GIFT Nifty touched 23,500 overnight on ceasefire news — then faded 600 points back to 22,877. The squeeze came and went. It's expiry day, IV is at 55%, and 23,000 is the number everyone is watching.

In today's episode: • Global cues — US mixed, crude bounces to $104, Asia modestly green • FII sold -₹10,414 Cr cash (heaviest since 13 Mar) — cumulative selling crosses ₹1 lakh crore • FII shorts deepened to -2,43,961 contracts — squeeze fading at current levels • 23,000 call wall with 74.93L OI — THE expiry pin strike • IV Crush education — why your straddle loses money even when the market moves 400 points • RupeeCase Nifty 50 model held +0.38% alpha through the drawdown — rebalances today

Timestamps: [0:00] Cold Open — Ceasefire fade + 600-point giveback [0:15] Intro [0:30] Global Cues — US mixed, crude bounces to $104, Asia modest [1: ...