On all three dates convention B is negative and conventions A and C are positive, so the sign depends on the rule

On all three dates convention B is negative and conventions A and C are positive, so the sign depends on the rule10 Jun, A 2.4; 10 Jun, B −59.3; 10 Jun, C 2.0; 16 Jun, A 3.6; 16 Jun, B −60.1; 16 Jun, C 0.2; 29 Jun, A 23.2; 29 Jun, B −185.2; 29 Jun, C 2.0.10 Jun, A2.410 Jun, B−59.310 Jun, C2.016 Jun, A3.616 Jun, B−60.116 Jun, C0.229 Jun, A23.229 Jun, B−185.229 Jun, C2.0
Total net gamma exposure in thousand Rs crore per one percent move, summed over the expiries inside forty five days, excluding the expiry day, for NIFTY chains dated 10 Jun, 16 Jun and 29 Jun 2026. A, B and C are the three sign conventions. Source: NSE end of day data, computed by RupeeCase. As of 29 Jun 2026.

GEX is only as good as its sign rule, and the sign rule is not observed. Convention A copies the US public data assumption, that dealers are long calls and short puts. Convention B says the writers are short both. Convention C weights the writer side by the end of day participant open interest, which is a total across index derivatives, not a count by strike.

The chart sets three dated chains side by side, each summed over the expiries inside forty five days, excluding the expiry day. On all three dates convention B is negative, and conventions A and C are positive. Changing the rule changes the answer on the same day, and so does adding or dropping an expiry from the sum.

Three more reasons the bars look more solid than they are. Writers are not continuous delta hedgers, and many hedge with other options. Positions net across strikes, expiries and futures, and no public file shows the net. And near expiry the gamma of at the money strikes grows quickly, so the nearest weekly expiry can decide the total.

What GEX can support is a question: how much hedging would be needed if the assumption held. What it cannot support is a claim that a level will hold. Whether high GEX days are followed by calmer trading is a separate question, and this page does not test it on the Nifty.

Before you trade. Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. Read the SEBI study