---
title: "The Carpet Got Ripped Up, First Higher | The Tanmay Edge"
description: "The first higher close in eight sessions, and it came with a full structure flip."
source_url: https://www.rupeecase.com/podcast/episodes/2026-08-21
episode: 108
season: 2
date: 2026-08-21
duration_seconds: 637
audio: https://content.rss.com/episodes/336728/3084816/tk-s-pre-market-radar/2026_08_21_03_05_31_e0e59aa1-bf94-4897-9c9f-cc61e9e05665.mp3
grade: 4.5/5
generated: instiv2-tools/build-podcast.mjs (do not rebuild from the HTML)
---

# The carpet got ripped up

The Tanmay Edge, Season 2, EP108, Friday 21 Aug 2026, 10:37. First higher close after seven straight lower ones Nifty 24,231 up 153 points

## Scorecard

Grade 4.5/5 (90 percent): 4 hit, 1 partial, 0 mechanical, 0 miss. Graded the next trading day, 24 Aug 2026, against NSE settlement.

The call: The Carpet Got Ripped Up First Higher Close In 8 Days Nifty 24,231 Up 153 Sensex Expiry Settled 77,537 On The 77,500 Magnet TWO CRORE Calls Covered 69.2 L Puts Added At 24,200 Biggest Single Add PCR Crossed One First Time This Cycle 0.7 To 1.09 Breadth 39 Up 10 Down VIX 10.81 Support 24,000 1.63 Cr Puts 24,200 1.32 Cr Resistance 24,300 98 L 24,500 1.25 Cr Max Pain Climbing Stable 24,300 Front IV 8 Percent 1SD 140 Pts Straddle 258 Pros Flipped Fut To LONG Added 81k Calls 70k Puts FII Covered 80k Call Shorts Cash -583 Cr DII +3,583 Cr Cumulative 43,000 Cr Plan Buy Dips 24,200 Second Zone 24,050-24,150 Stop Below 24,000 Close Oil 95 The Risk

Graded Mon 24 Aug against the Fri close 24,252. Four calls landed together: the resistance called at 24,300 held all day, the buy on dips zone at 24,200 caught the low at 24,206, the second higher close in a row printed, and the pin drifted into the 24,250 to 24,300 magnet, settling two points off it. The day compressed into a 77 point coil exactly as a positive gamma read argues. Four and a half out of five.

## Chapters

### 1. Cold open: the carpet got ripped up (about 0:00, estimated)

Yesterday the market ripped 153 points higher to 24,231, and the Sensex expiry closed exactly at 77,500. The first higher close after seven straight lower ones, and it came with a structure. Two crore calls off the carpet. 69 lakh got added at 24,200, the biggest single add anywhere. And the PCR crossed one for the first time in this cycle.

But overnight, the Nasdaq fell 1 percent, oil is above 94 dollars, gold is ripping higher, and Indian yields are rising at 6.87. The gap up lands exactly on 24,300. The board turned bullish the same night the world rang alarm bells.

### 2. The tape: a broader based rally (about 1:20, estimated)

The Nifty closed at 24,231, up 153 points, 0.64 percent. Breadth was stronger, 39 stocks up and 10 down, one sideways. The Nifty 500 almost 304 to 192, this was the broader based rally. The Sensex was up 628 points at 77,537, and VIX down 4.5 percent to 10.81.

Everything green, Media 2.13 percent, Realty 1.4, capital markets 1.36, Eternal 2.31, Kotak Bank 1.65, ITC 1.60, Bajaj Finance 1.53. And the grading for yesterday, the buy on dips range worked perfectly, 76,900 to 77,800, the expiry magnet called at 77,500, closed at 77,537. I will take a 4.5 on that.

### 3. The structure: two crore calls unwound (about 2:38, estimated)

At 24,000, 1.63 crore puts have been written, the biggest support anywhere on the chain. After that, 24,200, where 69.2 lakh puts got added and the total line stands at 1.32 crore, the biggest support right now. At 24,300 we saw 26 lakh puts added.

