# MARICO gamma exposure, walls and max pain

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

MARICO closed at ₹878.36 on 3 Nov 2026. Levels for the session of 4 Nov 2026 from that close: call wall ₹900, put wall ₹850, gamma flip ₹874 (the close sat above it), max pain ₹850 for the 23 Nov 2026 expiry. Put open interest exceeded call open interest: 97,74,000 call units and 1,15,28,400 put units. Calls added 34,92,000 units; puts added 70,81,200 units against the prior file. The MARICO gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/marico, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 3 Nov 2026. End of day, not live. Not investment advice.

## MARICO: what changed in the exchange file

MARICO's 23 Nov 2026 max pain was ₹850, below the close by 3.23%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in MARICO's stored strike aggregation was at ₹900: +8,47,200 units, an addition.

The largest absolute put OI change in MARICO's stored strike aggregation was at ₹850: +19,38,000 units, an addition.

In MARICO's stored 2 Nov 2026 row, the close was ₹798.55, call OI 62,82,000 and put OI 44,47,200.

For MARICO's 23 Nov 2026 future, the closing price rose (8.57%) and open interest decreased (-7.23%) on 3 Nov 2026. Futures and option units are separate series.

Computed from the 3 Nov 2026 close. Next update after the 4 Nov 2026 close, checked hourly from 19:10 to 22:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 878.36 (3 Nov 2026) |
| Call wall | 900 |
| Put wall | 850 |
| Gamma flip | 874 |
| Net GEX, Dealers long calls, short puts | ₹2.5 cr per 1% move |
| Net GEX, Option writers short every option | -₹94.3 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 850 |
| PCR (OI), all expiries | 1.18 |
| PCR (OI), nearest expiry | 1.21 |
| Lot size (nearest expiry) | 1200 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 20 | 1200 | 93,84,000 | 1,13,25,600 | 1.21 | 850 |
| Tue 29 Dec 2026 | 56 | 1200 | 3,90,000 | 2,01,600 | 0.52 | 800 |
| Mon 25 Jan 2027 | 83 | 1200 | 0 | 1,200 | n/a | no open interest yet |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 840 | 3,99,600 | 14,06,400 | +66,000 | +13,60,800 | ₹2.1 cr | -₹7.4 cr | -₹5.3 cr |
| 850 | 13,15,200 | 19,47,600 | +6,73,200 | +19,38,000 | ₹8 cr | -₹12 cr | -₹4 cr |
| 860 | 8,01,600 | 11,25,600 | +3,99,600 | +10,93,200 | ₹5.5 cr | -₹7.8 cr | -₹2.2 cr |
| 870 | 7,42,800 | 4,87,200 | +6,20,400 | +4,84,800 | ₹5.3 cr | -₹3.5 cr | ₹1.8 cr |
| 880 | 8,08,800 | 1,94,400 | +6,07,200 | +1,92,000 | ₹5.6 cr | -₹1.4 cr | ₹4.3 cr |
| 890 | 4,29,600 | 2,400 | +4,29,600 | +2,400 | ₹2.8 cr | -₹0.02 cr | ₹2.8 cr |
| 900 | 15,70,800 | 54,000 | +8,47,200 | +37,200 | ₹8.8 cr | -₹0.31 cr | ₹8.5 cr |
| 910 | 1,06,800 | 0 | +1,06,800 | 0 | ₹0.51 cr | ₹0 cr | ₹0.51 cr |
| 920 | 5,85,600 | 2,400 | +4,39,200 | 0 | ₹2.3 cr | -₹0.01 cr | ₹2.3 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 3 Nov 2026 | 878.36 | 900 | 850 | 874 | 850 | 1.18 |
| 2 Nov 2026 | 798.55 | 800 | 780 | 765 | 800 | 0.71 |
| 30 Oct 2026 | 800 | 800 | 800 | 774 | 790 | 0.86 |
| 29 Oct 2026 | 802.89 | 800 | 800 | 771 | 780 | 0.90 |
| 28 Oct 2026 | 769.65 | 800 | 750 | 794 | 780 | 1.43 |
| 27 Oct 2026 | 776.15 | 800 | 750 | 832 | 790 | 1.54 |
| 26 Oct 2026 | 775.15 | 790 | 770 | 777 | 790 | 0.70 |
| 23 Oct 2026 | 766.5 | 770 | 780 | 772 | 790 | 0.70 |
| 22 Oct 2026 | 775 | 790 | 780 | 773 | 790 | 0.65 |
| 21 Oct 2026 | 775.65 | 790 | 780 | 771 | 790 | 0.61 |
| 19 Oct 2026 | 778 | 790 | 780 | 767 | 790 | 0.60 |
| 16 Oct 2026 | 785 | 800 | 780 | 767 | 790 | 0.61 |
| 15 Oct 2026 | 788.25 | 800 | 780 | 773 | 790 | 0.63 |
| 14 Oct 2026 | 790 | 800 | 780 | 773 | 790 | 0.65 |
| 13 Oct 2026 | 782.8 | 800 | 780 | 768 | 790 | 0.64 |
| 12 Oct 2026 | 782.39 | 800 | 780 | 772 | 800 | 0.68 |
| 9 Oct 2026 | 786.14 | 800 | 800 | 772 | 800 | 0.70 |
| 8 Oct 2026 | 777.25 | 800 | 800 | 770 | 800 | 0.69 |
| 7 Oct 2026 | 787.25 | 800 | 800 | 770 | 800 | 0.68 |
| 6 Oct 2026 | 794.18 | 800 | 800 | 774 | 800 | 0.70 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 84 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method