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Source: SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein aggregate level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22. SEBI’s latest study (August 2026) found that 87.7% of individual traders in equity derivatives made net losses in FY 2025-26.
BANKNIFTY max pain for the 23 Nov 2026 expiry is 57,600, 3.6% below the spot of 59,741.25, as of 9 Nov 2026, 3:40 pm IST. Over the last 52 settled expiries, BANKNIFTY settled within ±1% of the max pain read the session before 69% of the time.
As of · End-of-day figures from the 9 Nov 2026 session; they refresh after the next close.
Open the expiry and max pain tool →Every strike, greeks and past sessions.
| Settlement at | Call writers pay | Put writers pay | Total payout |
|---|---|---|---|
| 56,600 | ₹74.19 Cr | ₹1,370 Cr | ₹1,444 Cr |
| 56,700 | ₹87.14 Cr | ₹1,291 Cr | ₹1,378 Cr |
| 56,800 | ₹100 Cr | ₹1,212 Cr | ₹1,312 Cr |
| 56,900 | ₹114 Cr | ₹1,134 Cr | ₹1,248 Cr |
| 57,000 | ₹128 Cr | ₹1,057 Cr | ₹1,186 Cr |
| 57,100 | ₹149 Cr | ₹995 Cr | ₹1,143 Cr |
| 57,200 | ₹169 Cr | ₹933 Cr | ₹1,102 Cr |
| 57,300 | ₹190 Cr | ₹872 Cr | ₹1,062 Cr |
| 57,400 | ₹212 Cr | ₹812 Cr | ₹1,024 Cr |
| 57,500 | ₹234 Cr | ₹752 Cr | ₹987 Cr |
| 57,600 | ₹260 Cr | ₹699 Cr | ₹958 Cr |
| 57,700 | ₹286 Cr | ₹646 Cr | ₹932 Cr |
| 57,800 | ₹313 Cr | ₹594 Cr | ₹908 Cr |
| 57,900 | ₹341 Cr | ₹544 Cr | ₹886 Cr |
| 58,000 | ₹370 Cr | ₹495 Cr | ₹865 Cr |
| 58,100 | ₹412 Cr | ₹462 Cr | ₹874 Cr |
| 58,200 | ₹454 Cr | ₹430 Cr | ₹883 Cr |
| 58,300 | ₹496 Cr | ₹398 Cr | ₹895 Cr |
| 58,400 | ₹539 Cr | ₹368 Cr | ₹907 Cr |
| 58,500 | ₹583 Cr | ₹338 Cr | ₹921 Cr |
| 58,600 | ₹629 Cr | ₹311 Cr | ₹940 Cr |
| Expiry | Days left | Call OI | Put OI | PCR | Max pain | ATM IV |
|---|---|---|---|---|---|---|
| 23 Nov 2026 | 13 | 4.77 L | 6.06 L | 1.27 | 57,800 | 17.1% |
| 29 Dec 2026 | 49 | 63.1 K | 75.8 K | 1.20 | 58,000 | 14.6% |
| 25 Jan 2027 | 76 | 1.3 K | 5.2 K | 3.87 | 60,000 | 13.8% |
| 30 Mar 2027 | 140 | 1.1 K | 132 | 0.12 | 55,500 | 13.5% |
| 29 Jun 2027 | 231 | 9 | 1 | 0.11 | 57,000 | 14.5% |
| 28 Sept 2027 | 322 | 0 | 4 | — | 57,000 | 13.9% |
BANKNIFTY max pain for the 23 Nov 2026 expiry is 57,600 as of 9 Nov 2026, 3:40 pm IST, 3.6% below the spot of 59,741.25.
For every strike, add up what all open calls and puts would be worth at expiry if BANKNIFTY settled exactly there (open interest × how far each option is in the money). Max pain is the strike where that total is smallest: the settlement at which option writers as a group would pay out the least. It is computed over every listed strike of the expiry.
Not reliably. Over the last 52 settled BANKNIFTY expiries (28 Jul 2022 to 27 Oct 2026), the settlement landed within ±1% of the max pain read on the last full session before expiry 69% of the time, and within ±0.5% 38% of the time.
No. It describes where open positions sit, not where the price will go, and it moves as positions change during the session. Nothing on this page is a recommendation to buy or sell.
No. Jivani Markets is not a SEBI-registered research analyst or investment adviser. These are exchange figures shown for research; nothing here is a recommendation to buy or sell. F&O trading carries high risk: SEBI found 87.7% of individual traders in equity derivatives made net losses in FY 2025-26.
Not investment advice. Jivani Markets is a technology platform, not a SEBI-registered investment adviser or research analyst.
Derivatives are leveraged and can lose more than the premium or margin put in. Strategy results here are hypothetical. Past performance is not indicative of future results. Not investment advice. Jivani Markets is a technology platform, not a SEBI-registered investment adviser or research analyst.