# SUNPHARMA gamma exposure, walls and max pain

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

SUNPHARMA closed at ₹1,777.7 on 30 Oct 2026. Levels for the session of 2 Nov 2026 from that close: call and put walls both at ₹1,800, gamma flip ₹1,743 (the close sat above it), max pain ₹1,800 for the 23 Nov 2026 expiry. Call open interest exceeded put open interest: 63,46,200 call units and 50,81,300 put units. Calls added 30,94,000 units; puts added 21,76,300 units against the prior file. The SUNPHARMA gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/sunpharma, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 30 Oct 2026. End of day, not live. Not investment advice.

## SUNPHARMA: what changed in the exchange file

SUNPHARMA's 23 Nov 2026 max pain was ₹1,800, above the close by 1.25%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in SUNPHARMA's stored strike aggregation was at ₹1,900: +6,45,050 units, an addition.

The largest absolute put OI change in SUNPHARMA's stored strike aggregation was at ₹1,800: +7,27,300 units, an addition.

In SUNPHARMA's stored 29 Oct 2026 row, the close was ₹1,761.14, call OI 32,52,200 and put OI 29,05,000.

For SUNPHARMA's 23 Nov 2026 future, the closing price rose (1.20%) and open interest decreased (-4.58%) on 30 Oct 2026. Futures and option units are separate series.

Computed from the 30 Oct 2026 close. Next update after the 2 Nov 2026 close, checked hourly from 19:10 to 22:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 1,777.7 (30 Oct 2026) |
| Call wall | 1,800 |
| Put wall | 1,800 |
| Gamma flip | 1,743 |
| Net GEX, Dealers long calls, short puts | ₹12.7 cr per 1% move |
| Net GEX, Option writers short every option | -₹108 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 1,800 |
| PCR (OI), all expiries | 0.80 |
| PCR (OI), nearest expiry | 0.79 |
| Lot size (nearest expiry) | 350 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 24 | 350 | 62,86,350 | 49,47,600 | 0.79 | 1,800 |
| Tue 29 Dec 2026 | 60 | 350 | 59,850 | 1,30,900 | 2.19 | 1,800 |
| Mon 25 Jan 2027 | 87 | 350 | 0 | 2,800 | 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,700 | 66,850 | 10,24,800 | -9,100 | +1,82,350 | ₹0.53 cr | -₹8 cr | -₹7.5 cr |
| 1,720 | 60,900 | 3,10,450 | -3,500 | +1,14,100 | ₹0.58 cr | -₹3 cr | -₹2.4 cr |
| 1,740 | 1,63,800 | 2,88,050 | -9,450 | +69,300 | ₹1.8 cr | -₹3.1 cr | -₹1.3 cr |
| 1,760 | 2,20,150 | 4,24,550 | -65,100 | +1,96,000 | ₹2.7 cr | -₹5.1 cr | -₹2.4 cr |
| 1,780 | 3,59,800 | 3,43,350 | +1,05,350 | +96,600 | ₹4.9 cr | -₹4.7 cr | ₹0.22 cr |
| 1,800 | 10,69,250 | 9,01,600 | +3,74,850 | +7,27,300 | ₹14.7 cr | -₹12.3 cr | ₹2.4 cr |
| 1,820 | 4,79,500 | 2,42,550 | +3,79,750 | +2,28,550 | ₹6.3 cr | -₹3.2 cr | ₹3.1 cr |
| 1,840 | 8,54,000 | 2,08,950 | +3,18,500 | +1,91,100 | ₹10.4 cr | -₹2.5 cr | ₹7.9 cr |
| 1,860 | 3,48,250 | 1,17,600 | +2,56,550 | +74,200 | ₹3.7 cr | -₹1.3 cr | ₹2.5 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 30 Oct 2026 | 1,777.7 | 1,800 | 1,800 | 1,743 | 1,800 | 0.80 |
| 29 Oct 2026 | 1,761.14 | 1,800 | 1,700 | 1,725 | 1,760 | 0.89 |
| 28 Oct 2026 | 1,757.5 | 1,800 | 1,700 | 1,722 | 1,760 | 0.88 |
| 27 Oct 2026 | 1,751.22 | 1,800 | 1,700 | 1,707 | 1,780 | 0.88 |
| 26 Oct 2026 | 1,740.02 | 1,760 | 1,740 | 1,726 | 1,780 | 0.73 |
| 23 Oct 2026 | 1,747.99 | 1,760 | 1,780 | 1,734 | 1,780 | 0.76 |
| 22 Oct 2026 | 1,756.35 | 1,760 | 1,780 | 1,754 | 1,780 | 0.81 |
| 21 Oct 2026 | 1,745.1 | 1,760 | 1,780 | 1,744 | 1,780 | 0.73 |
| 19 Oct 2026 | 1,743.01 | 1,760 | 1,780 | 1,744 | 1,780 | 0.74 |
| 16 Oct 2026 | 1,758.8 | 1,760 | 1,780 | 1,761 | 1,780 | 0.77 |
| 15 Oct 2026 | 1,763.25 | 1,760 | 1,780 | 1,770 | 1,780 | 0.79 |
| 14 Oct 2026 | 1,746.42 | 1,760 | 1,780 | 1,743 | 1,780 | 0.64 |
| 13 Oct 2026 | 1,770.7 | 1,800 | 1,780 | 1,769 | 1,800 | 0.71 |
| 12 Oct 2026 | 1,760 | 1,800 | 1,780 | 1,768 | 1,800 | 0.71 |
| 9 Oct 2026 | 1,760 | 1,800 | 1,780 | 1,764 | 1,800 | 0.71 |
| 8 Oct 2026 | 1,758.33 | 1,800 | 1,780 | 1,774 | 1,800 | 0.71 |
| 7 Oct 2026 | 1,781 | 1,800 | 1,780 | 1,788 | 1,820 | 0.77 |
| 6 Oct 2026 | 1,804.08 | 1,860 | 1,780 | 1,803 | 1,820 | 0.82 |

## 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