Fortis Healthcare 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 FORTIS, that strike is ₹740. Spot at ₹759.5 is 2.64% above max pain — possible downward gravitational pull into expiry.
Max Pain Level
The current max‑pain strike for Fortis Healthcare Limited (FORTIS) sits at ₹740. This is the price at which the combined loss of all open option writers would be minimized, acting as a magnet that often draws the underlying toward it as expiry approaches.
Spot vs Max Pain Gap
The spot price of ₹759.5 is ≈2.6 % above the max‑pain level, indicating a modest upside gap. Should the underlying trend downward, the gap may narrow, pulling the price toward the pain point; a sustained rally would keep the gap open and could pressure option writers.
Shift Signal
The max‑pain figure has moved ‑40 points from yesterday, a downward shift that suggests writers are now more concentrated at lower strikes. This re‑positioning hints that the option market anticipates a softer correction or at least a reluctance to push the price far above the new pain level.
Expiry Context
Max‑pain theory posits that as the November 23 expiry nears, the price gravitation toward the pain strike intensifies because writers aim to limit payouts on in‑the‑money options. Historically, the final week often shows heightened gamma‑squeezes and price pinning around the pain zone, yet this remains a statistical tendency rather than a deterministic outcome.
Data Note
The spot sits ₹19.5 above the max‑pain strike with 26 days remaining until expiry.
Data as of 2026-10-28