# Nifty gamma exposure, walls and max pain

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

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

Nifty levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 22,231.8: call wall 22,500, put wall 22,000, gamma flip 22,144 (the close sat above it), max pain 22,400 for the 13 Oct 2026 expiry, put/call OI ratio 0.73, net GEX ₹11,166 cr per 1% move.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 22,231.8 (8 Oct 2026) |
| Call wall | 22,500 |
| Put wall | 22,000 |
| Gamma flip | 22,144 |
| Net GEX, Dealers long calls, short puts | ₹11,166 cr per 1% move |
| Net GEX, Option writers short every option | -₹1,05,303 cr per 1% move |
| Max pain, 13 Oct 2026 expiry | 22,400 |
| PCR (OI), all expiries | 0.73 |
| PCR (OI), nearest expiry | 0.62 |
| Lot size (nearest expiry) | 65 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Tue 13 Oct 2026 | 5 | 65 | 22,63,22,980 | 13,94,07,450 | 0.62 | 22,400 |
| Mon 19 Oct 2026 | 11 | 65 | 2,31,47,345 | 1,42,45,140 | 0.61 | 22,500 |
| Tue 27 Oct 2026 | 19 | 65 | 7,65,31,000 | 7,10,90,305 | 0.93 | 23,000 |
| Tue 3 Nov 2026 | 26 | 65 | 14,59,965 | 6,08,140 | 0.42 | 22,550 |
| Mon 9 Nov 2026 | 32 | 65 | 85,995 | 20,020 | 0.23 | 22,500 |
| Mon 23 Nov 2026 | 46 | 65 | 1,41,73,315 | 1,26,03,825 | 0.89 | 23,000 |
| Tue 29 Dec 2026 | 82 | 65 | 2,47,19,090 | 2,66,13,840 | 1.08 | 24,000 |
| Tue 30 Mar 2027 | 173 | 65 | 38,31,685 | 39,17,030 | 1.02 | 24,000 |
| Tue 29 Jun 2027 | 264 | 65 | 2,79,070 | 1,68,010 | 0.60 | 24,000 |
| Tue 28 Sep 2027 | 355 | 65 | 910 | 325 | 0.36 | 22,500 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 21,150 | 65 | 5,42,165 | 0 | +1,54,830 | ₹0.01 cr | -₹25.9 cr | -₹25.9 cr |
| 21,200 | 650 | 52,08,645 | +520 | +26,23,595 | ₹0.02 cr | -₹284 cr | -₹284 cr |
| 21,250 | 1,235 | 7,51,205 | +715 | +3,20,125 | ₹0.01 cr | -₹44 cr | -₹44 cr |
| 21,300 | 5,525 | 35,75,585 | +4,355 | +12,11,600 | ₹0.28 cr | -₹255 cr | -₹255 cr |
| 21,350 | 2,145 | 10,89,140 | +1,170 | +3,52,105 | ₹0.01 cr | -₹92 cr | -₹92 cr |
| 21,400 | 7,670 | 41,99,130 | +4,095 | +10,11,335 | ₹0.57 cr | -₹368 cr | -₹367 cr |
| 21,450 | 3,120 | 9,12,080 | +1,885 | +2,58,245 | ₹0.04 cr | -₹86.7 cr | -₹86.7 cr |
| 21,500 | 7,89,750 | 1,56,21,905 | +2,09,560 | +42,14,665 | ₹106 cr | -₹1,773 cr | -₹1,668 cr |
| 21,550 | 8,905 | 16,17,785 | +5,395 | +10,05,615 | ₹0.62 cr | -₹201 cr | -₹201 cr |
| 21,600 | 19,175 | 48,24,430 | +13,325 | +17,51,620 | ₹2.3 cr | -₹690 cr | -₹688 cr |
| 21,650 | 6,825 | 28,11,185 | +2,080 | +17,97,705 | ₹0.48 cr | -₹462 cr | -₹462 cr |
| 21,700 | 30,615 | 63,21,965 | +21,320 | +12,53,590 | ₹5.2 cr | -₹1,193 cr | -₹1,188 cr |
| 21,750 | 16,835 | 20,44,380 | +13,065 | +9,08,505 | ₹2.8 cr | -₹448 cr | -₹445 cr |
| 21,800 | 1,50,865 | 85,80,780 | +1,01,985 | +29,87,140 | ₹34.6 cr | -₹2,098 cr | -₹2,063 cr |
| 21,850 | 25,870 | 22,91,575 | +22,100 | +12,18,750 | ₹6.6 cr | -₹665 cr | -₹658 cr |
| 21,900 | 1,77,125 | 50,45,560 | +97,630 | +11,53,425 | ₹49.2 cr | -₹1,554 cr | -₹1,504 cr |
