--- title: "The Board Got Ready For A Rally And The | The Tanmay Edge" description: "On Friday every positioning signal on the Nifty option board moved the same way, and every one of them moved up. Calls were bought back, puts were written" source_url: "https://www.rupeecase.com/podcast/episodes/2026-09-07" --- The Tanmay Edge, Season 2, EP119 # The board got ready for a rally and the close did not get the memo Calls covered, puts written, volatility crushed, and now we open 35 points lower, The first question today is 23,900, not 24,000 Every positioning signal on the options board moved up on Friday, then the market closed on its low * **10:18**listen * **4/5**graded at settlement * **Mon 7 Sep 2026**aired, Season 2 Now playing The board got ready for a rally and the close did not get the memo EP119, 7 Sep, 10:18 1x 0:00Chapter marks are estimated from the notes10:18 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.** Every positioning signal on the options board moved up on Friday, then the market closed on its low Retail stopped selling puts for the first time in six sessions Nifty finished 23,897, up a tenth of a percent, and 1.85 points off its own low At 11 30 it was 24,005 and gave back 108 points into the close Sensex closed 76,515, its exact low, 367 points below the afternoon high Fourth time in ten sessions an index closed at its own high or low India VIX fell 6.44 percent to 10.61, under 11 for the first time this series Realty fell 0.66 after being Thursday s best sector at plus 2.58 Nine cables names broke together KEI minus 8.95 on 1,173 crore of * **4**Hit * **0**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 8 Sep 2026, against NSE settlement. The grader's noteGraded Tue 08 Sep against the Mon close 23,779. The headline call was the day: it is not whether we take 24,000, it is whether we reclaim 23,900, and if we fail there the put writers from Friday are in trouble. The high came in at 23,890, ten points short. The 23,900 put went 59.85 to 128.80 and 75.84 lakh of open interest came off as those writers covered. The Infosys read was right too, flagged as the IT tell off a 3.23 percent New York fall, and it fell 3.76 percent here with ten of ten IT names down. The miss was the reclaim itself: the plan wanted 23,900 back and the market never got there, so the constructive half never triggered. Four on five. [The whole season, graded](/podcast/#trail)[September 2026 archive](/podcast/2026-09/)[Methodology](/track-record) 02In this episode ## 7 chapters, the numbers pulled out. 1. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the 2. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the 3. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the 4. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the 5. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the 6. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the 7. **07**The receipt, and the plan: the question isFirst a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the Cold open: every signal moved up, then the market closed on its low **35 points**Morning we open On Friday, every single positioning signal on the options board moved the same way, and every one of them moved up. Calls were bought back, puts were written, volatility was crushed. The professional desk flipped long. Retail stopped selling puts for the first Read the chapter Friday's tape: the headline hides everything **23,897**Nifty finished **108 points**Had given back **1.85**Back points and finished **367 points**Low for the day The Nifty finished 23,897, up a tenth of a percent. That headline hides everything. At 11:30 it was 24,005. By the close it had given back 108 points and finished 1.85 points off its own low. The Sensex was worse: it closed at 76,515 and that closing price was Read the chapter The cables complex broke **8.95**KEI was minus **5.76**Polycab minus **6.25**RR Kabel minus **10.36**Dynamic Cables minus One sector, one industry, got hammered on Friday. That is cables. KEI was minus 8.95 on 1,173 crore of turnover. Polycab minus 5.76, RR Kabel minus 6.25, Dynamic Cables minus 10.36. Finolex, Havells, Universal, Precision Wires and Apar all followed. Nine names Read the chapter The board: the biggest one day PCR jump of the run **1.07**Open interest fell **2.90**Open interest rose **0.656**PCR went **23,900**Lost lakh calls Nifty call open interest fell by 1.07 crore and put open interest rose by 2.90 crore. The PCR went from 0.656 to 0.844, the biggest one day jump of this run. And strike by strike it is cleaner still. 