--- title: "The Streak Broke On IT. 24,000 Held. Now | The Tanmay Edge" description: "Five green days ended Friday | and it broke on IT alone, not the whole market." source_url: https://www.rupeecase.com/podcast/episodes/2026-06-22 episode: 65 season: 2 date: 2026-06-22 duration_seconds: 506 audio: https://content.rss.com/episodes/336728/2933370/tk-s-pre-market-radar/2026_06_22_02_59_07_4b0595b2-7beb-4f28-bde2-8880d161105a.mp3 grade: 5/6 generated: instiv2-tools/build-podcast.mjs (do not rebuild from the HTML) --- # The streak broke on IT. 24,000 held. Now the Gap-Up The Tanmay Edge, Season 2, EP65, Monday 22 Jun 2026, 8:26. Nifty 24,013.10 minus 154.90 minus 0.64 percent first down day after five up ## Scorecard Grade 5/6 (83 percent): 5 hit, 0 partial, 0 mechanical, 1 miss. Graded the next trading day, 23 Jun 2026, against NSE settlement. The call: IT Shock 24,000 Held Gap Up No Expiry - HIT: the gap up open and hold read, Nifty opened 24,107 about 80 points higher, held the 24,050 to 24,100 floor through the first half hour and never went back to test 24000, bias up confirmed. - HIT: the 24,200 resistance cap, the high faded exactly under the wall at 24,168 within thirty points of 24,200 and closed 24,102.90, the ceiling the sellers built held its first test. - HIT: the expected move band, the whole session settled inside the 23,810 to 24,190 straddle band. - HIT: the FII short is hedge fuel read, the foreign desk stayed net short with long puts and the 24,200 cap held with no squeeze through. - HIT: the Tuesday expiry magnet, Monday closed 24,103 pinned to the 24,000 to 24,100 zone going into weekly expiry. - MISS: the sector read, the call was that the IT rout would keep dragging but IT bounced instead, TECHM plus 1.72 and INFY plus 1.29 led the tape green. Five hits and one miss, every level and the band landed, only the IT drag call missed. ## Chapters ### 1. Cold open: five green days, then one company in ireland broke the streak (about 0:00, estimated) A very good morning, guys. For five straight days this market only knew one direction. Up, up, up and up. And then Friday, the streak broke. But here is the strange part. It didn't break because of a war, or a crash, or some scary headline out of America. It broke because of one company in Ireland you have probably never traded in your life. This is The Tanmay Edge. You are listening to episode 65. ### 2. The tape: a red day that was really just one sector (about 0:42, estimated) Friday the Nifty closed at 24,013, down 155 points, about half a percent. The Sensex fell 607 points to 76,802, the first red day after five green ones. Now if you only read that headline you would think it was a bad day for everyone. It wasn't. Look under the hood and the whole fall came from one corner of the market: technology. Infosys dropped almost seven percent in a single session, TCS fell three and a half, HCL Tech and Tech Mahindra both more than two. The BSE IT index lost almost three percent on its own. ### 3. The accenture effect: one company in dublin repriced a whole sector (about 1:37, estimated) Here's why. A giant American consulting firm called Accenture reported its numbers and quietly cut its forecast for the year to just three to four percent growth. Accenture doesn't even trade in India. But it sells the same thing our IT companies sell, to the same customers, in the same dollars. So when Accenture says next year looks slow, every fund manager in Mumbai hears the same message about Infosys and TCS. One company in Dublin repriced an entire Indian sector before lunch. That's the whole story of Friday in one line. Not a market sell off, a sectoral sell off wearing the market's clothes. ### 4. What held: 24,000 took the hit and bounced (about 2:40, estimated) While technology was bleeding, the rest of the market quietly held the line. Power Grid was up, NTPC was up, Bharti Airtel, Titan, ITC, all green. The Nifty fell to a low of 23,902 in the morning, kissed that 24,000 mark from below, and the buyers stepped right back in and pushed it back over the line by the close. So the question for today is simple. Friday was a panic in IT. Was it the start of something, or just a one day air pocket the rest of the market shrugged off? ### 5. The foreign funds tell: bought cash, sold the index (about 