Hedgewall · Daily
The Closing Tape
BANKNIFTY sat on its gamma flip, in a negative-gamma regime.
All 3 fell below their opening print in the morning, ground back through the afternoon, and shut inside ranges no wider than 1.08 percent.
| Max gamma strike + call wall 33.80 pts above | 22,750.00 | |
| CLOSE | 22,716.20 | |
| Gamma flip 1.14 pts below | 22,715.06 | |
| Put wall 16.20 pts below | 22,700.00 |
Opened 22,723.25 and spent the day below it, low to 22,570.90, before closing 22,716.20. It finished between the gamma flip at 22,715 and the max gamma strike + call wall at 22,750, 33.80 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +26,868 Cr
- ATM IV
- 4.09%
- Expiry
- expired today
| Max gamma strike + call wall 40.05 pts above | 54,300.00 | |
| Gamma flip 0.18 pts above | 54,260.13 | |
| CLOSE | 54,259.95 | |
| Put wall 59.95 pts below | 54,200.00 |
Opened 54,314.25 and spent the day below it, low to 53,794.45, before closing 54,259.95. It finished between the put wall at 54,200 and the gamma flip at 54,260, 0.18 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −475 Cr
- ATM IV
- 3.41%
- Expiry
- expired today
| Call wall 470.93 pts above | 73,000.00 | |
| Gamma flip 13.21 pts above | 72,542.28 | |
| CLOSE | 72,529.07 | |
| Put wall 29.07 pts below | 72,500.00 | |
| Max gamma strike 529.07 pts below | 72,000.00 |
Opened 72,554.67 and spent the day below it, low to 72,076.40, before closing 72,529.07. It finished between the put wall at 72,500 and the gamma flip at 72,542, 13.21 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −4,020 Cr
- ATM IV
- 16.15%
- Expiry
- 2.00 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 1,18,124 Cr of delta while today’s flow was long 1,43,260 Cr, 121 percent of it, the other way.
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SENSEX went into the close short 1,18,124 Cr of delta. Today's flow was long 1,43,260 Cr. 121 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 138 to 144 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 29 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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