Financials

HDFC Bank Limited (HDB) options and signal

Figures as of 28 Sep 2026

HDB is HDFC Bank Limited, a Financials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	76 of 100	28 Sep
At the money IV	35.4%	28 Sep
Priced move to 16 Oct	7.9% down, 7.9% up	28 Sep
Call wall and put wall	25 and 22.5	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	22.41	28 Sep
Next report	17 Oct 2026	28 Sep

Options Snapshot

HDB's IV rank is 76 of 100 on 28 Sep 2026.

Figure	Value
IV rank	76 of 100
At the money IV	35.4%, near month, 18 days
Put/call ratio, open interest	0.50
Call open interest, strikes captured near the price	17,400 contracts
Put open interest, strikes captured near the price	8,750 contracts
Cost to trade at the money	Wide, 75.6% of the option's mid price

IV rank is where the at the money IV sits among HDB's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, HDB options priced a move of 7.9 percent down and 7.9 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	7.9%	7.9%	20.65 to 24.17
20 Nov 2026	53	15.2%	15.2%	19.00 to 25.82
15 Jan 2027	109	18.3%	18.3%	18.30 to 26.52
16 Apr 2027	200	24.9%	24.9%	16.84 to 27.98

The range is one standard deviation either side of the close of 22.41, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, HDB's call wall is the 25 strike and its put wall is the 22.5 strike.

Figure	Value
Call wall, most open call gamma	25
Put wall, most open put gamma	22.5
Flip strike, where net gamma changes sign	23.27
Net dollar gamma, calls minus puts	$208,547
Total dollar gamma, both sides	$1.33 million
Close	22.41

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, HDB's at the money IV is 35.4 percent against 20 day realized volatility of 35.7 percent.

Figure	Value
At the money IV	35.4%
Realized volatility, 20 trading days	35.7%
Realized volatility, 60 trading days	36.8%
IV against its own weekly record	In the middle
Weekly readings on record	809, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.0% of 217 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, HDB's at the money IV runs from 35.4 percent at 18 days to 33.6 percent at 200 days.

Days to expiry	At the money IV
18	35.4%
53	39.9%
109	33.6%
200	33.6%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, HDB's IV ten percent below the price sits 20.6 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	60.5%	+20.6 points
At the money	39.9%	0.0 points
10% above the price	39.6%	-0.3 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, HDB's surface spans 4 expiries out to 200 days, with IV from 33.6 to 39.9 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	4
Lowest IV among them	33.6%
Highest IV among them	39.9%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, HDB has 4 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	35.4%	9,072	4,010
20 Nov 2026	53	39.9%	45	162
15 Jan 2027	109	33.6%	7,070	4,417
16 Apr 2027	200	33.6%	1,210	159

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, HDB's largest open interest sits at the 25 strike, with 11,898 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
25	10,117	1,781	11,898
22.5	4,489	4,768	9,257
20	1,540	2,035	3,575
30	859	0	859
27.5	284	32	316
17.5	22	132	154

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, HDB's at the money IV moved from 39.6 percent to 35.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	39.6%	35.4%	-4.2 points
Open interest, strikes captured near the price	33,772	26,145	-7,627
Put/call ratio, open interest	0.36	0.50	+0.14

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 1,226 HDB option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	868
Puts traded	358
Against its recent average	0.7 times
Busier than	9 of its last 20 trading days
Open interest, whole chain	35,478 contracts
Volume to open interest	0.03
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of HDB's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	23.29	$111,344	27.5	22.5
21 Sep 2026	23.65	$681,558	25	22.5
28 Sep 2026	22.41	$208,547	25	22.5

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of HDB was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	22.75, the swing high of 23 Sep 2026
Level below the close	22.26, the swing low of 16 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 HDB sat at the 81st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	69 of 100	Neutral
20 trading days	80 of 100	Neutral
45 trading days	81 of 100	Bullish

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Rank by Timeframe in RingMaster The Rank by Timeframe guide

Timeframe Agreement

On 25 Sep 2026, 1 of 3 timeframes put HDB on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Bullish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 HDB had carried no signal for 3 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	81 of 100
24 Sep 2026	None	94 of 100
23 Sep 2026	None	95 of 100
22 Sep 2026	Bullish	99 of 100
21 Sep 2026	Bullish	96 of 100
18 Sep 2026	Bullish	98 of 100
17 Sep 2026	None	92 of 100
16 Sep 2026	Bullish	98 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

HDB closed at 22.41 on 28 Sep 2026.

Figure	Value
Last close	22.41
Change over 5 trading days	-5.2%
Change over 21 trading days	-0.2%
Change over 63 trading days	-13.5%
Change over 252 trading days	-34.6%
52 week high	37.45
52 week low	21.77
20 day moving average	22.84
50 day moving average	23.21
200 day moving average	27.33
RSI, 14 days	44

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

HDB reports next on 17 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	17 Oct 2026, after the close
Date	Confirmed by the company
Move after the report of 18 Jul 2026	-10.5%
Move after the report of 19 Apr 2026	-3.4%
Move after the report of 17 Jan 2026	-0.9%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, HDB's average change was plus 3.1 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+3.1%	+0.7%	56.5%	23
October	+3.3%	+0.8%	56.5%	23
November	+3.7%	+2.0%	69.6%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Questions

What is HDB's IV rank?: HDB's IV rank is 76 of 100 on 28 Sep 2026.
What move are HDB options pricing?: On 28 Sep 2026, HDB options priced a move of 7.9 percent down and 7.9 percent up by 16 Oct 2026.
Where are HDB's call wall and put wall?: On 28 Sep 2026, HDB's call wall is the 25 strike and its put wall is the 22.5 strike.
What was the desk's latest view of HDB on the Free plan?: On 25 Sep 2026 the desk's view of HDB was bullish, paper trading.
When does HDB report earnings next?: HDB reports next on 17 Oct 2026, a date confirmed by the company.

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