--- title: "The Wall Became The Fuel, Nifty Closes AT | The Tanmay Edge" description: "On Monday the option writers built the largest single position of this cycle: 2.16 crore calls at 24,300, after pressing 4.3 crore fresh calls onto the board" source_url: "https://www.rupeecase.com/podcast/episodes/2026-08-26" --- The Tanmay Edge, Season 2, EP111 # The Wall became the fuel Nifty closes AT the high, 134 points ABOVE max pain, through 2.16 crore calls, Crowd's record 8.44 lakh naked puts expire worthless, Fresh board writes puts 1.75x faster, gamma flips at 24,350, Oil collapses to Nifty closed 24,334, up 115 points, and the close was the high of the day * **12:46**listen * **3/5**graded at settlement * **Wed 26 Aug 2026**aired, Season 2 Now playing The Wall became the fuel EP111, 26 Aug, 12:46 1x 0:00Chapter marks are estimated from the notes12:46 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 ## 3/5 at settlement. **3/5**60% **The call.** Nifty closed 24,334, up 115 points, and the close was the high of the day The settlement printed 134 points above max pain at 24,200 to 24,250 Weekly, monthly and quarterly books all settled together The low of 24,115 held fifteen points above the line drawn on air 2.16 crore calls at 24,300 got ripped off in ten minutes The crowd s record 8.44 lakh naked puts expired worthless Sensex added 286 points to close at 77,656, also at a high VIX fell 3.5 percent to 11.13, unwinding two days of fear in one hour Large caps got squeezed while Smallcap 250 and microcap closed down TK graded the prior call three on five, the level was crossed Puts now written * **2**Hit * **1**Partial * **0**Mechanical * **2**Miss Graded the next trading day, 27 Aug 2026, against NSE settlement. The grader's noteGraded Thu 27 Aug against the Wed close 24,207 and the Sensex 77,472. The projection tracked the tape all session, but the close was made in the closing auction rather than on the tape, and the Sensex model finished 160 points off with the projected price higher, a straight miss. The gap up did open near 24,400 as called and the 24,350 to 24,400 pivot framed the morning, but the fade case at 24,300 was breached and the day settled below it. The auction, not the model, made the difference. Three 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: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and 2. **07**The plan: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and 3. **07**The plan: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and 4. **07**The plan: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and 5. **07**The plan: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and 6. **07**The plan: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and 7. **07**The plan: a gap up above every level thatThe gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and Cold open: the resistance became the fuel **2.16**Position of the cycle **24,300**Crore calls written **24,334**Closed at high **134 points**High of which The resistance is now acting as the rocket fuel for the market. Monday the writers built the biggest position of the cycle, 2.16 crore calls written at 24,300. Tuesday, on the expiry, the market walked straight through it and closed at a high of 24,334, which Read the chapter Tuesday's expiry: the close was the high **24,334**Nifty closed **115 points**Nifty closed **286 points**Sensex added another **77,656**Points to close The Nifty closed at 24,334, up 115 points or 0.48 percent, and the close was the high of the day. The rally started in the second half after 2:30 and expanded in the cash session. The open was around 24,175, the low was 24,115, and then a one way squeeze from Read the chapter The grade: max pain is not a law **2.16**Written on Monday **24,300**Crore of them **24,200**Max pain **24,250**Max pain I will take a three on five for yesterday. 24,300 was the level and it crossed it, so that is the loss I will take. The lesson is that the biggest resistance was also broken. 