EP29: Long Gamma Still in Play | Bull Put Spread Setup | 22nd August, Friday

Friday, 22nd August — GIFT Nifty trades at 25,057, down 50 points, even as Asian markets hold steady in the green. US indices slipped overnight, with the Nasdaq down 0.34% at a crucial 21,000 level.

Flows turned supportive, with FIIs buying ₹1,246 crore and DIIs adding ₹2,546 crore. For the month, however, FIIs remain net sellers (-₹24,128 crore), while DIIs continue to absorb supply (+₹66,512 crore).

Positioning data shows clients maintaining their long stance with 4.43 lakh shares net long, while pros remain net short at 1.21 lakh shares, balancing the risk. With implied volatility at just 8.5 for the August expiry and realized volatility still running higher, long gamma strategies remain the preferred play.

Trade Setup:

• Core directional  ...