# HAL gamma exposure, walls and max pain

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

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.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 4,655.61 (9 Oct 2026) |
| Call wall | 4,800 |
| Put wall | 4,600 |
| Gamma flip | 4,623 |
| Net GEX, Dealers long calls, short puts | ₹2.8 cr per 1% move |
| Net GEX, Option writers short every option | -₹96.7 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 4,750 |
| PCR (OI), all expiries | 0.83 |
| PCR (OI), nearest expiry | 0.83 |
| Lot size (nearest expiry) | 150 |

## Expiries

| Expiry | Days | Lot | 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 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 9 Oct 2026 | 4,655.61 | 4,800 | 4,600 | 4,623 | 4,750 | 0.83 |
| 8 Oct 2026 | 4,647.4 | 4,800 | 4,600 | 4,623 | 4,800 | 0.81 |
| 7 Oct 2026 | 4,746.18 | 4,800 | 4,750 | 4,649 | 4,800 | 0.80 |
| 6 Oct 2026 | 4,816 | 4,900 | 4,800 | 4,624 | 4,800 | 0.78 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 98 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method