Season 2, Episode 73 | 2026-07-03

The Jobs Number Was Weak. The First Move Was Relief. And Today, America Is Shut

America added just 57,000 jobs in June against 115,000 expected, with the two prior months revised down another 74,000. The first reflex on Wall Street wasn't fear but relief: bond yields fell, bets on another rate hike got cut, and the Dow

Cold Open | The Map The Desks Drew Overnight

Overnight America printed a weak jobs number, and the whole world spent the night talking about the US Fed. Fine. But the real story for us this morning isn't in Washington. It's sitting in yesterday's positioning data, right here at home, and it has drawn you a map. The biggest desks have planted their flags: a base they are defending, a ceiling they are selling into, and a quiet bet that this calm doesn't last. This is The Tanmay Edge. Season 2, Episode 73. Let me walk you across that map.

The Backdrop | Weak Jobs, Relief Not Fear, A US Holiday

That US jobs number came in soft, just 57,000 against 115,000 expected, and the first reaction was relief, not fear. US markets are shut today for their Independence Day holiday, so there is no fresh cue from New York while we trade. Crude is friendly near 72, gold firm at 4,185, and our GIFT Nifty is pointing to a gap-up open near 24,400. So we open strong. What happens after that opening tick is written in the flows, so let's read them.

Yesterday's Close | IT Carried It, The Fear Gauge Got Crushed

India closed near the highs. The Nifty added 170 points to 24,175, up 0.71 percent; the Sensex jumped 579 to 77,502. IT did the heavy lifting, the whole pack up over 3.6 percent, Infosys up 5. But here's the number that frames the entire day: India VIX, the fear gauge, got crushed almost 8 percent to 12.21, the lowest in weeks. Protection, insurance on your positions, is dirt cheap right now. Hold that thought, because the pros clearly haven't let go of it.

The Pros | Long The Futures, Betting The Quiet Ends

Start with the pros, the sharpest money on the tape. They are sitting net long the futures, and they are holding long bets on both sides at once, over 1,60,000 contracts betting up and more than a lakh betting down. Read that carefully. When the smartest desk buys both directions while volatility is this cheap, it isn't predicting a direction. It is betting the quiet ends, that a move is coming, and it has tilted that bet slightly upward.

Foreign And Retail | The First Hairline Crack Of A Turn

The foreign desks are the other half. They are still carrying a heavy short against the index, about 2,56,900 contracts, but for the first time in days they trimmed it instead of adding, down from 2,60,000. They bought index futures worth 472 crore, sold just 312 crore in cash, and on the main exchange were actually net buyers. After weeks of one-way foreign selling, that is the first hairline crack of a turn. And the crowd? Retail is still leaning aggressively bullish, short over 5,70,000 downside contracts, the classic over-committed position. But even they trimmed it yesterday. Pros, foreig…

Two Tells | Protection Is The Cushion, Carry Leans Up

Two more tells before the levels. One: across the whole board, there is far more downside insurance open than upside bets, roughly 16 crore contracts to 12 crore. When more money is paying for protection than betting on a fall, that protection becomes the cushion the market leans on, and that usually reads bullish. Two: the futures are trading at a premium to cash, and that premium widens the further out you go, about 26 points on the nearest contract, over 100 on the far one. Positive carry like that is the posture of a market leaning up, not one bracing to fall.

The Map | 24,000 Fortress, 24,500 Ceiling, 24,200 Pivot

Here is the map they have drawn. 24,000 is the fortress. It carries more open positioning than any level on the board, over 1.2 crore contracts, most of it downside insurance the big desks are actively defending. That is what makes it real support. Above us, 24,500 is where the single biggest pile of upside bets sits, close to 87 lakh contracts. That is the ceiling. In between, 24,200 is the pivot, where the market's own hedging flips from amplifying every wiggle to calming it. Below it expect chop; above it the tape settles down. With volatility this low, the options price a move of only abou…

The Lesson And The Read | You Need The Map, Not A View

That's today's lesson, and it's the most practical one I can give you: you don't need a market view to trade well, you need the map. Where the most protection is stacked is your support. Where the most upside bets pile up is your ceiling. The positioning tells you the boundaries before the chart ever does. And the tell running under all of it: the pros own cheap insurance while everyone else has relaxed, so you rent optionality, you don't sell it. My read: constructive, but trade the range. Buy dips toward 24,000; that fortress has to break on a close before I'd worry. Don't chase the gap into…

Highlights

Transcript Excerpt

A very good morning, guys. Overnight America printed a weak jobs number, and the whole world spent the night talking about the US Fed. But the real story for us this morning isn't Washington, it's sitting in yesterday's positioning data, right here at home, and it has drawn you a map. The biggest desks have planted their flags: a base they are defending, a ceiling they are selling into, and a quiet bet that the calm doesn't last. Let me walk you through that across the map. This is The Tanmay Edge, India's pre-market edge, every trading morning. I am Tanmay Kurtkoti, Season 2, Episode 73. Let's go. First, quickly, that US jobs number came in soft, just 57,000 against 1,15,000 expected, and the first reaction was relief, not fear. US markets are shut today for their Independence Day holiday, so there is no fresh cue from the US while we trade. Crude is friendly near 72, gold is firm at 4,185, and our GIFT Nifty is pointing to a gap-up near 24,400, so we are opening extremely strong. What happens after that opening tick is written in the flows, so read them and listen carefully. Yesterday India closed near the highs. Nifty added 170 points to 24,175, up almost 0.71 percent, and the Sensex jumped 580 points to 77,500. IT did the heavy lifting, the whole pack was up by over 3.6 percent, Infosys up by 5. But here is the number that frames the entire day: the VIX got crushed almost 8 percent to 12.21, the lowest in weeks. Protection, insurance on your position, is dirt cheap right now. Hold that thought, because the pros clearly haven't let go of it. Now the positioning, guys, desk by desk, because this is the whole episode. Starting with the pros, the sharpest money on the tape. They are sitting net long the futures, long futures, remember this, and they are holding long bets on both sides at once, over 1,60,000 contracts betting up and more than 1,00,000 betting down. Read that carefully. When the smartest desk books direction while volatility is this cheap, it is not p…

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