Closing tape · 22 October 2026

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

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

NIFTY · positiveBANKNIFTY · positiveSENSEX · negative
NIFTY22,688 ▼ 124
POSITIVE GAMMA
+4,296 Cr
Was +11,268 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−7,27515 Oct−2,02616 Oct+4,72119 Oct+11,26821 Oct+4,29622 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,500 → 22,600CALL WALL 23,000 → 23,000FLIP 22,646SPOT 22,688
Spot closed 42 points above the flip. In positive gamma, hedging pressure leans against a move.
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 49%▼ BEARISH 51%STATEthe whole book, all counted as bought−24.5K CrFLOWtoday's change, counted as bought+6.2K CrINITIATEDtoday's change, signed by its class−274 Cr◀ negativepositive ▶
Initiated delta was −274 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
#122,650CEshort buildup#222,650PElong buildup#322,550CEshort buildup#422,450PE#522,600CEshort 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.
BANKNIFTY54,926 ▼ 51
POSITIVE GAMMA
+535 Cr
Was +1,430 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,35515 Oct+1,38716 Oct+1,30719 Oct+1,43021 Oct+53522 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 54,000 → 54,500CALL WALL 55,000 → 55,000FLIP 54,801SPOT 54,926
Spot closed 125 points above the flip. In positive gamma, hedging pressure leans against a move.
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 45%▼ BEARISH 55%STATEthe whole book, all counted as bought−6.7K CrFLOWtoday's change, counted as bought+517 CrINITIATEDtoday's change, signed by its class−211 Cr◀ negativepositive ▶
Initiated delta was −211 Cr, 55% 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
#154,700PEshort buildup#254,600CEshort buildup#354,600PEshort buildup#454,800PElong unwind#555,100CElong 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.
SENSEX73,249 ▼ 460
NEGATIVE GAMMA
−202 Cr
Turned from +7,520 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+3,43715 Oct−18016 Oct+4,51119 Oct+7,52021 Oct−20222 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 73,500 → 73,200CALL WALL 74,000 → 73,300SPOT 73,249FLIP 73,250
Spot closed 0 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved down.
PIN · SHIFTING
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 46
Pin at 73,300, moved from 73,500.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 26%▼ BEARISH 74%STATEthe whole book, all counted as bought+15.1K CrFLOWtoday's change, counted as bought+33.8K CrINITIATEDtoday's change, signed by its class−16.4K Cr◀ negativepositive ▶
Initiated delta was −16.4K Cr, 74% 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
#173,500PElong unwind#273,400PEshort buildup#373,600PEshort cover#473,900CEshort buildup#572,800PEshort 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.
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