--- title: "The Foreigner Bought ₹1,355 Crore. The | The Tanmay Edge" description: "Wall Street was dark on Friday, so India closed the week on its own, green for a third straight day and above 24,200 for the first time this move." source_url: https://www.rupeecase.com/podcast/episodes/2026-07-06 episode: 74 season: 2 date: 2026-07-06 duration_seconds: 472 audio: https://content.rss.com/episodes/336728/2965658/tk-s-pre-market-radar/2026_07_06_03_21_54_d791dc7f-4fc5-42d5-a619-88969ca8c0f0.mp3 grade: 6/8 generated: instiv2-tools/build-podcast.mjs (do not rebuild from the HTML) --- # The foreigner bought ₹1,355 crore. The hedge stayed on. Tuesday we settle The Tanmay Edge, Season 2, EP74, Monday 6 Jul 2026, 7:52. Nifty 24,270.85 plus 95 plus 0.39 percent third straight green day ## Scorecard Grade 6/8 (75 percent): 5 hit, 2 partial, 0 mechanical, 1 miss. Graded the next trading day, 7 Jul 2026, against NSE settlement. The call: FII Flipped To Buyer Hedge Stays On Nifty Weekly Expiry Tuesday 24,000 Anchor 24,300 Gear Change - HIT: the open holds far above 24200, the low was 24,287.10 and 24,200 was never threatened. - HIT: 24,200 as the new support, it held untested all day. - PARTIAL: the grind toward 24,400 to 24500, the high 24,458.65 got there but 24,500 was never tagged. - PARTIAL: the IT tell, IT faded a third day down 0.59 percent but the index rose anyway so the IT to index linkage broke, half credit for the fade read and a miss on the linkage. - HIT: volatility stays low, VIX 11.82 with no expiry or earnings bid. - MISS: the rupee relief call, it took the caution branch at 95.39 close and 95.49 high pressing the record low zone, weaker than Friday. - HIT: the flows are the swing, foreign cash bought a second day plus 2182 crore bigger than Friday and covered the index short a third session with the stock long hedge intact and growing. - HIT: crude benign and US back online green with the twin catalysts named, the Tuesday expiry and TCS Thursday. Five hits two partials one miss, the buy dips spine kept paying, the two analytical misses were the index rising without IT and the rupee on the wrong branch. ## Chapters ### 1. Cold open: two sessions alone, and it still cleared 24,200 (about 0:00, estimated) America comes back online tonight after Friday's holiday. But forget New York for a second, because for two whole sessions this market ran on its own, and it still closed above 24,200 for the first time this move. Three green days. And on Tuesday, we settle. This is a domestic story now, and the next 48 hours decide the week. This is The Tanmay Edge. Season 2, Episode 74. ### 2. The tape: a calm close and a soft higher open (about 0:44, estimated) Friday's official close: Nifty 24,270.85, up 95 points. Sensex 77,763.91, up 262. The fear gauge, India VIX, fell to 11.83, a multi month low. A calm tape. GIFT Nifty is 24,330 this morning, so a soft, slightly higher open. Asia is mixed, crude stays friendly with Brent near 72, and the rupee firmed to 95.22, a bit of relief off the record low. That is the backdrop. The real story sits entirely under our own tape. ### 3. The flow: the foreign desk finally bought (about 1:33, estimated) Start with cash. On Friday the foreign desk did something it had not done in weeks. It bought. Net buyers of 1,355 crore, with the depository tally showing foreign equity buying of 2,349 crore. The domestic institutions, who had carried this market for three sessions, sold 1,954 crore. The batons switched hands. Under the hood, three desks. The pros stayed net long index futures, plus 13,496, and long both sides in options, plus 1,41,192 calls and plus 1,10,605 puts. Leaning up. The foreigners are still short the index future, minus 2,50,767, but they trimmed that short again from minus 2,56,900. Covering, not pressing. ### 4. The paradox: long the stocks, short the index (about 2:47, estimated) Here is the piece most people never check, and it flips the whole read. In single stocks, the same foreign desk is net long 5,47,349 stock futures. Long the shares, short the index against them. That is not a bearish bet, it is a hedge on a big long book. Long stock, short index, and puts on top: they bought the market and kept the seatbelt bolted on. Their option book says the same thing, net short 2,33,473 calls and net long 4,77,175 puts. The crowd sits on the exact opposite side, net short 6,12,821 index puts. Retail has sold a mountain of downside protection, betting this only goes up. When everyone leans one way, that is the side that gets hurt if the tape turns. ### 5. The map: 24,000 anchor, 24,300 the first ceiling (about 4:07, estimated) So where is all that positioning stacked. The single biggest pile on the entire board is at 24,000, over 1.42 crore contracts of downside protection. That is the anchor, the base of this structure, the support. Overhead, the call selling is layered at 24,300, 24,400 and 24,500, each carrying more than 1.1 crore contracts. The single biggest