# TVSMOTOR gamma exposure, walls and max pain

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

TVSMOTOR closed at ₹4,239.9 on 28 Oct 2026. Levels for the session of 29 Oct 2026 from that close: call wall ₹4,300, put wall ₹4,000, max pain ₹4,100 for the 23 Nov 2026 expiry. Call open interest exceeded put open interest: 24,50,175 call units and 12,61,225 put units. Calls added 16,62,500 units; puts added 8,09,200 units against the prior file. The TVSMOTOR gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/tvsmotor, updated after each end-of-day exchange file.

Source: public end-of-day exchange data, 28 Oct 2026. End of day, not live. Not investment advice.

## TVSMOTOR: what changed in the exchange file

TVSMOTOR's 23 Nov 2026 max pain was ₹4,100, below the close by 3.30%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in TVSMOTOR's stored strike aggregation was at ₹4,500: +3,54,200 units, an addition.

The largest absolute put OI change in TVSMOTOR's stored strike aggregation was at ₹4,000: +1,26,000 units, an addition.

In TVSMOTOR's stored 27 Oct 2026 row, the close was ₹4,086.98, call OI 7,87,675 and put OI 4,52,025.

For TVSMOTOR's 23 Nov 2026 future, the closing price rose (3.31%) and open interest increased (3.06%) on 28 Oct 2026. Futures and option units are separate series.

Computed from the 28 Oct 2026 close. Next update after the 29 Oct 2026 close, checked hourly from 18:10 to 21:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 4,239.9 (28 Oct 2026) |
| Call wall | 4,300 |
| Put wall | 4,000 |
| Gamma flip | none (no zero crossing within 10% of the close) |
| Net GEX, Dealers long calls, short puts | ₹22.9 cr per 1% move |
| Net GEX, Option writers short every option | -₹57.8 cr per 1% move |
| Max pain, 23 Nov 2026 expiry | 4,100 |
| PCR (OI), all expiries | 0.52 |
| PCR (OI), nearest expiry | 0.51 |
| Lot size (nearest expiry) | 175 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Mon 23 Nov 2026 | 26 | 175 | 24,26,725 | 12,34,975 | 0.51 | 4,100 |
| Tue 29 Dec 2026 | 62 | 175 | 23,450 | 26,250 | 1.12 | 4,000 |
| Mon 25 Jan 2027 | 89 | 175 | 0 | 0 | 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 4,050 | 30,100 | 42,700 | +7,700 | +32,375 | ₹0.51 cr | -₹0.73 cr | -₹0.21 cr |
| 4,100 | 1,41,225 | 1,19,875 | +8,050 | +79,800 | ₹2.6 cr | -₹2.1 cr | ₹0.45 cr |
| 4,150 | 94,675 | 76,300 | +79,100 | +74,550 | ₹1.8 cr | -₹1.5 cr | ₹0.35 cr |
| 4,200 | 2,97,675 | 1,19,875 | +1,56,625 | +79,100 | ₹5.7 cr | -₹2.4 cr | ₹3.3 cr |
| 4,250 | 1,56,450 | 86,275 | +1,45,950 | +82,600 | ₹3.1 cr | -₹1.7 cr | ₹1.4 cr |
| 4,300 | 3,96,900 | 61,075 | +3,08,000 | +37,100 | ₹7.6 cr | -₹1.2 cr | ₹6.4 cr |
| 4,350 | 76,650 | 11,725 | +65,800 | +11,200 | ₹1.4 cr | -₹0.22 cr | ₹1.2 cr |
| 4,400 | 2,44,475 | 32,200 | +2,07,025 | +8,050 | ₹4.4 cr | -₹0.58 cr | ₹3.8 cr |
| 4,450 | 41,650 | 3,150 | +35,175 | +3,150 | ₹0.69 cr | -₹0.05 cr | ₹0.64 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 28 Oct 2026 | 4,239.9 | 4,300 | 4,000 | n/a | 4,100 | 0.52 |
| 27 Oct 2026 | 4,086.98 | 4,200 | 4,000 | n/a | 4,000 | 0.57 |
| 26 Oct 2026 | 3,996.01 | 4,000 | 4,000 | 3,916 | 4,050 | 0.74 |
| 23 Oct 2026 | 3,980.17 | 4,000 | 3,950 | 3,933 | 4,050 | 0.75 |
| 22 Oct 2026 | 3,974 | 4,000 | 3,950 | 3,925 | 4,000 | 0.76 |
| 21 Oct 2026 | 3,992.54 | 4,000 | 4,000 | 3,930 | 4,050 | 0.76 |
| 19 Oct 2026 | 4,073.91 | 4,100 | 4,100 | 3,943 | 4,050 | 0.76 |
| 16 Oct 2026 | 4,095.09 | 4,100 | 4,000 | 3,895 | 4,050 | 0.76 |
| 15 Oct 2026 | 4,020.02 | 4,000 | 4,000 | 3,912 | 4,000 | 0.83 |
| 14 Oct 2026 | 3,969.69 | 4,000 | 3,900 | 3,889 | 4,000 | 0.81 |
| 13 Oct 2026 | 4,011.5 | 4,000 | 3,900 | 4,017 | 4,000 | 0.98 |
| 12 Oct 2026 | 3,940.27 | 4,000 | 4,000 | 3,960 | 4,000 | 0.91 |
| 9 Oct 2026 | 3,866.78 | 4,000 | 4,000 | 3,878 | 4,000 | 0.84 |
| 8 Oct 2026 | 3,839.42 | 4,000 | 4,000 | 3,903 | 4,050 | 0.89 |
| 7 Oct 2026 | 3,925.97 | 4,000 | 4,000 | 4,035 | 4,100 | 0.99 |
| 6 Oct 2026 | 3,981.02 | 4,200 | 4,000 | 4,043 | 4,100 | 0.96 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 52 contracts used, 0 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method