NIFTY Bank Max Pain Today
What is BANKNIFTY Max Pain?
Max Pain theory states NIFTY Bank gravitates toward the strike where option writers face minimum collective loss at expiry. Today that strike is 57,500. Spot at 57,240 is near max pain — expiry magnetic pull is active.
Max Pain Level
The current max‑pain strike for BANKNIFTY is ₹57,500. This level represents the price at which option writers—in particular those who are short both calls and puts—would experience the smallest aggregate loss, acting as a magnet that often draws the index toward it as expiry approaches.
Spot vs Max Pain Gap
The spot index sits at ₹57,239.75, 0.45 % below the max‑pain level, indicating a modest upside bias. With the index slightly under the magnet, any upward pull‑back in the next few days would tend to close the gap and align the spot with the pain point.
Shift Signal
The max‑pain figure has moved down ₹100 from yesterday, signaling a downward‑biased repositioning by option writers. This shift suggests that writers have re‑balanced their exposure, likely by reducing short call positions and/or adding short puts to keep the aggregate loss minimized near the new level.
Expiry Context
Max pain is derived from the total open interest in calls and puts; as expiry draws near, the market often drifts toward the strike that minimizes writer payouts. In the final week of an options series, it is common to see heightened price pressure as traders unwind positions, yet the outcome remains probabilistic—not a certainty.
Data Note
The spot is ₹260.25 below the max‑pain strike with six trading days remaining until expiry.
Data as of 2026-08-19