fresh build on Friday was at 24,300, over 60 lakh contracts added in one day. That is the first ceiling. ### 6. The switch and the insurance: 24,300 is the gear change (about 5:00, estimated) The level that matters most today is a gear change point right around 24,300, the line where the market flips from jumpy to sticky. Below it, moves get amplified and every push runs. Above it, moves get dampened and the tape goes quiet. We closed at 24,270, sitting right underneath that switch. Reclaim and hold it, and the grind higher turns orderly. Lose 24,200 on a closing basis, and it gets loose toward 24,100, then the 24,000 anchor. And the insurance is dirt cheap. This week's expiry is pricing barely an 8 percent swing with the fear gauge at 11.83. When protection is this cheap, you own it, you do not sell it. Tuesday is Nifty expiry, and Monday positions into it. ### 7. POV and plan: buy the dips, keep the seatbelt on (about 6:20, estimated) One line on why we are up here at all: IT carried the week, a second straight green day, and that leadership is holding the tape up. So the read does not change: buy the dips, constructive and confirmed, but keep the seatbelt on because the smart money did. Buy toward 24,200, do not chase 24,400. 24,200 has to hold on a closing basis, or it gets loose toward 24,100, then the 24,000 anchor. With insurance this cheap, keep a small hedge under the long, positioned the way the foreign desk is: long the market and protected underneath. Then watch one thing, whether the rupee gets real relief under 95. This is the discipline the RupeeCase model runs on: it does not chase a one day bounce, it waits for the trend to confirm and sizes to the risk. Watch it live on rupeecase.com. ## Key takeaways - Nifty 24,270.85 plus 95 plus 0.39 percent third straight green day - Sensex 77,763.91 plus 262 plus 0.34 percent highest since May intraday - Closed above 24,200 for the first time this move - India VIX 11.83 a multi month low protection dirt cheap - GIFT Nifty 24,330 a soft slightly higher open - Brent near 72 a tailwind rupee firmed to 95.22 off the record low - FII cash net buyers plus 1355 crore first buy in weeks - Depository tally foreign equity buying 2349 crore - DII sold 1954 crore the batons switched hands - Pro desk net long index futures plus 13,496 - Pro options long both sides plus 1,41,192 calls plus 1,10,605 puts - FII index futures short 2,50,767 trimmed from 2,56,900 covering not pressing - FII index options net short 2,33,473 calls net long 4,77,175 puts - FII net long 5,47,349 stock futures long stocks short index a hedge - Retail net short 6,12,821 index puts max bullish and exposed - 24,000 the anchor over 1.42 crore contracts of downside protection - Call selling stacked at 24,300 24,400 24,500 each over 1.1 crore contracts - 24,300 biggest fresh build over 60 lakh contracts added in one day - Gear change level 24,300 closed 24,270 just underneath the switch - Weekly pricing barely an 8 percent swing Nifty expiry Tuesday TCS Thursday ## Quotes > For two whole sessions this market ran on its own, and it still closed above 24,200 for the first time this move. > > The cold open, on India trading without a US cue over Friday's holiday and still clearing 24,200. > On Friday the foreign desk did something it had not done in weeks. It bought. > > The cash turn, with the foreign desk flipping to a net buyer of 1,355 crore. > Long the shares, short the index. That is not a bearish bet, it is a hedge. > > The paradox of the foreign desk being net long single stocks while short the index. > They bought the market, and they kept the seatbelt bolted on. > > On the foreign desk pairing a big long book with index shorts and puts as protection. > When everyone leans one way, that is the side that gets hurt if the tape turns. > > On retail being net short 6,12,821 index puts, max bullish and exposed. > When protection is this cheap, you own it, you do not sell it. > > On the weekly pricing barely an 8 percent swing with the fear gauge at 11.83. > Buy the dips, constructive and confirmed, but keep the seatbelt on, because the smart money did. > > The plan into Tuesday's expiry, buy toward 24,200 and hedge like the foreign desk. ## Transcript A very good morning, guys. America comes back online tonight after Friday's holiday. But forget New York for a second, because for two whole sessions this market ran on its own, and it closed above 24,200 for the first time this move. Three green days. And on Tuesday, we settle. This is a domestic story now, and the next 48 hours decide the week. This is The Tanmay Edge, India's pre-market edge, before the bell. I am Tanmay Kurtkoti. Season 2, you are listening to Episode 74. Let's go. So, Friday's official close came in, guys. 85, up almost 95 points after we gave back a lot of gains. Sensex 77,763, up 262 points. 