NIFTY dealer positioning today

Where option dealers are long and short gamma on the NIFTY chain, the level where the sign flips, and the strikes with the largest hedging weight. Read from NSE open interest; re-rendered every 15 minutes.

as of 28 Sep 2026, 15:29 IST· session 2026-09-28

Regime

NIFTY 22,780(-1.5% on the session)

Net dealer gamma is positive across the chain → long-gamma regime (moves tend to be dampened).

Spot is 16 points above the gamma flip at 22,764. Above the flip the aggregate dealer book is long gamma; below it, short.

Key levels

Gamma flip: 22,764
Call wall: 23,000
Put wall: 22,700
Max pain: 22,900
Days to expiry: 1
Put/call OI ratio: 0.64

In our sample, levels have held more often in expiry week (0–4 days) than at 5+ days: 83.9% of approaches held for 15 minutes with 0–4 days to expiry (n=349) against 74.7% at 5+ days (n=308). Today is inside that 0–4 day window. Full tables and method on the statistics page.

Net gamma by strike

Net dealer gamma by strike, ±500 points around spotbar height = share of the largest strike in view

Positive net gamma (dealers long; hedging leans against the move)
Negative net gamma (dealers short; hedging leans with the move)
Outlined bar = call wall / put wall

Show the chart as a table (±300 points)

Strike	Net gamma sign	Share of largest	Call OI	Put OI
22,500	negative	40%	12,24,730	1,49,39,730
22,550	negative	16%	1,66,205	42,81,745
22,600	negative	53%	8,93,945	1,23,85,425
22,650	negative	37%	5,45,870	66,81,220
22,700	negative	88%	26,07,345	1,46,21,815
22,750	negative	68%	38,01,525	1,11,42,820
22,800	negative	63%	1,90,30,960	2,19,52,320
22,850	positive	33%	1,54,06,170	78,49,335
22,900	positive	71%	2,28,15,455	90,64,575
22,950	positive	57%	1,42,01,590	33,32,810
23,000	positive	100%	3,18,07,555	1,06,65,265
23,050	positive	27%	89,19,365	20,59,395

How to read this page

Option dealers hedge the positions they hold against the rest of the market. When the aggregate book is long gamma, that hedging leans against price: dealers have to offer index futures as the market rises and bid for them as it falls, which tends to dampen moves and keep spot near heavily traded strikes. When the book is short gamma, hedging leans with price, and moves tend to extend once they start.

The gamma flip is the spot level at which the chain-wide sign changes. The call wall and put wall are the strikes carrying the largest hedging weight on each side; in practice they are the levels where hedging flow is heaviest. Max pain is the strike at which the total value of open options at expiry is smallest. None of these levels is a forecast; they describe where hedging pressure sits right now, and they move as open interest moves.

Bars are shown relative to the largest strike in view rather than in rupees, because the relative shape of the chain (which side is heavier, where the sign flips, where the walls sit) is what the regime reading depends on.

Dealer sign convention

We treat dealers as short calls and long puts. Every sign on this page follows from that assumption.

Evidence. NSE’s participant-wise open-interest file lets us check the convention rather than assume it. Across May–September 2026 the Client category was net long index calls on 70 of 77 sessions and net short index puts on 77 of 77 sessions. The professional side of the market (dealers and proprietary desks) is the mirror of that book: short the calls that clients own, long the puts that clients have written.

What changes if the sign is wrong. If dealers were in fact long calls and short puts, every bar on the chart would flip sign, the long- and short-gamma regimes would swap, and the flip level would mark the opposite transition. The strike locations of the walls and the max-pain strike would not change, because those depend on where open interest sits, not on who holds it.

The convention is a modelling choice, checked monthly against the participant file. It is stated here so a reader can disagree with it and re-read the page accordingly.

Data and method

Source: NSE NIFTY option chain open interest for the listed expiries, sampled through the session; spot from the NIFTY 50 index.
Gamma per strike is Black–Scholes gamma × open interest × contract size, signed by the dealer convention above and aggregated across expiries.
Flip level: the spot at which the aggregate signed gamma crosses zero, found by sweeping spot across the chain.
Walls: the strike with the largest positive and the largest negative signed gamma in the current chain.
The page is re-rendered at most every 15 minutes. Outside NSE hours it shows the last session’s chain, and the “as of” stamp says so.
Statistics on how often these levels have held: /nifty/statistics. The India liquidity backdrop: /liquidity.