4.3 crore calls were written on Monday, 2.16 crore of them at 24,300 alone, and it Read the chapter The fresh board: puts written 1.75 times faster **1.75**Puts are being written **3.67**Put OI **2.1**Against call OI **74 lakh**Put now stands The BhavCopy is telling us something new. Puts are being written 1.75 times faster than calls, with put OI at 3.67 crore against call OI of 2.1 crore on the new expiry book. The 24,200 put now stands at 74 lakh, the biggest single add anywhere, and that is the Read the chapter The Sensex board into Thursday **1.21**Put OI added almost **16 lakh**Crore against **77,700**Calls were covered **77,600**Calls were covered Put OI added almost 1.21 crore against 16 lakh calls, roughly eight to one. Calls were covered at 77,700, 77,600, 77,500 and 77,400 across the board, so the real call buildup is only present at 78,000 and that is not a great resistance either. Strike ratios Read the chapter Who did what: the pros bought back what they dumped **1.35**Pros bought back roughly **1.8**Desk that dumped **35,000**FIIs covered almost **32,000**Book got trimmed The pros bought back roughly 1.35 lakh calls. The desk that dumped 1.8 lakh calls on Monday's gap repurchased them into the squeeze. They dumped 1.74 lakh puts, so the protection got sold off into the strength, and futures are still long, trimmed slightly. The Read the chapter The plan: a gap up above every level that mattered **24,400**Gap up opens **24,320**Support right now **24,500**Resistance stands between **24,590**Stands between The gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and gamma turns positive above it, so above 24,400 the dips get bought and swings shrink, while below it the amplified moves come back. Support right now is Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the resistance became the fuel The resistance is now acting as the rocket fuel for the market. Monday the writers built the biggest position of the cycle, 2.16 crore calls written at 24,300. Tuesday, on the expiry, the market walked straight through it and closed at a high of 24,334, which is 134 points above max pain. On the day the weekly, monthly and quarterly books settled together. The trapdoor held first, with a low of 24,115, fifteen points above the line we drew. And the crowd, holding an 8.44 lakh naked put book, saw it expire worthless. For once, they won. Overnight oil collapsed to 86.44 from 94 on Friday. Every rider we flagged has resolved the friendly way. ### *02*Tuesday's expiry: the close was the high The Nifty closed at 24,334, up 115 points or 0.48 percent, and the close was the high of the day. The rally started in the second half after 2:30 and expanded in the cash session. The open was around 24,175, the low was 24,115, and then a one way squeeze from 2:30. Advances were 34 against declines of 16, so two to one. The Sensex added another 286 points to close at 77,656, also at a high, after a 530 point range. VIX fell 3.5 percent to 11.13, so two days of fear building unwound in one hour. Midcap, IT and telecom were all positive, healthcare and consumer durables more than a percent, pharma 0.85 percent and PSU bank 0.75 percent. But Smallcap 250 was down and microcap was down. Large caps got squeezed and the broader market did not follow. ### *03*The grade: max pain is not a law I will take a three on five for yesterday. 24,300 was the level and it crossed it, so that is the loss I will take. The lesson is that the biggest resistance was also broken. 4.3 crore calls were written on Monday, 2.16 crore of them at 24,300 alone, and it got ripped off in ten minutes. When price closes above a position that size, the writers become the buyers. Max pain was 24,200 to 24,250 and the settlement printed 134 points above it. Max pain is not a law. On expiry day a resistance that large is not a guarantee, and it can be changed in the live market as well. This analysis is on an end of day basis, so remember that. And the mirror: the crowd's 8.44 lakh puts got unwound, some in the morning trade, and the rally made the rest expire worthless. ### *04*The fresh board: puts written 1.75 times faster The BhavCopy is telling us something new. Puts are being written 1.75 times faster than calls, with put OI at 3.67 crore against call OI of 2.1 crore on the new expiry book. The 24,200 put now stands at 74 lakh, the biggest single add anywhere, and that is the support we take ahead. 