Closing tape · 26 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
NIFTY22,753 ▲ 153
POSITIVE GAMMA
+869 Cr
Was +7,809 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+4,72119 Oct+11,26821 Oct+4,29622 Oct+7,80923 Oct+86926 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 22,500 → 22,600CALL WALL 23,000 → 23,000FLIP 22,743SPOT 22,753
Spot closed 10 points above the flip. In positive gamma, hedging pressure leans against a move.
PIN · LOCKED
NO PINSHIFTINGSTABLELOCKEDCONVICTION0100 · 80
Pin at 22,700, held from the previous session.
DELTA POSITIONING · STATE, FLOW, INITIATED
SPLIT OF INITIATED DELTA · THE LARGER SIDE IS THE VERDICT▲ BULLISH 48%▼ BEARISH 52%STATEthe whole book, all counted as bought+3.3K CrFLOWtoday's change, counted as bought−32.0K CrINITIATEDtoday's change, signed by its class−2.2K Cr◀ negativepositive ▶
Initiated delta was −2.2K Cr, 52% 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 cover#222,550CEshort cover#322,450CEshort cover#422,750CElong buildup#522,600CEshort 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.
BANKNIFTY54,367 ▲ 79
POSITIVE GAMMA
+751 Cr
Was +204 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+1,30719 Oct+1,43021 Oct+53522 Oct+20423 Oct+75126 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 54,000 → 54,000CALL WALL 55,000 → 55,000FLIP 54,217SPOT 54,367
Spot closed 150 points above the flip. In positive gamma, hedging pressure leans against a move. Neither wall moved.
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 61%▼ BEARISH 39%STATEthe whole book, all counted as bought−8.4K CrFLOWtoday's change, counted as bought+5.1K CrINITIATEDtoday's change, signed by its class+1.4K Cr◀ negativepositive ▶
Initiated delta was +1.4K Cr, 61% 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
#154,200CEshort buildup#253,900PEshort buildup#353,800PEshort buildup#453,800CElong buildup#553,600PEshort 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.
SENSEX73,607 ▲ 483
NEGATIVE GAMMA
−1,088 Cr
Turned from +1,183 Cr at the previous close
NET GAMMA · LAST 5 SESSIONS
+4,51119 Oct+7,52021 Oct−20222 Oct+1,18323 Oct−1,08826 Oct
WHERE SPOT SITS · AND HOW THE WALLS MOVED SINCE THE PREVIOUS CLOSE
PUT WALL 73,000 → 73,500CALL WALL 73,500 → 74,000SPOT 73,607FLIP 73,775
Spot closed 168 points below the flip. In negative gamma, hedging pressure leans with a move. Both walls moved up.
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 81%▼ BEARISH 19%STATEthe whole book, all counted as bought+623 CrFLOWtoday's change, counted as bought−7.7K CrINITIATEDtoday's change, signed by its class+5.4K Cr◀ negativepositive ▶
Initiated delta was +5.4K Cr, 81% 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
#173,300CElong buildup#273,200CEshort cover#373,400CElong buildup#474,100CElong buildup#573,100CEshort 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.
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