S2Ep112 | The Close Was Made In The Auction | Sensex Expiry Day, Max Pain 77600 Is Also The Gamma Flip | Writers Flip From 8-To-1 Puts To 5-To-1 Calls, 78000 Wall Hits 39.6 Lakh | Nifty PCR Collapses 1.16 To 0.73, Floor Migrates To 24000 |
The Tanmay Edge | India's pre-market edge, every trading day... by Tanmay Kurtkoti
Episode notes
Both indices printed their low as their close yesterday, and neither did it on the tape. Episode 112 opens on Sensex expiry day with the mechanism that made that close, because the same one settles today's contracts.
Wednesday's Sensex: 77,472.94, down 183.15 points (-0.24%), with a high of 77,986.84 and a low that WAS the close. The afternoon tape sat between 77,600 and 77,700; the settlement print took it roughly 180 points lower. The Nifty did the same thing: near 24,280 at 3:15, printed 24,207.75, also its low. The futures never followed either down, which is why the September basis now reads an inflated 245 points.
Under the surface, a violent split: the BANKEX added 0.40% while Focused IT fell 0.91%. Kotak Bank +3.53%, UltraTech +1.87%, Axis +1.33%, Tata Steel +1.10% against Infosys -1.94%, Bharti -1.91%, L&T -1.76%, Power G ...