# TCS gamma exposure, walls and max pain

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

Source: NSE end-of-day data, 8 Oct 2026. End of day, not live. Not investment advice.

TCS levels for the session of 9 Oct 2026, from the 8 Oct 2026 close of 2,075.98: call wall 2,100, put wall 2,100, gamma flip 1,960 (the close sat above it), max pain 2,100 for the 27 Oct 2026 expiry, put/call OI ratio 0.60, net GEX ₹68 cr per 1% move.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 2,075.98 (8 Oct 2026) |
| Call wall | 2,100 |
| Put wall | 2,100 |
| Gamma flip | 1,960 |
| Net GEX, Dealers long calls, short puts | ₹68 cr per 1% move |
| Net GEX, Option writers short every option | -₹280 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 2,100 |
| PCR (OI), all expiries | 0.60 |
| PCR (OI), nearest expiry | 0.61 |
| Lot size (nearest expiry) | 225 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Tue 27 Oct 2026 | 19 | 225 | 2,27,10,600 | 1,37,90,925 | 0.61 | 2,100 |
| Mon 23 Nov 2026 | 46 | 225 | 8,05,500 | 3,66,525 | 0.46 | 2,100 |
| Tue 29 Dec 2026 | 82 | 225 | 7,200 | 21,150 | 2.94 | 2,080 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,980 | 1,54,575 | 3,18,825 | +2,025 | +1,40,625 | ₹1.4 cr | -₹2.8 cr | -₹1.5 cr |
| 2,000 | 4,11,750 | 13,36,500 | +24,300 | +4,02,975 | ₹4 cr | -₹12.6 cr | -₹8.7 cr |
| 2,020 | 1,24,875 | 3,69,000 | +11,475 | +2,10,150 | ₹1.3 cr | -₹3.9 cr | -₹2.6 cr |
| 2,040 | 3,41,100 | 7,68,600 | +55,575 | +3,27,825 | ₹3.7 cr | -₹8.4 cr | -₹4.7 cr |
| 2,060 | 7,64,100 | 9,84,600 | +1,40,175 | +3,18,600 | ₹8.7 cr | -₹11.2 cr | -₹2.5 cr |
| 2,080 | 17,30,250 | 10,04,625 | +3,44,250 | +3,00,375 | ₹19.9 cr | -₹11.6 cr | ₹8.3 cr |
| 2,100 | 32,69,700 | 16,59,825 | +3,37,725 | +1,94,850 | ₹36.9 cr | -₹18.7 cr | ₹18.2 cr |
| 2,120 | 7,64,325 | 4,86,000 | +1,94,850 | +50,850 | ₹8.3 cr | -₹5.3 cr | ₹2.9 cr |
| 2,140 | 9,59,175 | 2,76,300 | +3,52,575 | +41,400 | ₹10.1 cr | -₹2.9 cr | ₹7.2 cr |
| 2,160 | 6,17,175 | 2,13,075 | +1,48,950 | +5,625 | ₹6.1 cr | -₹2.1 cr | ₹4 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 8 Oct 2026 | 2,075.98 | 2,100 | 2,100 | 1,960 | 2,100 | 0.60 |
| 7 Oct 2026 | 2,080.32 | 2,100 | 2,100 | 1,925 | 2,100 | 0.68 |
| 6 Oct 2026 | 2,099.99 | 2,100 | 2,100 | 1,931 | 2,100 | 0.71 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 156 contracts used, 1 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method