--- title: "Sensex Expiry Day, and It Opened at Its | The Tanmay Edge" description: "Korea was up six percent before lunch, so hard the exchange stepped in and slowed the buying down. Japan was up over a thousand points. By the closing bell" source_url: "https://www.rupeecase.com/podcast/episodes/2026-07-23" --- The Tanmay Edge, Season 2, EP87 # Sensex expiry day, and it opened at its high and never looked up 24,000 turns from support into resistance, Pros long gamma, FIIs eleven shorts per long, clients All-In, Brent 96 and a rupee at the edge Nifty 23,996.25 down 191.45 the third down session and the steepest of the three * **14:28**listen * **3.5/5**graded at settlement * **Thu 23 Jul 2026**aired, Season 2 Now playing Sensex expiry day, and it opened at its high and never looked up EP87, 23 Jul, 14:28 1x 0:00Chapter marks are estimated from the notes14:28 The host did not serve the audio here. Listen on [Apple Podcasts](https://podcasts.apple.com/us/podcast/the-tanmay-edge-indias-pre-market-edge-5-minutes/id1824088016) or [Spotify](https://open.spotify.com/show/0F755kaD5hggGDjy26Sz33). 01Scorecard ## 3.5/5 at settlement. **3.5/5**70% **The call.** Sensex Weekly Expiry With Infosys Inside It Third Down Day Steepest Of Three Nifty 23,996.25 Down 191.45 VIX 13.29 Up 5.49 Percent Breadth 10 Up 40 Down 14 Of 16 Sectors Red Infosys Down 1.99 Reports Today Nifty 24,000 Flips Support To Resistance Call OI 1.34 Cr Vs Put 1.22 Cr Calls Added 87 Lakh Vs 46 Lakh Puts PCR 0.73 Max Pain 24,100 Above Sensex Spot 76,755 ATM 76,800 Call Wall 77,500 77,000 Put Support 76,700 76,800 Calls Added 2.51 Cr Vs 79 Lakh Puts PCR 0.57 Expiry Band 76,260 To 77,250 Move 496 Points Pros Long 13,299 Fut 69,005 Calls 1.13 L Puts Both Sides FII Short 2.51 L Fut Long 5.10 L Stock Hedged Long Client Short 6.91 L Puts FII Sold 819 Cr DII Sold 418 Cr Reclaim 24,000 First 30 Min Or Respect 23,961 Then 23,900 Week Band 23,687 To 24,305 All Cap Up 0.30 Vs Benchmark Down 1.41 * **3**Hit * **1**Partial * **0**Mechanical * **1**Miss Graded the next trading day, 24 Jul 2026, against NSE settlement. The grader's noteGraded Fri 24 Jul against the Thu close 23,869.60. Four of the five landed. The weekly band held, the crude and rupee pair fired again with Brent near 100 and the rupee at 96.57, and the no reclaim of 24,000 was clean, the high stalled at 23,990.75 and it closed 23,869.60 straight through 23,961 and 23,900. The miss, a second session running, was the Sensex support line, 76,700 gave way to a low of 76,151.98. Three and a half out of five. [The whole season, graded](/podcast/#trail)[July 2026 archive](/podcast/2026-07/)[Methodology](/track-record) 02In this episode ## 7 chapters, the numbers pulled out. 1. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. 2. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. 3. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. 4. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. 5. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. 6. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. 7. **07**The plan: reclaim 24,000 or respect 23,961Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. Cold open: the melt up lasted one morning **0.73 percent**Bell Korea Yesterday morning Korea was up six percent. It ran clean through 7000, so hard the exchange had to step in and slow the buying. By the closing bell Korea was up 0.73 percent. Japan had been up over a thousand points and closed red. The melt up lasted one Read the chapter Yesterday's grade: four out of five **91.01**Brent tagged against Tuesday's **96.57**Rupee closed **24,100**Almost exact, lose **24,000**Lose and wait The condition fired. If Brent pushes hard through 92 and the rupee cracks, stand down. Both arms fired. Brent tagged 94 against Tuesday's 91.01, the rupee closed 96.57. Standing down saved you a 191 point Nifty day. The bear branch was almost exact, lose Read the chapter The close: third down session, the steepest of the three **23,961.40**First few minutes, low **57,126.80**Bank Nifty **5.49 percent**Gauge, India VIX **1.99 percent**Infosys alone Nifty 23,996.25, down 191.45. High 24,166.30 in the first few minutes, low 23,961.40. Sensex 76,755.05, down 715.06. Bank Nifty 