Hedgewall · Daily
The Closing Tape
NIFTY finished pinned to a strike, and the other two went nowhere in particular.
All 3 fell below their opening print in the morning, ground back through the afternoon, and shut inside ranges no wider than 0.93 percent.
| Call wall 282.40 pts above | 23,500.00 | |
| Zero gamma 34.51 pts above | 23,252.11 | |
| CLOSE | 23,217.60 | |
| Put wall 17.60 pts below | 23,200.00 | |
| Max gamma strike 217.60 pts below | 23,000.00 |
Opened 23,213.05 and spent the day below it, low to 23,128.65, before closing 23,217.60. It finished between the put wall at 23,200 and the zero gamma at 23,252, 34.51 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −1,63,040 Cr
- ATM IV
- 12.83%
- Expiry
- 6.00 days to 2026-09-22
| Gamma flip 1,670.51 pts above | 57,962.96 | |
| Max gamma strike + call wall 1,207.55 pts above | 57,500.00 | |
| CLOSE | 56,292.45 | |
| Zero gamma 283.97 pts below | 56,008.48 | |
| Put wall 292.45 pts below | 56,000.00 |
Opened 56,100.40 and spent the day below it, low to 55,826.75, before closing 56,292.45. It finished between the zero gamma at 56,008 and the max gamma strike + call wall at 57,500, 1,207.55 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +25,353 Cr
- ATM IV
- 14.24%
- Expiry
- 13.00 days to 2026-09-29
| Call wall 163.55 pts above | 74,500.00 | |
| Zero gamma 29.27 pts above | 74,365.72 | |
| CLOSE | 74,336.45 | |
| Max gamma strike + put wall 336.45 pts below | 74,000.00 |
Opened 74,342.63 and spent the day below it, low to 73,998.76, before closing 74,336.45. It finished between the max gamma strike + put wall at 74,000 and the zero gamma at 74,366, 29.27 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −14,298 Cr
- ATM IV
- 19.07%
- Expiry
- 1.00 days to 2026-09-17
Calls to the right in gold, puts to the left in violet, all three on one shared scale. Net is what survives when they cancel.
The first bar is every open contract that exists. The second is only what changed today. Opposite directions mean today pushed against the position rather than adding to it.
The card posts with it. Long press to save the image, or use the button and X will attach it from the link.
NIFTY was the only index in negative gamma. Below the zero gamma level, hedging runs with the move instead of against it.
- Call wall heaviest call open interest above spot
- Put wall heaviest put open interest below spot
- Gamma levels max gamma strike, zero gamma, the flip
- Close where it actually finished
Open, high and low mean the first, highest and lowest of 144 to 147 samples taken between 09:16 and 15:39 IST, not the exchange’s official prints, and the close is the last price we sampled rather than the settlement price. GEX is normalised to five days and compares across days for one index, never between indices. Volume reads zero at every strike after the close, so no volume figure appears above.
Same time tomorrow.
This is a description, not advice. It reports what the options book measured at the close on 16 September 2026. Nothing in it is a recommendation to buy, sell or hold any security, and Hedgewall is not a registered investment adviser.
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