24,158 to 24,346 is what I am looking at. The at the money straddle, 163 at the settlement. The straddle implied move is roughly around 204 points, giving a range of 24,050 on the lower end to 24,455 on the upper end. Keep a watch on that. The one standard deviation is above that ceiling of 24,346 and sits above that resistance of 24,300, so that resistance strike is going to get tested. So the actual battlefield that I see is between 24,200 to almost 24,380 to 400. And who did what on Friday. 85 lakh, the insurance renewed, and futures stayed long 10,000 futures, the flip is holding. So the pros are long calls, long puts, along with long futures. The FIIs covered around 16,000 more calls, the two day cover now stands at roughly a lakh calls covered. Trimmed 11,000 puts, that is a real de-risk that is happening. 1 lakh, barely moved. And in stock futures they added another 15,000 contracts. So the FIIs are basically short calls, they are long puts, and they are short futures, but they have a huge amount of stock futures they have been going long. 98 lakh. The crowd is fading the turn in both directions. And the flows. FII cash, they sold 542 crore on Friday. DII cash, they bought 2,124 crore. FII derivatives bought index options 838 crore, stock futures 858 crore, and index futures 364 crore. So FIIs sell Indian cash, buy Indian derivatives, hence re-entry, not an exit, that we are seeing from the flow. Now some calls that are going on. The buy signal is still live from 24,210, so the current trade is up by 41 points. Rolling three trades, almost 900 points on the Nifty, that is three and a half percent. 17 percent. The futures ladder is having 37 points of basis present on it. The expiry pin prediction that we are seeing is 24,250 to 24,300 as of now, and the magnet will change today if we continue. So Monday morning, the gap up versus the resistance. GIFT Nifty is trading at 24,355, a 100 point gap up over that 24,300 resistance. 67. Gold is 4,646, another record high, the fear trade has rotated. 8 percent, Korea is cracking again. 2 percent and holding. 43 percent, the dip got bought. 71, and the dollar index is below that 99. 35 crore calls defending 24,300. That is what the build up has happened. 26 percent on a flat day, the defensives beat the tape. 8 percent. 91 percent. So the plan for today is simple. The bias still remains buy on dips. The gap opens above 24,300. Do not chase the open. Let the 24,300 resistance get broken and let 24,300 get held. Base case, the gap up gets sold back into that 24,250 to 300 zone. 35 crore calls present at 24,300. 5 crore puts as support over there. The next buy is directly below, that 24,000 to 24,100 levels. Stop loss below 24,100 on a closing basis, intraday stop loss of 24,000. If 24,300 holds into the close, that will be a third higher close, and that opens up the magnet shifting higher to 24,350 to 400. So the one standard deviation range still stands above that 24,100, keep a watch on that. Also keep a watch on Asia and oil, to stay below that 93 is extremely important. Expiry is tomorrow, so theta rules today. Spreads only, never naked, flat by Tuesday at 3:15. The crowd is short 7 lakh naked puts into the expiry. Any break below 24,100 will accelerate the down move, keep a watch on that, we could see 100 points coming in very sharp. And if you liked this episode, guys, share it with one trader friend. Subscribe on Apple Podcasts, stream it first on RupeeCase, also on Spotify and Amazon Music, and give it a rating, guys. And see you all once again tomorrow on expiry. Until then, have a happy Monday and happy trading for today. Questions ## EP109, in plain words. What does EP109 of The Tanmay Edge cover?EP109, Monday 24 Aug 2026, 11:34, in 7 chapters: Cold open: two points off the magnet; Friday's tape: a 77 point coil; The board: the resistance rebuilt one strike higher; The volatility map: one SD sits above the resistance; Who did what: pros long everything, crowd fading both ways; The flows: foreigners sell cash and buy derivatives; The plan: do not chase the gap. How did the calls in EP109 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded against the 25 Aug 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 6.9Gold, Commodities, and International Investing for Indian Investors8 min read](/learn/path-6/module-6-9-gold-commodities-international) * [StrategyDynamic Asset Allocator strategyNifty Total Market plus debt and gold, 52 stocks, every 3 weeks](/strategies/dynamic-asset-allocator) * [Free module 7.4INR, FII Flows, and Global Market Linkages10 min read](/learn/path-7/module-7-4-inr-fii-flows-global-linkages) * [Free module 1.3Indices & Benchmarks13 min read](/learn/path-1/module-1-3-indices-and-benchmarks) Community ## Join my WhatsApp group. 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