KOTAKBANK gamma exposure, walls and max pain for 9 Oct 2026
Source: NSE end-of-day data, 8 Oct 2026. End of day, not live. Not investment advice.
KOTAKBANK levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 436.09: call wall 430, put wall 430, gamma flip 392 (the close sat above it), max pain 420 for the 27 Oct 2026 expiry, put/call OI ratio 0.63, net GEX ₹96 cr per 1% move.
- Close
- 436.09
- 8 Oct 2026
- Call wall
- 430
- -1.40%
- Put wall
- 430
- -1.40%
- Gamma flip
- 392
- Max pain
- 420
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.63
- nearest 0.61
- Net GEX
- ₹96 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 -₹300 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 |
|---|---|---|---|---|---|---|---|
| 415 | 17,20,000 | 25,34,000 | -28,000 | -2,60,000 | ₹3.5 cr | -₹5.2 cr | -₹1.7 cr |
| 420 | 51,94,000 | 48,62,000 | -6,000 | -2,94,000 | ₹12.8 cr | -₹11.7 cr | ₹1.2 cr |
| 425 | 32,58,000 | 23,74,000 | -22,000 | -4,28,000 | ₹9.3 cr | -₹6.8 cr | ₹2.5 cr |
| 430 | 1,21,64,000 | 68,20,000 | -1,10,000 | -7,78,000 | ₹38.5 cr | -₹21.5 cr | ₹17 cr |
| 435 | 89,30,000 | 42,04,000 | +2,28,000 | -1,64,000 | ₹29.8 cr | -₹14.1 cr | ₹15.8 cr |
| 440 | 99,88,000 | 52,62,000 | +9,92,000 | +1,52,000 | ₹33.3 cr | -₹17.4 cr | ₹15.9 cr |
| 445 | 32,00,000 | 10,40,000 | +86,000 | -20,000 | ₹10.2 cr | -₹3.3 cr | ₹6.9 cr |
| 450 | 77,48,000 | 10,62,000 | -4,000 | -1,46,000 | ₹21.9 cr | -₹3 cr | ₹18.9 cr |
| 455 | 9,46,000 | 1,02,000 | -2,52,000 | -70,000 | ₹2.3 cr | -₹0.25 cr | ₹2.1 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 470 | ₹4.4 | ₹0.12 |
| 465 | ₹1.8 | |
| 460 | ₹4 | ₹0.13 |
| 455 | ₹2.1 | |
| 450 | ₹18.6 | ₹0.3 |
| 445 | ₹6.9 | |
| 440 | ₹16 | -₹0.12 |
| 435 | ₹15.8 | |
| 430 | ₹16.9 | ₹0.1 |
| 425 | ₹2.5 | |
| 420 | ₹1.7 | -₹0.5 |
| 415 | -₹1.7 | |
| 410 | ₹14.3 | -₹0.19 |
| 405 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 19 | 2000 | 7,70,96,000 | 4,71,72,000 | 0.61 | 420 |
| Mon 23 Nov 2026 | 46 | 2000 | 7,52,000 | 13,88,000 | 1.85 | 430 |
| Tue 29 Dec 2026 | 82 | 2000 | 18,000 | 1,14,000 | 6.33 | 430 |
Wall migration
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | 436.09 | 430 | 430 | 392 | 420 | 0.63 | +2,76,000 | -25,82,000 |
| 7 Oct 2026 | 440 | 430 | 430 | n/a | 420 | 0.66 | +99,88,000 | +1,02,50,000 |
| 6 Oct 2026 | 431.9 | 430 | 430 | 391 | 420 | 0.61 | +1,29,34,000 | +96,74,000 |
Method
Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 95 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: 3 sessions stored since 6 Oct 2026, free, no account.