# PFC gamma exposure, walls and max pain

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

PFC closed at ₹322.5 on 4 Nov 2026. Levels for the session of 5 Nov 2026 from that close: call and put walls both at ₹320, gamma flip ₹304 (the close sat above it), max pain ₹325 for the 23 Nov 2026 expiry. Call open interest exceeded put open interest: 3,82,50,350 call units and 2,13,45,325 put units. Calls added 1,25,03,400 units; puts added 35,23,775 units against the prior file. The PFC gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/pfc, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 4 Nov 2026. End of day, not live. Not investment advice.

## PFC: what changed in the exchange file

PFC's 23 Nov 2026 max pain was ₹325, above the close by 0.78%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in PFC's stored strike aggregation was at ₹350: +51,85,700 units, an addition.

The largest absolute put OI change in PFC's stored strike aggregation was at ₹320: +12,05,550 units, an addition.

In PFC's stored 3 Nov 2026 row, the close was ₹317.99, call OI 2,57,46,950 and put OI 1,78,21,550.

For PFC's 23 Nov 2026 future, the closing price rose (1.32%) and open interest decreased (-5.04%) on 4 Nov 2026. Futures and option units are separate series.

Computed from the 4 Nov 2026 close. Next update after the 5 Nov 2026 close, checked hourly from 19:10 to 22:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 322.5 (4 Nov 2026) |
| Call wall | 320 |
| Put wall | 320 |
| Gamma flip | 304 |
| Net GEX, Dealers long calls, short puts | ₹19.9 cr per 1% move |
| Net GEX, Option writers short every option | -₹74.6 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 325 |
| PCR (OI), all expiries | 0.56 |
| PCR (OI), nearest expiry | 0.56 |
| Lot size (nearest expiry) | 1300 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 19 | 1300 | 3,71,85,200 | 2,08,32,500 | 0.56 | 325 |
| Tue 29 Dec 2026 | 55 | 1300 | 10,62,100 | 4,38,100 | 0.41 | 320 |
| Mon 25 Jan 2027 | 82 | 1525 | 3,050 | 74,725 | 24.50 | 320 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 310 | 8,81,400 | 24,33,825 | +2,54,800 | +4,48,500 | ₹1.5 cr | -₹4.2 cr | -₹2.7 cr |
| 315 | 12,29,800 | 23,97,200 | +2,22,300 | +3,18,500 | ₹2.4 cr | -₹4.6 cr | -₹2.3 cr |
| 320 | 45,75,150 | 34,85,750 | +13,06,500 | +12,05,550 | ₹9.1 cr | -₹6.9 cr | ₹2.2 cr |
| 325 | 24,85,600 | 14,19,600 | +10,90,700 | +7,70,900 | ₹4.8 cr | -₹2.7 cr | ₹2 cr |
| 330 | 50,97,300 | 10,69,900 | +16,21,100 | +1,26,100 | ₹8.9 cr | -₹1.9 cr | ₹7 cr |
| 335 | 20,22,800 | 1,31,300 | +3,71,800 | +5,200 | ₹3.1 cr | -₹0.2 cr | ₹2.9 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 4 Nov 2026 | 322.5 | 320 | 320 | 304 | 325 | 0.56 |
| 3 Nov 2026 | 317.99 | 320 | 320 | 306 | 325 | 0.69 |
| 2 Nov 2026 | 318.49 | 320 | 320 | 308 | 325 | 0.72 |
| 30 Oct 2026 | 313.61 | 320 | 320 | 306 | 330 | 0.74 |
| 29 Oct 2026 | 320.59 | 320 | 320 | 304 | 330 | 0.73 |
| 28 Oct 2026 | 316.4 | 320 | 320 | 302 | 330 | 0.78 |
| 27 Oct 2026 | 315.59 | 320 | 320 | 313 | 335 | 0.89 |
| 26 Oct 2026 | 318.3 | 320 | 320 | 317 | 340 | 0.81 |
| 23 Oct 2026 | 316 | 320 | 320 | 317 | 340 | 0.83 |
| 22 Oct 2026 | 326.89 | 330 | 325 | 324 | 340 | 0.81 |
| 21 Oct 2026 | 328.4 | 330 | 320 | 324 | 340 | 0.79 |
| 19 Oct 2026 | 332.4 | 340 | 340 | 323 | 340 | 0.80 |
| 16 Oct 2026 | 333.25 | 350 | 330 | 323 | 340 | 0.81 |
| 15 Oct 2026 | 342.3 | 350 | 340 | 323 | 340 | 0.81 |
| 14 Oct 2026 | 344.5 | 350 | 340 | 324 | 340 | 0.81 |
| 13 Oct 2026 | 342.05 | 350 | 340 | 322 | 340 | 0.81 |
| 12 Oct 2026 | 337.88 | 340 | 340 | 322 | 340 | 0.80 |
| 9 Oct 2026 | 327.8 | 340 | 340 | 316 | 340 | 0.80 |
| 8 Oct 2026 | 323.7 | 330 | 315 | 313 | 340 | 0.79 |
| 7 Oct 2026 | 325.55 | 330 | 330 | 314 | 340 | 0.78 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 78 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method