# PAGEIND gamma exposure, walls and max pain

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

PAGEIND closed at ₹31,326.94 on 13 Nov 2026. Levels for the session of 16 Nov 2026 from that close: call wall ₹32,000, put wall ₹30,000, gamma flip ₹30,127 (the close sat above it), max pain ₹32,000 for the 23 Nov 2026 expiry. Call open interest exceeded put open interest: 6,10,100 call units and 2,37,940 put units. Calls added 2,08,300 units; puts added 35,900 units against the prior file. The PAGEIND gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/pageind, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 13 Nov 2026. End of day, not live. Not investment advice.

## PAGEIND: what changed in the exchange file

PAGEIND's 23 Nov 2026 max pain was ₹32,000, above the close by 2.15%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in PAGEIND's stored strike aggregation was at ₹32,000: +33,460 units, an addition.

The largest absolute put OI change in PAGEIND's stored strike aggregation was at ₹29,000: +15,960 units, an addition.

In PAGEIND's stored 12 Nov 2026 row, the close was ₹31,852.3, call OI 4,01,800 and put OI 2,02,040.

For PAGEIND's 23 Nov 2026 future, the closing price fell (-0.62%) and open interest increased (18.55%) on 13 Nov 2026. Futures and option units are separate series.

Computed from the 13 Nov 2026 close. Next update after the 16 Nov 2026 close, checked hourly from 19:10 to 22:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 31,326.94 (13 Nov 2026) |
| Call wall | 32,000 |
| Put wall | 30,000 |
| Gamma flip | 30,127 |
| Net GEX, Dealers long calls, short puts | ₹22.6 cr per 1% move |
| Net GEX, Option writers short every option | -₹75.1 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 32,000 |
| PCR (OI), all expiries | 0.39 |
| PCR (OI), nearest expiry | 0.39 |
| Lot size (nearest expiry) | 20 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 10 | 20 | 5,82,260 | 2,28,100 | 0.39 | 32,000 |
| Tue 29 Dec 2026 | 46 | 20 | 27,800 | 9,720 | 0.35 | 32,000 |
| Mon 25 Jan 2027 | 73 | 20 | 40 | 120 | 3.00 | 30,000 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 30,000 | 3,180 | 30,420 | +1,700 | -3,420 | ₹0.46 cr | -₹4.5 cr | -₹4 cr |
| 30,500 | 0 | 5,780 | 0 | +1,200 | ₹0 cr | -₹1 cr | -₹1 cr |
| 31,000 | 6,380 | 18,340 | +3,120 | +1,880 | ₹1.3 cr | -₹3.5 cr | -₹2.2 cr |
| 31,500 | 10,060 | 11,640 | +9,000 | +8,160 | ₹2.1 cr | -₹2.3 cr | -₹0.22 cr |
| 32,000 | 50,080 | 20,180 | +33,460 | +900 | ₹9.2 cr | -₹3.9 cr | ₹5.2 cr |
| 32,500 | 33,760 | 5,440 | +13,780 | -100 | ₹5.9 cr | -₹0.94 cr | ₹4.9 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 13 Nov 2026 | 31,326.94 | 32,000 | 30,000 | 30,127 | 32,000 | 0.39 |
| 12 Nov 2026 | 31,852.3 | 33,000 | 30,000 | 30,727 | 33,000 | 0.50 |
| 11 Nov 2026 | 36,569.79 | 37,000 | 36,000 | 35,096 | 36,500 | 0.90 |
| 9 Nov 2026 | 36,380 | 37,000 | 35,000 | 34,982 | 36,000 | 0.89 |
| 6 Nov 2026 | 35,928.83 | 37,000 | 35,000 | 34,358 | 35,500 | 0.78 |
| 5 Nov 2026 | 35,519.93 | 37,000 | 35,000 | 33,387 | 35,500 | 0.65 |
| 4 Nov 2026 | 35,749.57 | 36,000 | 35,000 | 34,258 | 35,000 | 0.81 |
| 3 Nov 2026 | 35,280 | 36,000 | 34,000 | 34,150 | 35,000 | 0.80 |
| 2 Nov 2026 | 35,499.2 | 36,000 | 34,000 | 34,205 | 35,000 | 0.79 |
| 30 Oct 2026 | 34,500 | 34,000 | 34,000 | 33,671 | 34,500 | 0.80 |
| 29 Oct 2026 | 34,141.21 | 35,000 | 34,000 | 32,650 | 34,000 | 0.69 |
| 28 Oct 2026 | 33,898.47 | 35,000 | 34,000 | 32,907 | 35,000 | 0.78 |
| 27 Oct 2026 | 34,559.76 | 35,000 | 34,000 | 32,659 | 35,000 | 0.91 |
| 26 Oct 2026 | 33,910 | 34,000 | 34,000 | 33,828 | 36,000 | 0.39 |
| 23 Oct 2026 | 33,829.69 | 34,500 | 34,000 | 33,657 | 36,000 | 0.38 |
| 22 Oct 2026 | 34,428.05 | 35,000 | 34,000 | 34,422 | 36,500 | 0.43 |
| 21 Oct 2026 | 34,870 | 36,500 | 35,000 | 34,699 | 36,500 | 0.45 |
| 19 Oct 2026 | 35,769.68 | 37,000 | 35,000 | 35,312 | 37,000 | 0.47 |
| 16 Oct 2026 | 36,145 | 37,000 | 37,000 | 35,284 | 37,000 | 0.46 |
| 15 Oct 2026 | 36,500 | 37,000 | 37,000 | 35,341 | 37,000 | 0.48 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 103 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method