PNB gamma exposure, walls and max pain for 26 Oct 2026
PNB closed at ₹120.37 on 23 Oct 2026. Levels for the session of 26 Oct 2026 from that close: call and put walls both at ₹120, gamma flip ₹118 (the close sat above it), max pain ₹120 for the 27 Oct 2026 expiry. Call open interest exceeded put open interest: 10,24,32,000 call units and 8,84,00,000 put units. Calls added 18,08,000 units; puts shed 29,68,000 units against the prior file. The PNB gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at squawkflow.com/india/stocks/pnb, updated after each end-of-day exchange file.
Source: public end-of-day exchange data, 23 Oct 2026. End of day, not live. Not investment advice.
Computed from the 23 Oct 2026 close. Next update after the 26 Oct 2026 close, checked hourly from 18:10 to 21:10 IST that day.
- Close
- 120.37
- 23 Oct 2026, lot size 8000
- Call wall
- 120
- -0.31% from the close
- Put wall
- 120
- -0.31% from the close
- Gamma flip
- 118
- close above it
- Max pain
- 120
- Tue 27 Oct 2026 expiry
- PCR (OI)
- 0.86
- nearest expiry 0.87
- Net GEX
- ₹12.2 cr
- per 1% move
- Close120.37close
- Call wall120-0.31%
- Put wall120-0.31%
- Max pain120-0.31%
- Gamma flip118-1.97%
PNB: what changed in the exchange file
PNB's 27 Oct 2026 max pain was ₹120, below the close by 0.31%. This is an open-interest payout minimum, not a price target.
The largest absolute call OI change in PNB's stored strike aggregation was at ₹120: +9,68,000 units, an addition.
The largest absolute put OI change in PNB's stored strike aggregation was at ₹120: -23,84,000 units, an unwind.
In PNB's stored 22 Oct 2026 row, the close was ₹122.5, call OI 10,06,24,000 and put OI 9,13,68,000.
For PNB's 27 Oct 2026 future, the closing price fell (-2.08%) and open interest decreased (-47.44%) on 23 Oct 2026. Futures and option units are separate series.
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 |
|---|---|---|---|---|---|---|---|
| 115 | 41,36,000 | 71,92,000 | -3,92,000 | -10,80,000 | ₹3 cr | -₹5.1 cr | -₹2.1 cr |
| 116 | 32,64,000 | 36,40,000 | -72,000 | -6,48,000 | ₹3.3 cr | -₹3.6 cr | -₹0.26 cr |
| 117 | 21,84,000 | 31,84,000 | -72,000 | -11,12,000 | ₹2.9 cr | -₹4 cr | -₹1.1 cr |
| 118 | 29,28,000 | 34,64,000 | +3,44,000 | +10,08,000 | ₹4.9 cr | -₹5.6 cr | -₹0.62 cr |
| 119 | 24,56,000 | 22,24,000 | +5,12,000 | +4,88,000 | ₹4.5 cr | -₹4.2 cr | ₹0.33 cr |
| 120 | 96,56,000 | 81,20,000 | +9,68,000 | -23,84,000 | ₹14.6 cr | -₹11.2 cr | ₹3.5 cr |
| 121 | 44,40,000 | 36,48,000 | +7,28,000 | -7,52,000 | ₹6.5 cr | -₹5.4 cr | ₹1 cr |
| 122 | 70,88,000 | 36,24,000 | +5,20,000 | -3,76,000 | ₹7.9 cr | -₹4.2 cr | ₹3.7 cr |
| 123 | 71,36,000 | 25,92,000 | +88,000 | -1,68,000 | ₹6.5 cr | -₹2.3 cr | ₹4.2 cr |
