Hedgewall · Daily
The Closing Tape
NIFTY closed 0.01 percent over its gamma flip, in a positive-gamma regime.
1 of the 3 fell below their opening print in the morning, ground back through the afternoon, and shut inside ranges no wider than 0.86 percent.
| Max gamma strike + call wall 23.90 pts above | 22,800.00 | |
| CLOSE | 22,776.10 | |
| Gamma flip 2.49 pts below | 22,773.61 | |
| Put wall 26.10 pts below | 22,750.00 |
Opened 22,582.90 and closed 22,776.10, 193.20 points up. It finished between the gamma flip at 22,774 and the max gamma strike + call wall at 22,800, 23.90 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +2,054 Cr
- ATM IV
- 4.59%
- Expiry
- expired today
| Max gamma strike + call wall 871.60 pts above | 56,000.00 | |
| CLOSE | 55,128.40 | |
| Put wall 128.40 pts below | 55,000.00 | |
| Gamma flip 711.47 pts below | 54,416.93 |
Opened 54,898.20 and closed 55,128.40, 230.20 points up. It finished between the put wall at 55,000 and the max gamma strike + call wall at 56,000, 871.60 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +1,084 Cr
- ATM IV
- 14.71%
- Expiry
- 21.00 days to 2026-10-27
| Call wall 432.19 pts above | 73,500.00 | |
| Gamma flip 100.76 pts above | 73,168.57 | |
| CLOSE | 73,067.81 | |
| Max gamma strike + put wall 567.81 pts below | 72,500.00 |
Opened 72,446.80 and closed 73,067.81, 621.01 points up. It finished between the max gamma strike + put wall at 72,500 and the gamma flip at 73,169, 100.76 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −1,795 Cr
- ATM IV
- 15.18%
- Expiry
- 2.00 days to 2026-10-08
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 NIFTY pair in Flows. The standing book is short 1,314 Cr of delta while today’s flow was short 43,056 Cr, 3276 percent of it, in the same direction.
The card posts with it. Long press to save the image, or use the button and X will attach it from the link.
SENSEX was the only index in negative gamma. Below the zero gamma level, hedging runs with the move instead of against it.
- 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 143 to 145 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 6 October 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