Kotak Mahindra Bank 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 KOTAKBANK, that strike is ₹440. Spot at ₹440 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The maximum‑pain strike for Kotak Mahindra Bank Limited is ₹440. At this strike, option writers collectively incur the smallest possible loss, so the price often gravitates toward it as expiry approaches.
Spot vs Max Pain Gap
The underlying spot price sits exactly at the max‑pain level, indicating no gap between market price and the magnet point. With spot and max pain aligned, there is little immediate pull‑back pressure from either side.
Shift Signal
The max‑pain level has moved upward by 10 points from the previous day, suggesting that option writers have adjusted their short positions toward a slightly higher strike. This upward shift reflects a modest bias that the underlying may drift higher before the contract expires.
Expiry Context
Max pain is derived from the total open interest in calls and puts; the strike where the combined writer loss is minimized tends to attract the underlying price during the final week of the contract. Historically, the week before expiry sees heightened gamma‑scalping and pinning activity, but the phenomenon remains a statistical tendency rather than a deterministic rule.
Data Note
The spot price is exactly at the max‑pain strike of ₹440, with 26 days remaining until the 23‑Nov‑2026 expiration.
Data as of 2026-10-28