Closing tape · 12 October 2026

NIFTY and SENSEX turned to positive gamma. BANKNIFTY stayed positive.

What changed since the previous close, index by index, and what is still true.

NIFTY · positiveBANKNIFTY · positiveSENSEX · positive
NIFTY22,363 ▼ 157
POSITIVE GAMMA
+10,929 Cr
Turned from −2,011 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+2,0546 Oct+7,4397 Oct+9,2458 Oct−2,0119 Oct+10,92912 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,500 → 22,300CALL WALL 22,700 → 22,500FLIP 22,297SPOT 22,363
Spot closed 66 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · STABLE
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 70
Pin at 22,350, moved from 22,500.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 1%▼ BEARISH 99%STATEthe whole book, all counted as bought−7.9K CrFLOWtoday's change, counted as bought+81.1K CrINITIATEDtoday's change, signed by its class−84.7K Cr◀ negativepositive ▶
Initiated delta was −84.7K Cr, 99% of the initiated delta leans bearish.
Only Initiated carries a direction: above zero is long delta the initiating side added (bullish), below zero is short delta (bearish). State and Flow count every contract as bought, so they say which leg is heavier and nothing about direction. Calculated from open interest and price changes, not observed trades.
Each leg is read from its price change since the previous close. With the index down on the day, calls read as sold and puts as bought, and both add short delta. A split this one-sided can largely be the index move itself.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#122,450PEshort cover#222,550PEshort cover#322,500PEshort cover#422,400PEshort cover#522,350PE
Legs ranked by session volume ÷ standing OI. Volume and OI are counted in different units, so only the order is shown, not a multiple.
BANKNIFTY54,918 ▼ 339
POSITIVE GAMMA
+1,038 Cr
Was +1,084 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,0846 Oct+7717 Oct+1118 Oct+1,0849 Oct+1,03812 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 55,000 → 54,500CALL WALL 56,000 → 55,000FLIP 54,373SPOT 54,918
Spot closed 545 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 87
Pin at 55,000, moved from 55,500.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 0%▼ BEARISH 100%STATEthe whole book, all counted as bought−3.4K CrFLOWtoday's change, counted as bought+2.9K CrINITIATEDtoday's change, signed by its class−4.9K Cr◀ negativepositive ▶
Initiated delta was −4.9K Cr, 100% of the initiated delta leans bearish.
Only Initiated carries a direction: above zero is long delta the initiating side added (bullish), below zero is short delta (bearish). State and Flow count every contract as bought, so they say which leg is heavier and nothing about direction. Calculated from open interest and price changes, not observed trades.
Each leg is read from its price change since the previous close. With the index down on the day, calls read as sold and puts as bought, and both add short delta. A split this one-sided can largely be the index move itself.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#155,100PEshort cover#254,800PElong buildup#354,900PEshort cover#455,200PEshort cover#555,100CEshort buildup
Legs ranked by session volume ÷ standing OI. Volume and OI are counted in different units, so only the order is shown, not a multiple.
SENSEX71,925 ▼ 548
POSITIVE GAMMA
+3,361 Cr
Turned from −3,378 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−1,7956 Oct−1,0967 Oct+18,6678 Oct−3,3789 Oct+3,36112 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 72,000 → 71,500CALL WALL 72,500 → 72,000FLIP 71,541SPOT 71,925
Spot closed 384 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · STABLE
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 73
Pin at 71,900, moved from 72,000.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 1%▼ BEARISH 99%STATEthe whole book, all counted as bought−1.7K CrFLOWtoday's change, counted as bought+20.0K CrINITIATEDtoday's change, signed by its class−23.7K Cr◀ negativepositive ▶
Initiated delta was −23.7K Cr, 99% of the initiated delta leans bearish.
Only Initiated carries a direction: above zero is long delta the initiating side added (bullish), below zero is short delta (bearish). State and Flow count every contract as bought, so they say which leg is heavier and nothing about direction. Calculated from open interest and price changes, not observed trades.
Each leg is read from its price change since the previous close. With the index down on the day, calls read as sold and puts as bought, and both add short delta. A split this one-sided can largely be the index move itself.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#172,200PEshort cover#266,800PElong unwind#372,100PEshort cover#472,300PEshort cover#572,000PEshort cover
Legs ranked by session volume ÷ standing OI. Volume and OI are counted in different units, so only the order is shown, not a multiple.
Hedgewall publishes options market-structure analytics for education and research. Not investment advice. Not a recommendation to buy or sell any security. Markets carry risk. Every figure is calculated from the option chain; Hedgewall does not say who holds a position or where an index will go.