On Friday we finally broke out. Then over the weekend someone closed the Strait of Hormuz, and this morning crude is up 4 percent and we open lower near 24000. Sounds scary. It is not. Episode 79 is a news podcast with a twist, and the read is simple: this is a dip you buy, not one you sell.

The tape first. Nifty closed 24206 up 1.02 percent, the first close above 24200 in the whole move. Sensex 77569 up 1.08 percent. India VIX fell another 8 percent to 12.25, a fresh low. Broad rally: Realty led up 3.49 percent, PSU Bank up 3.03, Bank Nifty up 1.39, IT up 1.96 off the TCS beat, Metal up 1.48. Midcaps and Smallcaps up over 1.4 each. Out of the entire board only FMCG closed red. The broadest green tape of the week.

Now the twist, straight from the NSE participant open interest. For the first time in a week the big money bought it with  ...