Four green days, a real breakout, and then the Fed turned hawkish overnight. On Thursday's episode of The Tanmay Edge we trade the collision. A market holding its first ever Nifty close above 24,000 and a Sensex back over 77,000, walking into Sensex weekly expiry the morning after the US Federal Reserve flipped its tone.

The setup. The Sensex closed 77,155, up 347 points, its fourth straight up day. Nifty added 96 to close at 24,085, the first time it has ever closed above 24,000 after five rejections. The wall finally became a floor. The leadership was broad and cyclical, metals, defence, IT and energy out front, the private financials, Axis, Kotak and the Bajaj twins, the drag.

The overhang resolved overnight, and not in the market's favour. The Federal Reserve held its rate but turned hawkish, the dot-plot now points to a hike this ...