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BANKNIFTY options · dealer gamma

Bank Nifty Gamma Exposure (GEX) Today

Net dealer gamma for the 27 Oct Bank Nifty expiry is +₹1,281 cr per 1% move. Spot 54,976.90 is above the gamma flip at 54,682.

Data as of 21 Oct 2026 EOD, NSE F&O bhavcopy

Positive gamma · high confidence

Net GEX (₹ cr per 1%)
+₹1,281 cr
Dealer hedging per 1% move
Gamma flip
54,682
Spot +0.54% vs flip
Call wall
56,000
Resistance from call gamma
Put wall
54,000
Support from put gamma

Where spot sits between the dealer levels

  • Put wall54,000
  • Gamma flip54,682
  • Spot54,977
  • Max pain55,500
  • Call wall56,000

Bank Nifty gamma regime: positive gamma

Dealers are net long gamma. They hedge by selling into rallies and buying into dips, which tends to dampen moves, compress intraday ranges and pin price between the walls.

Positive vs negative gamma, explained

Positive gamma

Dealers stabilise the market

  • Dealers are long options, so their delta grows as price moves.
  • To stay hedged they sell rallies and buy dips.
  • Moves get absorbed: tighter ranges, lower realised volatility.
  • Price tends to gravitate towards large strikes and max pain.
  • Range strategies (iron condors, short strangles) historically fare better.

Negative gamma

Dealers amplify the move

  • Dealers are short options, so their delta works against them.
  • To stay hedged they buy strength and sell weakness.
  • Moves feed on themselves: wider ranges, gap-and-go days.
  • Walls can break, and breaks can run.
  • Short-premium trades carry more tail risk; size down.

How TradeLens calculates Indian GEX

For every Bank Nifty strike, TradeLens works out the option's implied volatility and gamma from its price, then weights it by open interest. Calls are counted as dealer-long and puts as dealer-short (the standard convention), then the total is scaled to the ₹ value dealers would trade for a 1% move in Bank Nifty.

The gamma flip is the price level where dealer gamma turns from positive to negative. TradeLens recalculates the whole option chain at different price levels to find it precisely. When there is no such level inside the traded strikes, the flip is shown as unavailable instead of a guess.

Pair GEX with the Bank Nifty expected move for size of move and the Bank Nifty max pain for where pinning may pull price into expiry.

More Bank Nifty options data

Gamma exposure for other symbols

Frequently asked questions

What is gamma exposure (GEX)?
Gamma exposure estimates how much option dealers must buy or sell in the underlying to stay hedged as price moves. TradeLens reports it in ₹ crore of hedging per 1% move in the underlying, calculated strike by strike from NSE option data.
What is the gamma flip?
The gamma flip is the Bank Nifty level where net dealer gamma crosses zero. Above it dealers are usually long gamma and dampen moves; below it they are short gamma and can amplify them. TradeLens calculates the exact level and shows it as unavailable when there is no crossing.
What are the call wall and put wall?
The call wall is the strike with the largest positive net gamma exposure, where call open interest dominates; it often acts as resistance. The put wall is the strike with the most negative net gamma, where put open interest dominates; it often acts as support. Both shift as open interest changes.
Is positive gamma bullish?
Not by itself. Positive gamma describes volatility, not direction: it points to smaller, mean-reverting moves. Negative gamma points to larger moves in either direction.
Does any other Indian site publish Nifty GEX?
Gamma exposure dashboards are common for US indices but rare for NSE. TradeLens publishes daily GEX, gamma flip and walls for Nifty, Bank Nifty, Fin Nifty, Midcap Nifty and leading F&O stocks free on these pages.

Positioning data, not investment advice. Trading in derivatives involves substantial risk of loss.