3:31, estimated) The foreign funds are giving us a confusing answer. On Friday, on the official tally, they actually bought, close to 4900 crore of cash. That sounds bullish. But at the very same time, in the futures market, they did the opposite. They added to their bets that the market falls. They are now sitting on roughly 2,26,000 contracts betting the index goes down, bigger than it was on Thursday. They bought shares with one hand and sold the index futures with the other. That's not confusion, that's a hedge. And that pile of short bets matters. If the market keeps climbing, every one of those shorts is a buyer in waiting. They'll be forced to cover, and that is fuel. ### 6. The map for Monday: a gap up that has to prove itself (about 4:41, estimated) First, there is no expiry today. Nothing to pin the market in place, nothing to hide behind. The next weekly expiry is tomorrow, Tuesday. So today is a clean read of who actually wants to buy and who wants to sell. Second, the setup points up. GIFT Nifty is at 24,131, about 80 points higher. Asia is hot, Japan up over two percent, Korea and Taiwan strong. We probably open with a gap somewhere around 24,100 to 24,130. The first job is to see if it holds. Stay above 24,050 to 24,100 in the first half hour and the bias is up, and the room above is toward 24,200, where sellers have stacked the most resistance. A close above 24,200 opens 24,300. But this is the trap to watch. If we open higher and then slide back under 24,000, that gap up was bait. The next support is 23,900, then 23,800. A gap up that fails is one of the most reliable sell signals there is. Don't chase the opening candle. ### 7. Education, sell the news: Reliance posted a record and fell (about 6:15, estimated) On Friday, Reliance held its big annual meeting. The news was fantastic. Record profit for the year, over 95,000 crore. And they filed the papers for the Jio IPO, the listing everyone has been waiting years for. Genuinely good news. And the stock fell 1.4 percent. How does a company post a record profit, announce its biggest IPO, and the stock goes down? Because the market doesn't trade the news, it trades the surprise. Everybody already expected the record profit. Everybody already knew Jio was coming. All of it was already sitting inside the price, bought up weeks and months in advance. So when the news finally arrived, there was no one left to buy. Buy the rumour, sell the news. When everyone already knows it's coming, the announcement isn't the entry, it's the exit. ### 8. Where we land: preparation, not prediction (about 7:37, estimated) So here's where we land for Monday. The streak broke, but only IT broke it. 24,000 held the test on Friday. This morning hands the bulls a gap up and a tailwind from Asia, and now the gap has to prove itself in the first half hour. Above 24,100 and holding, the shorts are fuel toward 24,200. Back under 24,000, and the trap snaps shut toward 23,900. That's not a prediction, that's preparation. I'll see you tomorrow morning, before the bell, for Nifty expiry. ## Key takeaways - Nifty 24,013.10 minus 154.90 minus 0.64 percent first down day after five up - Sensex 76,802.90 minus 607.08 minus 0.78 percent snapped a five day streak - Nifty intraday low 23,902 held 24,000 and closed back above the line - IT rout on Accenture FY26 guide cut to just 3 to 4 percent growth - INFY minus 6.69 TCS minus 3.53 HCLTECH minus 2.74 TECHM minus 2.47 - BSE Focused IT minus 2.81 percent BANKEX minus 0.43 percent - Leaders ETERNAL plus 2.21 BHARTIARTL plus 1.80 POWERGRID plus 1.32 NTPC plus 1.04 - Also green TITAN plus 0.84 ITC plus 0.79 TRENT plus 0.77 SUNPHARMA plus 0.72 - RELIANCE minus 1.39 sell the news record FY26 net profit 95,754 crore Jio DRHP filed - Cash official combined FII plus 4859 crore bought DII minus 1160 crore sold - NSDL final FPI equity minus 1807 crore a net sell on the custodial tape - FII index futures net short 2,26,423 added 4947 fresh shorts versus Thursday - Client net long 1,62,285 DII net long 72,511 Pro desks near flat - FII options net long puts 6,29,690 net short calls 3,00,320 a protective hedge - Nifty 23 Jun chain 24,000 pivot put OI 9.64M call OI 9.19M PCR near 1.0 - Resistance ladder 24,100 7.03M then 24,200 8.37M heaviest then 24,300 7.10M - Support 24,000 then 23,900 5.83M then 