MphasiS 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 MPHASIS, that strike is ₹2,500. Spot at ₹2,518 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The theoretical loss‑minimising strike for the MPHASIS option chain sits at ₹2,500. This level acts as a magnetic point where option writers would experience the smallest aggregate loss if the underlying were to close there at expiry.
Spot vs Max Pain Gap
The current spot price of ₹2,518 sits just 0.72 % above the ₹2,500 strike, indicating a modest out‑of‑the‑money bias for call writers. The narrow gap suggests limited pull‑back pressure on the underlying, as the market is already nudging toward the loss‑minimising zone.
Shift Signal
The max‑pain level has moved +₹150 from the previous day, a bullish shift that reflects writers repositioning toward higher strikes. This upward adjustment implies that a greater proportion of open interest now clusters around the new focal point, potentially reinforcing support near the updated level.
Expiry Context
As the November 23 expiry approaches, the convergence of open‑interest across strikes typically intensifies, with the loss‑minimising strike exerting stronger pull on price action. Historically, the final week often sees the underlying gravitate toward this theoretical anchor, though the tendency is not a deterministic outcome and can be overridden by macro or company‑specific catalysts.
Data Note
With 26 days remaining, the spot price sits ₹18 above the loss‑minimising strike, a modest distance that keeps the magnet effect relevant.
Data as of 2026-10-28