# PNB gamma exposure, walls and max pain

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

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 https://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.

## 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.

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.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 120.37 (23 Oct 2026) |
| Call wall | 120 |
| Put wall | 120 |
| Gamma flip | 118 |
| Net GEX, Dealers long calls, short puts | ₹12.2 cr per 1% move |
| Net GEX, Option writers short every option | -₹145 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 120 |
| PCR (OI), all expiries | 0.86 |
| PCR (OI), nearest expiry | 0.87 |
| Lot size (nearest expiry) | 8000 |

## Expiries

| Expiry | Days | Lot | 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 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 23 Oct 2026 | 120.37 | 120 | 120 | 118 | 120 | 0.86 |
| 22 Oct 2026 | 122.5 | 125 | 125 | 119 | 120 | 0.91 |
| 21 Oct 2026 | 122.5 | 125 | 120 | 118 | 119 | 0.78 |
| 19 Oct 2026 | 121.89 | 125 | 120 | 117 | 119 | 0.78 |
| 16 Oct 2026 | 116.3 | 120 | 115 | 112 | 116 | 0.77 |
| 15 Oct 2026 | 115.05 | 120 | 115 | 110 | 116 | 0.77 |
| 14 Oct 2026 | 118.5 | 120 | 115 | 113 | 116 | 0.84 |
| 13 Oct 2026 | 116.55 | 120 | 114 | 112 | 115 | 0.85 |
| 12 Oct 2026 | 116 | 120 | 114 | 112 | 115 | 0.87 |
| 9 Oct 2026 | 116.98 | 120 | 114 | 115 | 115 | 0.94 |
| 8 Oct 2026 | 115.29 | 120 | 114 | 113 | 115 | 0.91 |
| 7 Oct 2026 | 114.57 | 120 | 114 | 111 | 115 | 0.82 |
| 6 Oct 2026 | 111.92 | 120 | 114 | 109 | 115 | 0.74 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 154 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method