Hedgewall · Daily
The Closing Tape
BANKNIFTY sat on its gamma flip, in a negative-gamma regime.
All 3 fell below their opening print, 2 of them grinding back through the afternoon, and shut inside ranges no wider than 0.56 percent.
| Call wall 59.50 pts above | 23,200.00 | |
| CLOSE | 23,140.50 | |
| Gamma flip 21.53 pts below | 23,118.97 | |
| Put wall 40.50 pts below | 23,100.00 | |
| Max gamma strike 140.50 pts below | 23,000.00 |
Opened 23,088.10 and closed 23,140.50, 52.40 points up. It finished between the gamma flip at 23,119 and the call wall at 23,200, 59.50 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +2,40,458 Cr
- ATM IV
- 10.20%
- Expiry
- 4.00 days to 2026-09-29
| Call wall 419.60 pts above | 56,000.00 | |
| Gamma flip 0.19 pts above | 55,580.59 | |
| CLOSE | 55,580.40 | |
| Put wall 80.40 pts below | 55,500.00 | |
| Max gamma strike 580.40 pts below | 55,000.00 |
Opened 55,583.20 and spent the day below it, low to 55,412.20, before closing 55,580.40. It finished between the put wall at 55,500 and the gamma flip at 55,581, 0.19 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −53 Cr
- ATM IV
- 12.02%
- Expiry
- 4.00 days to 2026-09-29
| Call wall 104.26 pts above | 74,000.00 | |
| CLOSE | 73,895.74 | |
| Gamma flip 62.30 pts below | 73,833.44 | |
| Max gamma strike + put wall 395.74 pts below | 73,500.00 |
Opened 73,710.90 and closed 73,895.74, 184.84 points up. It finished between the gamma flip at 73,833 and the call wall at 74,000, 104.26 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +9,428 Cr
- ATM IV
- 11.65%
- Expiry
- 6.00 days to 2026-10-01
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 5,07,289 Cr of delta while today’s flow was long 64,967 Cr, 13 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 5,07,289 Cr of delta. Today's flow was long 64,967 Cr. 13 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 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 25 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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