Closing tape · 21 October 2026

NIFTY, BANKNIFTY and SENSEX stayed positive.

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

NIFTY · positiveBANKNIFTY · positiveSENSEX · positive
NIFTY22,811 ▼ 78
POSITIVE GAMMA
+11,268 Cr
Was +4,721 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+8,24814 Oct−7,27515 Oct−2,02616 Oct+4,72119 Oct+11,26821 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,850 → 22,500CALL WALL 22,900 → 23,000FLIP 22,686SPOT 22,811
Spot closed 125 points above the flip. In positive gamma, hedging pressure leans against a move.
PIN · STABLE
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 73
Pin at 22,800.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 33%▼ BEARISH 67%STATEthe whole book, all counted as bought−20.8K CrFLOWtoday's change, counted as bought+25.5K CrINITIATEDtoday's change, signed by its class−14.5K Cr◀ negativepositive ▶
Initiated delta was −14.5K Cr, 67% 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
#122,950PEshort buildup#222,850PElong unwind#323,050PEshort buildup#422,650PEshort buildup#522,750PEshort 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.
BANKNIFTY54,977 ▼ 511
POSITIVE GAMMA
+1,430 Cr
Was +1,307 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,29014 Oct+1,35515 Oct+1,38716 Oct+1,30719 Oct+1,43021 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 55,000 → 54,000CALL WALL 56,000 → 55,000FLIP 54,634SPOT 54,977
Spot closed 342 points above the flip. In positive gamma, hedging pressure leans against a move. Both walls moved down.
PIN · SHIFTING
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 45
Pin at 55,000.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 40%▼ BEARISH 60%STATEthe whole book, all counted as bought−5.1K CrFLOWtoday's change, counted as bought+6.8K CrINITIATEDtoday's change, signed by its class−1.5K Cr◀ negativepositive ▶
Initiated delta was −1.5K Cr, 60% 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
#155,700PE#255,600PElong unwind#355,200PElong unwind#454,700PE#555,100PElong 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.
SENSEX73,710 ▼ 143
POSITIVE GAMMA
+7,520 Cr
Was +4,511 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−1,64014 Oct+3,43715 Oct−18016 Oct+4,51119 Oct+7,52021 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 73,000 → 73,500CALL WALL 74,000 → 74,000FLIP 73,446SPOT 73,710
Spot closed 264 points above the flip. In positive gamma, hedging pressure leans against a move.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 87
Pin at 73,500.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 20%▼ BEARISH 80%STATEthe whole book, all counted as bought+6.6K CrFLOWtoday's change, counted as bought+20.8K CrINITIATEDtoday's change, signed by its class−27.9K Cr◀ negativepositive ▶
Initiated delta was −27.9K Cr, 80% 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
#174,300PEshort buildup#273,800PElong unwind#373,900PElong unwind#474,200PEshort buildup#574,400PEshort 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.
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.