Hedgewall · Daily
The Closing Tape
SENSEX 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 0.78 percent.
| Gamma flip 449.17 pts above | 23,719.77 | |
| Max gamma strike + call wall 229.40 pts above | 23,500.00 | |
| CLOSE | 23,270.60 | |
| Zero gamma 36.59 pts below | 23,234.01 | |
| Put wall 70.60 pts below | 23,200.00 |
Opened 23,221.15 and closed 23,270.60, 49.45 points up. It finished between the zero gamma at 23,234 and the max gamma strike + call wall at 23,500, 229.40 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +3,21,669 Cr
- ATM IV
- 10.54%
- Expiry
- 5.00 days to 2026-09-22
| Max gamma strike 1,944.25 pts above | 58,000.00 | |
| Gamma flip 1,860.16 pts above | 57,915.91 | |
| Call wall 1,444.25 pts above | 57,500.00 | |
| CLOSE | 56,055.75 | |
| Put wall 55.75 pts below | 56,000.00 | |
| Zero gamma 190.57 pts below | 55,865.18 |
Opened 56,123.90 and closed 56,055.75, 68.15 points down. It finished between the put wall at 56,000 and the call wall at 57,500, 1,444.25 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +20,686 Cr
- ATM IV
- 13.69%
- Expiry
- 12.00 days to 2026-09-29
| Call wall 85.41 pts above | 74,400.00 | |
| Zero gamma 7.01 pts above | 74,321.60 | |
| CLOSE | 74,314.59 | |
| Max gamma strike + put wall 14.59 pts below | 74,300.00 |
Opened 74,245.28 and closed 74,314.59, 69.31 points up. It finished between the max gamma strike + put wall at 74,300 and the zero gamma at 74,322, 7.01 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −3,71,863 Cr
- ATM IV
- 4.69%
- Expiry
- expired today
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.
Look at the BANKNIFTY pair in Flows. The standing book is short 3,89,082 Cr of delta while today’s flow was long 67,610 Cr, 17 percent of it, the other way.
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BANKNIFTY went into the close short 3,89,082 Cr of delta. Today's flow was long 67,610 Cr. 17 percent of the standing position, pointing the other way.
- 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 141 to 144 samples taken between 09:16 and 15:40 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 17 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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