24,000 lost 32 lakh calls, 23,900 lost 27 lakh calls. Read the chapter Three things at one price **24,000**Pain moved **1.51**Heaviest call strike **102 points**Same price **110 points**Standard deviation range Max pain moved up to 24,000, the gamma flip moved to 24,000, and 24,000 is still the heaviest call strike at 1.51 crore. Three separate things all at the same price, 102 points above where we closed. Which also means we are 102 points inside the negative gamma Read the chapter Who did what: the seventh flip in eleven sessions **74,000**Long index calls, plus **1 lakh**Minus swing **48,000**Swing of lakh **85,000**Retail bought back The professional desks flipped to net long index calls, plus 74,000 from minus 74,000, a swing of 1 lakh 48,000 contracts. That is the seventh flip in 11 sessions and the biggest of them. Retail bought back 85,000 puts, the first reduction after six straight Read the chapter The receipt, and the plan: the question is 23,900, not 24,000 **144.50**Fly as credit **55.50**Max loss **59.35**Max loss **34 points**Wings cost me First a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the official settlement close it is a credit of 140.65 and a max loss of 59.35, with breakevens at 23,859 and 24,140. The position is up 14 points after Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: every signal moved up, then the market closed on its low On Friday, every single positioning signal on the options board moved the same way, and every one of them moved up. Calls were bought back, puts were written, volatility was crushed. The professional desk flipped long. Retail stopped selling puts for the first time in six sessions, and that is new. Then the market closed on its low. And this morning we open 35 points lower. ### *02*Friday's tape: the headline hides everything The Nifty finished 23,897, up a tenth of a percent. That headline hides everything. At 11:30 it was 24,005. By the close it had given back 108 points and finished 1.85 points off its own low. The Sensex was worse: it closed at 76,515 and that closing price was also the exact low for the day, 367 points below the afternoon's high. So for the fourth time in ten sessions an index has printed its high or its low and its closing number is the same as that extreme. India VIX fell to 10.61, down 6.44 percent, and under 11 for the first time in this September series. But look at what led: Sensex plus 0.48, Nifty plus 0.10, Bank Nifty minus 0.02, Next Nifty 50 minus 0.23, Midcap Select minus 0.31, Realty minus 0.66 after being the best sector on Thursday at plus 2.58. The large caps led, the broader market did not. That is the reverse of Thursday, and it is why my rotation call on Friday was wrong. ### *03*The cables complex broke One sector, one industry, got hammered on Friday. That is cables. KEI was minus 8.95 on 1,173 crore of turnover. Polycab minus 5.76, RR Kabel minus 6.25, Dynamic Cables minus 10.36. Finolex, Havells, Universal, Precision Wires and Apar all followed. Nine names in one industry, one afternoon, on real money. I am not going to invent a reason for it. But what I can tell you is the shape, and the shape is what it looks like when everybody wants out of the same thing, of the same industry, at the same time. ### *04*The board: the biggest one day PCR jump of the run Nifty call open interest fell by 1.07 crore and put open interest rose by 2.90 crore. The PCR went from 0.656 to 0.844, the biggest one day jump of this run. And strike by strike it is cleaner still. 24,000 lost 32 lakh calls, 23,900 lost 27 lakh calls. Meanwhile 23,900 gained 42 lakh puts, 23,800 gained 39 lakh puts and 23,950 gained 31 lakh puts. On Thursday 24,000 took 96 lakh calls in one single session; on Friday a third of that came straight back off. The sellers walked down the call side and up the put side, and they did it all day. ### *05*Three things at one price Max pain moved up to 24,000, the gamma flip moved to 24,000, and 24,000 is still the heaviest call strike at 1.51 crore. Three separate things all at the same price, 102 points above where we closed. Which also means we are 102 points inside the negative gamma zone, where on Thursday we were only 27 points inside it. The unstable region got wider, not narrower. Volatility under 9 percent gives a one standard deviation range of 110 points for the day. And the September future closed at 24,048, a basis of 150 points. The run is 34.50, then 85, then 126, and now 150. Three sessions of futures pricing a higher market than the cash, and the cash has not validated