Bandhan Bank 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 BANDHANBNK, that strike is ₹170. Spot at ₹164.95 is 3.0% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The current max‑pain strike for Bandhan Bank Limited (BANDHANBNK) is ₹170. Max pain is the strike at which option writers collectively incur the smallest loss, often acting as a magnetic level as expiration approaches.
Spot vs Max Pain Gap
The spot price of ₹164.95 sits about 2.97 % below the max‑pain level, indicating a modest upside bias. If the underlying moves toward the max‑pain strike, option writers stand to benefit from reduced payouts.
Shift Signal
There is no shift versus yesterday’s data, suggesting that the distribution of open interest across strikes remains unchanged. Writers appear comfortably positioned, with the current max‑pain level already reflecting their preferred outcome.
Expiry Context
Max pain emerges from the aggregate of open‑interest in calls and puts, pinpointing the strike where total writer loss is minimized at expiration. In the week leading up to expiry, prices frequently gravitate toward this level, though the phenomenon is a statistical tendency, not a deterministic rule.
Data Note
The spot price is approximately ₹5.05 below the max‑pain strike, with 25 days remaining until the September 29 expiration.
Data as of 2026-09-04