Brent crude spiked 7.5% overnight to $102. GIFT Nifty gapped down 335 points to 23,756. FII are sitting on -2,86,227 short contracts — the highest of Season 2 — and those shorts are printing. But the same FII were cash buyers on Friday at +672 Cr. Collar strategy, not panic. Clients are max bullish with -4.89L short puts and +1.43L long futures — all underwater this morning. Pro is flat at +91. GEX shows gamma flip at 24,050, we open 300 points below it in negative gamma. 24,000 strike holds 53L OI — the expiry magnet. Straddle 283, 1SD range 23,646-24,354. VIX will spike early, cool off later. This is a mean-reverting expiry day — negative close, buy the dip for the week. Plus: RupeeCase rebalance mechanics explained. Pro vs FII vs Client positioning breakdown.

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