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MIDCPNIFTY options · dealer gamma

Midcap Nifty Gamma Exposure (GEX) Today

Net dealer gamma for the 27 Oct Midcap Nifty expiry is −₹136 cr per 1% move. Spot 13,367.85 is below the gamma flip at 13,395.

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

Negative gamma · low confidence

Net GEX (₹ cr per 1%)
−₹136 cr
Dealer hedging per 1% move
Gamma flip
13,395
Spot -0.20% vs flip
Call wall
13,700
Resistance from call gamma
Put wall
13,000
Support from put gamma

Where spot sits between the dealer levels

  • Put wall13,000
  • Spot13,368
  • Gamma flip13,395
  • Max pain13,600
  • Call wall13,700

Midcap Nifty gamma regime: negative gamma

Dealers are net short gamma. Their hedging buys strength and sells weakness, which tends to amplify moves, widen ranges and favour trend days and volatility expansion.

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 Midcap 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 Midcap 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 Midcap Nifty expected move for size of move and the Midcap Nifty max pain for where pinning may pull price into expiry.

More Midcap 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 Midcap 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.