Ir
Iris — Market Deskvoice call · analyst seat
LIVE 04:12
SAMPLE · 30 SEP 14:22 IST
Regime read

Narrow tape — distribution, not accumulation.

NIFTY 24,850 +0.41% · BANKNIFTY −0.18%

Regime

breadth · positioning · vol · cross-asset

Breadth

Adv / Dec18 / 32
% > 50-DMA44%
New H / L12 / 9
Top-3 share0.34 / 0.41
carried by RELIANCE, HDFCBK, ICICIBK

Positioning / Flows

PCR1.18
Max-pain24,800
FII cash−₹2,140cr
FII idx futs L/S0.82
DII cash+₹1,760cr
FIIs sold cash, bought idx calls

Vol surface

India VIX12.4
IV rank30
Term (wk/mo)11.8 / 13.2
25Δ risk-rev−2.4
Impl vs rlzd12.4 / 9.1
contango · puts bid · IV rich to realized

Cross-asset

USD/INR88.15
GIFT Nifty+0.20%
Brent$71.4
10Y G-sec6.48%
DXY104.2
weak INR · firm dollar

Anomaly rail

ranked dislocations · auto-surfaced
  • Breadth divergence — 2.1σ
    Index green, breadth red. Move is 3 names; the other 47 are net negative.
    now
  • Unusual OI — BANKNIFTY 52,000 CE
    +3.1× 20-day avg OI add in one hour. Someone's positioning above the wall.
    14:05
  • IV spike vs realized — TATAMOTORS
    Impl 34 vs realized 21. Results 2 Oct — event vol, not information.
    13:48
  • Sector rotation — Financials → IT / Pharma
    Defensive bid; money leaving the banks carrying the index.
    13:30
  • Level break — RELIANCE > 200-DMA
    Through 2,940 on 1.8× volume. One of the 3 holding the tape up.
    13:06
  • Skew flip — Nifty 25Δ risk-reversal
    Turned put-bid intraday from flat. Downside being paid for.
    12:52

Synthesis — Iris

push back on it
The rally is narrow and vol isn't confirming it — this looks like distribution. Your book is long the laggards into FII selling.
For you: beta 1.15 + Financials 41% are working against you today; your long vega is the one thing helping. If breadth stays red, the index follows the 47, not the 3.
Counter-case: FII index-call buying could be short hedges or a squeeze setup. Watch 24,900 — a breadth flip through it and I'd drop the distribution read.

Interrogate — voice

ask; I answer with the evidence

Your book — live

P&L attribution
−₹18,400−0.62%
Financials −31.2kIT +9.1kother +3.7k
+2.3Δ lots-eq
0.9Γ
−4.2kΘ /day
+6.8kV /1%
Stress: −2% NIFTY → −₹1.42L. Your +vega adds ₹0.70L back if IV +3. 1-day 95% VaR ₹1.1L.
Beta1.15
Financials wt41% ⚠
Net exposure108% long
Correlation cluster3 names = 1 bet

Alerts — transitions

fired today
  • ▲ RELIANCE crossed above 200-DMA 14:06
  • ◆ NIFTY IV rank fell below 35 13:40
  • ▼ Financials −1.5% intraday (your rule) 13:12
  • ● BANKNIFTY OI add > 3× on 52,000 CE 14:05
Sample data for layout · desk-grade live-call view for Market Pulse
read-only · analyst seat, not the data feed · model-implied where stated