Yesterday Sensex closed 75398.72 up 789. The biggest single day move since the 8th of April. Nifty closed 23689.60 plus 1.18 percent. BSE Metal led at plus 3.30. BSE Focused IT bled minus 1.77.

But the move wasn't the story. The hedge was.

Proprietary desks flipped 147656 call contracts in one session. From 71438 short calls Wednesday to 76218 long calls Thursday. Same desk. One day. Largest call-side Pro flip of Season Two. Third Pro flip of the season. First two ran three sessions higher each.

And then three desks moved the same way on the put side. Pro trimmed 14998 long puts. FII trimmed 64419 long puts. Client covered 77707 short puts. Three desks cut downside protection on the same session. When everyone removes the hedge at the same time, the chain isn't predicting. The chain is confessing.

The map for Friday is cle ...