Season 2, Episode 67 | 2026-06-24

24000 Cracked On Expiry. The Floor Is Now The Ceiling

For three weeks, 24,000 was the floor. On expiry day it cracked. The Nifty held till 11:30, then let go straight through 24,000 and closed at the low | 23,824.10, down 278.80 (−1.16%), seven stocks up and forty-three down.

Cold Open | The Floor Cracked, And Now It Is The Ceiling

A very good morning, guys. For three weeks, one number held this market up, 24,000. Every dip found it, every seller respected it, every morning on this show we called it the floor. Yesterday, on expiry day, that floor cracked. The Nifty did not drift, it did not pin, it did not do the quiet range the chain drew for us. It held till about half past eleven, and then it just let go, straight down through 24,000 like the level was never there. It closed at 23,824, down 279 points, at the low of the day. Seven stocks up, forty three down. And here is the part that matters this morning. The level t…

The Tape | A Close At The Low, IT And Metals Led It Down

The Nifty ended at 23,824, the Sensex shed 893 points to 76,200, both down an identical one and a sixteenth percent. The day low was 23,784, and we closed barely twenty points off it. No bounce that stuck. The damage was concentrated in technology and metals. Infosys down 3.4 percent, TCS down 3.2, the IT pocket the worst on the board, Tata Steel down 2.7. Only four of the fifty Nifty names closed green. That is not a rotation, that is a broad, top heavy sell off, the heavyweights leading the index down.

Was It Us Or The World | An Everything Sell Off

The question you should be asking is, was this us, or was this the world? Clearly the world. Korea fell almost ten percent on Monday, a circuit breaker day on a chip stock rout, the memory giants down twelve percent. America's tech index lost two percent overnight. And it was not just stocks. Gold fell over a percent under 4,100 dollars, crypto bled. When equities, gold and crypto all sell in the same session, that is not Indian earnings, that is global money pulling risk off the table everywhere. Our IT and metal names, the most globally linked we have, took the hit.

The Proof It Was Not Domestic | FIIs Flat, Domestics Bought

Here is the proof it was not domestic. On a day the index fell 279 points, the foreign desk barely sold our cash market, net flat, about 18 crore. The domestic funds actually bought, about 680 crore. Nobody dumped shares. The fall came from the futures and from global fear, on expiry day, when the options clock amplifies every move once a big level breaks. That is why we kept flagging 24,100 as the flip level, the trigger where negative gamma accelerates the move.

Positioning | Pros Flipped Short, Foreigners Pressed, The Crowd Caught The Knife

Pros first, then foreigners, then the crowd, and yesterday the order is the warning. The professional desk flipped short, from a small net long to a small net short. The foreign desk, already heavily short at about 2.23 lakh contracts, did not cover, they added, deeper to about 2.29 lakh, on every leg, more short futures, more short calls, more long puts. And the crowd did the opposite, they bought, net long up to about 1.63 lakh, selling puts, the most bullish of the three on the exact day the floor broke. Smart desks pressing short, crowd catching the knife. You do not want to be the crowd.

The Map | The Old Floor Is Now A 13.6 Lakh Call Wall

The map for the next expiry, the 30th. Spot closed at 23,824, sitting in a very specific place. Just below, at 23,800, a put shelf. Just above is the wreckage, 24,000, and on the option board 24,000 is now the single biggest call wall of the month, about 13.6 lakh contracts. The strike that was your floor, the heaviest put line, has rebuilt itself as the heaviest call line, the ceiling. The real shelf below is 23,500, an 8.5 lakh put wall. The put call ratio is 0.78, call heavy, supply overhead, and the futures carry just a 28 point premium, no enthusiasm. And here is the one number that makes…

Education, Support Becomes Resistance | The Trapped Buyer Flip

The lesson worth thirty seconds, because it is the whole trade today. Support becomes resistance. When a floor that held for weeks finally breaks, it does not disappear, it flips, it becomes a ceiling. And the reason is human, not technical. Think about everyone who bought the 24,000 dip for the last three weeks. Every one of them was told it was the floor, every one of them is now underwater. So on the first bounce back toward 24,000, they sell, to get out at break even, to escape the trade that went wrong. Their relief is your resistance. That old support is now a wall of trapped buyers wait…

The Plan And The Grade | Sell The Rallies Into 24000

This morning GIFT Nifty is up about 53 points, a modest open near 23,860, but do not read too much into it, America's tech index fell another two percent overnight, the backdrop has not healed. The one comfort is crude, Brent under 77 dollars and falling, good for our inflation and rupee, though the rupee sits soft at 94.7. Mixed, fragile. The plan, and today there is no expiry, no pin, no magnet to a single strike by 3:30. This is an open auction, a follow through day, momentum over levels. First resistance 23,900, then the big one, 24,000, the broken floor now the ceiling, sell rallies into …

Highlights

Transcript Excerpt

A very good morning, guys. For three weeks, one number held this market up, 24,000. Every dip found it, every seller respected it, every morning on this show we called it the support. Yesterday, on expiry day, that support cracked. The Nifty did not drift, it did not pin, it did not do the quiet range the chain drew for us. It held till above half past eleven, and then it just let go, straight down through 24,000 like the level was never present over there. And it closed at 23,824, down 279 points, down 1.16 percent, at the low of the day. Seven stocks up, forty three down. And here is the part that matters this morning. The level that was your support for three weeks is now sitting above your head, acting as a resistance. The thing you were buying is now the thing you have to sell into. This is The Tanmay Edge. You are listening to episode 67. I am Tanmay Kurtkoti. Let's go. Let me set the board, because the close tells the whole story, guys. The Nifty ended at 23,824. The Sensex shed 893 points to close at 76,200. Both down an identical 1.16 percent. The day low was 23,784, and we closed barely 20 points off it, which tells you there was no bounce throughout the day, no deep buying that was stuck. And look at where the damage was, technology and metals. Infosys was down 3.4 yesterday, TCS down 3.2, the IT index the single worst pocket on the board. Tata Steel down 2.7 percent. The defense name BEL down 2.7 percent. SBI down 1.6 percent. Only four of the fifty names closed barely in green, the power utility, the largest bank, the car maker and the pharma major. This is not a sectoral rotation, this is a broad, top heavy sell off where the heavyweights led the index down. Now the question every one of you should be asking, was this only us, or was this the world that was getting sold off? And the answer is clearly the world was getting sold off. Look at what happened overnight before our market opened. Korea fell almost 10 percent on Monday, a circuit breaker day, o…

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