Hedgewall · Daily
The Closing Tape
NIFTY finished pinned to a strike, and the other two went nowhere in particular.
0 of the 3 fell below their opening print, ground back through the afternoon, and shut inside ranges no wider than 0.62 percent.
| Call wall 85.70 pts above | 23,500.00 | |
| Zero gamma 33.94 pts above | 23,448.24 | |
| CLOSE | 23,414.30 | |
| Put wall 14.30 pts below | 23,400.00 | |
| Max gamma strike 114.30 pts below | 23,300.00 |
Opened 23,351.65 and closed 23,414.30, 62.65 points up. It finished between the put wall at 23,400 and the zero gamma at 23,448, 33.94 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −4,80,400 Cr
- ATM IV
- 13.05%
- Expiry
- 1.00 days to 2026-09-22
| Gamma flip 1,950.14 pts above | 58,420.79 | |
| Call wall 529.35 pts above | 57,000.00 | |
| CLOSE | 56,470.65 | |
| Zero gamma 49.76 pts below | 56,420.89 | |
| Max gamma strike + put wall 470.65 pts below | 56,000.00 |
Opened 56,301.30 and closed 56,470.65, 169.35 points up. It finished between the zero gamma at 56,421 and the call wall at 57,000, 529.35 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +8,074 Cr
- ATM IV
- 12.24%
- Expiry
- 8.00 days to 2026-09-29
| Zero gamma 239.42 pts above | 75,098.41 | |
| Call wall 141.01 pts above | 75,000.00 | |
| CLOSE | 74,858.99 | |
| Max gamma strike 258.99 pts below | 74,600.00 | |
| Put wall 358.99 pts below | 74,500.00 |
Opened 74,563.37 and closed 74,858.99, 295.62 points up. It finished between the max gamma strike at 74,600 and the call wall at 75,000, 141.01 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −58,875 Cr
- ATM IV
- 12.61%
- Expiry
- 3.00 days to 2026-09-24
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 3,08,544 Cr of delta while today’s flow was long 24,248 Cr, 8 percent of it, the other way.
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BANKNIFTY went into the close short 3,08,544 Cr of delta. Today's flow was long 24,248 Cr. 8 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 195 to 196 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 21 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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