# TATAPOWER gamma exposure, walls and max pain

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

TATAPOWER closed at ₹339.07 on 27 Oct 2026. Levels for the session of 28 Oct 2026 from that close: call and put walls both at ₹350, gamma flip ₹344 (the close sat below it), max pain ₹360 for the 23 Nov 2026 expiry. Put open interest exceeded call open interest: 1,29,99,250 call units and 1,57,86,150 put units. Calls added 25,98,400 units; puts added 33,95,900 units against the prior file. The TATAPOWER gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/tatapower, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 27 Oct 2026. End of day, not live. Not investment advice.

## TATAPOWER: what changed in the exchange file

TATAPOWER's 23 Nov 2026 max pain was ₹360, above the close by 6.17%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in TATAPOWER's stored strike aggregation was at ₹340: +7,30,800 units, an addition.

The largest absolute put OI change in TATAPOWER's stored strike aggregation was at ₹350: +7,97,500 units, an addition.

In TATAPOWER's stored 26 Oct 2026 row, the close was ₹338.51, call OI 2,63,13,150 and put OI 2,27,27,300.

For TATAPOWER's 23 Nov 2026 future, the closing price rose (0.48%) and open interest increased (14.65%) on 27 Oct 2026. Futures and option units are separate series.

Computed from the 27 Oct 2026 close. Next update after the 28 Oct 2026 close, checked hourly from 18:10 to 21:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 339.07 (27 Oct 2026) |
| Call wall | 350 |
| Put wall | 350 |
| Gamma flip | 344 |
| Net GEX, Dealers long calls, short puts | -₹0.89 cr per 1% move |
| Net GEX, Option writers short every option | -₹33.2 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 360 |
| PCR (OI), all expiries | 1.21 |
| PCR (OI), nearest expiry | 1.22 |
| Lot size (nearest expiry) | 1450 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 27 | 1450 | 1,29,64,450 | 1,57,61,500 | 1.22 | 360 |
| Tue 29 Dec 2026 | 63 | 1450 | 34,800 | 24,650 | 0.71 | 350 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 325 | 53,650 | 4,55,300 | +46,400 | +2,92,900 | ₹0.07 cr | -₹0.63 cr | -₹0.56 cr |
| 330 | 3,20,450 | 8,42,450 | +1,34,850 | +49,300 | ₹0.5 cr | -₹1.3 cr | -₹0.82 cr |
| 335 | 3,05,950 | 3,20,450 | +1,05,850 | +79,750 | ₹0.54 cr | -₹0.57 cr | -₹0.03 cr |
| 340 | 13,97,800 | 16,57,350 | +7,30,800 | +6,09,000 | ₹2.6 cr | -₹3.1 cr | -₹0.47 cr |
| 345 | 13,73,150 | 7,75,750 | +4,98,800 | +2,52,300 | ₹2.6 cr | -₹1.5 cr | ₹1.1 cr |
| 350 | 20,66,250 | 22,86,650 | +1,11,650 | +7,97,500 | ₹3.8 cr | -₹4.2 cr | -₹0.41 cr |
| 355 | 3,40,750 | 2,21,850 | +89,900 | +7,250 | ₹0.57 cr | -₹0.37 cr | ₹0.2 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 27 Oct 2026 | 339.07 | 350 | 350 | 344 | 360 | 1.21 |
| 26 Oct 2026 | 338.51 | 340 | 340 | 333 | 355 | 0.86 |
| 23 Oct 2026 | 348.03 | 345 | 350 | 342 | 360 | 0.88 |
| 22 Oct 2026 | 353.5 | 360 | 350 | 348 | 360 | 0.93 |
| 21 Oct 2026 | 351.99 | 350 | 350 | 346 | 360 | 0.88 |
| 19 Oct 2026 | 352.25 | 360 | 350 | 350 | 360 | 0.94 |
| 16 Oct 2026 | 353.84 | 360 | 350 | 350 | 360 | 0.95 |
| 15 Oct 2026 | 349.78 | 360 | 350 | 344 | 360 | 0.89 |
| 14 Oct 2026 | 353 | 360 | 350 | 344 | 360 | 0.91 |
| 13 Oct 2026 | 345 | 350 | 345 | 334 | 360 | 0.84 |
| 12 Oct 2026 | 343.69 | 350 | 345 | 333 | 360 | 0.83 |
| 9 Oct 2026 | 342.15 | 350 | 345 | 330 | 360 | 0.82 |
| 8 Oct 2026 | 335.65 | 360 | 335 | 333 | 360 | 0.86 |
| 7 Oct 2026 | 345.15 | 360 | 345 | 343 | 360 | 0.92 |
| 6 Oct 2026 | 351.65 | 360 | 360 | 343 | 365 | 0.95 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 47 contracts used, 1 skipped (no solvable volatility), 55 expiring on the trade date left out. Full method: https://squawkflow.com/india/method