# CUMMINSIND gamma exposure, walls and max pain

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

CUMMINSIND closed at ₹4,048.8 on 6 Nov 2026. Levels for the session of 9 Nov 2026 from that close: call wall ₹4,200, put wall ₹4,000, gamma flip ₹3,809 (the close sat above it), max pain ₹4,100 for the 23 Nov 2026 expiry. Call open interest exceeded put open interest: 34,22,300 call units and 18,58,000 put units. Calls added 6,64,400 units; puts added 3,88,500 units against the prior file. The CUMMINSIND gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/cumminsind, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 6 Nov 2026. End of day, not live. Not investment advice.

## CUMMINSIND: what changed in the exchange file

CUMMINSIND's 23 Nov 2026 max pain was ₹4,100, above the close by 1.26%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in CUMMINSIND's stored strike aggregation was at ₹4,100: +1,59,400 units, an addition.

The largest absolute put OI change in CUMMINSIND's stored strike aggregation was at ₹3,800: +1,12,400 units, an addition.

In CUMMINSIND's stored 5 Nov 2026 row, the close was ₹4,059.08, call OI 27,57,900 and put OI 14,69,500.

For CUMMINSIND's 23 Nov 2026 future, the closing price fell (-0.85%) and open interest increased (6.23%) on 6 Nov 2026. Futures and option units are separate series.

Computed from the 6 Nov 2026 close. Next update after the 9 Nov 2026 close, checked hourly from 19:10 to 22:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 4,048.8 (6 Nov 2026) |
| Call wall | 4,200 |
| Put wall | 4,000 |
| Gamma flip | 3,809 |
| Net GEX, Dealers long calls, short puts | ₹18.2 cr per 1% move |
| Net GEX, Option writers short every option | -₹73.8 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 4,100 |
| PCR (OI), all expiries | 0.54 |
| PCR (OI), nearest expiry | 0.53 |
| Lot size (nearest expiry) | 100 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 17 | 100 | 33,10,900 | 17,62,300 | 0.53 | 4,100 |
| Tue 29 Dec 2026 | 53 | 100 | 1,11,000 | 94,200 | 0.85 | 4,200 |
| Mon 25 Jan 2027 | 80 | 100 | 400 | 1,500 | 3.75 | 4,000 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 3,850 | 35,600 | 49,100 | +35,600 | +39,000 | ₹0.52 cr | -₹0.72 cr | -₹0.2 cr |
| 3,900 | 45,100 | 1,12,100 | +43,600 | +51,900 | ₹0.74 cr | -₹1.8 cr | -₹1.1 cr |
| 3,950 | 34,700 | 1,19,600 | +31,500 | +30,100 | ₹0.62 cr | -₹2.2 cr | -₹1.6 cr |
| 4,000 | 1,57,500 | 2,15,900 | +1,14,500 | +13,800 | ₹3.1 cr | -₹4.2 cr | -₹1.1 cr |
| 4,050 | 50,200 | 1,19,100 | +31,800 | -4,200 | ₹1 cr | -₹2.5 cr | -₹1.4 cr |
| 4,100 | 2,44,100 | 1,70,600 | +1,59,400 | +47,400 | ₹5.6 cr | -₹3.9 cr | ₹1.7 cr |
| 4,150 | 1,21,700 | 66,700 | +4,500 | -14,800 | ₹2.8 cr | -₹1.6 cr | ₹1.3 cr |
| 4,200 | 3,82,500 | 1,20,500 | +46,700 | +4,100 | ₹8.2 cr | -₹2.5 cr | ₹5.7 cr |
| 4,250 | 1,05,300 | 42,300 | -6,500 | -1,900 | ₹2.1 cr | -₹0.84 cr | ₹1.3 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 6 Nov 2026 | 4,048.8 | 4,200 | 4,000 | 3,809 | 4,100 | 0.54 |
| 5 Nov 2026 | 4,059.08 | 4,200 | 4,000 | 3,836 | 4,200 | 0.53 |
| 4 Nov 2026 | 4,725.72 | 4,800 | 4,600 | 4,484 | 4,650 | 0.85 |
| 3 Nov 2026 | 4,649.81 | 5,000 | 4,600 | 4,571 | 4,600 | 1.07 |
| 2 Nov 2026 | 4,533 | 4,500 | 4,500 | 4,520 | 4,600 | 1.05 |
| 30 Oct 2026 | 4,452.6 | 4,600 | 4,500 | 4,546 | 4,600 | 1.10 |
| 29 Oct 2026 | 4,515.42 | 4,600 | 4,500 | 4,467 | 4,600 | 1.09 |
| 28 Oct 2026 | 4,620.01 | 4,600 | 4,500 | 4,587 | 4,600 | 1.19 |
| 27 Oct 2026 | 4,531.99 | 4,650 | 4,350 | 4,460 | 4,600 | 1.14 |
| 26 Oct 2026 | 4,385.45 | 4,400 | 4,300 | 4,436 | 4,700 | 0.76 |
| 23 Oct 2026 | 4,344.19 | 4,500 | 4,300 | 4,436 | 4,700 | 0.80 |
| 22 Oct 2026 | 4,460 | 4,500 | 4,600 | 4,515 | 4,700 | 0.74 |
| 21 Oct 2026 | 4,439.99 | 4,450 | 4,600 | 4,436 | 4,700 | 0.73 |
| 19 Oct 2026 | 4,611.97 | 4,800 | 4,600 | 4,671 | 4,800 | 0.80 |
| 16 Oct 2026 | 4,608.01 | 4,800 | 4,600 | 4,639 | 4,800 | 0.78 |
| 15 Oct 2026 | 4,638.99 | 4,800 | 4,600 | 4,657 | 4,800 | 0.79 |
| 14 Oct 2026 | 4,792.97 | 4,900 | 4,800 | 4,800 | 4,900 | 0.89 |
| 13 Oct 2026 | 4,834.54 | 4,900 | 4,900 | 4,801 | 4,900 | 0.88 |
| 12 Oct 2026 | 4,835.02 | 4,900 | 4,900 | 4,859 | 4,900 | 0.99 |
| 9 Oct 2026 | 4,830 | 4,900 | 4,900 | 4,900 | 4,900 | 1.06 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 153 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method