HAL gamma exposure, walls and max pain for 12 Oct 2026
Source: NSE end-of-day data, 9 Oct 2026. End of day, not live. Not investment advice.
HAL levels for the session of 12 Oct 2026, from the 9 Oct 2026 close of 4,655.61: call wall 4,800, put wall 4,600, gamma flip 4,623 (the close sat above it), max pain 4,750 for the 27 Oct 2026 expiry, put/call OI ratio 0.83, net GEX ₹2.8 cr per 1% move.
- Close
- 4,655.61
- 9 Oct 2026
- Call wall
- 4,800
- +3.10%
- Put wall
- 4,600
- -1.19%
- Gamma flip
- 4,623
- Max pain
- 4,750
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.83
- nearest 0.83
- Net GEX
- ₹2.8 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 -₹96.7 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 |
|---|---|---|---|---|---|---|---|
| 4,450 | 0 | 18,150 | 0 | +7,350 | ₹0 cr | -₹0.38 cr | -₹0.38 cr |
| 4,500 | 17,850 | 1,07,400 | -1,200 | +11,250 | ₹0.45 cr | -₹2.5 cr | -₹2 cr |
| 4,550 | 9,900 | 40,200 | +450 | +9,300 | ₹0.29 cr | -₹1.2 cr | -₹0.88 cr |
| 4,600 | 57,600 | 2,81,550 | +9,900 | +20,250 | ₹1.9 cr | -₹9 cr | -₹7.2 cr |
| 4,650 | 1,02,450 | 1,10,100 | +56,700 | +55,500 | ₹3.5 cr | -₹3.8 cr | -₹0.27 cr |
| 4,700 | 2,80,650 | 2,27,400 | +65,100 | +59,850 | ₹9.9 cr | -₹7.9 cr | ₹1.9 cr |
| 4,750 | 1,56,150 | 2,01,000 | +15,150 | +11,250 | ₹5.4 cr | -₹7 cr | -₹1.6 cr |
| 4,800 | 3,33,150 | 1,80,750 | -4,500 | +3,150 | ₹10.6 cr | -₹5.9 cr | ₹4.7 cr |
| 4,850 | 1,14,150 | 42,150 | +6,300 | -750 | ₹3.3 cr | -₹1.2 cr | ₹2.1 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 5,000 | ₹3.3 | ₹0.4 |
| 4,950 | ₹0.2 | |
| 4,900 | ₹1.9 | ₹0.09 |
| 4,850 | ₹2.1 | |
| 4,800 | ₹4.5 | ₹0.2 |
| 4,750 | -₹1.6 | |
| 4,700 | ₹2 | |
| 4,650 | -₹0.27 | |
| 4,600 | -₹7.1 | -₹0.07 |
| 4,550 | -₹0.87 | |
| 4,500 | -₹1.7 | -₹0.36 |
| 4,450 | -₹0.36 | |
| 4,400 | -₹1.5 | |
| 4,350 | -₹0.21 | |
| 4,300 | -₹0.66 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 18 | 150 | 20,81,250 | 17,31,600 | 0.83 | 4,750 |
| Mon 23 Nov 2026 | 45 | 150 | 87,150 | 60,300 | 0.69 | 4,700 |
| Tue 29 Dec 2026 | 81 | 150 | 600 | 300 | 0.50 | 4,600 |
Wall migration
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 9 Oct 2026 | 4,655.61 | 4,800 | 4,600 | 4,623 | 4,750 | 0.83 | +1,74,150 | +1,84,200 |
| 8 Oct 2026 | 4,647.4 | 4,800 | 4,600 | 4,623 | 4,800 | 0.81 | +90,600 | +79,650 |
| 7 Oct 2026 | 4,746.18 | 4,800 | 4,750 | 4,649 | 4,800 | 0.80 | -1,68,600 | -94,050 |
| 6 Oct 2026 | 4,816 | 4,900 | 4,800 | 4,624 | 4,800 | 0.78 | -5,100 | +29,100 |
Method
Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 98 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: 4 sessions stored since 6 Oct 2026, free, no account.