Closing tape · 13 October 2026

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

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

NIFTY · negativeBANKNIFTY · positiveSENSEX · negative
NIFTY22,722 ▲ 359
NEGATIVE GAMMA
−304 Cr
Turned from +10,929 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+7,4397 Oct+9,2458 Oct−2,0119 Oct+10,92912 Oct−30413 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,300 → 22,700CALL WALL 22,500 → 22,750SPOT 22,722FLIP 22,722
Spot closed 0 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved up.
PIN · STABLE
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 77
Pin at 22,700, moved from 22,350.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 99%▼ BEARISH 1%STATEthe whole book, all counted as bought+59.2K CrFLOWtoday's change, counted as bought−68.9K CrINITIATEDtoday's change, signed by its class+71.0K Cr◀ negativepositive ▶
Initiated delta was +71.0K Cr, 99% of the initiated delta leans bullish.
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 up on the day, calls read as bought and puts as sold, and both add long delta. A split this one-sided can largely be the index move itself.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#122,550CEshort cover#222,600CEshort cover#322,650CEshort cover#422,500CEshort cover#522,450PEshort 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.
BANKNIFTY55,481 ▲ 563
POSITIVE GAMMA
+1,418 Cr
Was +1,038 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+7717 Oct+1118 Oct+1,0849 Oct+1,03812 Oct+1,41813 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 54,500 → 55,000CALL WALL 55,000 → 56,000FLIP 54,783SPOT 55,481
Spot closed 698 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved up.
PIN · SHIFTING
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 45
Pin at 55,500, moved from 55,000.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 100%▼ BEARISH 0%STATEthe whole book, all counted as bought+7.2K CrFLOWtoday's change, counted as bought−4.8K CrINITIATEDtoday's change, signed by its class+7.5K Cr◀ negativepositive ▶
Initiated delta was +7.5K Cr, 100% of the initiated delta leans bullish.
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 up on the day, calls read as bought and puts as sold, and both add long delta. A split this one-sided can largely be the index move itself.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#155,200CEshort cover#255,100CEshort cover#355,300CEshort cover#455,200PEshort buildup#555,400CEshort 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.
SENSEX73,034 ▲ 1,109
NEGATIVE GAMMA
−991 Cr
Turned from +3,361 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−1,0967 Oct+18,6678 Oct−3,3789 Oct+3,36112 Oct−99113 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 71,500 → 72,500CALL WALL 72,000 → 74,000SPOT 73,034FLIP 73,081
Spot closed 47 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved up.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 84
Pin at 72,500, moved from 71,900.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 99%▼ BEARISH 1%STATEthe whole book, all counted as bought+10.7K CrFLOWtoday's change, counted as bought−38.2K CrINITIATEDtoday's change, signed by its class+47.0K Cr◀ negativepositive ▶
Initiated delta was +47.0K Cr, 99% of the initiated delta leans bullish.
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 up on the day, calls read as bought and puts as sold, and both add long delta. A split this one-sided can largely be the index move itself.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#172,900CEshort cover#272,800CEshort cover#372,200CEshort cover#472,700CEshort cover#572,600CEshort 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.