24,100 stands at 40 lakh, 24,000 at 41 lakh, the 24,250 put at 34 lakh, and the 24,300 put at 44 lakh against 39 lakh on the call, which is the tipping point. Calls are stacked above 24,500 at around 55 lakh, and the biggest call position now sits at 24,600. The PCR has climbed nicely to 1.159, max pain has climbed above 24,300, and the gamma flip level is positive above 24,400. Support is 24,300 then 24,200, resistance is 24,400 then 24,500. ### *05*The Sensex board into Thursday Put OI added almost 1.21 crore against 16 lakh calls, roughly eight to one. Calls were covered at 77,700, 77,600, 77,500 and 77,400 across the board, so the real call buildup is only present at 78,000 and that is not a great resistance either. Strike ratios read 6.5 puts per call at 77,000, two per call at 77,500 and 0.3 at 78,000. So support is present at 77,500 and resistance at 78,000. Gamma turns positive above 77,800, so keep a watch on that, and remember that if 77,800 is broken we could easily see 78,000 getting pinned into. The one standard deviation map for next week's expiry stands at 24,080 to 24,600 with almost 260 points of swing possible, and the daily one SD for today is 24,240 to 24,460. ### *06*Who did what: the pros bought back what they dumped The pros bought back roughly 1.35 lakh calls. The desk that dumped 1.8 lakh calls on Monday's gap repurchased them into the squeeze. They dumped 1.74 lakh puts, so the protection got sold off into the strength, and futures are still long, trimmed slightly. The FIIs covered almost 35,000 short futures, and a short squeeze should come in if the rally continues. The put book got trimmed by 32,000 contracts, and in cash it was a straight buy on the second day of almost 1,594 crore. The clients sold almost 1.3 lakh calls into the rally, so the crowd sold what it bought at the top, on the right side for once. The record 8.44 lakh naked puts fell to almost 2 lakh as they expired worthless, and their most dangerous position of the month closed out for a profit they never had. ### *07*The plan: a gap up above every level that mattered The gap up opens near 24,400, above every level that mattered last week. 24,350 to 24,400 is the pivot and gamma turns positive above it, so above 24,400 the dips get bought and swings shrink, while below it the amplified moves come back. Support right now is 24,320, so that is where the first buy zone opens. Resistance stands between 24,400 and 24,500, then 24,590 which is the one SD level. Base case, the gap up is held, 24,350 becomes the support and the range becomes 24,350 to 24,550. Fade case, the gap up is sold and we test back to 24,300, and below 24,300 the bullishness gets paused. For the Sensex expiry tomorrow, 78,000 is the resistance, 77,500 is the support and the expiry flip can happen above 77,800. The macro riders are tailwinds for now and oil at 86 is giving that firmness. 04Key takeaways ## 24 things to carry into the session. * *01*Nifty closed 24,334, up 115 points, and the close was the high of the day * *02*The settlement printed 134 points above max pain at 24,200 to 24,250 * *03*Weekly, monthly and quarterly books all settled together * *04*The low of 24,115 held fifteen points above the line drawn on air * *05*2.16 crore calls at 24,300 got ripped off in ten minutes * *06*The crowd's record 8.44 lakh naked puts expired worthless * *07*Sensex added 286 points to close at 77,656, also at a high * *08*VIX fell 3.5 percent to 11.13, unwinding two days of fear in one hour * *09*Large caps got squeezed while Smallcap 250 and microcap closed down * *10*TK graded the prior call three on five, the level was crossed * *11*Puts now written 1.75 times faster than calls on the fresh board * *12*Put OI 3.67 crore against call OI of 2.1 crore * *13*24,200 put added to 74 lakh, the biggest single add anywhere * *14*PCR climbed to 1.159 and max pain climbed above 24,300 * *15*Gamma flip level turns positive above 24,400 * *16*Sensex put OI added 1.21 crore against 16 lakh calls, eight to one * *17*Sensex calls covered at 77,700, 77,600, 77,500 and 77,400 * *18*Pros bought back 1.35 lakh calls and sold 1.74 lakh puts into the strength * *19*FIIs covered 35,000 short futures and bought 1,594 crore cash * *20*Clients sold 1.3 lakh calls into the rally, on the right side for once * *21*DII cash just 230 crore, the smallest of the month, against 38,487 cumulative * *22*Oil collapsed to 86.44 from 94 on Friday, eight dollars in three sessions * *23*GIFT Nifty 24,559 on the September contract, gap up near 24,400 on spot * *24*Plan on record: pivot 24,350 to 24,400, first buy zone 24,320, fade case 24,300 Show all 24 05In his words The resistance is now acting as the rocket fuel for the market. When price closes above a position that size, the writers become the buyers. This analysis, what we are doing, is on an EOD basis, so remember this. