On Friday foreigners sold us a billion dollars worth. On Monday morning the Sensex was 1,135 points underwater by 10 AM. Then the same desks came back and bought us 2,813 crore in cash. The Nifty climbed all the way back to 23,649. Today is Nifty weekly expiry. The buyers are sitting in the chair.

THE OVERNIGHT SETUP. Monday gave us three macro warning lights — Brent crude 111 dollars, rupee at 96.40 (first ever print above 96), Bitcoin under 80,000. By Tuesday morning, Brent had dropped 2 percent overnight to 109.81. One light dimmed. Korea KOSPI down 5.24 percent is the new Asia wild card. American markets closed mixed — no panic. GIFT Nifty was up 23 points at 7:45 AM IST — almost a flat open.

THE CHAIN FOR TODAY. The biggest call position is 24,000 with 12.62 million contracts. That ceiling is mathematically too far to touch today ...