Season 2, Episode 32 | 2026-05-05

EP32 | The Tanmay Edge

The market gives you two trades from the same chain. Yesterday's wing paid. Today's pin pays. Same desks. Same open interest. Different strikes doing different work.In this episode I walk through what happened in the last 18 hours.

Cold Open | A Desk Had A Choice

Welcome back to The Tanmay Edge. Tuesday 5 May. India's first systematic investing terminal that I am building. Before I tell you what to do today, let me tell you what happened yesterday at the desk that runs the chain. A desk had a choice. The market had run from 23997 on Wednesday to 24290 by Monday lunch. Three sessions of green. Headlines were hot. BJP swept the state polls. Vol popped. Money was on the table. The desk could either lock in profit and go home, or it could write the next move. It wrote the next move.

The Pro Move | Sold Calls, Held Futures, Trimmed Puts

That desk is what we call Pro. Proprietary book. The smartest money on the screen. Here is what Pro did Monday in one session. Sold 120000 contracts of calls. Held 15000 contracts of futures bullish. Trimmed long puts by 63000 contracts. Read that again slowly. Pro reduced its downside hedge. Pro held its bullish futures. And Pro wrote calls into the rally. Most desks on the street read this as distribution. The desk is selling the rally. The top is in. I read it differently. And the difference between those two reads is what today's episode is about. If you want to lock in profit and exit, yo…

What Is A Pin | Magnet vs Wall In Plain English

Here is what a pin is, in plain English. A pin is when a strike has heavy calls AND heavy puts written at the same level. Both writers want the price to settle at that strike. Both writers keep their premium if it does. The chain becomes a magnet. The price gets pulled to that strike at expiry. Yesterday Pro wrote 120000 calls. Pro also looked at the put side. The 24000 strike already had 8 million contracts of put open interest. Monday added 2.7 million more. The 24100 strike had 5.95 million calls and 5.47 million puts. Stacked. 11.2 million total. Now think about it. If the chain is loaded …

Overnight Tape | Three Things Changed

But the magnet does not pull in a straight line. And the AM tape proves it. Three things changed overnight. Brent crude jumped 5 dollars. From 108 yesterday morning to 113.20 right now. The Iran peace talks unwind that we saw last week is reversing. The macro tail is back on the menu. Branch trigger 120 dollars used to be 17 dollars away. Now it is 7 to 8 dollars away. Two. The rupee broke 95. Yesterday's central bank fix printed 95.08 against the dollar. First close above 95 on record. Intraday hit 95.09. Rupee tail still pricing. Three. Hang Seng flipped. Monday it was up 1.58 percent. Tuesd…

Today's Plan | Buy Zone, Magnet, Cap, Wing

What does that mean for the pin? Open is going to be soft. GIFT is at 24034 right now, 11 points below yesterday's close. Probably a small gap down. First hour you will see a sell off. India VIX will pop from 18.27 maybe to 19 or 21. People will get scared. They will buy puts. They will sell longs. That is the entry. Buy zone is 23950 to 24050. That is where you build the long. That is where the wing buyers panic and the magnet starts pulling. Second half. Vol crushes. Magnet wins. Bounce towards 24000 to 24100. Settle in the pin zone. Cap is 24200 secondary wall. Then 24300 hard wall. Above 2…

Cash Flow Check | Both Buying, Pair Shrinking

A quick word on cash flows because they are with us. Yesterday foreign investors bought 2835 crore. Domestic investors bought 4764 crore. Both buying. Second straight green day. F&O index all bucket plus 3364 crore. First net positive in 10 plus sessions. The April handoff from foreign selling to foreign buying is starting. The foreign desk pair trade is shrinking. Stock long book at 805000 contracts. Index short ratio 4.18 to 1. Last Wednesday it was 4.83 to 1. Both legs trimming. That is not a crash setup. That is a desk getting lighter going into expiry.

Education + RupeeCase Rebalance Reveal

Education today. Pin trade mechanics in one line. When a chain stacks call AND put open interest at the same strike, the strike is a magnet. When only calls are heavy, the strike is a wall. The wall is where price gets stopped. The magnet is where price gets pulled. Yesterday writers built BOTH at 24000 and 24100. The 24300 strike is the wall. The 24000 strike is the magnet. The 23800 strike is the floor. Two different trades from the same chain. Yesterday the wing paid. The 76800 put I told you about Thursday. Today the pin pays. Both came from the same desks. You just have to know which stri…

Highlights

Transcript Excerpt

A very good morning, welcome back to The Tanmay Edge. Today is Nifty expiry, Tuesday 5th of May, and this is the audio podcast. India's first systematic terminal that I am building. Before I tell you what to do today, let me tell you what happened yesterday at the desk that runs the option chain. A desk had a choice. The market had run from 23997 on Wednesday to 24290 by Monday lunch. Three sessions of green. Headlines were hot. BJP swept the state polls. Vol popped. Money was on the table. The desk could either lock in profits and go home or it could write the next move. It wrote the next move. That desk is what we call Pro, or proprietary books. These are proprietary books of members who trade in own accounts. The smartest money on the screen. And here is what Pro did in one session. Sold 1,20,000 contracts of calls. Held 15,000 contracts of futures bullish. Trimmed long puts by 63,000 contracts. Read that again slowly. Pro reduced its downside hedge. Pro held its bullish futures and Pro wrote the calls into the rally. Most desks on the street read this as distribution. The desk is selling the rally. The top is in. I read it completely differently and the difference between the two reads is what today's episode is all about. So this is Tanmay Kurtkoti. You are listening to The Tanmay Edge. Today is episode 32. Let's go. If you want to lock in profits and exit, you sell futures. You don't sell calls and keep futures long. That is contradictory. Unless you are not exiting. You are not exiting the trade if you are not selling the futures. You are setting up the pin trade. That is what expiry is all about. Here is what pin means. A pin is when a strike has heavy calls and heavy puts written at the same level. Both writers want the price to settle at that strike. Both writers keep the premium if it does. The chain becomes a magnet. The price gets pulled to that strike at expiry. Yesterday, Pros wrote 1.2 lakh calls. Pros also locked in on the put side. The 24000 strike…

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