it once. ### *06*Who did what: the seventh flip in eleven sessions The professional desks flipped to net long index calls, plus 74,000 from minus 74,000, a swing of 1 lakh 48,000 contracts. That is the seventh flip in 11 sessions and the biggest of them. Retail bought back 85,000 puts, the first reduction after six straight sessions of building that book. And then the one book that did not turn: the FII index futures short went to 2,35,838, another run high. Everything else flipped bullish on Friday and that short got bigger. In cash they sold 3,111 crore against 8,930 crore of domestic buying, and sold 9,903 crore of index options, the heaviest of the week. ### *07*The receipt, and the plan: the question is 23,900, not 24,000 First a correction. On Thursday I gave an iron fly as a credit of 144.50 with a max loss of 55.50. Against the official settlement close it is a credit of 140.65 and a max loss of 59.35, with breakevens at 23,859 and 24,140. The position is up 14 points after Friday with two sessions to run. A naked 24,000 straddle made 47 over the same day, so the wings cost me 34 points on Friday. On Thursday the same wings saved me 34 points. Saved 34, cost 34, on consecutive days. That is the whole argument for defined risk in two numbers: you pay for the ceiling every single day, and you only notice it on the one day when it saves you. This morning Asia is split down the middle, the KOSPI plus 2.88, the Nikkei plus 2.30 and Taiwan plus 1.42 against Hang Seng minus 0.81 and Singapore minus 0.5. That is the North Asia semiconductor complex moving on its own and we are not in it. America closed lower, the Dow futures are down another 0.29 percent, and every Indian ADR except two finished lower with Infosys minus 3.23. GIFT is at 23,976, putting us near 23,850 to 23,880, below 23,900, which changes the first question of the day. It is not whether we take 24,000, it is whether we get back and stay above 23,900. That strike is the heaviest put on the board at 1.11 crore, and 41 lakh of them were written on Friday afternoon: open underneath it and every one of those writers is on the wrong side of their own strike. Resistance 24,000 then 24,100, support 23,900 then 23,820, band 23,800 to 24,000. I am holding the iron fly into Tuesday. And do not chase the first 15 minutes of the gap down, trade only after 9:30. 04Key takeaways ## 24 things to carry into the session. * *01*Every positioning signal on the options board moved up on Friday, then the market closed on its low * *02*Retail stopped selling puts for the first time in six sessions * *03*Nifty finished 23,897, up a tenth of a percent, and 1.85 points off its own low * *04*At 11:30 it was 24,005 and gave back 108 points into the close * *05*Sensex closed 76,515, its exact low, 367 points below the afternoon high * *06*Fourth time in ten sessions an index closed at its own high or low * *07*India VIX fell 6.44 percent to 10.61, under 11 for the first time this series * *08*Realty fell 0.66 after being Thursday's best sector at plus 2.58 * *09*Nine cables names broke together: KEI minus 8.95 on 1,173 crore of turnover * *10*Call open interest fell 1.07 crore while put open interest rose 2.90 crore * *11*PCR jumped 0.656 to 0.844, the biggest one day move of the run * *12*23,900 gained 42 lakh puts while 24,000 lost 32 lakh calls * *13*A third of Thursday's 96 lakh call build came straight back off * *14*Max pain, the gamma flip and the heaviest call strike all sit at 24,000 * *15*Spot closed 102 points inside negative gamma, against 27 points on Thursday * *16*September basis widened again to 150 points after 34.50, 85 and 126 * *17*Pros swung 1.48 lakh contracts to net long calls, a seventh flip in 11 sessions * *18*FII index futures short went to a fresh run high at 2,35,838 * *19*FIIs sold 3,111 crore of cash against 8,930 crore of domestic buying * *20*Iron fly corrected to credit 140.65 and max loss 59.35, up 14 points after Friday * *21*The same wings cost 34 points on Friday after saving 34 on Thursday * *22*23,900 is the heaviest put on the board at 1.11 crore, 41 lakh written Friday afternoon * *23*Asia split: Korea, Japan and Taiwan flying while Hong Kong, Singapore and India are not * *24*Plan on record: reclaim 23,900 first, band 23,800 to 24,000, trade only after 9:30 Show all 24 05In his words Every single positioning signal on the options board moved the same way, and every one of them moved up. Then the market closed on its low. That headline hides everything. For the fourth time in ten sessions an index has printed its high or its low and its closing number is the same as that extreme. