# ULTRACEMCO gamma exposure, walls and max pain

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

ULTRACEMCO closed at ₹10,649.8 on 19 Oct 2026. Levels for the session of 21 Oct 2026 from that close: call wall ₹11,000, put wall ₹10,500, gamma flip ₹10,373 (the close sat above it), max pain ₹10,800 for the 27 Oct 2026 expiry. Call open interest exceeded put open interest: 17,08,650 call units and 6,94,000 put units. Calls added 7,48,200 units; puts added 2,53,300 units against the prior file. The ULTRACEMCO gamma exposure by strike chart, the strike by expiry heatmap and the wall migration across archived sessions are at https://squawkflow.com/india/stocks/ultracemco, updated after each NSE end-of-day file.

Source: NSE end-of-day data, 19 Oct 2026. End of day, not live. Not investment advice.

## ULTRACEMCO: what changed in the exchange file

ULTRACEMCO's 27 Oct 2026 max pain was ₹10,800, above the close by 1.41%. This is an open-interest payout minimum, not a price target.

The largest absolute call OI change in ULTRACEMCO's stored strike aggregation was at ₹11,000: +1,57,350 units, an addition.

The largest absolute put OI change in ULTRACEMCO's stored strike aggregation was at ₹10,000: +36,050 units, an addition.

In ULTRACEMCO's stored 16 Oct 2026 row, the close was ₹10,907.04, call OI 9,60,450 and put OI 4,40,700.

For ULTRACEMCO's 27 Oct 2026 future, the closing price fell (-3.20%) and open interest increased (4.05%) on 19 Oct 2026. Futures and option units are separate series.

Computed from the 19 Oct 2026 close. Next update after the 21 Oct 2026 close, checked hourly from 18:10 to 21:10 IST that day.

## Levels for the next session

| Level | Value |
| --- | --- |
| Close | 10,649.8 (19 Oct 2026) |
| Call wall | 11,000 |
| Put wall | 10,500 |
| Gamma flip | 10,373 |
| Net GEX, Dealers long calls, short puts | ₹43.2 cr per 1% move |
| Net GEX, Option writers short every option | -₹138 cr per 1% move |
| Max pain, 27 Oct 2026 expiry | 10,800 |
| PCR (OI), all expiries | 0.41 |
| PCR (OI), nearest expiry | 0.40 |
| Lot size (nearest expiry) | 50 |

## Expiries

| Expiry | Days | Lot | Call OI | Put OI | PCR | Max pain |
| --- | --- | --- | --- | --- | --- | --- |
| Tue 27 Oct 2026 | 8 | 50 | 16,11,950 | 6,41,550 | 0.40 | 10,800 |
| Mon 23 Nov 2026 | 35 | 50 | 96,650 | 52,100 | 0.54 | 11,000 |
| Tue 29 Dec 2026 | 71 | 50 | 50 | 350 | 7.00 | 10,800 |

## 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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 10,200 | 400 | 35,500 | 0 | +19,200 | ₹0.02 cr | -₹2.2 cr | -₹2.2 cr |
| 10,300 | 0 | 43,200 | 0 | +20,100 | ₹0 cr | -₹3.5 cr | -₹3.5 cr |
| 10,400 | 2,550 | 33,650 | +550 | +16,350 | ₹0.26 cr | -₹3.3 cr | -₹3 cr |
| 10,500 | 19,900 | 78,450 | +11,100 | +31,200 | ₹2.3 cr | -₹8.5 cr | -₹6.2 cr |
| 10,600 | 44,750 | 31,400 | +28,550 | +9,300 | ₹5.6 cr | -₹3.5 cr | ₹2 cr |
| 10,700 | 94,500 | 48,900 | +56,900 | -500 | ₹11.3 cr | -₹5.8 cr | ₹5.5 cr |
| 10,800 | 1,21,100 | 37,300 | +67,450 | -6,450 | ₹13.1 cr | -₹4 cr | ₹9.1 cr |
| 10,900 | 92,800 | 21,750 | +62,600 | +600 | ₹8.5 cr | -₹2 cr | ₹6.5 cr |
| 11,000 | 3,04,200 | 72,050 | +1,57,350 | +33,200 | ₹21.9 cr | -₹5.2 cr | ₹16.7 cr |
| 11,100 | 1,14,800 | 37,550 | +78,550 | +32,100 | ₹6.6 cr | -₹2.2 cr | ₹4.5 cr |

## Recent sessions

| Date | Close | Call wall | Put wall | Gamma flip | Max pain | PCR |
| --- | --- | --- | --- | --- | --- | --- |
| 19 Oct 2026 | 10,649.8 | 11,000 | 10,500 | 10,373 | 10,800 | 0.41 |
| 16 Oct 2026 | 10,907.04 | 11,500 | 10,700 | 10,389 | 10,900 | 0.46 |
| 15 Oct 2026 | 10,862.95 | 11,500 | 10,700 | 10,389 | 10,800 | 0.45 |
| 14 Oct 2026 | 10,794.77 | 11,500 | 10,700 | 10,341 | 10,800 | 0.42 |
| 13 Oct 2026 | 10,749.92 | 11,500 | 10,700 | 10,355 | 10,900 | 0.44 |
| 12 Oct 2026 | 10,520.11 | 11,000 | 10,700 | 10,272 | 10,900 | 0.43 |
| 9 Oct 2026 | 10,675.01 | 11,500 | 11,000 | 10,297 | 10,900 | 0.43 |
| 8 Oct 2026 | 10,433.12 | 11,000 | 11,000 | 10,147 | 10,900 | 0.44 |
| 7 Oct 2026 | 10,658.3 | 11,000 | 11,000 | 10,300 | 11,000 | 0.49 |
| 6 Oct 2026 | 10,750.05 | 11,500 | 11,000 | 10,295 | 11,000 | 0.49 |

## Method

Implied volatility from settlement prices, carry from put-call parity, risk-free rate 5.5%. 137 contracts used, 1 skipped (no solvable volatility), 0 expiring on the trade date left out. Full method: https://squawkflow.com/india/method