Calls got covered everywhere across the board. 24,100 minus 68 lakh, 24,200 minus 27 lakh, 24,500 minus 23 lakh, 24,000 minus 22 lakh, 24,300 minus 18 lakh. So roughly almost 2 crore calls got unwound. Resistance now is 24,300 with almost 98 lakh calls, 24,200 building a base with almost 84 lakh, and the highest resistance at 24,500 with 1.25 crore.

### 4. The math: a rising magnet (about 4:01, estimated)

The PCR climbed from 0.7 to 1.09, almost the first time above one in this cycle. Max pain is climbing towards 24,300 again and it is stable there. A rising max pain and a magnet gives you the same lesson, and the direction is clean. The monthly basis is still 61 points higher on the futures.

Front IV is roughly 8 percent, rotating between 10 to 12.2, back to 9.5, back to 9, back to 8, and again climbing towards 9. The daily one standard deviation is roughly 140 points, 24,130 to 24,350. For Tuesday's expiry it is roughly 240 points, 24,000 on the lower end to 24,455. The straddle implies a similar 258 points, 23,980 to 24,490. So the math agrees with the option chain, the ceiling is 24,500 and the support is 24,000.

### 5. Positioning: the desk that cashed the lean is now long (about 5:42, estimated)

The pros added 81,000 calls on the rally, the book now at 1.14 lakh, flipped index futures to long, and added 70,000 puts as protection. The desk that cashed the bearish lean at the low is now positioned long.

The FIIs covered 80,000 call shorts, and that covering was the rally's fuel. They trimmed 93,000 puts, de-risking both directions, but the futures short stays at 2.12 lakh, and in cash they sold almost 583 crore into the rally. And the clients dumped 1.62 lakh calls into the first green day, the crowd finally sold something, still short almost 6.91 lakh having covered only 22,000.

### 6. The flows and the signal (about 7:04, estimated)

FII cash sold 583 crore, DII cash bought 3,583 crore, cumulative almost 43,000 crore for the month. FII stock futures added 3,243 crore, and FII index options sold 22,460 crore. The locals bought the breakout, the foreigners sold it. The war now runs into the strength.

The signal has flipped to buy. 24,210 on Thursday, the projected value 24,230, the fourth day the projection has landed within single digits. So the expiry pin projection, max pain climbing with put walls, equals a pin zone around 24,300, if oil behaves. GIFT Nifty shows a gap up landing exactly at 24,322 into that 24,300 resistance, against a Nasdaq down 1 percent, Brent at 93.74 ripping from 88 to 92 to 94, and USD INR at 95.71.

### 7. The plan: structure on our side for the first time (about 8:42, estimated)

We remain buy on dips, unchanged, and for the first time this month the structure is on our side. The buy zone is dips towards 24,200 with 1.33 crore fresh puts underneath, which gives comfort. Buy zone one is 24,200, and a second between 24,050 and 24,150. Stop loss is below a 24,000 close, 24,100 on a closing basis, and intraday 24,000.

Resistance is 24,300 where we open, then 24,450 is where the market should rally into, and it should oscillate before crossing 24,500 where 1.25 crore calls are written. Two higher closes in a row and the turn gets credible. Keep a watch on oil, 95 is the risk level, and above it 24,300 becomes a hurdle. Vol is at its low, so do not sell it into the close, buy into the close, but mind the theta decay. Size normal, defined risk always pays off, always play with spreads, do not play naked.

