Hedgewall · Daily
The Closing Tape
BANKNIFTY closed 0.01 percent under its gamma flip, in a negative-gamma regime.
All 3 fell below their opening print, stayed under it into the close, and shut inside ranges no wider than 1.07 percent.
| Max gamma strike + call wall 219.75 pts above | 23,000.00 | |
| CLOSE | 22,780.25 | |
| Gamma flip 57.25 pts below | 22,723.00 | |
| Put wall 80.25 pts below | 22,700.00 |
Opened 22,994.50 and spent the day below it, low to 22,768.85, before closing 22,780.25. It finished between the gamma flip at 22,723 and the max gamma strike + call wall at 23,000, 219.75 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +5,24,212 Cr
- ATM IV
- 16.49%
- Expiry
- 1.00 days to 2026-09-29
| Call wall 528.35 pts above | 55,000.00 | |
| Gamma flip 7.50 pts above | 54,479.15 | |
| CLOSE | 54,471.65 | |
| Max gamma strike + put wall 471.65 pts below | 54,000.00 |
Opened 55,034.95 and spent the day below it, low to 54,448.40, before closing 54,471.65. It finished between the max gamma strike + put wall at 54,000 and the gamma flip at 54,479, 7.50 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −1,118 Cr
- ATM IV
- 20.72%
- Expiry
- 1.00 days to 2026-09-29
| Max gamma strike 728.28 pts above | 73,500.00 | |
| Call wall 228.28 pts above | 73,000.00 | |
| CLOSE | 72,771.72 | |
| Gamma flip 244.70 pts below | 72,527.02 | |
| Put wall 771.72 pts below | 72,000.00 |
Opened 73,335.92 and spent the day below it, low to 72,744.10, before closing 72,771.72. It finished between the gamma flip at 72,527 and the call wall at 73,000, 228.28 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +37,455 Cr
- ATM IV
- 16.14%
- Expiry
- 3.00 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 SENSEX pair in Flows. The standing book is short 1,13,013 Cr of delta while today’s flow was long 3,75,751 Cr, 332 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.
SENSEX went into the close short 1,13,013 Cr of delta. Today's flow was long 3,75,751 Cr. 332 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 149 to 151 samples taken between 09:16 and 15:39 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 28 September 2026. Nothing in it is a recommendation to buy, sell or hold any security, and Hedgewall is not a registered investment adviser.
Unsubscribe from the daily briefOne tap. Every email carries the same button, and that one takes effect with no sign-in at all.
HEDGEWALL
connect@hedgewall.in