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 0.96 percent.
| Max gamma strike + call wall 21.00 pts above | 23,350.00 | |
| Gamma flip 8.54 pts above | 23,337.54 | |
| CLOSE | 23,329.00 | |
| Zero gamma 2.64 pts below | 23,326.36 | |
| Put wall 29.00 pts below | 23,300.00 |
Opened 23,482.35 and spent the day below it, low to 23,297.20, before closing 23,329.00. It finished between the zero gamma at 23,326 and the gamma flip at 23,338, 8.54 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +86,184 Cr
- ATM IV
- 4.39%
- Expiry
- expired today
| Gamma flip 1,232.16 pts above | 57,447.71 | |
| Max gamma strike 784.45 pts above | 57,000.00 | |
| Call wall 284.45 pts above | 56,500.00 | |
| CLOSE | 56,215.55 | |
| Put wall 215.55 pts below | 56,000.00 | |
| Zero gamma 216.23 pts below | 55,999.32 |
Opened 56,575.20 and spent the day below it, low to 56,127.90, before closing 56,215.55. It finished between the put wall at 56,000 and the call wall at 56,500, 284.45 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +39,146 Cr
- ATM IV
- 11.79%
- Expiry
- 7.00 days to 2026-09-29
| Gamma flip 1,048.52 pts above | 75,577.60 | |
| Max gamma strike + call wall 470.92 pts above | 75,000.00 | |
| CLOSE | 74,529.08 | |
| Put wall 29.08 pts below | 74,500.00 | |
| Zero gamma 133.35 pts below | 74,395.73 |
Opened 74,966.76 and spent the day below it, low to 74,444.71, before closing 74,529.08. It finished between the put wall at 74,500 and the max gamma strike + call wall at 75,000, 470.92 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +56,621 Cr
- ATM IV
- 13.11%
- Expiry
- 2.00 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 2,35,683 Cr of delta while today’s flow was long 1,14,054 Cr, 48 percent of it, the other way.
The card posts with it. Long press to save the image, or use the button and X will attach it from the link.
BANKNIFTY went into the close short 2,35,683 Cr of delta. Today's flow was long 1,14,054 Cr. 48 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 181 to 183 samples taken between 09:15 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 22 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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