Delhivery 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 DELHIVERY, that strike is ₹390. Spot at ₹385 is 1.3% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The options market shows the greatest concentration of open interest at the ₹390 strike. This level represents the point where option writers would incur the smallest aggregate loss, often acting as a magnet as expiry approaches.
Spot vs Max Pain Gap
The underlying is trading at ₹385, leaving a modest ₹5 (‑1.28%) gap below the concentration point. The narrow spread suggests that the spot may be pulled toward the ₹390 level if market pressure builds.
Shift Signal
The concentration point has moved down ten strikes from yesterday, indicating that writers have re‑positioned to a lower strike. This downward shift could signal a bias toward a softer price trajectory.
Expiry Context
As the November 23 expiry nears, the strike with the highest open interest tends to attract price action because option writers benefit from minimizing payouts. Nonetheless, this is a statistical tendency rather than a certainty, and actual price dynamics may diverge.
Data Note
The spot sits ₹5 below the concentration point with 26 days remaining until expiry.
Data as of 2026-10-28