---
title: "24,000 Cracked On Expiry. The Floor Is Now | The Tanmay Edge"
description: "For three weeks, 24,000 was the floor. On expiry day it cracked. The Nifty held till 11:30."
source_url: https://www.rupeecase.com/podcast/episodes/2026-06-24
episode: 67
season: 2
date: 2026-06-24
duration_seconds: 729
audio: https://content.rss.com/episodes/336728/2939815/tk-s-pre-market-radar/2026_06_24_03_05_53_faf24d12-40d8-46fd-927b-c21a676af21c.mp3
grade: 4/8
generated: instiv2-tools/build-podcast.mjs (do not rebuild from the HTML)
---

# 24,000 cracked on expiry. The floor is now the ceiling

The Tanmay Edge, Season 2, EP67, Wednesday 24 Jun 2026, 12:09. Nifty 23,824.10 minus 279 minus 1.16 percent closed at the low of the day

## Scorecard

Grade 4/8 (50 percent): 3 hit, 2 partial, 1 mechanical, 2 miss. Graded the next trading day, 25 Jun 2026, against NSE settlement.

The call: Floor Cracked Support Becomes Resistance 24,000

- HIT: the reclaim trigger, the conditional call that a reclaim and hold of 24,000 flips the tape up fired exactly, the Nifty bottomed 23,789 reclaimed 24,000 and closed 24,021.65 up 0.83 percent near the day high.
- HIT: the support read, the called 23,800 floor held with the low at 23,789 about 5 points above the line and bounced hard, the lower 23,700 and 23,500 supports never got tested.
- HIT: the max pain magnet, the close at 24,021 sat right on the 30 June max pain at 24000, a minor miss was the future printing a slight discount not the called 28 point premium.
- PARTIAL: the auction structure, the follow through was right but it ran up not down so the sell rallies lean was wrong.
- PARTIAL: the no panic leg, no crash was correct as the tape rebounded but the capped bounce call was wrong, it closed near the high.
- MISS: the open, the called 23,860 gap up never came, it opened 23,795 gap down and 24,000 did not cap it.
- MISS: the support becomes resistance spine, the role reversal broke, trapped 24,000 longs did not cap the bounce and the Nifty closed back above 24,000. The downside scenario below 23,785 never triggered. Three hits two partials two misses and one not applicable, the bearish spine faded but the explicit reclaim trigger covered the bull case and the level reads were sharp. Aired four out of eight.

## Chapters

### 1. Cold open: the floor cracked, and now it is the ceiling (about 0:00, estimated)

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 that was your floor for three weeks is now sitting above your head. The thing you were buying is now the thing you have to sell into. This is The Tanmay Edge.

### 2. The tape: a close at the low, IT and metals led it down (about 1:37, estimated)

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.

### 3. Was it us or the world: an everything sell off (about 2:42, estimated)

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.

### 4. The proof it was not domestic: FIIs flat, domestics bought (about 3:55, estimated)

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.

### 5. Positioning: pros flipped short, foreigners pressed, the crowd caught the knife (about 4:55, estimated)

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.

### 6. The map: the old floor is now a 13.6 lakh call Wall (about 6:11, estimated)

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 today interesting. Max pain on the monthly is 24,000. The same level. The chain still wants the market pulled back to 24,000 by month end. So this is a market caught between a level it just lost and a magnet pulling it back to that same level. The fight is at 24,000, and which side wins it decides the next two hundred points.

### 7. Education, support becomes resistance: the trapped buyer flip (about 8:09, estimated)

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 waiting to dump. That is why a broken floor turns into the hardest ceiling in the market, and that is why you do not buy back into 24,000 expecting it to hold you up. It will push you down now.

### 8. The plan and the grade: sell the rallies into 24,000 (about 9:50, estimated)

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 it, do not buy it blind. Only a clean reclaim of 24,000 that holds says the foreign shorts are covering. On the downside, 23,800, then 23,700, and the real floor 23,500. India VIX ticked up to 14, fear rising but not extreme, trade it, do not panic it.

