Aurobindo Pharma Limited Max Pain Analysis
What is Max Pain?
Max Pain theory states the underlying gravitates toward the strike where option writers face minimum collective loss at expiry. For AUROPHARMA, that strike is ₹1,600. Spot at ₹1,644.8 is 2.8% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
The options market shows the highest open‑interest concentration at the ₹1,600 strike for Aurobindo Pharma Limited (AUROPHARMA). This “max pain” level is the price at which option writers collectively suffer the smallest loss, acting as a magnetic pull as the contract approaches expiry.
Spot vs Max Pain Gap
The current spot of ₹1,644.8 sits about 2.8 % above the max‑pain strike, indicating a modest upward bias relative to the pain point. If the price drifts lower toward ₹1,600, option writers could see reduced pressure, while a sustained premium above this level would keep the market tilted toward the long side of the options.
Shift Signal
The max‑pain figure moved down by ₹80 from the previous day, suggesting that writers may be re‑balancing positions toward a slightly lower equilibrium. Such a downward shift often reflects a growing short‑call exposure or an accumulation of long puts that nudges the theoretical loss‑minimising price lower.
Expiry Context
Max pain is derived from the aggregate of both call and put open interest, assuming all options expire worthless at that strike; it is a statistical tendency, not a deterministic outcome. In the final week before the November 23 expiry, price action commonly oscillates around the pain point as market participants adjust hedges and unwind positions.
Data Note
With roughly 26 days remaining, the spot price sits about ₹45 above the max‑pain level of ₹1,600.
Data as of 2026-10-28