23,800 5.09M - ATM straddle 23 Jun about 192 implied band 23,810 to 24,190 by Tuesday - GIFT Nifty 24,131.50 plus 83 gap up open Nikkei plus 2.21 Taiwan plus 2.61 - Brent 79.30 WTI 75.55 Gold 4187 USD INR 94.33 VIX about 13 no expiry today ## Quotes > One company in Dublin repriced an entire Indian sector before lunch. > > How a foreign consultancy's guidance cut reset the price of Indian IT in a single session. > Not a market sell off, a sectoral sell off wearing the market's clothes. > > Reframing Friday's red headline as an IT only event, not a broad decline. > They bought shares with one hand and sold the index futures with the other. That's not confusion, that's a hedge. > > Reading the split FII tape, cash buying against a growing index short. > Every one of those shorts is a buyer in waiting. They'll be forced to cover, and that is fuel. > > Why the 226000 short pile becomes squeeze fuel if 24000 holds. > A gap up that fails is one of the most reliable sell signals there is. > > The trap to watch if the morning gap up slides back under 24000. > The market doesn't trade the news, it trades the surprise. > > The sell the news lesson, drawn from Reliance falling on a record profit and the Jio filing. > That's not a prediction, that's preparation. > > The closing tag on the levels map for Monday. ## Transcript A very good morning, guys. For five straight days this market only knew one direction. Up, up, up and up. And then Friday, the streak broke. But here is the strange part. It didn't break because of a war, or a crash, or some scary headline out of America. It broke because of one company in Ireland you have probably never traded in your life. This is The Tanmay Edge. You are listening to episode 65. This is Season 2. I am Tanmay Kurtkoti. Let's go. Let me set the scene. Guys, Friday the Nifty closed at 24,013, down 155 points, about half a percent. The Sensex fell 607 points to 76,802 after five green days in a row, the first red one. Now if you only read that headline you would think it was a bad day for everyone. It wasn't. Look under the hood and the whole fall came from one corner of the market: technology. Infosys dropped almost seven percent in a single session, TCS fell three and a half percent, HCL Tech and Tech Mahindra both down more than two percent. The BSE IT index lost almost three percent on its own. And here's why. A giant American consulting firm called Accenture reported its numbers and quietly cut its forecast for the year to just three to four percent growth. Accenture doesn't even trade in India. But it sells the same thing our IT companies sell, to the same customers, in the same dollars. So when Accenture says next year looks slow, every fund manager in Mumbai hears the same message about Infosys and TCS. One company in Dublin repriced an entire Indian sector before lunch. That's the whole story of Friday in one line. Not a market sell-off, a sectoral sell-off wearing the market's clothes. But now here's what makes Monday interesting. While technology was bleeding, the rest of the market quietly held the line. Power Grid was up, NTPC was up, Bharti Airtel, Titan, ITC, all green. The Nifty fell to a low of 23,902 in the morning, kissed that 24,000 mark from below, and the buyers stepped right back in and pushed it back over the line by the close. So the question for today is simple. Friday was a panic in IT. Was it the start of something, or just a one-day air pocket the rest of the market shrugged off? And the foreign funds are giving us a confusing answer. On Friday, on the official tally, they actually bought, close to 4,900 crore of cash. That sounds bullish. But at the very same time, in the futures market, they did the opposite. They added to their bets that the market falls. They are now sitting on roughly 2,26,000 contracts betting that the index should go down. That's bigger than it was on Thursday. They bought shares with one hand and sold the index futures with the other. That's not confusion, that's a hedge. They like specific stocks, but they are buying insurance against the whole market. And that pile of short bets matters, because if the market keeps climbing, every one of those shorts is a buyer in waiting. They'll be forced to cover, and that will be the fuel to the rocket. So let's talk about today, Monday