Yesterday the smartest desks in the market stopped hedging both ways and picked a side. For two sessions the pros had held a bet that just wanted a move, long calls and long puts at the same time. Yesterday they tore it up and went long. That flip, one day before the Fed and one day before Sensex expiry, is the whole story on episode 92.

First the tape. Sensex closed 77654, up 888 points, up 1.16 percent. Nifty finished 24250, up 1.1 percent. And this rally was not the thin, IT-only tape from the day before. It broadened: 542 stocks up against 207 down, smallcaps up over 1 percent, IT and metals and FMCG all green. India VIX fell to 12.01, a multi-week low, the day before a central bank decision. The market walked into the Fed calm.

Now the positioning, the real story. The pro desks stacked calls to 1,45,235 net long, adding about 90, ...