Radico Khaitan 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 RADICO, that strike is ₹4,300. Spot at ₹4,135.1 is 3.8% below max pain — possible upward gravitational pull into expiry.
Max Pain Level
The options market for Radico Khaitan Limited (RADICO) is converging on the ₹4,300 strike as the point where option writers would incur the smallest combined loss at expiry. This “max‑pain” level acts like a magnetic anchor that often draws the underlying price toward it as the contract deadline approaches.
Spot vs Max Pain Gap
The current spot price of ₹4,135.1 sits about 3.8 % below the max‑pain strike, indicating a modest upside gap. Such a distance suggests that any upward pressure on the stock could be amplified by the pull of the max‑pain zone, especially if momentum builds in the weeks ahead.
Shift Signal
The max‑pain figure has moved down by ₹150 from the previous day, signaling a bearish tilt in the collective positioning of writers. This downward shift implies that option writers have been rebalancing toward lower strikes, potentially preparing for a softer price trajectory.
Expiry Context
Max pain emerges from the net open interest across all strikes, reflecting the aggregate loss minimisation point for option writers at expiry. In the final week before the November 23 deadline, it is common for the underlying to gravitate toward this level, but the effect is probabilistic, not deterministic. Traders often observe heightened volatility as the market tests the proximity of the underlying to the identified strike.
Data Note
With 26 days remaining, the spot price is ₹164.9 below the max‑pain level of ₹4,300.
Data as of 2026-10-28