## Key takeaways

- First higher close after seven straight lower ones Nifty 24,231 up 153 points
- Sensex expiry closed exactly at 77,500 the magnet called to the point
- Two crore calls got covered off the carpet in a single session
- 69.2 lakh puts added at 24,200 the biggest single add anywhere
- PCR crossed one for the first time this cycle climbing 0.7 to 1.09
- Breadth 39 up 10 down one sideways Nifty 500 at 304 to 192
- Sensex up 628 points to 77,537 VIX down 4.5 percent to 10.81
- 24,000 holds 1.63 crore puts the biggest support anywhere on the chain
- 24,200 total line now 1.32 crore puts the biggest live support
- Calls covered 24,100 minus 68 lakh 24,200 minus 27 lakh 24,500 minus 23 lakh
- Resistance 24,300 at 98 lakh calls 24,500 the highest at 1.25 crore
- Max pain climbing to a stable 24,300 monthly basis 61 points higher
- Front IV roughly 8 percent daily 1SD about 140 points 24,130 to 24,350
- Tuesday expiry range about 240 points straddle 258 giving 23,980 to 24,490
- Pros added 81,000 calls flipped index futures to long added 70,000 puts
- FII covered 80,000 call shorts that covering was the rallys fuel
- FII trimmed 93,000 puts futures short stays 2.12 lakh cash sold 583 crore
- Clients dumped 1.62 lakh calls still short 6.91 lakh covered only 22,000
- DII cash 3,583 crore cumulative almost 43,000 crore for the month
- FII stock futures added 3,243 crore index options sold 22,460 crore
- Signal flipped to buy projection 24,230 the fourth day inside single digits
- GIFT gap up lands 24,322 into the 24,300 resistance oil 95 is the risk level
- Plan buy dips 24,200 second zone 24,050 to 24,150 stop below a 24,000 close

## Quotes

> Two crore calls off the carpet.
>
> The cold open, on the mass call covering behind the first higher close in eight days.

> The board turned bullish the same night the world rang alarm bells.
>
> On a bullish chain against a falling Nasdaq, oil above 94 and rising Indian yields.

> A rising max pain and a magnet gives you the same lesson, and the direction is clean.
>
> On max pain climbing to a stable 24,300 with the PCR over one.

> The desk that cashed the bearish lean at the low is now positioned long.
>
> On the pros flipping futures from short to long and adding call length.

> The locals bought the breakout, the foreigners sold it.
>
> On DII 3,583 crore against FII selling 583 crore into the rally.

> For the first time this month the structure is on our side.
>
> The plan, with 1.33 crore fresh puts sitting under the buy zone.

> Defined risk always pays off, always play with spreads, do not play naked.
>
> The close, with vol at its low.

## Transcript

A very good morning, guys. Yesterday the market ripped 153 points higher to 24,231, and the Sensex expiry closed exactly at 77,500. The first higher close after seven straight lower ones, and it came with a structure. Two crore calls off the carpet, I will come back to it later, but two crore calls got covered. 69 lakh got added at 24,200, the biggest single add anywhere. And the PCR crossed one for the first time in this cycle. 87. The gap up lands exactly on 24,300.

The board turned bullish the same night the world rang alarm bells. This is The Tanmay Edge. You are listening to episode 108. I am Tanmay Kurtkoti. Let's go. So first, about yesterday, guys. 64 percent higher close, that is the number one point. Breadth was stronger, 39 stocks up and 10 down, one sideways. The Nifty 500, almost 304 to 192, this was the broader based rally. The Sensex was up 628 points and closed at 77,537. 81. 53 percent. So the grading for yesterday, the buy on dips range worked perfectly, 76,900 to 77,800, the expiry magnet called at 77,500, closed at 77,537, worked perfectly.

5 on that. com. And now moving to the structure. 63 crore puts have been written, that is the biggest support you can see anywhere on the option chain. 32 crore puts, that is the biggest support right now we have at 24,200. At 24,300 we saw 26 lakh puts getting added over there, and after that we have some smaller supports on the lower strikes as well. Calls got covered everywhere across the board. 24,100 minus 68 lakh, 24,200 minus 27 lakh, 24,500 minus 23 lakh, 24,000 minus 22 lakh, 24,300 minus 18 lakh.

So roughly almost 2 crore calls got unwound yesterday. So right now the resistance present is 24,300 with almost 98 lakh calls present over there. 25 crore. 09, almost the first time above one in this cycle. Max pain is climbing towards that 24,300 mark again and it is stable over there. A rising max pain and a magnet gives you the same lesson, and the direction is clean. The monthly basis is still trading 61 points higher on the futures. So the map, guys.

