--- title: "Breadth Broke To 0.164, And The Only Bid | The Tanmay Edge" description: "I got yesterday wrong and it cost money. That comes first. Graded one and a half out of five. I said we would open 23,440 to 23,490 and we opened 23,576" source_url: "https://www.rupeecase.com/podcast/episodes/2026-09-16" --- The Tanmay Edge, Season 2, EP125 # Breadth broke to 0.164, and the only bid left was IT TK graded his own previous episode 1.5 out of 5, the lowest of the run * **9:16**listen * **On record**not graded * **Wed 16 Sep 2026**aired, Season 2 Now playing Breadth broke to 0.164, and the only bid left was IT EP125, 16 Sep, 9:16 1x 0:00Chapter marks are estimated from the notes9:16 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 ## Calls on the record. This is the last episode of Season 2. Its calls stay on the record as they were made; no grade was published for them, so it is not counted in the season hit rate (as of 16 Sep 2026). [The whole season, graded](/podcast/#trail)[Methodology](/track-record) 02In this episode ## 7 chapters, the numbers pulled out. 1. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 2. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 3. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 4. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 5. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 6. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 7. **07**The plan: do not pin a structure toThe Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 Cold open: I was reading the old one **300 points**Yesterday the magnet moved Yesterday the magnet moved 300 points during the session and I was reading the old one. The iron fly I gave you hit the max loss. Read the chapter The grade: one and a half out of five **23,150**Said the band **180 points**Said there One and a half out of five. That is what I want to give for yesterday's episode. We opened near 23,576, nearly double the gap I gave you. I said we open on the magnet at 23,450 to 23,500, and we opened 120 points above it. I said the support was at 23,400 and Read the chapter The useful part: I had written it down and did not apply it **23,450**Friday's file **300 points**Magnet walked **32 points**Pinned inside Here is the part that is actually useful, because I had written it down and did not apply it. Max pain on Friday's file was 23,450 and I built a call on it. Recompute max pain from the settlement itself, and it is 23,200 right now. We settled at 23,118, that Read the chapter Breadth did not weaken, it broke **2,263**Advances against **0.164**Advance decline **3.95 percent**HCL Tech **3.79**Percent, Infosys On the tape, breadth did not weaken, it broke completely. There were only 371 advances against 2,263 declines, an advance decline of 0.164, against 0.56, 0.56 and 0.58 in the previous three sessions. That is fewer than one stock in seven. So seven stocks fell Read the chapter The new board: a 200 point box we are sitting under **23,350**Has max pain **231 points**Pain at which **5.73**Calls were added almost **3.12**Crore against The new board, the 22nd, has a max pain at 23,350, which is 231 points above the spot, and a PCR of around 0.65. Calls were added almost 5.73 crore against 3.12 crore of puts, nearly two to one, the other way from the board that just died. 23,400 is the Read the chapter Three mechanics in three sessions **1 lakh**Open interest rose **6,015**Interest rose by lakh **1.19 percent**Day the index fell **3.13**Lakh futures, short The basis has changed mechanics for the third time in three sessions. It went to 105 from 87, and the futures open interest rose by 1 lakh 6,015 shares. Rising basis on rising open interest is fresh buying of the premium. So that is long unwinding, then short Read the chapter The plan: do not pin a structure to yesterday's magnet **588 points**Points, after opening **1,432**High to close **74,500**Pain for tomorrow **496 points**Tomorrow is almost The Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 points above Friday's close. High to close was 1,432 points. Max pain for tomorrow is 74,500, almost 496 points above the spot, and the PCR fell to Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: I was reading the old one Yesterday the magnet moved 300 points during the session and I was reading the old one. The iron fly I gave you hit the max loss. ### *02*The grade: one and a half out of five One and a half out of five. That is what I want to give for yesterday's episode. We opened near 23,576, nearly double the gap I gave you. I said we open on the magnet at 23,450 to 23,500, and we opened 120 points above it. I said