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Dr. Reddy's Laboratories Limited

NSE: DRREDDY · Lot size: 625

OverviewOption ChainOI AnalysisFII / DIIMax Pain

Dr. Reddy's Laboratories Limited Max Pain Analysis

₹1,221Updated 21 Apr 2026, 01:26 pm IST
Max Pain Strike
₹1,210
Writers' least-loss point
Spot vs Max Pain
+0.91%
Spot ₹1,221
Max Pain Shift
+₹0
vs yesterday
Days to Expiry
7
2026-04-28
2nd Lowest Pain Strike
₹1,220
₹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 DRREDDY, that strike is ₹1,210. Spot at ₹1,221 is near max pain — the expiry magnetic pull is active.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The max pain strike for Dr. Reddy's Laboratories Limited is ₹1210, where option sellers experience minimal aggregate loss at expiry. As a magnet for spot movement near expiry, this level reflects the price that minimizes net payout to long option holders.

Spot vs Max Pain Gap

The spot price at ₹1221 is 0.91% above the max pain level, implying a slight downward pull toward ₹1210 as expiry approaches. This gap suggests underlying pressure for drift lower to align with the point of least financial damage to writers.

Shift Signal

Max pain has remained unchanged from the prior day, signaling stable writer positioning around ₹1210. A flat shift indicates no fresh build-up in short options at adjacent strikes, reinforcing anchoring at current levels.

Expiry Bias

Drift toward ₹1210 is favored over the next 7 days, supported by the second-lowest pain at ₹1220 just above spot. This pull strengthens as expiry draws closer, especially within the final 5 days when gamma effects and premium decay accelerate.

Trader Note

With more than 5 days to expiry, premium decay strategies are premature—wait for tighter proximity before considering short gamma trades near ₹1210.

Data as of 2026-04-21

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Frequently Asked Questions

What is Dr. Reddy's Laboratories Limited max pain today?▾
Dr. Reddy's Laboratories Limited's max pain strike is ₹1,210 for the 2026-04-28 expiry (7 days away). Spot is 0.9% above max pain.
How is max pain calculated for Dr. Reddy's Laboratories Limited?▾
Dr. Reddy's Laboratories 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 Dr. Reddy's Laboratories 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 Dr. Reddy's Laboratories Limited. It should be used with other signals, not in isolation.
What happened to Dr. Reddy's Laboratories Limited max pain since yesterday?▾
Dr. Reddy's Laboratories 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 Dr. Reddy's Laboratories Limited options?▾
Dr. Reddy's Laboratories 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.