Cipla Limited Max Pain Analysis

₹1385.00Updated 4 Sept 2026, 03:30 pm IST

Max Pain Strike

₹1400Writers’ least-loss point

Spot vs Max Pain

−1.07%Spot ₹1,385

Max Pain Shift

−₹10vs yesterday

Days to Expiry

232026-09-29

2nd Lowest Pain Strike

₹1410₹10 from max pain

What is Max Pain?

Max Pain theory states the underlying gravitates toward the strike where option writers face minimum collective loss at expiry. For CIPLA, that strike is ₹1,400. Spot at ₹1,385 is 1.1% below max pain — possible upward gravitational pull into expiry.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The options market for Cipla Limited (CIPLA) shows a max‑pain strike at ₹1,400. This level represents the price at which option writers would incur the smallest aggregate loss, acting as a magnet as expiry approaches.

Spot vs Max Pain Gap

The current spot price of ₹1,385 sits ₹15 below the max‑pain level, indicating a modest upside pull‑back pressure toward the strike. The 1.07 % gap suggests the market is not far from the point where call writers would prefer the underlying to settle.

Shift Signal

The max‑pain figure has moved ₹10 down from yesterday, reflecting a recent downward bias among option writers. Such a shift hints that short‑call positions are being adjusted to a lower strike, reinforcing the pull‑back dynamic.

Expiry Context

Max‑pain theory posits that, all else equal, the underlying price tends to converge toward the strike where the total open‑interest payout is minimized near expiry. However, this is a statistical tendency and not a deterministic outcome; market news or liquidity shocks can still drive the price away.

Data Note

With 25 days remaining until the September 29 expiry, the spot price remains ₹15 below the max‑pain level.

Data as of 2026-09-04

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Frequently Asked Questions

What is Cipla Limited max pain today?

Cipla Limited's max pain strike is ₹1,400 for the 2026-09-29 expiry (23 days away). Spot is 1.1% below max pain.

How is max pain calculated for Cipla Limited?

Cipla Limited's max pain is calculated by taking every possible expiry price and computing the total ITM payout to all option buyers: sum of (CE OI × max(0, spot − strike)) + (PE OI × max(0, strike − spot)) for all strikes. The strike with the minimum total payout is the max pain — where option writers collectively lose the least.

Does max pain predict Cipla Limited expiry price?

Max pain theory suggests the underlying tends to gravitate toward the max pain strike as expiry approaches, because option writers (who have the capital and hedging ability) can influence spot price. It's more reliable within 1 week of expiry and for liquid stocks like Cipla Limited. It should be used with other signals, not in isolation.

What happened to Cipla Limited max pain since yesterday?

Cipla Limited's max pain shifted down by ₹10 from the previous session. Max pain shifts indicate that option writers are adjusting their positions — a rising max pain is modestly bullish; falling is modestly bearish.

What is the next expiry for Cipla Limited options?

Cipla Limited's next options expiry is on 2026-09-29 — 23 days away. NSE F&O stocks have monthly expiry on the last Tuesday of each month. As expiry approaches, gamma risk increases and max pain becomes a stronger gravitational force.