# HCLTECH gamma exposure, walls and max pain

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

Source: NSE end-of-day data, 9 Oct 2026. End of day, not live. Not investment advice.

HCLTECH levels for the session of 12 Oct 2026, from the 9 Oct 2026 close of 1,216.69: call wall 1,220, put wall 1,200, gamma flip 1,177 (the close sat above it), max pain 1,220 for the 27 Oct 2026 expiry, put/call OI ratio 0.80, net GEX ₹7.3 cr per 1% move.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 1,216.69 (9 Oct 2026) |
| Call wall | 1,220 |
| Put wall | 1,200 |
| Gamma flip | 1,177 |
| Net GEX, Dealers long calls, short puts | ₹7.3 cr per 1% move |
| Net GEX, Option writers short every option | -₹67.4 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 1,220 |
| PCR (OI), all expiries | 0.80 |
| PCR (OI), nearest expiry | 0.81 |
| Lot size (nearest expiry) | 400 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Tue 27 Oct 2026 | 18 | 400 | 82,22,800 | 66,44,800 | 0.81 | 1,220 |
| Mon 23 Nov 2026 | 45 | 400 | 1,76,800 | 85,200 | 0.48 | 1,200 |
| Tue 29 Dec 2026 | 81 | 400 | 1,600 | 2,400 | 1.50 | 1,200 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,160 | 1,25,200 | 3,10,400 | +28,400 | +1,41,200 | ₹0.64 cr | -₹1.6 cr | -₹0.95 cr |
| 1,170 | 1,44,800 | 2,15,200 | -29,200 | +60,800 | ₹0.79 cr | -₹1.2 cr | -₹0.38 cr |
| 1,180 | 1,37,200 | 2,50,400 | -62,400 | +71,200 | ₹0.79 cr | -₹1.4 cr | -₹0.65 cr |
| 1,190 | 1,90,000 | 2,56,000 | +4,000 | +56,800 | ₹1.1 cr | -₹1.5 cr | -₹0.39 cr |
| 1,200 | 7,05,200 | 7,06,000 | -79,200 | +2,80,000 | ₹4.2 cr | -₹4.2 cr | -₹0.03 cr |
| 1,210 | 2,68,400 | 2,45,200 | +18,000 | +1,22,000 | ₹1.7 cr | -₹1.5 cr | ₹0.15 cr |
| 1,220 | 8,19,600 | 3,62,000 | +1,61,200 | +1,71,200 | ₹5.1 cr | -₹2.3 cr | ₹2.8 cr |
| 1,230 | 3,83,600 | 3,66,000 | +16,800 | +9,600 | ₹2.4 cr | -₹2.3 cr | ₹0.11 cr |
| 1,240 | 5,11,200 | 3,64,000 | +25,600 | +21,600 | ₹3.1 cr | -₹2.2 cr | ₹0.89 cr |
| 1,250 | 7,36,400 | 3,95,200 | -11,600 | +400 | ₹4.3 cr | -₹2.3 cr | ₹2 cr |
| 1,260 | 4,49,600 | 2,43,200 | +58,000 | +4,400 | ₹2.5 cr | -₹1.4 cr | ₹1.2 cr |
| 1,270 | 2,03,200 | 66,400 | -1,41,600 | -400 | ₹1.1 cr | -₹0.35 cr | ₹0.72 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 9 Oct 2026 | 1,216.69 | 1,220 | 1,200 | 1,177 | 1,220 | 0.80 |
| 8 Oct 2026 | 1,177.03 | 1,200 | 1,200 | 1,138 | 1,220 | 0.68 |
| 7 Oct 2026 | 1,185 | 1,200 | 1,200 | 1,142 | 1,220 | 0.67 |
| 6 Oct 2026 | 1,204.39 | 1,250 | 1,200 | 1,179 | 1,230 | 0.78 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 120 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method