57,126.80, down 708.55. The vol gauge, India VIX, up 5.49 percent to 13.29. Breadth was worse than the headline. Ten stocks up Read the chapter The Nifty chain: 24,000 turns from support into resistance **24,000**Open interest sits **1 crore**Open interest sits **22 lakh**Interest sits at crore **34 lakh**Interest is bigger, crore On the 28 July chain, the heaviest put open interest sits at 24,000, 1 crore 22 lakh contracts, and we closed just under it. But at that same strike the call open interest is bigger, 1 crore 34 lakh, and calls added 87 lakh yesterday against 46 lakh puts Read the chapter The Sensex chain: this is the expiry, this is today **76,800**Spot at the money **76,700**Put support sits **2 crore**Calls added **51 lakh**Calls added crore The Sensex expires today. Spot 76,755, at the money 76,800. The heaviest call open interest is up at 77,500 and 77,000, overhead resistance. The near money put support sits at 76,700 and 76,800, right where we stand. The writing was one sided. Calls added 2 Read the chapter Positioning: pros buy both sides before the expiry **13,299**Professionals are long **69,005**Long index futures, long **1,13,000**Long calls and long **2,51,000**Institutions are net short The professionals are long 13,299 index futures, long 69,005 calls and long 1,13,000 puts, all at once. They set that up the night before an expiry with a result inside it. When the pros go neutral and buy both sides, they expect the pin to break. The foreign Read the chapter The plan: reclaim 24,000 or respect 23,961 **24,000**Session is one question **24,100**Hold and look **23,687**Week the band Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. Above, 77,000 is resistance now, not support. I called it support yesterday and it cut straight through, so I earn it back before I trust it. On the Read the chapter 03The notes ## Chapter by chapter. ### *01*Cold open: the melt up lasted one morning Yesterday morning Korea was up six percent. It ran clean through 7000, so hard the exchange had to step in and slow the buying. By the closing bell Korea was up 0.73 percent. Japan had been up over a thousand points and closed red. The melt up lasted one morning. This is The Tanmay Edge, episode 87. ### *02*Yesterday's grade: four out of five The condition fired. If Brent pushes hard through 92 and the rupee cracks, stand down. Both arms fired. Brent tagged 94 against Tuesday's 91.01, the rupee closed 96.57. Standing down saved you a 191 point Nifty day. The bear branch was almost exact, lose 24,100 and wait for 24,000, and it closed 23,996.25. The miss was Sensex 77,000 as support. Four out of five. ### *03*The close: third down session, the steepest of the three Nifty 23,996.25, down 191.45. High 24,166.30 in the first few minutes, low 23,961.40. Sensex 76,755.05, down 715.06. Bank Nifty 57,126.80, down 708.55. The vol gauge, India VIX, up 5.49 percent to 13.29. Breadth was worse than the headline. Ten stocks up, forty down inside the Nifty 50. Fourteen of sixteen sectors red. Only FMCG and Auto held, on earnings. IT fell 1.50 percent but Infosys alone was down 1.99 percent. The market sold one company into its own result, and that company reports today. ### *04*The Nifty chain: 24,000 turns from support into resistance On the 28 July chain, the heaviest put open interest sits at 24,000, 1 crore 22 lakh contracts, and we closed just under it. But at that same strike the call open interest is bigger, 1 crore 34 lakh, and calls added 87 lakh yesterday against 46 lakh puts, nearly twice the rate, at the exact strike we closed on. So 24,000 is not turning into support. It is turning into resistance, right on top of us. The support walked down and rebuilt at 23,950 and below. Across the chain two and a half calls were sold for every put, the put call ratio 0.73. Max pain sits at 24,100, above us, and the options line is at 24,000. We closed right on it. ### *05*The Sensex chain: this is the expiry, this is today The Sensex expires today. Spot 76,755, at the money 76,800. The heaviest call open interest is up at 77,500 and 77,000, overhead resistance. The near money put support sits at 76,700 and 76,800, right where we stand. The writing was one sided. Calls added 