Lupin 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 LUPIN, that strike is ₹2,180. Spot at ₹2,110 is 3.2% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The current max‑pain strike for Lupin Limited (LUPIN) sits at ₹2,180. This level represents the strike at which the aggregate loss of option writers—both calls and puts—is minimized, acting as a magnet that often draws the underlying price toward it as expiry approaches.
Spot vs Max Pain Gap
LUPIN’s spot price of ₹2,110 trades ₹70 below the max‑pain level, a gap of roughly ‑3.21 %. The downward distance suggests that the market may experience upward pressure if the underlying seeks to close the disparity before the contract’s final settlement.
Shift Signal
The max‑pain figure has shifted 20 points lower from the previous day, indicating that writers have moved their exposure nearer to the current spot. This downward adjustment hints that option writers are positioning to benefit from a potential price convergence around the new max‑pain strike.
Expiry Context
As the contract expires on 29 September 2026—just 25 days away—the max‑pain mechanism becomes more prominent, with the largest open‑interest strikes exerting influence on price dynamics. Nevertheless, this phenomenon is a statistical tendency; actual price movement can deviate due to broader market forces, news events, or unexpected order flow.
Data Note
The spot sits ₹70 (≈3.2 %) below the max‑pain level with 25 days remaining until expiry.
Data as of 2026-09-04