Saturday Donald Trump told Iran to get moving or there will be nothing left. Brent crude climbed 4 dollars over the weekend to 113. Bitcoin dropped 1300 dollars to 78030. The market we left on Friday is not the market we open today.

On Friday something rare happened on the Nifty option chain. The biggest desk bought 117484 call contracts AND 113445 put contracts in the same session. 230000 fresh option contracts on both sides of the trade. When a desk pays insurance for the market going up AND going down at the same time, they are not predicting direction. They are saying the market is going to move this week. Today is the day they paid for.

GIFT Nifty opens at 23561. Down 146 points. Down 0.62 percent. 80 points below Friday close. 60 points above 23500.

Why 23500 matters. At that strike, traders have bought 7.4 million put con ...