The front IV is roughly 8 percent. 5, back to 9, back to 8 levels, and again climbing back towards that 9 zone. So the daily one standard deviation is roughly 140 points, so 24,130 on the lower end to 24,350 on the higher end is what the range is for. And for Tuesday, which is expiry, it is roughly around 240 points, so on the lower end you could expect 24,000 and on the higher end around 24,455. So 24,000 and 24,500 are the strikes you are going to look for.

The straddle is implying almost a similar range, 258 points, 23,980 on the lower end to 24,490 on the higher end. So the math agrees with the option chain as well, and the ceiling on the higher end is 24,500 and the support is present at 24,000. So who added what. 14 lakh, flipped index futures to long, remember this, so from short they have gone to long, added 70,000 puts as protection. The desk that cashed the bearish lean at the low is now positioned long.

Remember it. The FIIs covered 80,000 call shorts, that covering was the rally's fuel. Trimmed 93,000 puts, de-risking both the directions is what they are doing. 12 lakh short index futures, and in cash they have sold almost 583 crore into the rally yesterday. 62 lakh calls into the first green day. The crowd finally sold something. 91 lakh, covered only 22,000 of those futures, so that is worth remembering. And the flows. FII cash sold 583 crore, DII cash bought 3,583 crore, cumulative stands at almost 43,000 crore for this month.

And FII stock futures added 3,243 crore, bullish is where they are waiting for. FII index options sold 22,460 crore. The locals bought the breakout, the foreigners sold it. The war now runs into the strength that we are going to see. So the signal has flipped to buy. 24,210 on Thursday, the projected value is 24,230. That is the fourth day the projection has landed within single digits. So the expiry pin projection, max pain climbing with put walls, is equal to a pin zone around that 24,300, if oil behaves how we want it.

And this Friday morning, GIFT Nifty is again showing a gap up and landing exactly at 24,322, into that 24,300 resistance. 87 percent yesterday. 74, and oil is ripping from 88 to 92 to 94. Gold is trading at 4,727, another record high. 87. 3 percent. 71. 73. 64 day, so a fresh defensive book lags a beta rip, that is by design. So cycle level alpha still present, more than 1 percent since the rebalance. 74 percent, Welcorp is up by 7 percent since Monday's rebalance.

So the plan for today is simple, guys. We remain still buy on dips, unchanged, and for the first time this month the structure is on our side. 33 crore fresh puts underneath are present, so that gives us a comfort. So buy zone one and two are roughly similar. Buy zone one is 24,200, and if you want to add one more, you can add between 24,050 to 24,150, that is the second buy zone. Stop loss is below that 24,000 close, 24,100 on a closing basis, and intraday 24,000 is where we are keeping the stop loss.

Resistance, guys, is present at 24,300, where we are going to open. 25 crore calls have been written. So two higher closes in a row, the turn gets credible. So the expiry pin drift is still present around at 24,300 levels. So keep a watch on oil, 95 is that risk level you have to watch for. If the oil crosses 95, it is going to be a hurdle to cross that 24,300 mark. Vol is at its low, so do not sell it into the close, buy into the close, but mind the theta decay that is going to be present.

Size normal, defined risk always pays off, always play with spreads, do not play naked. And if you liked this episode, guys, share it with one trader friend who needs it right now. com where it is live at 8:30. So give it a rating, guys, if you want to add something to the podcast. And see you all once again on Monday morning. Until then, have a happy weekend and happy trading.

## More

- Podcast archive: https://www.rupeecase.com/podcast/
- August 2026 archive: https://www.rupeecase.com/podcast/2026-08/
- Season 2 index: https://www.rupeecase.com/podcast/season-2/
- Track record and method: https://www.rupeecase.com/track-record
- Previous: EP107, https://www.rupeecase.com/podcast/episodes/2026-08-20
- Next: EP109, https://www.rupeecase.com/podcast/episodes/2026-08-24

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