Havells India 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 HAVELLS, that strike is ₹1,200. Spot at ₹1,209 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The current pain point sits at the ₹1200 strike, where option writers would incur the smallest aggregate loss if the underlying closed there at expiry. This level acts as a magnetic zone that often draws the spot price as the contract approaches maturity.
Spot vs Max Pain Gap
The market trades at ₹1209, a 0.75 % premium above the pain point, indicating slight upward pressure. Such a gap suggests that the spot may be pulled back toward the ₹1200 level as time decay accelerates.
Shift Signal
There is no shift in the pain point from the previous day, implying that writers have not adjusted their positioning. A flat shift typically reflects a balanced distribution of open interest across nearby strikes.
Expiry Context
Maximum pain is derived from summing the loss of all call and put writers, assuming the underlying settles at each strike. While this tendency often influences price action in the final week, it is not a deterministic outcome.
Data Note
The spot lies just ₹9 above the pain point with six days remaining until expiry.
Data as of 2026-07-22