M&M 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.
M&M levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 2,756.81: call wall 2,900, put wall 2,850, gamma flip 2,626 (the close sat above it), max pain 2,900 for the 27 Oct 2026 expiry, put/call OI ratio 0.56, net GEX ₹24.9 cr per 1% move.
- Close
- 2,756.81
- 8 Oct 2026
- Call wall
- 2,900
- +5.19%
- Put wall
- 2,850
- +3.38%
- Gamma flip
- 2,626
- Max pain
- 2,900
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.56
- nearest 0.56
- Net GEX
- ₹24.9 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 -₹110 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 |
|---|---|---|---|---|---|---|---|
| 2,650 | 12,400 | 1,17,200 | +12,000 | +49,600 | ₹0.18 cr | -₹1.7 cr | -₹1.5 cr |
| 2,700 | 97,800 | 2,73,000 | +46,200 | +38,000 | ₹1.7 cr | -₹4.7 cr | -₹3 cr |
| 2,750 | 1,23,200 | 2,27,800 | +71,600 | +45,600 | ₹2.4 cr | -₹4.4 cr | -₹2.1 cr |
| 2,800 | 5,87,000 | 3,29,200 | +3,12,600 | -25,600 | ₹11.1 cr | -₹6.2 cr | ₹4.9 cr |
| 2,850 | 7,71,000 | 4,12,000 | +1,21,000 | -29,000 | ₹12.8 cr | -₹6.8 cr | ₹5.9 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 2,950 | ₹2.4 | |
| 2,900 | ₹7.9 | ₹0.15 |
| 2,850 | ₹6 | |
| 2,800 | ₹4.9 | |
| 2,750 | -₹2.1 | |
| 2,700 | -₹2.9 | -₹0.08 |
| 2,650 | -₹1.5 | |
| 2,600 | -₹2.6 | -₹0.22 |
| 2,550 | -₹0.29 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 19 | 200 | 76,66,200 | 42,96,800 | 0.56 | 2,900 |
| Mon 23 Nov 2026 | 46 | 200 | 1,16,400 | 73,400 | 0.63 | 2,900 |
| Tue 29 Dec 2026 | 82 | 200 | 200 | 10,200 | 51.00 | 2,800 |
Wall migration
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 8 Oct 2026 | 2,756.81 | 2,900 | 2,850 | 2,626 | 2,900 | 0.56 | +5,07,800 | +73,000 |
| 7 Oct 2026 | 2,800.08 | 2,900 | 2,850 | 2,656 | 2,950 | 0.59 | +6,28,800 | +1,07,200 |
| 6 Oct 2026 | 2,854.98 | 3,000 | 2,850 | 2,710 | 3,000 | 0.63 | +5,14,200 | +44,000 |
Method
Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 91 contracts used, 1 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.