One last thing, episode 66 graded three out of eight, the pin thesis broke when the floor cracked, though the break calls landed. Full scorecard on rupeecase.com. Trade the level, not the opinion. Call it the Floor That Became The Roof.

## Key takeaways

- Nifty 23,824.10 minus 279 minus 1.16 percent closed at the low of the day
- Sensex 76,200.68 minus 893 minus 1.16 percent
- Day low 23,784.95 closed barely 20 points off it no bounce stuck
- Breadth brutal only 4 of 50 green 7 up 43 down
- IT and metals led down INFY minus 3.4 TCS minus 3.2 TATASTEEL minus 2.7
- Cash FII plus 18 crore flat DII plus 680 crore the fall was not domestic
- Global risk off KOSPI minus 10 percent Monday circuit breaker memory down 12
- US Nasdaq minus 2.08 o n S and P minus 1.44 gold under 4100 crypto bled
- Pro index futures minus 2131 flipped short from plus 1193
- FII index futures net short 2,28,561 added about 5777 three legs bearish
- FII short calls 2,74,993 long puts 6,72,256 deeper hedged short
- Client net long futures 1,63,438 added about 9416 bought the dip
- Broken floor 24,000 now the biggest call wall 13.6M the new ceiling
- Support 23,800 put shelf then 23,700 then real floor 23,500 8.56M PE
- PCR 0.781 call heavy futures premium just 28 points
- Max pain 30 Jun monthly at 24,000 the broken floor is the magnet
- India VIX 14.23 up from 13 fear rising not extreme
- GIFT Nifty 23,864 plus 53 modest higher open near 23,860
- Crude cushion Brent 76.41 WTI 72.59 USD INR 94.73 rupee soft
- No expiry today an auction sell rallies into 24,000 respect 23,500 below

## Quotes

> The thing you were buying is now the thing you have to sell into.
>
> The cold open, on 24,000 flipping from floor to ceiling overnight.

> When everything sells at once, that is global money pulling risk off the table everywhere.
>
> Framing the drop as a global risk off, not an Indian story.

> Smart desks pressing short, crowd catching the knife. You do not want to be the crowd.
>
> Reading the positioning split between pros, foreigners and retail.

> The strike that was your floor has rebuilt itself as the heaviest call line, the ceiling.
>
> How 24,000 became the biggest call wall of the month.

> A market caught between a level it just lost and a magnet pulling it back to that same level.
>
> The tension between broken support and the 24,000 max pain magnet.

> Their relief is your resistance.
>
> The trapped buyer mechanic behind support becoming resistance.

> Call it the Floor That Became The Roof.
>
> The closing tag for the session.

## Transcript

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.

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. 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. 2, the IT index the single worst pocket on the board. 7 percent. 7 percent. 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, on a chip stock rout, the memory giant down 12 percent.

The US tech index lost 2 percent. And it was not just stocks. Gold fell over a percent and slipped under 4,100 dollars. Crypto bled. Silver is soft. When everything sells at once, equities, gold, crypto, all in the same session, it is not a story about Indian earnings or Indian policy. That is global money pulling risk off the table everywhere. And our IT and metal stocks, the most globally linked names we have, took the most of the hit. And here is the proof it was not domestic, guys.

On the day the index fell 280 points, the FIIs barely sold anything in the cash market, they were net flat, about 18 crore, just a rounding error kind of thing. The domestic funds actually bought about 680 crore. So nobody dumped the stock market in the cash. So why did the market fall when nobody was selling the shares? It came from the futures, and from global fear, and from the fact that it was an expiry day, so an accelerated negative gamma on the book below that 24,100 level was the trigger point, when the options clock amplifies every move on a big level break.

Remember that. So that was the reason we were highlighting 24,100 as the flip level, because it changes how you read it today as well. Now the positioning, the pros first, then FIIs, then the crowd, and yesterday this order is the warning. The professionals desk flipped short, from a small net long to a small net short. 23 lakh contracts, did not cover it. 29 lakh index short futures. And they did it on every leg, more short futures, more short calls, more long puts, all three legs leaning the same way, down.