2 crore 51 lakh against just 79 lakh puts, more than three times the rate, piled into 77,000. Put call ratio 0.57. The options price a move of about 496 points, a day expected to hold between roughly 76,260 and 77,250. The line is 76,700. Hold it and the day pins, lose it and moves speed up. ### *06*Positioning: pros buy both sides before the expiry The professionals are long 13,299 index futures, long 69,005 calls and long 1,13,000 puts, all at once. They set that up the night before an expiry with a result inside it. When the pros go neutral and buy both sides, they expect the pin to break. The foreign institutions are net short 2,51,000 index futures, eleven shorts for every long, but still net long 5,10,000 stock futures, a hedged long. The clients are long 1,64,000 futures, long 1,72,000 calls and short 6,91,000 puts, the most exposed bullish seat there is. July futures closed below cash while futures open interest rose on a down day, fresh selling. In cash, foreigners sold 819 crore and domestics sold 418 crore the same day. ### *07*The plan: reclaim 24,000 or respect 23,961 Sensex first, because that is the expiry. 76,755 is the reference, 76,700 is the line where behaviour changes. Above, 77,000 is resistance now, not support. I called it support yesterday and it cut straight through, so I earn it back before I trust it. On the Nifty the session is one question, 24,000. Reclaim it in the first 30 minutes and hold and I look at 24,100 then 24,166. Fail to reclaim by 10 o'clock and the sellers are in control, then 23,961 and 23,900. For the week the band is 23,687 to 24,305, trade the edges. And do not carry a position into the Infosys number inside an expiry. 04Key takeaways ## 16 things to carry into the session. * *01*Nifty 23,996.25 down 191.45 the third down session and the steepest of the three * *02*High 24,166.30 low 23,961.40 Sensex 76,755.05 down 715.06 Bank Nifty 57,126.80 down 708.55 * *03*India VIX up 5.49 percent to 13.29 fear rising into the Sensex expiry * *04*Breadth ten up forty down inside the Nifty 50 fourteen of sixteen sectors red * *05*IT fell 1.50 percent but Infosys alone down 1.99 percent sold into its own result * *06*Nifty 24,000 holds the heaviest put open interest 1 crore 22 lakh we closed just under * *07*At 24,000 calls are bigger 1 crore 34 lakh and added 87 lakh against 46 lakh puts * *08*24,000 turning from support into resistance fresh sellers parked overhead * *09*Chain wrote two and a half calls per put the put call ratio 0.73 max pain 24,100 above * *10*Sensex spot 76,755 expiry today call resistance 77,500 and 77,000 put support 76,700 and 76,800 * *11*Sensex calls added 2 crore 51 lakh against 79 lakh puts the put call ratio 0.57 * *12*Sensex options priced about 496 points a band of roughly 76,260 to 77,250 the line 76,700 * *13*Pros long 13,299 futures long 69,005 calls long 1,13,000 puts braced for the pin to break * *14*FII net short 2,51,000 index futures still net long 5,10,000 stock futures a hedged long * *15*Clients long 1,64,000 futures long 1,72,000 calls short 6,91,000 puts the most exposed seat * *16*FII sold 819 crore cash and DII sold 418 crore the same day nobody caught it Show all 16 05In his words The melt up lasted one morning. So 24,000 is not turning into support. It is turning into resistance, right on top of us. When the pros go neutral and buy both sides, they expect the pin to break. Questions ## EP87, in plain words. What does EP87 of The Tanmay Edge cover?EP87, Thursday 23 Jul 2026, 14:28, in 7 chapters: Cold open: the melt up lasted one morning; Yesterday's grade: four out of five; The close: third down session, the steepest of the three; The Nifty chain: 24,000 turns from support into resistance; The Sensex chain: this is the expiry, this is today; Positioning: pros buy both sides before the expiry; The plan: reclaim 24,000 or respect 23,961. How did the calls in EP87 score?Grade 3.5/5 (70 percent): 3 hit, 1 partial, 0 mechanical, 1 miss. Graded the next trading day, 24 Jul 2026, against NSE settlement. Is The Tanmay Edge investment advice?No. It is market commentary for education only, not a recommendation to buy or sell any security. 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