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,231 words, about 6 min to read A very good morning, guys. On Friday, every single positioning signal on the options board moved the same way, and every one of them moved up. Calls were bought back, puts were written, volatility was crushed. The professional desk flipped long. Retail stopped selling puts for the first time in six sessions, and that is new. Then the market closed on its low. And this morning we open 35 points lower. This is The Tanmay Edge. You are listening to episode 119. I am Tanmay Kurtkoti. Let's go. So the Nifty finished 23,897, up a tenth of a percent. That headline hides everything. At 11:30 it was 24,005. 85 points off its own low. The Sensex was worse. It closed at 76,515 and that closing price was also the exact low for the day, 367 points below the afternoon's high. So for the fourth time in ten sessions an index has printed its high or its low and its closing number is the same as that extreme itself. 44 percent, and under 11 for the first time in this September series. But look at what led. 58. The large caps led, the broader market did not. And that was Friday for you. That is the reverse of Thursday, and it is why my rotation call on Friday was wrong. And one sector, one industry, got hammered on Friday. That is cables. 95 on 1,173 crore of turnover. 36. Finolex, Havells, Universal, Precision Wires and Apar all followed. Nine names in one industry, one afternoon, on real money. I am not going to invent a reason for it. But what I can tell you is the shape, and the shape is what it looks like when everybody wants out of the same thing, of the same industry, at the same time. Now the part that matters for today. 90 crore. 844, the biggest one day jump of this run. And strike by strike it is cleaner still. 24,000 lost 32 lakh calls, 23,900 lost 27 lakh calls. Meanwhile 23,900 gained 42 lakh puts, 23,800 gained 39 lakh puts and 23,950 gained 31 lakh puts. On Thursday 24,000 took 96 lakh calls in one single session. On Friday a third of that came straight back off. The sellers walked down the call side and up the put side, and they did it all day. And that is where we have built up. 51 crore. Three separate things all at the same price, 102 points above where we closed. Which also means we are 102 points inside the negative gamma zone, where on Thursday we were only 27 points inside it. The unstable region got wider, not narrower. Volatility under 9 percent gives a one standard deviation range of 110 points for the day. And the September future closed at 24,048, a basis of 150 points. 50, then 85 points, then 126 points, and now 150. Three sessions of futures pricing a higher market than the cash, and the cash has not validated it once. And one bit on what the professional desks did. They flipped to net long index calls, plus 74,000 from minus 74,000, a swing of 1 lakh 48,000 contracts. That is the seventh flip in 11 sessions and the biggest of them. Retail bought back 85,000 puts, the first reduction after six straight sessions of building that book. And then the one book that did not turn: the FII index futures short went to 2,35,838, another run high. Everything else flipped bullish on Friday and that short got bigger. In cash they sold 3,111 crore against 8,930 crore of domestic buying, and sold 9,903 crore of index options, the heaviest of the week. My own position, and first a correction. 50. 35. And the breakevens are 23,859 on the lower end to 24,140 on the higher end. The position is up 14 points after Friday, with two sessions to run. A naked 24,000 straddle made 47 over the same day. So the wings cost me 34 points on Friday. On Thursday, the same wings saved me 34 points. Saved 34, cost 34, on consecutive days. That is the whole argument for defined risk in two numbers. You pay for the ceiling every single day. You only notice it on the one day when it saves you. Now this morning. Asia is split down the middle. 42. 14. Japan, Korea and Taiwan are flying. Hong Kong, Singapore and we are not. That is the North Asia semiconductor complex moving on its own and we are not in it. So if anyone tells you this morning that Asia is up, it is half of Asia. America closed lower on Friday. 29 percent right now. On top of that, every Indian ADR except two finished lower. 