Season 2, Episode 40 | 2026-05-15

EP40 | The Tanmay Edge

Yesterday Sensex closed 75398.72 up 789. The biggest single day move since the 8th of April. Nifty closed 23689.60 plus 1.18 percent. BSE Metal led at plus 3.30. BSE Focused IT bled minus 1.77.But the move wasn't the story. The hedge was.

Cold Open | The Hedge That Got Cut

Yesterday Sensex closed 75398.72. Up 789 points. The biggest single day move since the 8th of April. But the move wasn't the story. The hedge was. Three desks cut the hedge on the same session. This is The Tanmay Edge. Episode 40, Season 2.

Hook | The Pro Flip And The Three Desk Confession

Sensex finished plus 1.06 percent. Nifty closed 23689.60 plus 1.18 percent. BSE Metal led the tape at plus 3.30. BSE Focused IT bled at minus 1.77. Pharma and Healthcare carried the rest. The headline was the rally. The headline below the headline was the hedge unwind. On the call side Pro flipped 147656 contracts in one session. From 71438 short calls Wednesday evening to 76218 long calls Thursday evening. Same desk. One day. Largest call-side Pro flip of this season. This is the third Pro flip of Season Two. The first two ran three sessions higher each time. The reference trades are alive. O…

Tension | The Go Tape Vs The Wait Tape

Tonight the global tape is mixed. Brent crude printed 106.97. Up 1.18 percent overnight. Hormuz is in Day Four of the escalation watch. The tail hasn't gone away. It just hasn't fired. KOSPI closed minus 3.44. Korean tech sold hard. Nikkei minus one. Hang Seng minus 0.92. That's the wait-tape. US futures cut the other way. Dow futures down 105. S and P futures up 56.99. Nasdaq futures up 232.88. Nasdaq strength overnight pulls Indian IT off the floor today. That matters because IT bled minus 2 percent on Sensex side yesterday. The rotation needs IT to bottom. GIFT Nifty up 49 points at 23779. …

The Map | 23500 Floor, 23700 Pin, 24000 Wall

The map for today is clean. 23500 is the floor. Put open interest 105167 contracts. The biggest put base inside the action range. 23700 is the pin. Call 61204 plus put 73321 stacked at the same strike. Joint cluster 134525 contracts. 24000 is the wall. Call open interest 106518 contracts. Single biggest call inside the range. 24500 is the outer wall. 124465 contracts. The back-up ceiling if 24000 breaks. ATM straddle at 23700 prints 347.90. One sigma wing is 217 points either side. Friday range 23483 to 23917. The pin lives in the middle of that band.

Climax | Three Trades On One Chain

First. The straddle is for sale. If Pro long calls hold open through the first hour, and GIFT holds plus zero to plus 50, and Brent stays under 108, sell the 23700 straddle. Theta pays into close. One sigma wing 217 each side covers Friday's range. Second. The floor is the buy. 23500 to 23600 is the dip-buy zone. Hedge each long with a 23400 put. Premium is small. Protection is real. The floor only breaks under three conditions. Brent prints above 108 intraday. Dollar to rupee prints above 96. VIX closes above 19. None have fired. Third. The wall is the short. 24000 is hard ceiling. Nothing sh…

Resolution | The Gates And The Streak

Stand-down rules stay loaded. VIX above 19 on daily close drop the straddle and carry the wing only. Brent above 108 intraday fade rallies and stop fresh longs. Dollar to rupee above 96 trim equity exposure on the day. Yesterday VIX closed 18.60. The sub-19 streak is 11 sessions deep. The gate held all week. The RupeeCase Nifty 10 basket added 1.76 percent in three sessions since the 11 May rebalance. Tata Steel led. Hindalco followed. Adani Ports and JSW Steel carried the metal leg through Thursday's plus 3 percent sectoral move. Day Four post rebalance opens today. Next rebalance window is t…

Education | Same Put Different Job

Pro Flip with wall migration room equals break not pin. EP25 to EP26 chain had 24200 hard pin both sides loaded . pin held within three points. EP31 to EP32 chain had 24000 hard pin . pin held within 51 points. EP38 to EP39 chain had wall migration room 75000 weak versus 76000 strong mega-wall with 74000 strong floor . when Pro flipped the floor held and migration room let the wall break and extend. New mechanic subtype banked. When the wall has room to migrate Pro flip resolves as a break and a close above. When both sides of the strike are loaded Pro flip resolves as a pin. Today's chain at …

Tag | Five Predictions Armed

To recap. Three desks cut the hedge yesterday. Pro flipped 147656 call contracts from short to long. GIFT voted plus 49 overnight. Brent at 107 is the tail to watch. The map for today is 23500 floor 23700 pin 24000 wall. Buy on dips. Hedge the ceiling. Hold the wing. Stand down if Brent breaks 108 or VIX cracks 19. Five predictions on record. Nifty Fri close inside the 1SD wing 23483 to 23917. ATM 23700 stays magnet within plus minus 100. 24000 CE wall holds no daily close above 24000. India VIX stays sub-19 on daily close . 12th sub-19 session candidate. RupeeCase Nifty 10 alpha holds positiv…

Highlights

Transcript Excerpt

A very good morning guys. Yesterday Sensex closed at 75,400 up almost 800 points. The biggest single day move that we have seen since a month. That is 8th of April. But the move wasn't the story, the hedge was. Three desks cut the hedge on the same session. So this is The Tanmay Edge. You are listening to episode 40, season 2. Let's go. Sensex finished plus 1.06%. Nifty closed at 23,689. Plus 1.18%. BSE Metal led the tape at plus 3.3%. BSE Focused IT bled at minus 1 .77%. Pharma and Healthcare carried the rest. The headline was the rally. The headline below the headline was the hedge unwind. On the call side, pros flipped 1,47,000 contracts in one session. From 71,000 short calls Wednesday evening to 76,000 long calls Thursday evening. Same desk one day, largest call side flip pros have done this season. This is the third pro flip of season 2. The first two ran 3 sessions higher each time. The reference trades are still alive. On the put side, 3 desks moved the same way on the same day. Pro trimmed 14,000 long puts. FIIs trimmed 64,000 long puts. Client covered around 77,000 short puts. Three desks cut the downside protection on the same session. Every move removes the hedge at the same time. The chain isn't predicting. The chain is confessing. That confession sets up for today. So, tonight the global tape is mixed. Brent crude printed 106.97, up almost 1.18 overnight. Hormuz is in day 4 of the escalation watch. The tail hasn't gone away. It has just fired up. Kospi closed minus 3.44 % yesterday. Korea Tech sold hard. Nikkei minus 1%. Hang Seng is minus 0.92%. That's the weight dip. US futures cut the other way. Dow futures down 105. S&P futures up 56. Nasdaq futures up 232. Nasdaq's strength overnight pulls Indian's IT off the floor today. That matters because IT bled minus 2% on Sensex side yesterday. The rotation needs IT to bottom out. So, Gift Nifty is up 49 points today and at 23,780 plus 0.21%. Dollar to rupee holding at 95.76. India's 10-year bond yield at 7…

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