# KOTAKBANK gamma exposure, walls and max pain

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

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.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 436.09 (8 Oct 2026) |
| Call wall | 430 |
| Put wall | 430 |
| Gamma flip | 392 |
| Net GEX, Dealers long calls, short puts | ₹96 cr per 1% move |
| Net GEX, Option writers short every option | -₹300 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 420 |
| PCR (OI), all expiries | 0.63 |
| PCR (OI), nearest expiry | 0.61 |
| Lot size (nearest expiry) | 2000 |

## Expiries

| Expiry | Days | Lot | 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 |

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

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 8 Oct 2026 | 436.09 | 430 | 430 | 392 | 420 | 0.63 |
| 7 Oct 2026 | 440 | 430 | 430 | n/a | 420 | 0.66 |
| 6 Oct 2026 | 431.9 | 430 | 430 | 391 | 420 | 0.61 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 95 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method