S2Ep90 | Nifty Monthly Expiry: Pinned at 24000, Max Pain 24000, Buy the Dips | Hold 23900 and 24150 Is Where This Settles | Crude 87, VIX 12.6, PCR 1.13 | Sell Spreads, Don't Buy Options | 28th July Tuesday

Today is the Nifty monthly expiry, and it is a textbook pin. This is The Tanmay Edge, Episode 90, for Tuesday 28 July 2026. I am Tanmay Kurtkoti.The whole July series settles today, and on a monthly the open interest is three to four times heavier than a normal weekly, so every level pulls much harder. Yesterday the bounce ran straight up to 24,011, got sold back, and closed at 23,995.95, four points under 24000, on the single biggest strike on the board. Crude keeps falling, the rupee is firm, and the fear gauge is asleep. The whole chain says the same thing: buy the dips.THE SCOREBOARD: EP89 graded 4.5 out of 5. It called the gap-up into resistance, 24000 as the lid, to fade the first tag rather than chase, and to watch crude and the vol gauge. The market ran to 24,011.60, sold back to close 23,995.95 at the lid, crude kept sliding, and the vol gauge crashed almost ten percent. A clean card.THE CLOSE (Monday 27 July): Nifty 23,995.95, up 228, almost a percent. Sensex 76,835.78, up 776. A breadth thrust, 43 stocks up and 7 down inside the Nifty 50, with midcaps and smallcaps up more than a percent and all eleven sectors green, led by IT. India VIX crashed to 12.64.THE MONTHLY CHAIN: Max pain sits exactly at 24000. The put call ratio is 1.13, put-heavy and supportive, with 20.03 crore puts open against 17.76 crore calls. The put writers built a floor: 24000 holds over 1.5 crore puts, 23900 holds 1.3 crore. The calls wall off above at 24200, the heaviest line at 1.5 crore, with 24100 in between. And 24150, the strike between the walls, is nearly empty at just six lakh puts, which is exactly where a monthly like this tends to drift and settle. The straddle at 24000 is only about 126, so the market is pricing a move of just 125 points for the whole expiry day.POSITIONING: Yesterday everyone de-risked into the settlement. The professional desk booked call profit, the foreign institutions covered short calls, and the crowd covered puts. Nobody is pressing a directional bet into a monthly expiry with a Fed the next day. Cash was FII minus 1,688 crore, DII plus 2,329 crore.THE WORLD: Brent near 87, still falling, keeping the rupee firm at 95.91. The dollar flat, gold soft. US futures near flat, Europe closed green, Asia quiet with Hong Kong higher. GIFT Nifty near 23,977, a flat open right on the pin.THE PLAN: Buy the dips. Hold 23900, the put-writers' floor, and this monthly can drift up to 24150 into the close. Respect 24200 as the wall, fade the first tap unless it is taken on a close. Lose 23900 and it slips toward 23800.THE EDUCATION: On a vol-crushed expiry, do not buy naked options, time decay eats them even if you are right on direction. Be the seller of premium, and use a defined-risk spread so your loss is capped. One caveat: the Fed decides tomorrow, so premium will not fully collapse today. Keep it defined and small.Full show and scorecard are free on rupeecase.com, where it streams first.Sources: NSE, BSE, NSDL, CDSL, SEBI official disclosures. Follow @TanmayKurtkoti on X, Instagram, LinkedIn. Free daily on rupeecase.com. For education only. Not investment advice.