Closing tape · 16 October 2026

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

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

NIFTY · negativeBANKNIFTY · positiveSENSEX · negative
NIFTY23,146 ▲ 149
NEGATIVE GAMMA
−2,026 Cr
Was −7,275 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+10,91912 Oct−27213 Oct+8,24814 Oct−7,27515 Oct−2,02616 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,900 → 23,000CALL WALL 23,000 → 23,200SPOT 23,146FLIP 23,155
Spot closed 9 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved up.
PIN · STABLE
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 72
Pin at 23,100, moved from 22,900.
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+22.2K CrFLOWtoday's change, counted as bought−37.5K CrINITIATEDtoday's change, signed by its class+66.6K Cr◀ negativepositive ▶
Initiated delta was +66.6K 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
#122,950CEshort cover#223,050CElong buildup#323,150CElong buildup#423,100CElong buildup#523,050PEshort 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.
BANKNIFTY55,844 ▲ 34
POSITIVE GAMMA
+1,387 Cr
Was +1,355 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,04412 Oct+1,41013 Oct+1,29014 Oct+1,35515 Oct+1,38716 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 55,000 → 55,000CALL WALL 56,000 → 56,000FLIP 55,355SPOT 55,844
Spot closed 489 points above the flip. In positive gamma, hedging pressure leans against a move. Neither wall moved.
PIN · SHIFTING
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 42
Pin at 56,000, moved from 55,700.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 56%▼ BEARISH 44%STATEthe whole book, all counted as bought+3.4K CrFLOWtoday's change, counted as bought+63 CrINITIATEDtoday's change, signed by its class+257 Cr◀ negativepositive ▶
Initiated delta was +257 Cr, 56% 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.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#155,800PEshort buildup#255,700CEshort buildup#355,800CEshort buildup#455,900CEshort buildup#555,600PEshort 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.
SENSEX74,729 ▲ 414
NEGATIVE GAMMA
−180 Cr
Turned from +3,437 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+3,40712 Oct−1,00013 Oct−1,64014 Oct+3,43715 Oct−18016 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 74,300 → 74,000CALL WALL 74,400 → 75,000SPOT 74,729FLIP 74,736
Spot closed 7 points below the flip. In negative gamma, hedging pressure leans with a move.
PIN · SHIFTING
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 51
Pin at 74,500, moved from 74,400.
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+3.3K CrFLOWtoday's change, counted as bought−5.2K CrINITIATEDtoday's change, signed by its class+21.5K Cr◀ negativepositive ▶
Initiated delta was +21.5K 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
#174,400CElong buildup#274,300CElong buildup#374,200CElong buildup#478,400CEshort buildup#574,100CEshort 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.