Hedgewall · Daily
The Closing Tape
SENSEX closed 0.01 percent under its gamma flip, in a negative-gamma regime.
All 3 fell below their opening print in the morning, ground back through the afternoon, and shut inside ranges no wider than 1.00 percent.
| Max gamma strike + call wall 53.85 pts above | 23,200.00 | |
| Gamma flip 9.26 pts above | 23,155.41 | |
| CLOSE | 23,146.15 | |
| Put wall 146.15 pts below | 23,000.00 |
Opened 23,034.30 and spent the day below it, low to 22,919.55, before closing 23,146.15. It finished between the put wall at 23,000 and the gamma flip at 23,155, 9.26 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −1,775 Cr
- ATM IV
- 10.74%
- Expiry
- 3.00 days to 2026-10-19
| Max gamma strike + call wall 156.00 pts above | 56,000.00 | |
| CLOSE | 55,844.00 | |
| Gamma flip 488.83 pts below | 55,355.17 | |
| Put wall 844.00 pts below | 55,000.00 |
Opened 55,946.40 and spent the day below it, low to 55,528.50, before closing 55,844.00. It finished between the gamma flip at 55,355 and the max gamma strike + call wall at 56,000, 156.00 points under the nearer one above. Hedging dampens from here.
- Regime
- POSITIVE GAMMA
- Net GEX
- +1,398 Cr
- ATM IV
- 13.65%
- Expiry
- 11.00 days to 2026-10-27
| Call wall 270.73 pts above | 75,000.00 | |
| Gamma flip 7.11 pts above | 74,736.38 | |
| CLOSE | 74,729.27 | |
| Max gamma strike + put wall 729.27 pts below | 74,000.00 |
Opened 74,415.69 and spent the day below it, low to 74,026.35, before closing 74,729.27. It finished between the max gamma strike + put wall at 74,000 and the gamma flip at 74,736, 7.11 points under the nearer one above. Hedging amplifies from here.
- Regime
- NEGATIVE GAMMA
- Net GEX
- −73 Cr
- ATM IV
- 12.40%
- Expiry
- 6.00 days to 2026-10-22
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 long 22,190 Cr of delta while today’s flow was short 37,451 Cr, 169 percent of it, the other way.
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NIFTY went into the close long 22,190 Cr of delta. Today's flow was short 37,451 Cr. 169 percent of the standing position, pointing the other way.
- 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 633 samples taken between 09:16 and 15:39 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 16 October 2026. Nothing in it is a recommendation to buy, sell or hold any security, and Hedgewall is not a registered investment adviser.
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