# Bank Nifty gamma exposure, walls and max pain

Canonical: https://squawkflow.com/india/bank-nifty

Source: NSE end-of-day data, 8 Oct 2026. End of day, not live. Not investment advice.

Bank Nifty levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 54,515.05: call wall 57,000, put wall 55,000, gamma flip 54,016 (the close sat above it), max pain 55,500 for the 27 Oct 2026 expiry, put/call OI ratio 0.84, net GEX ₹798 cr per 1% move.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 54,515.05 (8 Oct 2026) |
| Call wall | 57,000 |
| Put wall | 55,000 |
| Gamma flip | 54,016 |
| Net GEX, Dealers long calls, short puts | ₹798 cr per 1% move |
| Net GEX, Option writers short every option | -₹10,943 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 55,500 |
| PCR (OI), all expiries | 0.84 |
| PCR (OI), nearest expiry | 0.87 |
| Lot size (nearest expiry) | 30 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Tue 27 Oct 2026 | 19 | 30 | 1,51,06,350 | 1,30,79,700 | 0.87 | 55,500 |
| Mon 23 Nov 2026 | 46 | 30 | 27,02,460 | 16,68,570 | 0.62 | 57,000 |
| Tue 29 Dec 2026 | 82 | 30 | 4,18,350 | 6,01,080 | 1.44 | 57,000 |
| Tue 30 Mar 2027 | 173 | 30 | 28,260 | 12,360 | 0.44 | 57,000 |
| Tue 29 Jun 2027 | 264 | 30 | 330 | 90 | 0.27 | 57,000 |
| Tue 28 Sep 2027 | 355 | 30 | 0 | 120 | n/a | no open interest yet |

## By strike (within 5% of the close)

GEX in ₹ crore per 1% move. OI and OI change in units.

