NHPC 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 NHPC, that strike is ₹76. Spot at ₹76.25 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The option‑writer’s “max pain” level for NHPC Limited sits at a strike of ₹76. This is the price at which the total loss of option writers is minimized, so the underlying often gravitates toward this point as expiry approaches.
Spot vs Max Pain Gap
The spot price of ₹76.25 sits just 0.33 % above the max‑pain strike, indicating a slight premium over the magnet. The market may experience a modest pull‑back toward ₹76 as the expiration date draws nearer.
Shift Signal
The max‑pain level shows no shift from the previous day, suggesting that writers have not adjusted their positioning significantly. A flat shift typically reflects a continued balance between open‑interest on both sides of the strike.
Expiry Context
Max pain emerges from the aggregate open interest of calls and puts, pulling the underlying toward the strike where overall writer loss is smallest. While this tendency often intensifies during the final week, it is not a guarantee of price direction.
Data Note
The spot is ₹0.25 above the max‑pain level with 25 days remaining until expiry.
Data as of 2026-09-04