the support was at 23,400 and 23,300, and both broke easily. I said the band was 23,150 to 23,650, and the low took out the band. I said there were 180 points of implied move left after the gap, and the actual range on the day was almost 470. We settled at 23,118 and that was also the low of the day. So no buyers at the end. ### *03*The useful part: I had written it down and did not apply it Here is the part that is actually useful, because I had written it down and did not apply it. Max pain on Friday's file was 23,450 and I built a call on it. Recompute max pain from the settlement itself, and it is 23,200 right now. We settled at 23,118, that is roughly 80 points from the magnet and 331 from the one I quoted. The pin did not fail. The magnet walked 300 points during the session and then pinned inside 32 points, which is exactly what I told you the Sensex did on the 11th. The mechanism was right. The snapshot was four days old on an expiry day. The only max pain that matters is the one on the board that morning. ### *04*Breadth did not weaken, it broke On the tape, breadth did not weaken, it broke completely. There were only 371 advances against 2,263 declines, an advance decline of 0.164, against 0.56, 0.56 and 0.58 in the previous three sessions. That is fewer than one stock in seven. So seven stocks fell against one stock that rose. And the entire advance list was one sector. HCL Tech was up 3.95 percent, Infosys 3.79, Mphasis 3.62, TCS 2.28, Tech Mahindra 2.26. Seven of the top eight gainers are IT, and Nifty IT was up 2.19 percent on a day the index fell 1.19 percent. On the screener, IT is now the only equity index not sitting on a strong sell. The other end was ugly: Solar Industries down almost 14, CG Power 6 percent, SBI Card almost 6 percent. ### *05*The new board: a 200 point box we are sitting under The new board, the 22nd, has a max pain at 23,350, which is 231 points above the spot, and a PCR of around 0.65. Calls were added almost 5.73 crore against 3.12 crore of puts, nearly two to one, the other way from the board that just died. 23,400 is the resistance with the biggest call add on the board, 42 lakh, and the heaviest near the money call at 63 lakh. 23,200 is the mirror, with the biggest put add and 46 lakh puts sitting over there. So the board is pricing a 200 point box between 23,200 and 23,400, and we are sitting 81 points under that box. ### *06*Three mechanics in three sessions The basis has changed mechanics for the third time in three sessions. It went to 105 from 87, and the futures open interest rose by 1 lakh 6,015 shares. Rising basis on rising open interest is fresh buying of the premium. So that is long unwinding, then short covering, and now fresh buying, three sessions running. And it happened on a day the index fell 1.19 percent with the worst breadth of the run. Somebody paid up for the future on a day the cash market had not bid at all. On the positioning, the foreign book was right all along: short 2.91 lakh futures, short 3.13 lakh calls, long 6.79 lakh puts, into a session that fell with the worst breadth of the run. That futures short has risen every session of this run, and yesterday it got paid. A winning short does not cover. Retail did the exact opposite. The client call book jumped to 2,05,106, so they bought the upside on the day the index lost 279 points. And the foreigners sold 2,977 crore of cash, the biggest single day sell of this run, against 2,686 crore bought by the domestic funds. ### *07*The plan: do not pin a structure to yesterday's magnet The Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 points above Friday's close. High to close was 1,432 points. Max pain for tomorrow is 74,500, almost 496 points above the spot, and the PCR fell to 0.698 from 1.19, so both boards swapped sides in the opposite direction. And there is no Sensex future at all for that expiry: the 17th is an options only expiry, the nearest future is 24 September, so the contango is at plus 275 points. Overnight, GIFT is at 23,217, up 15, so flat. Asia is quiet, America fell a sixth straight session, Brent is at 108.40 after settling 108.75, another 3 dollars in a session and up 78 percent this year. The rupee weakened a fifth consecutive session to 95.96 and the curve is really moving now, the 10 year at 7.10 and the 5 year at 6.79, up 0.20 in a single session. So the plan. The implied open is 23,110 to 23,150. Resistance 23,350, then 23,390 or 23,400, then 23,470 and 23,500. Support 23,200, then directly 23,000, then 22,700. The weekly band is huge at 22,700 to 23,540, the straddle is 359 and the implied move to next Tuesday is almost 450 