| Strike | Call OI | Put OI | Call OI chg | Put OI chg | Call GEX | Put GEX | Net GEX |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 51,800 | 30 | 24,300 | 0 | -2,040 | ₹0.01 cr | -₹5.2 cr | -₹5.2 cr |
| 51,900 | 30 | 13,680 | 0 | -1,860 | ₹0.01 cr | -₹3.1 cr | -₹3.1 cr |
| 52,000 | 41,700 | 8,09,310 | +1,950 | +69,030 | ₹9.9 cr | -₹192 cr | -₹182 cr |
| 52,100 | 60 | 40,350 | 0 | +390 | ₹0.01 cr | -₹10.2 cr | -₹10.2 cr |
| 52,200 | 30 | 55,350 | 0 | +27,060 | ₹0.01 cr | -₹14.8 cr | -₹14.7 cr |
| 52,300 | 720 | 27,240 | 0 | +570 | ₹0.2 cr | -₹7.5 cr | -₹7.3 cr |
| 52,400 | 30 | 35,970 | 0 | +3,270 | ₹0.01 cr | -₹10.5 cr | -₹10.5 cr |
| 52,500 | 2,280 | 4,36,050 | +60 | -4,320 | ₹0.7 cr | -₹120 cr | -₹119 cr |
| 52,600 | 0 | 75,150 | 0 | +7,470 | ₹0 cr | -₹24.2 cr | -₹24.2 cr |
| 52,700 | 1,140 | 33,660 | 0 | +1,110 | ₹0.38 cr | -₹11.2 cr | -₹10.8 cr |
| 52,800 | 390 | 75,120 | +90 | +8,820 | ₹0.13 cr | -₹26.5 cr | -₹26.4 cr |
| 52,900 | 360 | 24,840 | +90 | -2,970 | ₹0.13 cr | -₹9.1 cr | -₹8.9 cr |
| 53,000 | 76,410 | 6,22,200 | +990 | -4,980 | ₹28.4 cr | -₹231 cr | -₹202 cr |
| 53,100 | 960 | 22,410 | +30 | -1,260 | ₹0.37 cr | -₹8.9 cr | -₹8.5 cr |
| 53,200 | 2,310 | 54,900 | +150 | -17,400 | ₹0.93 cr | -₹22.8 cr | -₹21.9 cr |
| 53,300 | 2,400 | 44,760 | -60 | +15,810 | ₹1 cr | -₹19.2 cr | -₹18.2 cr |
| 53,400 | 3,120 | 60,600 | +300 | +17,640 | ₹1.4 cr | -₹27 cr | -₹25.7 cr |
| 53,500 | 43,590 | 3,77,340 | -4,560 | -12,900 | ₹19.8 cr | -₹173 cr | -₹153 cr |
| 53,600 | 7,620 | 56,820 | 0 | +4,170 | ₹3.6 cr | -₹26.7 cr | -₹23.1 cr |
| 53,700 | 19,440 | 61,950 | -1,710 | +10,950 | ₹9.5 cr | -₹30.5 cr | -₹21 cr |
| 53,800 | 16,110 | 84,990 | +960 | +7,800 | ₹8.1 cr | -₹42.9 cr | -₹34.9 cr |
| 53,900 | 17,760 | 59,220 | +690 | -8,910 | ₹9.1 cr | -₹30.6 cr | -₹21.4 cr |
| 54,000 | 2,66,790 | 8,42,880 | +24,330 | -34,590 | ₹127 cr | -₹388 cr | -₹261 cr |
| 54,100 | 21,300 | 46,650 | +780 | -2,940 | ₹11.4 cr | -₹24.9 cr | -₹13.5 cr |
| 54,200 | 63,360 | 1,24,290 | -480 | +2,340 | ₹35.4 cr | -₹69.1 cr | -₹33.7 cr |
| 54,300 | 42,720 | 68,970 | +1,080 | -7,230 | ₹23.6 cr | -₹38.3 cr | -₹14.6 cr |
| 54,400 | 56,940 | 92,550 | +13,020 | +9,300 | ₹30.4 cr | -₹50.3 cr | -₹19.9 cr |
| 54,500 | 3,36,960 | 4,51,890 | +67,800 | -84,120 | ₹193 cr | -₹248 cr | -₹54.6 cr |
| 54,600 | 90,150 | 1,23,000 | +41,760 | +28,620 | ₹52.9 cr | -₹72 cr | -₹19.1 cr |
| 54,700 | 1,51,560 | 1,63,170 | +86,880 | +13,290 | ₹90.5 cr | -₹97.4 cr | -₹6.9 cr |
| 54,800 | 1,89,090 | 1,42,800 | +82,590 | -14,610 | ₹113 cr | -₹85.5 cr | ₹27.9 cr |
| 54,900 | 1,71,210 | 1,22,730 | +57,390 | -2,040 | ₹103 cr | -₹73.5 cr | ₹29.4 cr |
| 55,000 | 12,82,950 | 12,16,050 | +3,41,370 | +7,440 | ₹750 cr | -₹703 cr | ₹47.4 cr |
| 55,100 | 1,16,670 | 1,07,310 | -31,830 | -27,300 | ₹69.2 cr | -₹63.8 cr | ₹5.4 cr |
| 55,200 | 1,72,470 | 1,30,590 | -17,640 | -87,660 | ₹102 cr | -₹76.9 cr | ₹25.3 cr |
| 55,300 | 1,56,810 | 1,01,490 | -7,110 | -57,930 | ₹91.9 cr | -₹59.3 cr | ₹32.6 cr |
| 55,400 | 99,630 | 63,840 | +30,210 | -840 | ₹57.4 cr | -₹36.4 cr | ₹21 cr |
| 55,500 | 7,41,030 | 5,40,120 | +38,670 | -38,100 | ₹410 cr | -₹281 cr | ₹129 cr |
| 55,600 | 1,19,070 | 32,430 | +15,570 | -1,110 | ₹66.5 cr | -₹17.7 cr | ₹48.9 cr |
| 55,700 | 1,52,640 | 40,980 | +4,440 | -2,160 | ₹83.9 cr | -₹22.1 cr | ₹61.8 cr |
| 55,800 | 1,96,320 | 77,910 | +3,870 | -24,630 | ₹105 cr | -₹41.5 cr | ₹63.7 cr |
| 55,900 | 1,20,990 | 44,100 | +16,890 | -1,230 | ₹62.7 cr | -₹22.3 cr | ₹40.5 cr |
| 56,000 | 14,07,450 | 7,32,870 | +95,220 | -50,460 | ₹699 cr | -₹365 cr | ₹335 cr |
| 56,100 | 60,720 | 15,960 | +8,190 | -330 | ₹29.1 cr | -₹7.4 cr | ₹21.7 cr |
| 56,200 | 1,08,780 | 22,050 | +2,250 | -630 | ₹50.7 cr | -₹10.1 cr | ₹40.6 cr |
| 56,300 | 75,900 | 20,820 | -16,050 | -150 | ₹33.8 cr | -₹9.3 cr | ₹24.5 cr |
| 56,400 | 1,01,640 | 87,720 | -3,930 | +4,110 | ₹43.8 cr | -₹38.2 cr | ₹5.7 cr |
| 56,500 | 9,14,490 | 4,20,570 | +51,990 | -5,130 | ₹380 cr | -₹172 cr | ₹208 cr |
| 56,600 | 1,16,340 | 18,300 | +7,830 | -210 | ₹45.8 cr | -₹7.3 cr | ₹38.6 cr |
| 56,700 | 1,77,030 | 11,400 | +19,080 | -90 | ₹66.4 cr | -₹4.3 cr | ₹62.1 cr |
| 56,800 | 2,23,470 | 11,640 | +31,230 | -60 | ₹80.3 cr | -₹4.1 cr | ₹76.2 cr |
| 56,900 | 89,700 | 15,480 | +5,610 | -180 | ₹30.3 cr | -₹5.2 cr | ₹25.1 cr |
| 57,000 | 24,11,940 | 11,07,600 | +19,920 | -4,650 | ₹789 cr | -₹329 cr | ₹460 cr |
| 57,100 | 1,15,500 | 19,230 | -2,850 | -150 | ₹33.4 cr | -₹5.6 cr | ₹27.8 cr |
| 57,200 | 1,06,950 | 10,500 | -35,190 | -1,440 | ₹28.6 cr | -₹2.9 cr | ₹25.7 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 8 Oct 2026 | 54,515.05 | 57,000 | 55,000 | 54,016 | 55,500 | 0.84 |
| 7 Oct 2026 | 55,055.55 | 57,000 | 55,000 | 54,533 | 55,900 | 0.89 |
| 6 Oct 2026 | 55,128.4 | 57,000 | 55,000 | 54,464 | 56,000 | 0.87 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 548 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method