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NIFTY options · dealer gamma

Nifty Gamma Exposure (GEX) Today

Net dealer gamma for the 27 Oct Nifty expiry is +₹10,012 cr per 1% move. Spot 22,811.35 is above the gamma flip at 22,621.

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

Positive gamma · high confidence

Net GEX (₹ cr per 1%)
+₹10,012 cr
Dealer hedging per 1% move
Gamma flip
22,621
Spot +0.84% vs flip
Call wall
23,000
Resistance from call gamma
Put wall
22,500
Support from put gamma

Where spot sits between the dealer levels

  • Put wall22,500
  • Gamma flip22,621
  • Spot22,811
  • Max pain22,900
  • Call wall23,000

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 Nifty strike, TradeLens solves implied volatility from the end-of-day settlement price, computes Black-76 gamma, and multiplies by open interest and spot squared. 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 Nifty.

The gamma flip is found by re-pricing the whole chain at hypothetical spot levels and solving for where net gamma crosses zero with Brent's root-finding method. When there is no crossing inside the traded strikes, the flip is shown as unavailable instead of a guess.

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

More 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, computed strike by strike with Black-76 gamma from the NSE F&O bhavcopy.
What is the gamma flip?
The gamma flip is the 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 solves for it with a root finder 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.