Closing tape · 15 October 2026

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

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

NIFTY · negativeBANKNIFTY · positiveSENSEX · positive
NIFTY22,997 ▲ 375
NEGATIVE GAMMA
−7,275 Cr
Turned from +8,248 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−1,7819 Oct+10,91912 Oct−27213 Oct+8,24814 Oct−7,27515 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,500 → 22,900CALL WALL 22,700 → 23,000SPOT 22,997FLIP 23,052
Spot closed 55 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved up.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 89
Pin at 22,900, moved from 22,700.
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+5.2K CrFLOWtoday's change, counted as bought−87.5K CrINITIATEDtoday's change, signed by its class+95.3K Cr◀ negativepositive ▶
Initiated delta was +95.3K 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
#122,850CEshort cover#222,950CEshort cover#322,750CEshort cover#422,800CEshort cover#523,050CElong 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.
BANKNIFTY55,810 ▲ 494
POSITIVE GAMMA
+1,355 Cr
Was +1,290 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,1049 Oct+1,04412 Oct+1,41013 Oct+1,29014 Oct+1,35515 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 55,000 → 55,000CALL WALL 56,000 → 56,000FLIP 55,236SPOT 55,810
Spot closed 574 points above the flip. In positive gamma, hedging pressure leans against a move. Neither wall moved.
PIN · STABLE
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 79
Pin at 55,700, moved from 56,000.
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+3.2K CrFLOWtoday's change, counted as bought−3.3K CrINITIATEDtoday's change, signed by its class+5.7K Cr◀ negativepositive ▶
Initiated delta was +5.7K 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
#155,600CEshort cover#256,100CElong buildup#355,800PEshort buildup#455,400CEshort cover#555,700CEshort 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.
SENSEX74,316 ▲ 1,534
POSITIVE GAMMA
+3,437 Cr
Turned from −1,640 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−3,3999 Oct+3,40712 Oct−1,00013 Oct−1,64014 Oct+3,43715 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 72,000 → 74,300CALL WALL 73,000 → 74,400FLIP 74,278SPOT 74,316
Spot closed 38 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved up.
PIN · SHIFTING
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 50
Pin at 74,400, moved from 73,000.
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+47.0K CrFLOWtoday's change, counted as bought−31.7K CrINITIATEDtoday's change, signed by its class+84.9K Cr◀ negativepositive ▶
Initiated delta was +84.9K 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
#173,500CEshort cover#273,600CEshort cover#373,400CEshort cover#473,300CEshort cover#573,700CEshort 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.