And the retail crowd, they did something opposite. 63 lakh contracts, adding long into the fall, selling puts is what they have been doing. So, pro short, foreigners deeper short, crowd buying the knife. When the smart desks are pressing, the crowd is catching. You do not want to be the crowd, remember that. So let me give you the map for today. The next expiry, that is the monthly expiry, on the 30th. Spot has closed at 23,824, and it is now just sitting in a specific place.

Just below it, 23,800 is a put support that has been created. Just above it is the wreckage that happened, that 24,000 level on the option board. 6 lakh contracts are present over there. Read that slowly. The strike was your support. Now it becomes the heaviest call line, the ceiling or the resistance above us. 5 lakh put wall. That is where the serious support lives now. 78. So we are getting into an oversold region and probably would see some bounce today. And the futures are trading at just a 28 point premium, no enthusiasm there either.

So here is the one number that makes today interesting. Max pain on the monthly sits at 24,000, the same level. So the option chain, the place where the most premium is protected, still wants the market pulled back towards that 24,000 mark by the month end. That sets up the real tension of the week. Gravity has broken us below 24,000 yesterday, the chain says it wants to climb back to 24,000 by the 30th. So this market is caught between a level it has lost and a magnet that is pulling it back to the same level.

The fight is at 24,000, and which side wins it decides the next 200 points. And this is the lesson worth 30 seconds, because it is the whole trade today. Support becomes resistance. When a support that held for weeks finally breaks, it does not just disappear, it flips, it becomes the resistance. 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 support, every one of them is now underwater.

So what do they do on the first bounce back towards 24,000? They sell it, to get out at break even, to escape that trade that went wrong. Their relief is your resistance. That old support is now a wall of trapped buyers waiting to dump again when the market bounces back to 24,000. That is why a broken floor turns into the hardest resistance in the market, and that is why you do not buy into 24,000 expecting it to hold up, it will push you down now.

So what about this morning? GIFT Nifty is up about 53 points, pointing to a modest opening near that 23,850 mark. But do not read too much into it, because overnight the US tech index fell another 2 percent, so the global backdrop has not healed. 7. Gold under 4,100. Korea bounced almost 3 percent off its crash. Mixed, fragile, not a clean signal that we have. So the plan, and today, as there is no expiry, this is an open auction, a follow through day, momentum matters more than the levels.

We open near 23,860. The first resistance is 23,900, that is where the selling should happen. 24,000, that is the support that we broke, now acts as a huge resistance, and you sell rallies into it, or you wait for it to prove itself. You do not buy it blind. Only a clean close above 24,000 that holds tells you the foreign shorts are covering and the tone has turned. On the downside, we could see 23,800 broken and the first support stands at 23,700, and the real floor below it is at 23,500.

Losing yesterday's low of 23,784 and the path to 23,700 opens up, and almost 23,500 also becomes a possibility. Bias, sell the rallies, respect the broken level until 24,000 is taken back. India VIX is again bouncing back and is trading around 14, fear is rising but not extreme, so trade it, do not panic it. So Wednesday in one breath, guys. Yesterday the 24,000 support cracked on expiry, the Nifty closed at 23,824 down a percent, led down by IT and metals, driven by global risk off, not domestic selling, the FII cash desk was flat.

The smart desks pressed shorts, the crowd bought the dip. The old support at 24,000 is now the biggest resistance on the board, and the chain's magnet, where it expires next week, is at 24,000. So the whole week is a fight at one number. No expiry today, so this is an auction, sell the rallies and buy the dip, that is the game plan. Call it the floor that became the roof. One last thing, guys, episode 66 graded three out of eight, so the pin thesis broke when the floor cracked, though the break calls landed.

com. Trade the level, not the opinion, guys. Have a great Wednesday. One broken floor, one new ceiling, one fight at 24,000. Sell the rallies into 24,000, respect the support at 23,700 and then below it 23,500. 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. And give a rating, guys, and a review if you want to add something to this podcast. See you all once again tomorrow.

## 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: EP66, https://www.rupeecase.com/podcast/episodes/2026-06-23
- Next: EP68, https://www.rupeecase.com/podcast/episodes/2026-06-25

Market commentary for education only. Not investment advice. RupeeCase is not a SEBI registered investment adviser.