Punjab National Bank 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 PNB, that strike is ₹117. Spot at ₹117 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The current max‑pain strike for Punjab National Bank (PNB) is ₹117. Max pain represents the strike at which option writers collectively suffer the smallest aggregate loss, so the price often gravitates toward this level as expiry approaches.
Spot vs Max Pain Gap
The spot price today is ₹117, exactly matching the max‑pain line, yielding a zero‑gap. With no observable distance between spot and the pain point, the market lacks a directional pull‑back; instead, the price is poised to hover around the strike until the contracts settle.
Shift Signal
The shift versus yesterday is 0, indicating neither an upward nor downward movement in the max‑pain level. This stability suggests that option writers have already positioned their hedges near the current strike, and there is minimal incentive to adjust exposures in the short term.
Expiry Context
As the expiry date (2026‑09‑29) draws within 25 days, the max‑pain mechanism intensifies: writers may intervene through delta‑hedging or liquidations, nudging the underlying toward the ₹117 level. Nevertheless, this tendency is not a guarantee; unexpected news, liquidity shocks, or large institutional trades can easily override the magnet effect, especially in the volatile week surrounding expiry.
Data Note
The spot price sits precisely at the max‑pain strike with 25 days remaining until expiration.
Data as of 2026-09-04