# HINDZINC gamma exposure, walls and max pain

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

HINDZINC closed at ₹525 on 21 Oct 2026. Levels for the session of 22 Oct 2026 from that close: call and put walls both at ₹550, gamma flip ₹508 (the close sat above it), max pain ₹550 for the 27 Oct 2026 expiry. Call open interest exceeded put open interest: 3,31,99,950 call units and 1,38,51,075 put units. Calls added 40,79,250 units; puts shed 2,92,775 units against the prior file. The HINDZINC gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/hindzinc, updated after each NSE end-of-day file.

Source: NSE end-of-day data, 21 Oct 2026. End of day, not live. Not investment advice.

## HINDZINC: what changed in the exchange file

HINDZINC's 27 Oct 2026 max pain was ₹550, above the close by 4.76%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in HINDZINC's stored strike aggregation was at ₹550: +19,01,200 units, an addition.

The largest absolute put OI change in HINDZINC's stored strike aggregation was at ₹520: -3,24,625 units, an unwind.

In HINDZINC's stored 19 Oct 2026 row, the close was ₹538.36, call OI 2,91,20,700 and put OI 1,41,43,850.

For HINDZINC's 27 Oct 2026 future, the closing price fell (-3.84%) and open interest decreased (-7.32%) on 21 Oct 2026. Futures and option units are separate series.

Computed from the 21 Oct 2026 close. Next update after the 22 Oct 2026 close, checked hourly from 18:10 to 21:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 525 (21 Oct 2026) |
| Call wall | 550 |
| Put wall | 550 |
| Gamma flip | 508 |
| Net GEX, Dealers long calls, short puts | ₹18.9 cr per 1% move |
| Net GEX, Option writers short every option | -₹85.3 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 550 |
| PCR (OI), all expiries | 0.42 |
| PCR (OI), nearest expiry | 0.38 |
| Lot size (nearest expiry) | 1225 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Tue 27 Oct 2026 | 6 | 1225 | 2,74,06,925 | 1,05,28,875 | 0.38 | 550 |
| Mon 23 Nov 2026 | 33 | 1225 | 57,75,875 | 33,18,525 | 0.57 | 550 |
| Tue 29 Dec 2026 | 69 | 1225 | 17,150 | 3,675 | 0.21 | 520 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 500 | 1,42,100 | 11,63,750 | -1,225 | -13,475 | ₹0.34 cr | -₹2.7 cr | -₹2.4 cr |
| 510 | 41,650 | 10,11,850 | +7,350 | +1,94,775 | ₹0.18 cr | -₹3.8 cr | -₹3.6 cr |
| 520 | 5,61,050 | 9,81,225 | +3,20,950 | -3,24,625 | ₹2.8 cr | -₹4.8 cr | -₹2 cr |
| 530 | 13,67,100 | 9,70,200 | +5,73,300 | -1,31,075 | ₹6.7 cr | -₹4.7 cr | ₹2.1 cr |
| 540 | 25,11,250 | 13,70,775 | +5,90,450 | -52,675 | ₹9.2 cr | -₹5 cr | ₹4.2 cr |
| 550 | 57,85,675 | 32,73,200 | +19,01,200 | +1,77,625 | ₹14.3 cr | -₹8 cr | ₹6.4 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 21 Oct 2026 | 525 | 550 | 550 | 508 | 550 | 0.42 |
| 19 Oct 2026 | 538.36 | 550 | 550 | 511 | 550 | 0.49 |
| 16 Oct 2026 | 540 | 550 | 550 | 524 | 560 | 0.54 |
| 15 Oct 2026 | 530.97 | 600 | 550 | 520 | 560 | 0.53 |
| 14 Oct 2026 | 540.04 | 600 | 550 | 528 | 570 | 0.51 |
| 13 Oct 2026 | 549.62 | 600 | 550 | 534 | 570 | 0.47 |
| 12 Oct 2026 | 546.9 | 600 | 550 | 529 | 570 | 0.47 |
| 9 Oct 2026 | 543.49 | 600 | 550 | 531 | 570 | 0.50 |
| 8 Oct 2026 | 531.78 | 600 | 550 | 528 | 580 | 0.53 |
| 7 Oct 2026 | 551.02 | 600 | 550 | 544 | 580 | 0.62 |
| 6 Oct 2026 | 557.69 | 600 | 550 | 544 | 580 | 0.64 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 90 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method