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Lupin Limited

NSE: LUPIN · Lot size: 425

OverviewOption ChainOI AnalysisFII / DIIMax Pain

Lupin Limited Max Pain Analysis

₹2,324.8Updated 21 Apr 2026, 01:26 pm IST
Max Pain Strike
₹2,320
Writers' least-loss point
Spot vs Max Pain
+0.21%
Spot ₹2,324.8
Max Pain Shift
+₹0
vs yesterday
Days to Expiry
7
2026-04-28
2nd Lowest Pain Strike
₹2,300
₹20 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 LUPIN, that strike is ₹2,320. Spot at ₹2,324.8 is near max pain — the expiry magnetic pull is active.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The maximum pain strike for Lupin Limited is ₹2320, where option sellers experience minimal aggregate loss at expiry. This level often acts as a magnet in the final days as dealer hedging pressures pull the spot toward this point.

Spot vs Max Pain Gap

The spot price of ₹2324.8 sits 0.21% above the max pain level, creating a narrow upside gap. This small differential suggests limited downward pull is needed for alignment, increasing the likelihood of range confinement near ₹2320.

Shift Signal

The max pain value has remained unchanged from yesterday, indicating stable writer positioning across strikes. Persistent stability reflects balanced put-call writing around ₹2320, reinforcing its structural significance.

Expiry Bias

A slight downward drift is anticipated to close the gap between spot and max pain, driven by dealer gamma positioning. The pull strengthens as expiry nears, particularly within the final five trading days when premium decay accelerates.

Trader Note

With 7 days to expiry, focus on premium decay strategies only if daysToExpiry ≤ 5, prioritizing short options near ₹2320 where pinning risk is highest.

Data as of 2026-04-21

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Frequently Asked Questions

What is Lupin Limited max pain today?▾
Lupin Limited's max pain strike is ₹2,320 for the 2026-04-28 expiry (7 days away). Spot is 0.2% above max pain.
How is max pain calculated for Lupin Limited?▾
Lupin 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 Lupin 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 Lupin Limited. It should be used with other signals, not in isolation.
What happened to Lupin Limited max pain since yesterday?▾
Lupin 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 Lupin Limited options?▾
Lupin 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.