| 124 | 69,36,000 | 86,08,000 | +3,28,000 | +7,04,000 | ₹5 cr | -₹6.3 cr | -₹1.3 cr |
| 125 | 1,88,56,000 | 1,25,44,000 | -3,28,000 | +4,32,000 | ₹10.7 cr | -₹7.1 cr | ₹3.6 cr |
| 126 | 20,16,000 | 8,32,000 | -3,92,000 | +8,000 | ₹0.9 cr | -₹0.38 cr | ₹0.52 cr |
Strike by expiry heatmap
| Strike | Tue 27 Oct 2026 | Mon 23 Nov 2026 |
|---|---|---|
| 129 | ₹0.14 | |
| 128 | ₹0.29 | ₹0.12 |
| 127 | ₹0.71 | ₹0.08 |
| 126 | ₹0.56 | |
| 125 | ₹3 | ₹0.54 |
| 124 | -₹1.3 | ₹0.08 |
| 123 | ₹4 | ₹0.18 |
| 122 | ₹3.2 | ₹0.47 |
| 121 | ₹0.91 | ₹0.11 |
| 120 | ₹3.8 | -₹0.35 |
| 119 | ₹0.29 | |
| 118 | -₹0.49 | -₹0.13 |
| 117 | -₹0.85 | -₹0.2 |
| 116 | -₹0.14 | -₹0.12 |
| 115 | -₹1.9 | -₹0.27 |
| 114 | -₹1.3 | -₹0.26 |
| 113 | ₹0.17 | |
| 112 | -₹0.1 | -₹0.06 |
| 111 | -₹0.18 |
Expiries
| Expiry | Days | Lot size | Call OI | Put OI | PCR | Max pain |
|---|---|---|---|---|---|---|
| Tue 27 Oct 2026 | 4 | 8000 | 8,51,12,000 | 7,41,92,000 | 0.87 | 120 |
| Mon 23 Nov 2026 | 31 | 8000 | 1,71,92,000 | 1,40,08,000 | 0.81 | 121 |
| Tue 29 Dec 2026 | 67 | 8000 | 1,28,000 | 2,00,000 | 1.56 | 120 |
Wall migration
- Call wall120 to 120
- Put wall114 to 120
- Max pain115 to 120
- Close111.92 to 120.37
| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR | Call OI chg | Put OI chg |
|---|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | 120.37 | 120 | 120 | 118 | 120 | 0.86 | +18,08,000 | -29,68,000 |
| 22 Oct 2026 | 122.5 | 125 | 125 | 119 | 120 | 0.91 | +37,28,000 | +1,61,92,000 |
| 21 Oct 2026 | 122.5 | 125 | 120 | 118 | 119 | 0.78 | -45,44,000 | -43,20,000 |
| 19 Oct 2026 | 121.89 | 125 | 120 | 117 | 119 | 0.78 | +2,00,40,000 | +1,72,08,000 |
| 16 Oct 2026 | 116.3 | 120 | 115 | 112 | 116 | 0.77 | +1,71,92,000 | +1,31,60,000 |
| 15 Oct 2026 | 115.05 | 120 | 115 | 110 | 116 | 0.77 | +83,76,000 | +21,60,000 |
| 14 Oct 2026 | 118.5 | 120 | 115 | 113 | 116 | 0.84 | +59,20,000 | +46,32,000 |
| 13 Oct 2026 | 116.55 | 120 | 114 | 112 | 115 | 0.85 | +26,24,000 | +10,16,000 |
| 12 Oct 2026 | 116 | 120 | 114 | 112 | 115 | 0.87 | +34,24,000 | +3,12,000 |
| 9 Oct 2026 | 116.98 | 120 | 114 | 115 | 115 | 0.94 | -4,08,000 | +9,36,000 |
| 8 Oct 2026 | 115.29 | 120 | 114 | 113 | 115 | 0.91 | -33,04,000 | +8,88,000 |
| 7 Oct 2026 | 114.57 | 120 | 114 | 111 | 115 | 0.82 | -23,60,000 | +22,16,000 |
| 6 Oct 2026 | 111.92 | 120 | 114 | 109 | 115 | 0.74 | +42,32,000 | +11,28,000 |
Method and sign convention
Sign convention on screen: Dealers long calls, short puts. Under the other reading (option writers short every option), net GEX is -₹145 cr per 1% move and there is no gamma flip. Why both are shown.
Settlement prices and open interest from 23 Oct 2026. 154 contracts used; 0 skipped with no solvable volatility. Calculation details and limits.