Closing tape · 19 October 2026

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

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

NIFTY · positiveBANKNIFTY · positiveSENSEX · positive
NIFTY22,889 ▼ 257
POSITIVE GAMMA
+4,721 Cr
Turned from −2,026 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−27213 Oct+8,24814 Oct−7,27515 Oct−2,02616 Oct+4,72119 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 23,000 → 22,850CALL WALL 23,200 → 22,900FLIP 22,885SPOT 22,889
Spot closed 4 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · NO PIN
NO PINSHIFTINGSTABLELOCKED
No pin at the close.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 32%▼ BEARISH 68%STATEthe whole book, all counted as bought−23.2K CrFLOWtoday's change, counted as bought−7.8K CrINITIATEDtoday's change, signed by its class−1.4K Cr◀ negativepositive ▶
Initiated delta was −1.4K Cr, 68% 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.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#123,050PE#223,000PE#322,950PE#422,800PE#523,100PE
Legs ranked by session volume ÷ standing OI. Volume and OI are counted in different units, so only the order is shown, not a multiple.
BANKNIFTY55,488 ▼ 356
POSITIVE GAMMA
+1,307 Cr
Was +1,387 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,41013 Oct+1,29014 Oct+1,35515 Oct+1,38716 Oct+1,30719 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 55,000 → 55,000CALL WALL 56,000 → 56,000FLIP 55,156SPOT 55,488
Spot closed 332 points above the flip. In positive gamma, hedging pressure leans against a move. Neither wall moved.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 86
Pin at 56,000, held from the previous session.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 49%▼ BEARISH 51%STATEthe whole book, all counted as bought+90 CrFLOWtoday's change, counted as bought+2.3K CrINITIATEDtoday's change, signed by its class−82 Cr◀ negativepositive ▶
Initiated delta was −82 Cr, 51% 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.
UNUSUAL VOLUME · BUSIEST LEGS RELATIVE TO STANDING OI
#155,600PEshort cover#255,700PEshort cover#355,800PEshort cover#455,600CElong buildup#555,400PE
Legs ranked by session volume ÷ standing OI. Volume and OI are counted in different units, so only the order is shown, not a multiple.
SENSEX73,853 ▼ 876
POSITIVE GAMMA
+4,511 Cr
Turned from −180 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−1,00013 Oct−1,64014 Oct+3,43715 Oct−18016 Oct+4,51119 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 74,000 → 73,000CALL WALL 75,000 → 74,000FLIP 73,635SPOT 73,853
Spot closed 218 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · NO PIN
NO PINSHIFTINGSTABLELOCKED
No pin at the close.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 72%▼ BEARISH 28%STATEthe whole book, all counted as bought+2.0K CrFLOWtoday's change, counted as bought+17.3K CrINITIATEDtoday's change, signed by its class+11.1K Cr◀ negativepositive ▶
Initiated delta was +11.1K Cr, 72% 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
#174,200PEshort cover#274,300PEshort cover#374,400PEshort cover#474,600PEshort cover#574,500PEshort 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.
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