822 crore FII buy. Magnet 24,000. Nifty expiry

8 closed in red. The only Sensex names that finished negative were TCS, Infosys, Sun Pharma and HUL. Everything else moved up. And only one way up. Now the chain. This is the read that changes today's trade. Today is the expiry and you have to listen to it perfectly. Friday the magnet was 23,750 to 23,800. The biggest single-strike put back of the May sat there. Yesterday the writers moved the entire chain. According to yesterday's BhavCopy, the 24,000 strike added 97 lakh fresh put contracts in one session.

Biggest single-strike single-day put addition on the entire May series. And the May series is closing today itself. They added another 77 lakhs puts at 23,900. They added 68 lakh at 23,950. Below the magnet, the floor is standing at 23,900 to 950. Floor means the support. Above the magnet, they built the wall in fresh OI. They added 34 lakh contracts at 24,400. They added 26 lakh contracts at 24,300. They added 20 lakh contracts on 24,200. 1 crore contracts and is unreachable in one session.

Read that one more time. The chain is no longer pinning Tuesday's expiry at 23,800. The chain is pinning Tuesday's expiry at 24,000 to 24,050. 3 crore puts and 99 lakh calls. 2 crore contracts open at one strike on expiry day. 25. The chain says the move today is roughly around 210 points either side. That puts the implied band at 23,800 on the downside and 24,200 on the upside. With the one standard deviation adjustment, the wider band is 23,814 to 24,249. The May futures has closed at 24,063 with a premium of 31 points over the cash.

That is a bullish carry. The June futures closed at 24,123 with a premium of 73. Both contracts pricing in upside continuation. Now the trade plan, and this is a buy on dips with a hedge. I am telling you once again. One. Do not chase the Nifty at the open. GIFT Nifty is trading at 24,040 this morning. A flattish to 8 points above yesterday's cash close. A flat open is implied. Wait for the 9:30 print. Almost every expiry day the writers fade the first hour to test the magnet.

Two. The buy zone today is 23,900 to 950. That is where the writers parked 77 plus 68 lakh fresh contracts yesterday. If you touch 23,930 in the first hour, you are at the support. Add long futures, long deltas over there. Target Tuesday's close is 24,000 by 3:30 PM. Three. The trade on the premium side. Sell the 24,200 call. Sell the 24,300 call. The 24,200 strike closed at 33 yesterday and 24,300 closed at 16. The writers added a combined 46 lakh fresh contracts on those strikes.

They want the chain to settle below 24,200. The premium melts to zero if it does. Four. Above 24,249 today, take the call shorts off. The wall is being tested. The range stops there. If we extend to 24,249 intraday, the writers have defended with cash and the trade flips to momentum read. 24,300. So remember this. If we are touching those 24,249 levels today, just play for the long side to happen. The expiry above 24300, the magnet might shift from 24,000. Five. Below 23,857 today, the support breaks.

If the index breaks 23857, the next support is 23,814. And that below that you hit 23,500 stacks are there. Stand out. Now the Bank Nifty trade. This is the first time Bank Nifty monthly settles on a last Tuesday of the month. Yesterday Bank Nifty closed at 55,293 and the writers stacked 70 lakh put contracts at 55,000 in one strike. That makes 55,000 a new monthly target. They covered 55 lakh short calls as well at the same strike, telling you 55,000 is the floor or the support, not the ceiling.

That is not the resistance. Above, 56,000 call cluster sits there at 17 lakh contracts. Range for the day is 54,500 to 56,000. I am looking for a buy near that 55,000 zone. If Bank Nifty settles in the band by 3:30, the textbook print and the June monthly playbook starts there. If Bank Nifty settles outside, the writers go back to the drawing board next month and June Bank Nifty looks different again. Now the hedge. 7. The 23,500 monthly put at the volatility costs around 5 to 8 bucks.

84 it was 4 is to 1 against my long. 82 on Friday it was 3 to 1. At a VIX of 16 today the same put is cheap enough that my hedge is almost free. If you carry long futures into today's settlement, the 23,500 monthly put is the cleanest insurance available. Buy and forget it. The macro. 97 dollars this morning. 71 overnight but still well below that 100 mark we are tracking. 23, two weeks of high. That rupee is touching 47 paisa stronger than the Monday's close.

RBI lands a 5 billion dollar buy-sell swap auction by 11 AM today. The rupee has already pre-priced. Watch the subscription ratio. Above 1 times keeps the strength. Below 1 times brings back the weakness and that becomes Wednesday's story. US markets were closed yesterday for Memorial Day. Dow futures are sitting at 50882, up 300 points. US open tonight almost towards the new high that we are seeing. Asia is mixed this morning. 38 percent. 08 percent. 45 percent. Taiwan is completely flat. Nvidia reports earnings after the bell.

That was yesterday's last week's story. So the day has one magnet at 24,000. One resistance at 24,200. One support standing at 23,900. One auction at 11 AM. One Bank Nifty first print under the new expiry. And one foreign desk that just spent yesterday's session three structural reversal things in one session. The bias is completely bullish. The trade is buy on dips with a hedge. A quick word on yesterday's grade. Friday's call said buy on dips with hedge, magnet 23,800. The market said no dips offered, broke straight up close to 24,031.

Direction right, levels tight. Fifth session running of that pattern. The hedge math debt closes today at the cheaper VIX. Bias has paid us nicely. The entry was missed because the chain skipped the dip. If you want live calls and strategy book, RupeeCase Nifty 10 names from yesterday's rebalance prints day one alpha by 3:30. com. Visit it and listen to the podcast session as well over there. Have a great Tuesday, guys. One magnet, one auction, one first print. Buy the dips. Watch 24,000 by the close.

This was The Tanmay Edge. If you found value in this, guys, please share it with one trader friend who needs it right now. com where it streams first. And give a rating, guys, and a review if you want to add something in this podcast.