Yesterday Sensex closed at 74608.98. Up 49 points. Half a percent of a percent. From the outside it looked like the bleeding from Tuesday's crash had simply stopped. From the inside, Wednesday was the day the trade flipped.

Proprietary desks made three bullish moves on the same session. Covered 113051 short call positions. Sold 45229 long put positions. Added 5095 long futures positions. One bullish move on a session is noise. Three bullish moves on the same session is a posture shift. The last time we saw this exact signature was the 28th and 29th of April. Pro flipped. Four sessions later the market was higher.

This morning GIFT Nifty is up 109 points at 23533. Brent crude eased from 107 dollars overnight to 105.64. The dollar to rupee held steady at 95.70. US futures are green. Asia is mostly green. Pro bought the floor. GIFT voted ...