# BIOCON gamma exposure, walls and max pain

Canonical: https://squawkflow.com/india/stocks/biocon

BIOCON closed at ₹350.67 on 28 Oct 2026. Levels for the session of 29 Oct 2026 from that close: call wall ₹340, put wall ₹330, gamma flip ₹324 (the close sat above it), max pain ₹340 for the 23 Nov 2026 expiry. Call open interest exceeded put open interest: 1,78,10,000 call units and 1,57,35,000 put units. Calls added 19,90,000 units; puts added 27,50,000 units against the prior file. The BIOCON gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/biocon, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 28 Oct 2026. End of day, not live. Not investment advice.

## BIOCON: what changed in the exchange file

BIOCON's 23 Nov 2026 max pain was ₹340, below the close by 3.04%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in BIOCON's stored strike aggregation was at ₹390: +5,50,000 units, an addition.

The largest absolute put OI change in BIOCON's stored strike aggregation was at ₹330: +7,30,000 units, an addition.

In BIOCON's stored 27 Oct 2026 row, the close was ₹332.45, call OI 1,58,20,000 and put OI 1,29,85,000.

For BIOCON's 23 Nov 2026 future, the closing price rose (4.73%) and open interest increased (1.11%) on 28 Oct 2026. Futures and option units are separate series.

Computed from the 28 Oct 2026 close. Next update after the 29 Oct 2026 close, checked hourly from 18:10 to 21:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 350.67 (28 Oct 2026) |
| Call wall | 340 |
| Put wall | 330 |
| Gamma flip | 324 |
| Net GEX, Dealers long calls, short puts | ₹8.1 cr per 1% move |
| Net GEX, Option writers short every option | -₹38 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 340 |
| PCR (OI), all expiries | 0.88 |
| PCR (OI), nearest expiry | 0.90 |
| Lot size (nearest expiry) | 2500 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 26 | 2500 | 1,71,27,500 | 1,53,57,500 | 0.90 | 340 |
| Tue 29 Dec 2026 | 62 | 2500 | 6,82,500 | 3,77,500 | 0.55 | 340 |
| Mon 25 Jan 2027 | 89 | 2500 | 0 | 0 | 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 335 | 1,67,500 | 4,07,500 | -42,500 | +1,55,000 | ₹0.23 cr | -₹0.57 cr | -₹0.33 cr |
| 340 | 52,37,500 | 9,72,500 | -70,000 | +2,80,000 | ₹7.7 cr | -₹1.5 cr | ₹6.2 cr |
| 345 | 2,97,500 | 2,60,000 | +1,97,500 | +2,20,000 | ₹0.49 cr | -₹0.43 cr | ₹0.06 cr |
| 350 | 30,90,000 | 14,87,500 | +1,92,500 | +5,17,500 | ₹5.2 cr | -₹1.9 cr | ₹3.3 cr |
| 355 | 5,07,500 | 1,37,500 | +55,000 | +1,27,500 | ₹0.87 cr | -₹0.24 cr | ₹0.63 cr |
| 360 | 11,47,500 | 9,92,500 | +3,82,500 | +32,500 | ₹1.9 cr | -₹1.6 cr | ₹0.26 cr |
| 365 | 1,52,500 | 2,500 | +65,000 | +2,500 | ₹0.24 cr | -₹0 cr | ₹0.23 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 28 Oct 2026 | 350.67 | 340 | 330 | 324 | 340 | 0.88 |
| 27 Oct 2026 | 332.45 | 340 | 310 | 314 | 340 | 0.82 |
| 26 Oct 2026 | 328.71 | 340 | 325 | 320 | 355 | 0.61 |
| 23 Oct 2026 | 323.51 | 325 | 325 | 319 | 355 | 0.63 |
| 22 Oct 2026 | 330.3 | 340 | 335 | 329 | 355 | 0.62 |
| 21 Oct 2026 | 334.98 | 350 | 335 | 332 | 355 | 0.61 |
| 19 Oct 2026 | 340.03 | 350 | 350 | 336 | 360 | 0.65 |
| 16 Oct 2026 | 349.2 | 350 | 350 | 341 | 360 | 0.64 |
| 15 Oct 2026 | 351.99 | 360 | 350 | 345 | 360 | 0.66 |
| 14 Oct 2026 | 350.6 | 360 | 360 | 349 | 360 | 0.69 |
| 13 Oct 2026 | 351 | 350 | 360 | 347 | 360 | 0.61 |
| 12 Oct 2026 | 346.34 | 350 | 360 | 344 | 365 | 0.61 |
| 9 Oct 2026 | 349.1 | 350 | 360 | 347 | 365 | 0.63 |
| 8 Oct 2026 | 349.98 | 360 | 360 | 353 | 370 | 0.67 |
| 7 Oct 2026 | 360.01 | 380 | 360 | 357 | 375 | 0.66 |
| 6 Oct 2026 | 369.1 | 380 | 360 | 363 | 380 | 0.73 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 59 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method