Hedgewall · Daily

The Closing Tape

FRI 18 SEP 202615:39 IST

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 0.73 percent.

NIFTY

23,346.40

+1.15 pts +0.005% since the open

LOW 23,290.20HIGH 23,384.25

The bar is the sampled range. The dark notch is the first sample, the blue block is the close.

Where the close sits

	Max gamma strike 153.60 pts above	23,500.00
	Call wall 53.60 pts above	23,400.00
	Zero gamma 17.25 pts above	23,363.65
	CLOSE	23,346.40
	Put wall 46.40 pts below	23,300.00

Opened 23,345.25 and spent the day below it, low to 23,290.20, before closing 23,346.40. It finished between the put wall at 23,300 and the zero gamma at 23,364, 17.25 points under the nearer one above. Hedging amplifies from here.

Regime: NEGATIVE GAMMA
Net GEX: −2,33,203 Cr
ATM IV: 8.98%
Expiry: 4.00 days to 2026-09-22

BANKNIFTY

56,358.70

+90.35 pts +0.161% since the open

LOW 56,081.45HIGH 56,492.10

Where the close sits

	Call wall 1,141.30 pts above	57,500.00
	Zero gamma 34.51 pts above	56,393.21
	CLOSE	56,358.70
	Max gamma strike + put wall 358.70 pts below	56,000.00

Opened 56,268.35 and closed 56,358.70, 90.35 points up. It finished between the max gamma strike + put wall at 56,000 and the zero gamma at 56,393, 34.51 points under the nearer one above. Hedging amplifies from here.

Regime: NEGATIVE GAMMA
Net GEX: −4,584 Cr
ATM IV: 12.10%
Expiry: 11.00 days to 2026-09-29

SENSEX

74,294.96

−272.28 pts −0.365% since the open

LOW 74,294.96HIGH 74,722.61

Where the close sits

	Zero gamma 236.05 pts above	74,531.01
	Call wall 205.04 pts above	74,500.00
	CLOSE	74,294.96
	Max gamma strike 194.96 pts below	74,100.00
	Put wall 294.96 pts below	74,000.00

Opened 74,567.24 and spent the day below it, low to 74,294.96, before closing 74,294.96. It finished between the max gamma strike at 74,100 and the call wall at 74,500, 205.04 points under the nearer one above. Hedging amplifies from here.

Regime: NEGATIVE GAMMA
Net GEX: −42,537 Cr
ATM IV: 10.80%
Expiry: 6.00 days to 2026-09-24

Delta · which side is heavy

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.

NIFTYnet −4,03,297 Cr

puts -40,32,290calls +36,28,993

BANKNIFTYnet −3,71,306 Cr

puts -8,52,330calls +4,81,024

SENSEXnet −86,746 Cr

puts -3,57,926calls +2,71,180

Cr of delta-notional, standing open interest at 15:39 IST.

Flows · the book against today

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.

NIFTY

Standing book−4,03,297 Cr

Today's flow−9,83,234 Cr

BANKNIFTY

Standing book−3,71,306 Cr

Today's flow−94,607 Cr

SENSEX

Standing book−86,746 Cr

Today's flow−63,361 Cr

Blue is long delta, red is short. Flow is this session against the previous close.

How to read the ladders

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

What these numbers are

Open, high and low mean the first, highest and lowest of 152 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 18 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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