UltraTech Cement 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 ULTRACEMCO, that strike is ₹11,000. Spot at ₹11,104 is near max pain — the expiry magnetic pull is active.
Max Pain Level
The options market indicates a concentration of open interest at the ₹11000 strike for UltraTech Cement Limited. This level is where option writers would experience the smallest aggregate loss, creating a magnetic pull on the underlying as expiry approaches.
Spot vs Max Pain Gap
The current spot price of ₹11104 sits about 0.95 % above the identified pain point, suggesting a modest upside cushion. If the price drifts downward toward the strike, the gap would shrink, reinforcing the pull effect; a move higher would widen the gap and lessen the magnet’s influence.
Shift Signal
There has been no shift in the pain level from yesterday, indicating that writers have largely maintained their positioning around the same strike. The static stance implies limited new hedging activity and a continued expectation that price will gravitate toward the existing concentration.
Expiry Context
As the contract expires on 23 Nov 2026—just 26 days away—the convergence of call and put writers’ interests tends to drive the underlying toward the pain strike. Historically, the final week of a cycle sees heightened gamma‑risk management, often accentuating this movement, though it remains a tendency rather than a certainty.
Data Note
The spot price sits roughly ₹104 above the pain level with less than a month left until expiry.
Data as of 2026-10-28