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Delhivery Limited

NSE: DELHIVERY · Lot size: 2075

OverviewOption ChainOI AnalysisFII / DIIMax Pain

Delhivery Limited Max Pain Analysis

₹473.75Updated 21 Apr 2026, 01:26 pm IST
Max Pain Strike
₹455
Writers' least-loss point
Spot vs Max Pain
+4.12%
Spot ₹473.75
Max Pain Shift
+₹0
vs yesterday
Days to Expiry
7
2026-04-28
2nd Lowest Pain Strike
₹460
₹5 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 DELHIVERY, that strike is ₹455. Spot at ₹473.75 is 4.12% above max pain — possible downward gravitational pull into expiry.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The max pain strike for Delhivery Limited is ₹455, where option writer losses are minimized. As expiry approaches, the spot price often gravitates toward this level to reduce overall writer liability.

Spot vs Max Pain Gap

The spot at ₹473.75 trades 4.12% above the max pain level, indicating a notable upward gap. This suggests a potential downward pull toward ₹455 as expiry draws near.

Shift Signal

Max pain remains unchanged from yesterday, signaling stable writer positioning around ₹455. The lack of shift reflects balanced near-term pressure and firm anchoring at this strike.

Expiry Bias

A downward drift toward ₹455 is expected, supported by the current spot-to-pain gap and writer dominance. This tendency strengthens as time decays, especially within the final five trading days.

Trader Note

With 7 days to expiry, focus on premium decay strategies only if entry occurs within the next five sessions.

Data as of 2026-04-21

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Frequently Asked Questions

What is Delhivery Limited max pain today?▾
Delhivery Limited's max pain strike is ₹455 for the 2026-04-28 expiry (7 days away). Spot is 4.1% above max pain.
How is max pain calculated for Delhivery Limited?▾
Delhivery 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 Delhivery 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 Delhivery Limited. It should be used with other signals, not in isolation.
What happened to Delhivery Limited max pain since yesterday?▾
Delhivery Limited's max pain is unchanged 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 Delhivery Limited options?▾
Delhivery Limited's next options expiry is on 2026-04-28 — 7 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.