points, with one SD of 420 for the week and 160 for a single session. Reclaim 23,200 and the box is alive; fail it and we see 23,000 with 47 lakh puts getting tested. The risks: breadth at 0.16, which is extremely bad, and that bid was IT, so if IT stops there is nothing underneath. Foreign shorts at another run high and just paid. Brent at 108 on a fifth weak rupee day with the whole curve lifting. And the Sensex expiry with its magnet 500 points above spot on an options only weekly. It is a fresh weekly with seven days to run, a 360 point straddle against a 450 point implied move, so there is room to work. But breadth says do not be long anything that is not IT. And yesterday says do not pin a structure to a magnet you computed on the previous day. Recomputing it every morning is extremely important, including on expiry. 04Key takeaways ## 24 things to carry into the session. * *01*TK graded his own previous episode 1.5 out of 5, the lowest of the run * *02*The open came near 23,576, nearly double the gap given * *03*The magnet at 23,450 to 23,500 was overshot by 120 points at the open * *04*Support at 23,400 and 23,300 both broke easily * *05*The low took out the stated band of 23,150 to 23,650 * *06*180 points of implied move were called, the actual range was almost 470 * *07*Settled 23,118, which was also the low: no buyers at the end * *08*Max pain recomputed from the settlement file is 23,200, not Friday's 23,450 * *09*The settle landed 80 points from the live magnet and 331 from the quoted one * *10*The pin did not fail: the magnet walked 300 points then pinned inside 32 * *11*Exactly what the Sensex did on 11 September, so the mechanism held * *12*The snapshot was four days old on an expiry day * *13*Breadth broke: 371 advances against 2,263 declines, A/D 0.164 * *14*Against 0.56, 0.56 and 0.58 in the previous three sessions * *15*The entire advance list was IT: HCL Tech 3.95, Infosys 3.79, Mphasis 3.62 * *16*Seven of the top eight gainers were IT while the index fell 1.19 percent * *17*IT is the only equity index not on a strong sell in the screener * *18*New board max pain 23,350, PCR around 0.65, calls added nearly two to one * *19*A 200 point box between 23,200 and 23,400, with spot 81 points under it * *20*Basis changed mechanics a third time: 87 to 105 on rising open interest * *21*Long unwinding, then short covering, now fresh buying, three sessions running * *22*FII short 2.91 lakh futures and 3.13 lakh calls, long 6.79 lakh puts, and it got paid * *23*FIIs sold 2,977 crore of cash, the biggest single day sell of the run * *24*Plan on record: reclaim 23,200 or see 23,000, and recompute the magnet every morning Show all 24 05In his words Yesterday the magnet moved 300 points during the session and I was reading the old one. One and a half out of five. That is what I want to give for yesterday's episode. Here is the part that is actually useful, because I had written it down and did not apply it. 06Transcript ## The full episode, in text. Read the transcript Reading mode Copy link 1,048 words, about 5 min to read A very good morning, guys. Yesterday the magnet moved 300 points during the session and I was reading the old one. The iron fly I gave you hit the max loss. This is The Tanmay Edge. You are listening to episode 125. I am Tanmay Kurtkoti. Let's go. So one and a half out of five. That is what I want to give for yesterday's episode. We opened near 23,576, nearly double the gap I gave you. I said we open on the magnet at 23,450 to 23,500, and we opened 120 points above it. I said the support was at 23,400 and 23,300, and both broke easily. I said the band was 23,150 to 23,650, and the low took out the band. I said there were 180 points of implied move left after the gap, and the actual range on the day was almost 470. We settled at 23,118 and that was also the low of the day. So no buyers at the end. So here is the part that is actually useful, because I had written it down and did not apply it. Max pain on Friday's file was 23,450 and I built a call on it. Recompute max pain from the settlement itself, and it is 23,200 right now. We settled at 23,118, that is roughly 80 points from the magnet and 331 from the one I quoted. The pin did not fail. The magnet walked 300 points during the session and then pinned inside 32 points, which is exactly what I told you the Sensex did on the 11th. The mechanism was right. The snapshot was four days old on an expiry day. The only max pain that matters is the one on the board that morning. On the tape, breadth did not weaken, it broke completely. 