83, a multi-month low. A calm tape that we saw. GIFT Nifty this morning is 24,330, so a soft, slightly higher open. Asia is mixed as I speak, Hong Kong and Taiwan firm, Japan and Korea a little soft, nothing that moves our open. Crude stays friendly, Brent at 72, a straight tailwind for us. 22, a bit of relief off the record low. That is the backdrop, guys. Now the real story, which sits entirely under our own tape. So starting with cash. On Friday the FIIs did something they had not done in weeks. They bought. Net buyers of 1,355 crore. The depository tally shows foreign equity buying of 2,349 crore. And the domestic institutions, who carried this market for three sessions, sold minus 1,954 crore. The baton switched hands. Now go under the hood, into the positioning. Three desks: pros, FIIs and clients. The pros, the desk that moves first, stayed net long index futures, plus 13,496 contracts. And in the options they are long both sides, plus 1,41,192 on the call side, plus 1,10,605 on the put side. Leaning up. So the pros are basically long volatility, they own options. The foreigners are the puzzle. In the index futures they are still short, minus 2,50,767, but they trimmed that short again, from minus 2,56,900. Covering, not pressing. And in index options they are net short 2,33,473 calls and net long 4,77,175 puts. So the option book is defensive: calls sold, puts owned. Now here is the piece most people never check, and it flips the whole read. Look at single stocks, guys. The same foreign desk is net long 5,47,349 stock futures. Long the shares, short the index. This is not a bearish bet, that is a hedge. They own a big book of stock, and they are short the index against it as insurance. Long stock, short index, puts on top. They bought the market, and they kept the seatbelt bolted on. And the crowd, the retail client, is on the other side. Net short 6,12,821 index puts. In plain terms, the crowd has sold a mountain of downside protection, betting this only goes up. When everyone is leaning one way, that is the side that gets hurt if the tape turns. So where is all this positioning stacked up? The open interest points to clean levels. The single biggest pile on the entire option chain is at 24,000. That is the level the market has broken above, but the VWAP still stands around 24,100. 42 crore contracts of downside protection are present over there. That is the anchor, the base of this whole structure. You can call it the support as well. So overhead, the call selling is layered at 24,300, 400 and 500. 1 crore contracts. And the single biggest fresh build on Friday was at 24,300, where over 60 lakh contracts got added in one day. That is the first resistance we are going to see. Now the level that matters most today. There is a gear-change point right around 24,300, the line where the market flips from jumpy to sticky. That is the switch. Below it, moves get amplified, every push runs. Above it, moves get dampened and the tape goes quiet. We closed at 24,270, sitting right underneath that switch. Reclaim it and hold, and the grind higher turns orderly. Lose 24,200 on a closing basis, and it gets loose again toward 24,100, then 24,000, the main support. And the insurance is dirt cheap. 83. When protection is this cheap, you own it, you do not sell it, remember that. So directional bets plus insurance is the trade. Say the date out loud, because it is the plan: Tuesday is Nifty's expiry. Monday positions into it. One line on why we are up here at all: IT carried the week, a second straight green day, and that leadership is what is holding this tape up. So my read, and it does not change: buy the dips. Constructive, confirmed. But keep the seatbelt on, because the smart money did. Buy toward 24,200, do not chase 24,400. 24,200 has to hold on a closing basis, or it gets loose toward 24,100, then 24,000 as well. And with insurance this cheap, keep a small hedge under the long, positioned exactly the way the foreign desk is: long the market and protected underneath. Then watch one thing into the week: does the rupee get real relief under 95, because that is the flow that either fuels this or caps it. This is the discipline, guys, and the RupeeCase model runs on it. It does not chase a one-day bounce. It waits for the trend to confirm, and it sizes to the risk. com. That was your edge for today, guys. If this added value, share it with one trader friend who needs it right now. com. I am building RupeeCase, India's systematic investing terminal. The link is in the show notes. You just got earlier, guys. See you once again tomorrow. ## More - Podcast archive: https://www.rupeecase.com/podcast/ - July 2026 archive: https://www.rupeecase.com/podcast/2026-07/ - Season 2 index: https://www.rupeecase.com/podcast/season-2/ - Track record and method: https://www.rupeecase.com/track-record - Previous: EP73, https://www.rupeecase.com/podcast/episodes/2026-07-03 - Next: EP75, https://www.rupeecase.com/podcast/episodes/2026-07-07 Market commentary for education only. Not investment advice. RupeeCase is not a SEBI registered investment adviser.