64 percent. That is the real tell for the IT names. And one correction from Friday. I said the oil run had stalled. It has not. 60, back above the 96 level and still rated very bullish. Gold is at 4,406 and down a second session from 4,472 on Friday morning. So the plan for today is simple, guys. GIFT Nifty is trading at 23,976, down 33 points. That puts us near 23,850 to 23,880, about 35 points lower. It opens us below that 23,900 level, which changes the first question of the day. It is not whether we take 24,000, it is whether we get back and stay above 23,900. Think about what 23,900 is now. 11 crore of them, and 41 lakh of them were written on Friday afternoon. Open underneath it and every one of those writers is immediately on the wrong side of their own strike. Reclaim it in the first hour and Friday's positioning starts working for the market instead of against it. 24,000 is the level that decides the week, because it is the max pain and the gamma flip and the heaviest call strike all concentrated over there. But it is 102 points away, and today it is the second question, not the first one. So resistance stands at 24,000, then 24,100. Support is first 23,900 and then that 23,820 mark. The band for the day is 23,800 on the lower end to 24,000 on the upper end, so a 200 point range for today. The risks are Friday's American close and the Dow futures still falling this morning. The foreign futures short at a fresh high. The basis at 150 points that the cash has never confirmed. Both indices closing on their lows. And Asia's strength that is visibly not reaching us. I am holding the iron fly into Tuesday and reporting it, rather than opening something for the sake of it. And do not chase the first 15 minutes of the gap down, guys. Stay sideways in the first 15 minutes, trade only after 9:30. 5 out of 5. The open came in 40 points under my call, and the rotation trade reversed on me. So if you liked this episode, guys, share it with the one trader friend who needs it right now. Subscribe on Apple Podcasts, Spotify and Amazon Music and listen to the episode and get the notifications live as it streams. com in the podcast section. So have a happy Monday, guys, and a good start to the week, and see you all once again tomorrow on the Nifty expiry. Until then, happy trading. Questions ## EP119, in plain words. What does EP119 of The Tanmay Edge cover?EP119, Monday 7 Sep 2026, 10:18, in 7 chapters: Cold open: every signal moved up, then the market closed on its low; Friday's tape: the headline hides everything; The cables complex broke; The board: the biggest one day PCR jump of the run; Three things at one price; Who did what: the seventh flip in eleven sessions; The receipt, and the plan: the question is 23,900, not 24,000. How did the calls in EP119 score?Grade 4/5 (80 percent): 4 hit, 0 partial, 0 mechanical, 1 miss. Graded the next trading day, 8 Sep 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. Explore next ## Learn what the episode covers. * [Free module 6.7Bonds and Fixed Income in India8 min read](/learn/path-6/module-6-7-bonds-fixed-income-india) * [StrategyNifty 50 Equal Weight strategyNifty 50, 50 stocks, every 4 weeks](/strategies/nifty-50-equal-weight) * [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 7.7Credit Cycle and the NBFC Sector11 min read](/learn/path-7/module-7-7-credit-cycle-nbfc-sector) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera 07Read next ## Behind the calls. [Learn, module 2.3Risk Metrics That MatterEvery strategy shows you a CAGR. Fewer show you the drawdown. Almost none explain what the Sharpe ratio actually means.Intermediate, 8 min](/learn/path-2/module-2-3-risk-metrics-that-matter)[Learn, module 6.6Derivatives: Futures and Options for the Systematic InvestorThe F&O market in India is one of the largest derivatives markets in the world by volume. Most retail participants loseIntermediate, 8 min](/learn/path-6/module-6-6-derivatives-futures-options) [StrategyLargecap Hybrid20 largecap stocks plus 20% LiquidCase. 80/20 equity-plus-debt on the Nifty 100.Model, back tested CAGR 22.7%, as of 27 Apr 2026. Risk Moderately High.](/strategies/largecap-hybrid) Share [X](https://x.com/intent/tweet?text=The%20board%20got%20ready%20for%20a%20rally%20and%20the%20close%20did%20not%20get%20the%20memo%20%7C%20The%20Tanmay%20Edge%20EP119&url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-09-07) [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.rupeecase.com%2Fpodcast%2Fepisodes%2F2026-09-07) Copy link [All episodes](/podcast/) Market commentary for education only. Not investment advice, not a recommendation to buy or sell any security. RupeeCase is not a SEBI registered investment adviser. Strategy figures are model, back tested.