58 in the previous three sessions. That is fewer than one stock in seven. So seven stocks fell against one stock that rose. And the entire advance list was one sector. 26. 19 percent. On the screener, IT is now the only equity index not sitting on a strong sell. The other end was ugly. Solar Industries was down almost 14, CG Power 6 percent, SBI Card almost 6 percent. 65. 12 crore of puts, nearly two to one, the other way from the board that just died. 23,400 is the resistance with the biggest call add on the board, 42 lakh, and the heaviest near the money call at 63 lakh. 23,200 is the mirror, with the biggest put add and 46 lakh puts sitting over there. So the board is pricing a 200 point box between 23,200 and 23,400, and we are sitting 81 points under that box. So the basis has changed mechanics for the third time in three sessions. It went to 105 from 87, and the futures open interest rose by 1 lakh 6,015 shares. Rising basis on rising open interest is fresh buying of the premium. So that is long unwinding, then short covering, and now fresh buying, three sessions running. 19 percent with the worst breadth of the run. Somebody paid up for the future on a day the cash market had not bid at all. On the positioning, the foreign book was right all along. 79 lakh puts, into a session that fell with the worst breadth of the run. That futures short has risen every session of this run, and yesterday it got paid. A winning short does not cover. Retail did the exact opposite of it. The client call book jumped to 2,05,106, so they bought the upside on the day the index lost 279 points. And the foreigners sold 2,977 crore of cash, the biggest single day sell of this run, against 2,686 crore bought by the domestic funds. So the Sensex expires tomorrow and it is worth watching. It settled at 74,003, down 778 points, after opening 588 points above Friday's close. High to close was 1,432 points. 19. So both boards swapped sides in the opposite direction. And there is no Sensex future at all for that expiry. The 17th is an options only expiry, the nearest future is 24 September, so the contango is at plus 275 points on the Sensex. Overnight, GIFT is at 23,217, up 15, so flat. Asia is quiet. America fell a sixth straight session. 75, another 3 dollars in a session, and up 78 percent this year. 20 in a single session. So the plan. The implied open gives us an opening of 23,110 to 23,150. Resistance is at 23,350, then 23,390 or 23,400, then 23,470 and 23,500. Support is at 23,200, then directly at 23,000, and then at 22,700. And the weekly band is huge. It stands at 22,700 to 23,540. The straddle is trading at 359 and the implied move to next Tuesday is almost 450 points, with one SD of 420 points for the week and 160 points for a single session. So reclaim 23,200 and the box is alive. Fail it and we see 23,000 getting hit and the 47 lakh puts getting tested over there. The risks. 16, which is extremely bad. That bid was IT, and if IT stops there is nothing underneath. So let's look for some fresh names popping up today. Foreign shorts at another run high, and they have just been paid. Brent at 108 on a fifth weak rupee day with our whole curve lifting. And the Sensex expiry tomorrow with its magnet 500 points above the spot, on an options only weekly expiry. On structure, it is a fresh weekly with seven days to run, a 360 point straddle with a 450 point implied move expected this week. That is a wide board, which is the opposite of yesterday's problem. So there is room to work. But breadth says do not be long anything that is not IT. And yesterday says do not pin a structure to a magnet you computed on the previous day. Recomputing it every morning is extremely important, including on expiry. So if you liked this episode, guys, share it with one trader friend who needs it right now. com. Have a happy Wednesday, guys, and see you all once again tomorrow on the Sensex expiry. Until then, stay safe and happy trading. Questions ## EP125, in plain words. What does EP125 of The Tanmay Edge cover?EP125, Wednesday 16 Sep 2026, 9:16, in 7 chapters: Cold open: I was reading the old one; The grade: one and a half out of five; The useful part: I had written it down and did not apply it; Breadth did not weaken, it broke; The new board: a 200 point box we are sitting under; Three mechanics in three sessions; The plan: do not pin a structure to yesterday's magnet. How did the calls in EP125 score?This is the last episode of Season 2. Its calls stay on the record as they were made; no grade was published, so it is not counted in the season hit rate (as of 16 Sep 2026). 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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