Season 2, Episode 35 | 2026-05-08

EP35 | The Tanmay Edge

Yesterday's EP34 pin trade paid 5 for 5. Sensex 77,844 inside the 78,000 magnet by 44 points. Pin held. Wing held. Bank Nifty held. Best card S2 has produced.Then I opened the next-week chain. The wall doubled across 24,400 to 25,400.

Cold Open | The Pin Held. The Chain Said Don't Get Comfortable

Yesterday evening at 5:30 I closed EP34 grading 5 out of 5. Pin held at 78000. Wing held inside 1 standard deviation. Bank Nifty closed green. Broader market led. VIX stayed sub-19, a straight 9th session. Every band I drew got it right. So I should be celebrating. I am not. Because at 5:35 I opened the next-week chain. And the chain told me, do not get comfortable. This is The Tanmay Edge. EP35. Tanmay Kurtkoti. Let's go.

Global Cues + Commodities | Brent Reclaimed 100

GIFT Nifty at 24294. That is 33 points below Thursday's cash close. Soft open, sub-magnet, above the active put floor. Asia cooled. Nikkei minus 0.61. KOSPI minus 1.13. Hang Seng minus 1.19. Yesterday's risk-on session gave back its bid. US closed mixed. Dow Fut plus 0.07. S and P minus 0.38. Nasdaq minus 0.13. Soft, not broken yet. The number that changed. Brent at 101.5. Up 4 dollars 34 cents versus Thursday's 97. Brent reclaimed 100 on the US session. The Hormuz tail is not dead. It just took a break. Rupee 94.25 holding strength. Dollar Index 98 firmed slightly. India 10Y yield 6.92 percen…

Chain | Nifty 12 May Weekly | The Wall Doubled

Thursday after the close I opened the 12 May Nifty options chain. Five trading days out. One number jumped off the screen. 24400 call. OI added in a single session, 2479000 contracts. Biggest single-strike call write of the day. I scrolled up. 24500 added 1900000. 24600 1300000. 24700 1000000. 24800 1200000. Then higher. 25100, 25200, 25300, 25400, each strike between 700000 and 2400000. I added them up. From 24400 to 25400, eleven strikes, call writers stacked 14300000 contracts in eight hours. That is not a wall. That is a ceiling. A thousand points wide.

Levels | Two-Tier Floor + Pin Migration

Last week's pin was 24000. 24000 put OI 7300000. The pin paid 24000 by 26 points last expiry. Today the biggest single-strike put write was not 24000. It was 23500. 2800000 contracts. 800 points out of the money. Deepest floor add of the day. Deeper than any call write. Writers built a new floor 800 points below spot. They did not expect to need it. They built it anyway. The magnet. 24300 strike added 1482000 calls and 1700000 puts. 24400 strike added 2479000 calls and 1414000 puts. Both sides written. The pin is now 24300 to 24400. Migrated up 50 points. We open 50 points below.

Pin Map + Straddle Band | The Chain Priced Calm

ATM straddle. 24350 strike. CE 176 plus PE 165 equals 341. Multiply by 1.25 wing factor. 426 points either side. Chain priced a 5-day range of 23924 to 24776. Spot closed 24326. Inside the band. 24 points below the magnet. The chain did not pick a direction. It picked a range. But the chain priced that range last evening. Before Brent moved 4 dollars overnight. Before Asia softened. Before DXY firmed. The chain priced a calm Friday. The tape just printed something else.

Bank Nifty + Participant Book | Two Desks, Two Tilts

Bank Nifty 26 May future closed 56291. 244 points premium over cash. PCR 0.91. Call light. Bullish. FIIs bought around 1000 crore of Bank Nifty futures on Wednesday, held to Thursday. Same desks hedging Nifty index are long Bank Nifty futures. Two desks, two tilts. Banks long. Nifty hedged. On the index participant chain, Pro added 130000 long puts in a single session. Biggest one-day put hedge of the season. Combined FII bear stack 831000 contracts pressed across all three legs.

Tanmay's Read | Wait For 24000, Hold The Wing

When Brent reclaimed 100 overnight, the desks that bought protection on Thursday just got paid a little. View does not flip. Buy on dips continues. Same playbook. The level matters now. Default lean from the chain was 24050 to 24150 as a soft buy. With Brent reclaiming 100 and desks already hedged, I wait for a deeper print of 24000. That is where 7300000 put OI sits. The active floor. The level writers will defend before the deep wing prints in. If 24000 comes in, I buy. Spot or front-week call depending on where the IV opens. I keep the Bank Nifty long carry. PCR 0.91. FII still long. Don't …

Education | Wing Costs When Vol Expands + CTA Close

Why systematic beats hot read. EP34 was 5 for 5. EP35 says the level moved and the tape moved with it. Buy lower. Hedge wider. Don't sell vol when Brent is bouncing 4 dollars overnight. One mechanic. India VIX 16.62. ATM IV around 15. The 23500 PE Thursday close traded dirt cheap because the chain had not priced a Brent rally back through 100. When vol expands intraday, theta keeps eating but vega catches up faster. A wing at 30 rupees today can be 80 by 2 PM if VIX runs to 19. You don't buy the wing because the floor breaks. You buy the wing because vol expands. Same chain. Different trade. T…

Highlights

Transcript Excerpt

Yesterday evening at 5:30 I closed episode 34, grading 5 out of 5. Pin held at 78000. Wing held inside 1 standard deviation. Bank Nifty closed green. Broader market led. VIX stayed sub-19, a straight 9th session. Every band, every read I was doing got it right. So I should be celebrating. No, I am not. Because yesterday at 5:35 I opened the next-week chain. And the chain told me, don't get comfortable. This is The Tanmay Edge. You are listening to episode 35. I am Tanmay Kurtkoti. Let's go. Here's what overnight gave us. GIFT Nifty at 24294. That's 33 points below Thursday's cash close. Soft opening, that's what we are seeing. Sub-magnet level and above the active put floor, that's what GIFT Nifty is looking like. Asia has cooled down. Nikkei is minus 0.61 percent. KOSPI is minus 1.13 percent. Hang Seng is minus 1.19 percent. Yesterday's risk-on session gave back its bid. US closed mixed. Dow futures plus 0.07. S&P minus 0.38. Nasdaq closed minus 0.13. Soft, not broken yet. Now the number that changed. Brent at 101.5. That is up 4 dollars 34 cents versus Thursday's print at 97. Brent reclaimed 100 on the US session. The Hormuz tail isn't dead yet. It just took a break. Rupee at 94.25 holding strength. Dollar Index at the 98 mark, firmed slightly. India's 10-year bond yield is still trading below 7 and is trading around 6.92. Rate-cut tape is still alive. That's the macro frame. Now the chain. Thursday after the close, I opened the 12 May Nifty options chain. Tuesday's weekly expiry. Five trading days out. And one number jumped off the screen. 24400 call. Open interest added in a single session. Twenty-four lakh seventy-nine thousand contracts. That's the biggest single-strike call write of the day. I scrolled up and checked 24500 as well. 24500 added around 19 lakhs. 24600, 13 lakhs. 24700, around 10 lakhs. 24800 again 12 lakhs. I went higher and 25100, 200, 300, and 400 as well. Each strike 7 lakh, 18 lakh, 24 lakh, 22 lakh contracts. I added them up. From 24400 al…

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