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,487 words, about 7 min to read A very good morning, guys. The wall has now become the fuel. That is, the resistance is now acting as the rocket fuel for the market. 16 crore calls written at 24,300. Tuesday, on the expiry, the market walked straight through it and closed at a high of 24,334, 134 above max pain. On the day, the weekly, monthly and quarterly books settled together. The trapdoor held first, a low of 24,115, 15 points above the line we drew. 44 lakh naked put book, expired worthless. For once, they won. 44 from 94 on Friday. Every rider we flagged has resolved the friendly way. This is The Tanmay Edge. You are listening to episode 111. I am Tanmay Kurtkoti. Let's go. So first about yesterday, guys. 48 percent higher. The close was the high of the day, and the rally started in the second half, post 2:30, and it expanded in the cash session. The open happened at around 24,175, a low of 24,115, then a one-way squeeze from 2:30. Advances of 34 versus declines of 16, so 2 to 1 over there. The Sensex added another 286 points to close at 77,656, also at a high, after a 530 point range. 13, two days of fear building unwound in one hour. 75 percent. But smallcap 250 was down, microcap was down. Large caps got squeezed, the broader market did not follow. And the grade for yesterday, I will take a 3 on 5 for it. So 24,300 was the ceiling and it crossed it, so that is the loss I will take. So the lesson, the biggest resistance was also broken. 16 crore of them at 24,300 alone, which got ripped off in 10 minutes. When price closes above a position that size, the writers become the buyers. Max pain was 24,200 to 250. The settlement printed 134 points above it. Max pain is not a law. On expiry day, a resistance that large is not a lid, and it can be changed in the live markets as well. This analysis, what we are doing, is on an EOD basis, so remember this. And the mirror. 44 lakh puts got unwound, some in the morning trade, and later on the rally made them expire worthless. Both crowds were positioned for a break that never came. The squeeze paid the party, whoever was long at the later end of the market. And the fresh board. The BhavCopy is telling us something new. 75 times faster than the calls. 1 crore on the book of the new expiry. The 24,200 put now stands at 74 lakh, the biggest single add anywhere, and that is the support we are going to take ahead. 24,100 stands at 40, 24,000 stands at 41 lakh, and the 24,250 put stands at 34 lakh, and the 24,300 put 44 lakh versus 39 lakh on the call. That is the tipping point that we are seeing. And calls stacked above 24,500, around 55 lakh. That is the biggest change that we are seeing, where the resistance is not building up that high. The biggest call position now stands at 24,600. 24,400 is also not that great. 159. Max pain has climbed above 24,300, and the gamma flip level is positive above 24,400. So above it the moves get dampened, below it the moves get amplified. So the support is 24,300, then 24,200. The resistance currently stands at 24,400 and then 24,500. So let's look at the Sensex expiry that is going to happen tomorrow as well. 21 crore against 16 lakh calls, almost 8 to 1. That was the Sensex board as of right now. And calls were covered at 77,700, 77,600, 77,500, 77,400, across the board. So now the real call build up is only present at 78,000, and that is also not a great resistance. 3. So that is where we are going to look at some support and a resistance getting created. Support is present at 77,500 and resistance is present at 78,000. Gamma turns positive above 77,800, so keep a watch on that tomorrow, and remember it, that if 77,800 is broken we could easily see that 78,000 getting pinned into. So the one standard deviation map for next week's expiry stands at around 24,080 on the bottom end to 24,600 on the upper end, with almost 260 points of swing that is possible. The daily one SD for today, I am expecting a range of 24,240 on the bottom end to around 24,460 on the upper end. So that is your almost one SD range for today, keep a watch on that as well, guys, 24,240 to 24,460. The at the money straddle currently stands at 230, and the straddle is implying a range of 24,060 to 24,620, which stands exactly above that 24,500 and 600 resistance, and the support sits around that 24,100 level perfectly. So the week's battle is between that 24,100 strike to the 24,600 strike, whereas 24,400 to 350 acts as a pivot. 