Season 2, Episode 37 | 2026-05-12

Brent Cracked 105. Vol First. Pin Second. Expiry Is Not Going To Be Easy

Brent cracked 105 overnight. The escalation lane fired. GIFT Nifty opened down 117. India 10Y bid 7 basis points. Yesterday Pro flipped net calls from 58,737 long to 30,428 short in one session.

Cold Open | Two Trades In One Expiry Day

Brent cracked 105 overnight. The escalation lane has fired. GIFT Nifty is down 117 points. India 10-year bond yield is 7 basis points up. The chain wrote the pin at 23,800 yesterday. Then Brent priced something else. Two trades in one expiry day. Wall first. IV first. Pin second. Expiry is not going to be easy today. This is The Tanmay Edge. EP37. Tanmay Kurtkoti. Let's go.

Three Numbers Run This Open

Brent 105.33 on international print, up 1.07 percent overnight. The escalation trigger fired clean. WTI also up 1.2 and trading just below the 100 dollar mark. Both pricing fresh Iran tail risk after Trump rejected the peace response Monday. GIFT Nifty 23,670, down almost 120 points. Gap down 0.5 against Monday close 23,815. We open inside the wing floor. The chain priced 23,550 to 24,070 last night. 23,670 is 100 points inside the band. US already cracked records and held. Dow futures flat. S&P up 13. Nasdaq up 27. Above all-time highs by a hair but flat overnight. US is shrugging at oil. Ind…

Asia Split + Yields + Rupee At Record Low

Asia split. Nikkei plus 0.42. Hang Seng plus 0.33. Taiwan flat. KOSPI minus 1.5. Jakarta minus 0.47. Oil importers got punished. India sits with them. India 10-year bond yield 7.03 up 7 basis points overnight from 6.96. US 10-year up to 4.43 modestly. Dollar Index 98.12. USD/INR 95.31, record low set Monday stays in place. Sub-95 stays broken. This is a tape that says risk-off in pockets and pin-pull in others. The oil pricing wins this morning.

Pro Flipped | The Wall Is An Instruction

Yesterday Pro flipped net calls from 58,000 long Friday to 30,000 short Monday. 89,000 contracts moved in one direction. Biggest single-day participation we have seen in recent times. Pro is the desk. Pros is the proprietary traders of members. Pro reads order flow before anything else. When Pro flips like this, the wall at 24,000 is not a forecast. It is an instruction. FII added 48,000 short calls on top of that. FII bought 26,000 more puts. FII sold 8438 crores. Biggest single day in 20 sessions. Cumulative FII sell crossed minus 50,000 crores. DII absorbed around 5940 crores. Did not fill …

Chain Map | 24,000 Wall, 23,800 Pin, 23,500 Floor

24,000 is the wall. 1 crore 23 lakh call OI on Monday close. Almost 1 crore added in one single session. Friday OI was 21 lakhs. Monday close was 1.23 crores. Wall multiplied 6x in one session. Biggest single-strike write of the week. 23800 is the pin. Combined call plus put OI 9.51 million. Highest of any strike. Deepest negative gamma cluster of the chain. This is where the chain wants spot at 15:30. 23500 is the deep floor. Put OI 1 crore. Added 21 lakhs Monday. The fence the chain wrote bigger than 23,800 in one session. ATR-2 buy zone if the morning escalation extends.

Wing Math + Two Halves Of Expiry

ATM 23,800 straddle 205. Call 132 plus put 73. Wing 260 each side. Expiry range 23,550 to 24,070. GIFT 23,670 opens 111 points above wing floor. 400 points below the 24,000 ceiling. We start inside the band. First half. Brent 105 plus gap-down plus yields bid means IV expansion. VIX 18.51 Monday close. Tuesday morning prints higher first. Premium sellers cannot work this leg. 23,700 PE catches a bid if spot tests 23,600. Long gamma trade kicks in. Second half. The pin. Gravity wins. 23,800 has the highest OI on the chain. Theta accelerates after noon. Magnet pulls. Pro defends 24,000 wall and …

Sector Tape + The Rotation Read

Pharma held in green. CNX Pharma Strong Buy. Healthcare Strong Buy. Defensives caught the bid. Cyclicals broke. Finance broke down completely. CNX Finance Strong Sell. The long carry leg from Bank Nifty is gone. Banks lead the down move on Iran-tail days. Infra broke. Energy broke. Metals broke. CNX200 CNX500 broad market selling off. FMCG flipped to Buy. The defensive rotation is complete. The read. Sell rallies in cyclicals into the 24,000 wall. Pin trade in the second half plays the rotation. Defensives sit. Cyclicals speed. The wall is the cap on the rip.

POV + Education | Same Put Two Jobs Continues

Buy the 23,700 put. Yesterday 23,800 put roll it down to 23,700. If spot tests 23,650 in the first hour. Hold the wing trade until VIX peaks out. Then flip. Sell the 23,700 put plus the 23,900 call. Strangle around 12:30 PM if spot recovers to 23,800. Cover before 3 PM. Do not hold strangle into the last 30 to 45 minutes. Lesson. Expiry day is two markets. Not one. Morning market sells volatility wrong. The first half belongs to gamma. Brent above 105 means dealer hedging is unbalanced. IV expands fast. Premium sellers get crushed in the first 90 minutes. Be long gamma. Buy puts on dip. Pay th…

Highlights

Transcript Excerpt

A very good morning guys. Brent cracked 105 overnight. The escalation lane has fired. GIFT Nifty is down 117 points. India's 10-year bond yield is 7 basis points up. The chain wrote the pin at 23800 yesterday. Then Brent priced something else. Two trades in one expiry day. Wall first. IV first. Pin second. Expiry is not going to be easy today. This is The Tanmay Edge. India's pre-market edge. I am Tanmay Kurtkoti. Season 2, episode 37. Let's go. Three numbers run this open. Brent is trading at 105.33 on international print, up 1.07 percent overnight. The escalation trigger fired clean. Crude oil WTI also went up by 1.2 and is trading just below the 100 dollar mark. Both pricing fresh Iran tail risk after Trump rejected the peace response on Monday. GIFT Nifty is down almost 120 points trading around 23670. Gap down of 0.5 against Monday's close of 23815. We open inside the wing floor. The chain priced 23550 on the downside to 24070 on the upside last night. 23670 is 100 points inside the band. US already cracked the records and held. Dow futures is flat. S&P was up by 13 points. Nasdaq was up by 27 points. Above all-time highs by a hair but flat overnight. US is shrugging at oil. India is the importer. And that is where it hurts us. Asia is split this morning. Nikkei is up by 0.42 percent. Hang Seng is up by 0.33 percent. Taiwan flat. KOSPI is down by 1.5 percent. Jakarta is down by 0.47 percent. The oil importers got punished. India is getting punished and India sits with them. Yields are up on India as well. So bond yields on India's 10-year bond is trading at 7.03 up 7 basis points overnight from 6.96. US 10-year yield is up to 4.43 modestly. Dollar Index at 98.12 and USD INR at 95.31 stays at record low set on Monday. Sub-95 stays broken on USD INR. This is a tape that says risk-off in pockets and pin-pull in others. The oil pricing wins this morning. Now read what happens in the chain. Yesterday Pro flipped net calls from 58000 long on Friday to 30000 short on …

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