the 22nd of June. First, there is no expiry today. Nothing to pin the market in place, nothing to hide behind. The next weekly expiry is tomorrow, Tuesday. So today is a clean read of who actually wants to buy and who actually wants to sell. Second, the morning setup is pointing towards an up move. The early indicator, GIFT Nifty, is trading at 24,131, about 80 points higher. Asia is hot. Japan's market is up over two percent. Korea and Taiwan are strong. America was shut on Friday for a holiday, but it closed strong the day before. So the wind is at the bulls' back this morning. And here's my map for the day. We probably open with a gap of somewhere around 24,100 to 24,130. The first job is to see if that gap holds. If Nifty stays above 24,050 to 24,100 in the first half an hour, the bias is up, and those trapped shorts start sweating. The room above it is towards that 24,200 mark, that is where the sellers have stacked the most resistance. So the first resistance is around that 24,200 mark. Get a close above 24,200, and then 24,300 and 24,500 opens up nicely. But, and this is the trap to watch, guys, if we open higher and then slide back towards that 24,050 mark, that gap-up was bait. A beat below 24,000 and the next support directly is 23,900, under that is 23,800. A gap-up that fails is one of the most reliable sell signals there is. Open strong, close weak, and Friday's IT wound starts to spread. And remember, tomorrow is expiry, that tends to pull the market towards that 24,000 to 24,100 by Tuesday's close. So today is a setup day. Don't chase the opening candle. Let the first 30 minutes tell you whether the gap is real or not. Now I want to leave you with one idea, because Friday handed us a perfect example of it. On Friday, Reliance held its big annual meeting. The news was fantastic. Record profits for the year, over 95,000 crore. And they filed the papers for the Jio IPO, the public listing as well, the IPO everyone has been waiting for years. Genuinely, genuinely good news. 4 percent. How does a company post a record profit, announce its biggest IPO, and the stock goes down? Because the market doesn't trade the news, it trades the surprise. Everybody already expected the record profit. Everybody already knew that Jio was coming in. All of that good news was already sitting inside the price, bought up weeks and months in advance by the people front-running exactly this announcement. So when the news finally arrived, there was no one left to buy. The people who had been waiting for the announcement used it to sell and take profit. There is an old line for this: buy the rumour, sell the news. When everyone already knows it's coming, the announcement isn't the entry, it's the exit. Remember that. So the next time you see a great headline and you are tempted to chase the stock, ask yourself one question first: is this the news, or a surprise? If the whole market already expected it, you might be the last one buying it, right as the smart money is handing you the bag. So here's where we land for Monday, guys. The streak broke, but only IT broke it. 24,000 held the test on Friday. This morning hands the bulls a gap-up and a tailwind from Asia. Now the gap-up has to prove itself in the first half an hour. Above 24,100, which is the flip level, the gamma flip level, and holding, the shorts are fuelled towards that 24,200 mark. Below it, back towards that 24,000, and the trap snaps shut towards 23,900. So that's not a prediction, that's preparation. com. If this helped you walk into the open with a map instead of a guess, follow the show on Apple Podcasts as well as Spotify, and share it with one trader friend who needs it right now. I'll see you tomorrow morning, once again, before the bell, for Nifty's expiry. You just got earlier, guys. Bye. ## More - Podcast archive: https://www.rupeecase.com/podcast/ - June 2026 archive: https://www.rupeecase.com/podcast/2026-06/ - Season 2 index: https://www.rupeecase.com/podcast/season-2/ - Track record and method: https://www.rupeecase.com/track-record - Previous: EP64, https://www.rupeecase.com/podcast/episodes/2026-06-19 - Next: EP66, https://www.rupeecase.com/podcast/episodes/2026-06-23 Market commentary for education only. Not investment advice. RupeeCase is not a SEBI registered investment adviser.