Closing tape · 23 October 2026

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

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

NIFTY · positiveBANKNIFTY · positiveSENSEX · positive
NIFTY22,600 ▼ 88
POSITIVE GAMMA
+7,809 Cr
Was +4,296 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−2,02616 Oct+4,72119 Oct+11,26821 Oct+4,29622 Oct+7,80923 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,600 → 22,500CALL WALL 23,000 → 23,000FLIP 22,527SPOT 22,600
Spot closed 73 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 51%▼ BEARISH 49%STATEthe whole book, all counted as bought−17.7K CrFLOWtoday's change, counted as bought+42.8K CrINITIATEDtoday's change, signed by its class+583 Cr◀ negativepositive ▶
Initiated delta was +583 Cr, 51% 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
#122,550PEshort cover#222,450PElong buildup#322,350PElong buildup#422,650PEshort cover#522,450CEshort 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.
BANKNIFTY54,287 ▼ 638
POSITIVE GAMMA
+204 Cr
Was +535 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,38716 Oct+1,30719 Oct+1,43021 Oct+53522 Oct+20423 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 54,500 → 54,000CALL WALL 55,000 → 55,000FLIP 54,249SPOT 54,287
Spot closed 38 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 39%▼ BEARISH 61%STATEthe whole book, all counted as bought−13.3K CrFLOWtoday's change, counted as bought+8.7K CrINITIATEDtoday's change, signed by its class−820 Cr◀ negativepositive ▶
Initiated delta was −820 Cr, 61% 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
#154,100PElong buildup#254,300PElong buildup#354,200PElong buildup#454,400PEshort cover#553,900PEshort 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.
SENSEX73,124 ▼ 126
POSITIVE GAMMA
+1,183 Cr
Turned from −202 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
−18016 Oct+4,51119 Oct+7,52021 Oct−20222 Oct+1,18323 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 73,200 → 73,000CALL WALL 73,300 → 73,500FLIP 72,811SPOT 73,124
Spot closed 313 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 34%▼ BEARISH 66%STATEthe whole book, all counted as bought+628 CrFLOWtoday's change, counted as bought+4.1K CrINITIATEDtoday's change, signed by its class−2.4K Cr◀ negativepositive ▶
Initiated delta was −2.4K Cr, 66% 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
#170,600PElong buildup#272,800PElong buildup#373,300PEshort cover#471,400PElong buildup#570,400PElong 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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