35 lakh calls. 8 lakh calls on Monday's gap repurchased it into the squeeze. 74 lakh puts, the protection got sold off into the strength. Futures still long, trimmed slightly. On the FIIs, they covered almost 35,000 short futures, and the short squeeze should come in if the rally continues today as well. So the put book got trimmed as well, with 32,000 contracts. And cash again, a straight buy on the second day, of almost 1,594 crore. 3 lakh calls into the rally. The crowd sold what it bought at the top, on the right side for once. 44 lakh naked puts fell to almost 2 lakh as it expired worthless. Their most dangerous position of the month closed out for a profit they never had. So the flows. FII cash 1,594 crore, the second straight buy, cumulative for the month stands at almost 12,172. DII cash 230 crore, the smallest one, but cumulative for the month they stand at 38,487 crore. FII index futures sold 1,550 crore, index options they bought 16,000 crore. For four weeks the locals absorbed the foreign selling. This week the foreigners are buying and the locals have stepped to the sidelines. So the predicted value, we are back to the buy signal at 24,260, so let's have a read over there as well. The Sensex model also nailed it and is in buy around 77,500 levels, so let's look at that once today's close happens. So the pin projection for the first of September is between the 24,400 to 24,500 level. Wednesday morning, every rider resolved. 44, and globally a rally is what we are expecting. 4 percent, 8 dollars in 3 sessions, the oil scare is over. 41. 21 percent, Korea stopped falling after the 2 percent days that we saw yesterday and the day before. 2 percent. 2. Gold is still near record highs of 4,655, the last fear that is standing. And GIFT Nifty for September is trading at 24,559 on the September contract, about 74 points above where the September future settled. So the actual gap up is near 24,400 levels that we are going to see on the spot. 48 day, the first real red alpha of the cycle. A defensive book cannot chase an index squeeze happening only on the large caps. 88. Welcorp is up by 24 percent since rebalance, Balaji Amines is up by 10 percent, Paytm is up by 8 percent. The next rebalance is on Monday, so I have to give a watch on that. So the plan for today is simple, guys. The gap up opens near 24,400 levels, above every level that mattered last week. 24,350 to 400 is your pivot, and gamma turns positive above it. So above 24,400 the dips get bought and swings shrink. Below it, the amplified moves come back again. So the support right now, I am taking it, is at 24,320, so that is where the first buy zone opens up. Resistance right now stands between 24,400 and 24,500, and then 24,590, the one SD level that I am talking about. Base case, the gap up is held, 24,350 becomes the support, and the range becomes 24,350 to 550 on the box. Fade case, the gap up is sold and we test back to 24,300 levels. Below 24,300 the bullishness gets paused. Sensex expiry for tomorrow, 78,000 is the resistance, 77,500 is the support, and the expiry flip can happen above 77,800 levels. So the macro riders are tailwinds for now, and oil at 86 is giving that firmness, so keep a watch on that as well. So if you liked this episode, guys, share it with one trader friend who needs it right now. Subscribe on Apple Podcasts, Spotify and Amazon Music, and search The Tanmay Edge. com, and give it a rating, guys, or a review if you want to add something to the podcast. Questions ## EP111, in plain words. What does EP111 of The Tanmay Edge cover?EP111, Wednesday 26 Aug 2026, 12:46, in 7 chapters: Cold open: the resistance became the fuel; Tuesday's expiry: the close was the high; The grade: max pain is not a law; The fresh board: puts written 1.75 times faster; The Sensex board into Thursday; Who did what: the pros bought back what they dumped; The plan: a gap up above every level that mattered. How did the calls in EP111 score?Grade 3/5 (60 percent): 2 hit, 1 partial, 0 mechanical, 2 miss. Graded the next trading day, 27 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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