BEL gamma exposure, walls and max pain for 9 Oct 2026
Source: NSE end-of-day data, 8 Oct 2026. End of day, not live. Not investment advice.
BEL levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 367.29: call wall 390, put wall 380, gamma flip 360 (the close sat above it), max pain 390 for the 27 Oct 2026 expiry, put/call OI ratio 0.68, net GEX ₹7.3 cr per 1% move.
- Close
- 367.29
- 8 Oct 2026
- Call wall
- 390
- +6.18%
- Put wall
- 380
- +3.46%
- Gamma flip
- 360
- Max pain
- 390
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.68
- nearest 0.70
- Net GEX
- ₹7.3 cr
- per 1% move
Sign convention on screen: Dealers long calls, short puts. Under the other reading (option writers short every option), net GEX is -₹93.2 cr per 1% move and there is no gamma flip. Why both are shown.
Gamma exposure by strike
Open interest and OI change by strike
| Strike | Call OI | Put OI | Call OI chg | Put OI chg | Call GEX | Put GEX | Net GEX |
|---|---|---|---|---|---|---|---|
| 350 | 42,750 | 16,92,900 | 0 | +3,83,325 | ₹0.07 cr | -₹2.6 cr | -₹2.5 cr |
| 355 | 28,500 | 5,89,950 | 0 | +1,73,850 | ₹0.05 cr | -₹1.1 cr | -₹1.1 cr |
| 360 | 1,48,200 | 12,56,850 | +1,32,525 | +1,92,375 | ₹0.31 cr | -₹2.6 cr | -₹2.3 cr |
| 365 | 3,89,025 | 7,42,425 | +2,99,250 | +2,42,250 | ₹0.9 cr | -₹1.7 cr | -₹0.82 cr |
| 370 | 13,18,125 | 27,03,225 | +7,92,300 | +3,87,600 | ₹3.1 cr | -₹6.2 cr | -₹3.1 cr |
| 375 | 15,27,600 | 9,90,375 | +11,05,800 | +2,09,475 | ₹3.6 cr | -₹2.3 cr | ₹1.3 cr |
| 380 | 37,43,475 | 32,11,950 | +9,19,125 | -4,51,725 | ₹7.8 cr | -₹6.6 cr | ₹1.1 cr |
| 385 | 30,97,950 | 21,77,400 | +3,04,950 | -2,43,675 | ₹5.8 cr | -₹4 cr | ₹1.8 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 395 | ₹1.2 | -₹0.1 |
| 390 | ₹3.7 | |
| 385 | ₹1.9 | -₹0.18 |
| 380 | ₹1.2 | |
| 375 | ₹1.3 | |
| 370 | -₹2.8 | -₹0.27 |
| 365 | -₹0.82 | |
| 360 | -₹2.2 | -₹0.14 |
| 355 | -₹1.1 | |
| 350 | -₹2.1 | -₹0.41 |
| 345 | -₹0.27 | |
| 340 | -₹1.6 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 19 | 1425 | 4,08,90,375 | 2,85,02,850 | 0.70 | 390 |
| Mon 23 Nov 2026 | 46 | 1425 | 27,34,575 | 17,11,425 | 0.63 | 390 |
| Tue 29 Dec 2026 | 82 | 1425 | 5,79,975 | 8,550 | 0.01 | 380 |
Wall migration
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | 367.29 | 390 | 380 | 360 | 390 | 0.68 | +39,37,275 | +11,30,025 |
| 7 Oct 2026 | 378.33 | 400 | 380 | 369 | 390 | 0.72 | +67,75,875 | +29,92,500 |
| 6 Oct 2026 | 387.4 | 400 | 390 | 373 | 395 | 0.78 | +12,75,375 | +8,00,850 |
Method
Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 100 contracts used, 0 skipped with no solvable volatility, 0 expiring on the trade date left out. GEX is in ₹ crore per 1% move. Full method and sign convention.
Archive: 3 sessions stored since 6 Oct 2026, free, no account.