The Phoenix Mills Limited

NSE: PHOENIXLTD · Realty · Lot size: 350

OverviewOption ChainOI AnalysisFII / DIIMax Pain

The Phoenix Mills Limited Max Pain Analysis

₹2,057.2Updated 22 Jul 2026, 03:30 pm IST
Max Pain Strike
₹2,060
Writers' least-loss point
Spot vs Max Pain
-0.14%
Spot ₹2,057.2
Max Pain Shift
+₹0
vs yesterday
Days to Expiry
6
2026-07-28
2nd Lowest Pain Strike
₹2,040
₹20 from max pain

What is Max Pain?

Max Pain theory states the underlying gravitates toward the strike where option writers face minimum collective loss at expiry. For PHOENIXLTD, that strike is ₹2,060. Spot at ₹2,057.2 is near max pain — the expiry magnetic pull is active.

AI AnalysisGenerated daily after market close · AI-powered

Max Pain Level

The options market pinpoints a ₹2060 strike as the point of maximum loss for option writers. This level acts as a magnet as expiration approaches, drawing the underlying price toward it.

Spot vs Max Pain Gap

The current spot of ₹2057.2 sits marginally below the ₹2060 level, a gap of –0.14%. Such a narrow pull‑back suggests limited upward pressure is needed for the price to align with the pain point.

Shift Signal

There is no shift from yesterday’s positioning, indicating that writers have maintained their exposures around the same strike. This stability often reflects a balanced view among market participants regarding near‑term price direction.

Expiry Context

Maximum pain reflects the concentration of open interest where the aggregate payout to writers would be smallest if the underlying settles at that strike. While the tendency holds during the final week, the actual settlement can still deviate due to unexpected news or order flow.

Data Note

With only six days until the 2026‑07‑28 expiry, the spot sits just ₹2.8 below the identified pain level.

Data as of 2026-07-22

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Frequently Asked Questions

What is The Phoenix Mills Limited max pain today?▾
The Phoenix Mills Limited's max pain strike is ₹2,060 for the 2026-07-28 expiry (6 days away). Spot is 0.1% below max pain.
How is max pain calculated for The Phoenix Mills Limited?▾
The Phoenix Mills Limited's max pain is calculated by taking every possible expiry price and computing the total ITM payout to all option buyers: sum of (CE OI × max(0, spot − strike)) + (PE OI × max(0, strike − spot)) for all strikes. The strike with the minimum total payout is the max pain — where option writers collectively lose the least.
Does max pain predict The Phoenix Mills Limited expiry price?▾
Max pain theory suggests the underlying tends to gravitate toward the max pain strike as expiry approaches, because option writers (who have the capital and hedging ability) can influence spot price. It's more reliable within 1 week of expiry and for liquid stocks like The Phoenix Mills Limited. It should be used with other signals, not in isolation.
What happened to The Phoenix Mills Limited max pain since yesterday?▾
The Phoenix Mills Limited's max pain is unchanged from the previous session. Max pain shifts indicate that option writers are adjusting their positions — a rising max pain is modestly bullish; falling is modestly bearish.
What is the next expiry for The Phoenix Mills Limited options?▾
The Phoenix Mills Limited's next options expiry is on 2026-07-28 — 6 days away. NSE F&O stocks have monthly expiry on the last Tuesday of each month. As expiry approaches, gamma risk increases and max pain becomes a stronger gravitational force.