It’s expiry day, Thursday 21st August, and markets are trading steady near the 25,000 mark. GIFT Nifty is higher at 25,109 (+29 pts), even as US markets saw weakness (Nasdaq -142 pts) and Asian markets trade mixed. Crude has bounced back above $67, gold is inching higher, and USDINR trades firm above 87.

Flows remain divergent — FIIs sold another ₹1,100 crore while DIIs bought ₹1,806 crore, keeping the monthly totals wide apart (FIIs -₹25,375 crore vs DIIs +₹63,966 crore).

Positioning shows clients still holding net longs (~3.16L shares), while pros have cut their shorts to ~56k. Synthetic futures are aligned near spot, indicating expiry action around 25,000–25,150. Weekly IVs have collapsed to 8.8, with the 25,050 straddle pricing just ₹106 — implying an ultra-narrow ex ...