Yesterday was expiry and the chain paid exactly who got there first. Nifty settled at 24,187.70, down 0.21%, twelve points under the 24,200 max pain magnet. A textbook pin. The straddle sellers collected, the option buyers bled theta, and the day never left the range the vol was pricing. In episode 86 we grade that call, read the fresh positioning, and map the new week.

The scoreboard. Nifty 24,187.70, open 24,216.05, high 24,262.20, low 24,135.65. Sensex 77,470.11, down 0.31%. Bank Nifty 57,835.35. India VIX crushed to 12.60, down 2.92%. And the tell most people missed: green under a red index. Midcap 100 up 0.30%, Smallcap 100 up 0.53%. A handful of heavyweights dragged the headline while the broader market closed higher.

The positioning, pros first. The pros flattened, cutting index long calls from 2,46,822 contracts to 15,596 and  ...