Closing tape · 14 October 2026

NIFTY turned to positive gamma. BANKNIFTY and SENSEX held their regime.

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

NIFTY · positiveBANKNIFTY · positiveSENSEX · negative
NIFTY22,623 ▼ 99
POSITIVE GAMMA
+8,279 Cr
Turned from −304 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+9,2458 Oct−2,0119 Oct+10,92912 Oct−30413 Oct+8,27914 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,700 → 22,500CALL WALL 22,750 → 22,700FLIP 22,529SPOT 22,623
Spot closed 94 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 87
Pin at 22,700, held from the previous session.
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+5.3K CrFLOWtoday's change, counted as bought+20.5K CrINITIATEDtoday's change, signed by its class−30.3K Cr◀ negativepositive ▶
Initiated delta was −30.3K 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
#122,750PEshort cover#222,650PElong buildup#322,700PElong buildup#422,800PEshort cover#522,850PEshort 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.
BANKNIFTY55,316 ▼ 165
POSITIVE GAMMA
+1,305 Cr
Was +1,418 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1118 Oct+1,0849 Oct+1,03812 Oct+1,41813 Oct+1,30514 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 55,000 → 55,000CALL WALL 56,000 → 56,000FLIP 54,696SPOT 55,316
Spot closed 620 points above the flip. In positive gamma, hedging pressure leans against a move. Neither wall moved.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 83
Pin at 56,000, 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+829 CrFLOWtoday's change, counted as bought+1.7K CrINITIATEDtoday's change, signed by its class−2.7K Cr◀ negativepositive ▶
Initiated delta was −2.7K 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
#155,600PEshort cover#255,400PEshort cover#355,700PEshort cover#455,400CEshort buildup#555,600CElong unwind
Legs ranked by session volume ÷ standing OI. Volume and OI are counted in different units, so only the order is shown, not a multiple.
SENSEX72,782 ▼ 252
NEGATIVE GAMMA
−1,638 Cr
Was −991 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+18,6678 Oct−3,3789 Oct+3,36112 Oct−99113 Oct−1,63814 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 72,500 → 72,000CALL WALL 74,000 → 73,000SPOT 72,782FLIP 72,834
Spot closed 53 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved down.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 85
Pin at 73,000, moved from 72,500.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 4%▼ BEARISH 96%STATEthe whole book, all counted as bought−5.8K CrFLOWtoday's change, counted as bought+11.2K CrINITIATEDtoday's change, signed by its class−30.7K Cr◀ negativepositive ▶
Initiated delta was −30.7K Cr, 96% 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
#173,100PElong buildup#273,000PEshort cover#373,200PEshort cover#472,900PElong buildup#572,800PElong 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.
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