| 21,950 | 76,960 | 19,28,030 | +65,845 | +4,00,725 | ₹25.3 cr | -₹698 cr | -₹673 cr |
| 22,000 | 35,63,855 | 2,15,50,390 | +11,66,795 | +37,04,870 | ₹842 cr | -₹6,049 cr | -₹5,207 cr |
| 22,050 | 2,11,250 | 16,47,100 | +1,78,685 | +1,11,280 | ₹84.1 cr | -₹713 cr | -₹629 cr |
| 22,100 | 8,50,720 | 53,15,245 | +6,65,470 | +12,24,405 | ₹379 cr | -₹2,291 cr | -₹1,911 cr |
| 22,150 | 6,06,905 | 23,25,375 | +5,51,720 | +8,23,225 | ₹288 cr | -₹1,171 cr | -₹883 cr |
| 22,200 | 59,92,740 | 1,08,46,745 | +53,26,165 | +25,37,145 | ₹2,547 cr | -₹4,724 cr | -₹2,177 cr |
| 22,250 | 36,86,410 | 28,97,635 | +35,32,425 | +11,45,105 | ₹1,958 cr | -₹1,440 cr | ₹518 cr |
| 22,300 | 87,47,635 | 1,00,78,965 | +76,22,420 | +29,07,515 | ₹4,320 cr | -₹4,325 cr | -₹5.1 cr |
| 22,350 | 34,80,685 | 15,14,240 | +32,94,850 | +1,42,350 | ₹1,833 cr | -₹741 cr | ₹1,092 cr |
| 22,400 | 1,29,28,240 | 56,25,815 | +1,14,42,405 | -5,24,875 | ₹6,219 cr | -₹2,235 cr | ₹3,984 cr |
| 22,450 | 41,74,235 | 15,50,185 | +38,44,165 | -40,950 | ₹1,957 cr | -₹682 cr | ₹1,275 cr |
| 22,500 | 1,91,39,445 | 1,19,25,485 | +1,29,31,555 | -21,20,365 | ₹7,053 cr | -₹2,870 cr | ₹4,183 cr |
| 22,550 | 53,18,950 | 10,32,590 | +37,27,685 | -13,80,210 | ₹2,024 cr | -₹370 cr | ₹1,655 cr |
| 22,600 | 1,47,99,525 | 48,62,455 | +56,17,625 | -38,16,800 | ₹4,742 cr | -₹1,499 cr | ₹3,243 cr |
| 22,650 | 62,34,670 | 11,46,665 | +26,99,190 | -8,73,860 | ₹1,835 cr | -₹318 cr | ₹1,518 cr |
| 22,700 | 1,76,08,695 | 59,56,990 | +50,13,775 | -12,52,940 | ₹4,456 cr | -₹1,467 cr | ₹2,989 cr |
| 22,750 | 61,80,850 | 8,21,730 | +18,33,000 | -3,17,460 | ₹1,358 cr | -₹178 cr | ₹1,180 cr |
| 22,800 | 1,56,36,205 | 32,48,895 | +17,13,660 | -9,70,970 | ₹3,058 cr | -₹644 cr | ₹2,414 cr |
| 22,850 | 51,36,560 | 3,79,600 | +17,41,935 | -84,045 | ₹824 cr | -₹66.3 cr | ₹758 cr |
| 22,900 | 97,58,190 | 14,92,010 | +36,56,315 | -2,37,380 | ₹1,446 cr | -₹244 cr | ₹1,202 cr |
| 22,950 | 35,70,775 | 3,46,190 | +14,82,130 | -26,325 | ₹428 cr | -₹42.1 cr | ₹386 cr |
| 23,000 | 2,61,28,385 | 88,27,360 | +68,09,270 | -6,87,865 | ₹3,146 cr | -₹960 cr | ₹2,186 cr |
| 23,050 | 27,97,210 | 1,35,005 | -86,905 | -11,115 | ₹264 cr | -₹15.4 cr | ₹248 cr |
| 23,100 | 88,76,725 | 20,52,505 | +4,11,905 | +91,780 | ₹833 cr | -₹284 cr | ₹549 cr |
| 23,150 | 33,48,540 | 91,715 | -9,28,395 | -1,18,235 | ₹261 cr | -₹9 cr | ₹252 cr |
| 23,200 | 1,42,02,500 | 23,87,515 | +28,87,495 | -1,67,180 | ₹1,062 cr | -₹292 cr | ₹771 cr |
| 23,250 | 35,85,465 | 2,53,110 | +7,48,085 | -31,720 | ₹207 cr | -₹17.1 cr | ₹190 cr |
| 23,300 | 1,23,33,685 | 26,23,335 | +29,22,660 | -49,725 | ₹811 cr | -₹273 cr | ₹538 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 8 Oct 2026 | 22,231.8 | 22,500 | 22,000 | 22,144 | 22,400 | 0.73 |
| 7 Oct 2026 | 22,603.05 | 22,700 | 22,500 | 22,516 | 22,650 | 0.89 |
| 6 Oct 2026 | 22,776.1 | 23,000 | 22,700 | 22,744 | 22,700 | 1.06 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 1206 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method