M&M options
Mahindra & Mahindra option chain and implied move
| Metric | Value | Read |
|---|---|---|
| Market-implied move | ±₹29.75 | ±1.04% to the Tuesday, 27 October 2026 expiry, from the at-the-money straddle |
| Implied range | ₹2,831.45 – ₹2,890.95 | What option prices imply, not a forecast of where the stock will trade |
| Max pain | ₹2,900 | The strike at which the largest value of written options would expire worthless |
| Heaviest put strike | ₹2,900 | 6,94,600 contracts — the largest put position on the chain |
| Heaviest call strike | ₹2,850 | 12,49,600 contracts — the largest call position on the chain |
| Put-call ratio | 0.54 | Total put open interest divided by total call open interest across the chain |
| Implied volatility (ATM) | 12.42% | At-the-money implied volatility for the front expiry |
- Market-implied move
- ±₹29.75
- Implied range
- ₹2,831 – ₹2,891
- Max pain
- ₹2,900
- Implied volatility
- 12.42%
±1.04% over 4 days, from the ₹2,850 straddle
What option prices imply, not a forecast of where the stock will trade
₹39 above the close
At the money, for the front expiry
Implied rangeMax painLast close
Heaviest put ₹2,900Heaviest call ₹2,850ATM ₹2,850 · PCR 0.54
At the close on Friday, 23 October 2026, Mahindra & Mahindra options were pricing a move of ±₹29.75 by the Tuesday, 27 October 2026 expiry — a range of ₹2,831.45 to ₹2,890.95 against a closing price of ₹2,861.20. The figure is the at-the-money straddle at the ₹2,850 strike, which is what the options market itself is charging for the move to expiry. It describes the price of that expectation, not a forecast MarketCue makes.
Max pain sits at ₹2,900, ₹38.80 above the closing price — the strike at which the largest value of written options would expire worthless. The heaviest put position on the chain is at ₹2,900 with 6,94,600 contracts, and the heaviest call position at ₹2,850 with 12,49,600 contracts. Open interest describes where positions have been built; it is not a commitment by anyone to defend a price.
At-the-money implied volatility was 12.42% for the Tuesday, 27 October 2026 expiry. Realised volatility for Mahindra & Mahindra is not yet available for comparison.
This page is a record of where Mahindra & Mahindra's chain finished on Friday, 23 October 2026, not a live feed — the next reading follows tomorrow's close. Figures are derived from the NSE option chain via Upstox; max pain, the implied move, put-call ratio and the volatility comparison are MarketCue's own calculations from that data. MarketCue is not a registered investment adviser, research analyst or broker under SEBI regulations, and nothing here is a recommendation to buy or sell any security.
Read the full MarketCue scoring methodology
Source: NSE option chain via Upstox. .
Frequently asked questions
- What move are Mahindra & Mahindra options pricing this expiry?
- ±₹29.75, or 1.04%, giving a range of ₹2,831.45 to ₹2,890.95 by Tuesday, 27 October 2026. The figure is derived from the at-the-money straddle at the ₹2,850 strike.
- What is Mahindra & Mahindra's max pain?
- ₹2,900 at the last close, against a closing price of ₹2,861.20. Max pain is the strike at which the largest value of written options would expire worthless.
- Where is support and resistance in the Mahindra & Mahindra option chain?
- The largest put position sits at ₹2,900 with 6,94,600 contracts, and the largest call position at ₹2,850 with 12,49,600 contracts. Traders commonly read heavy open interest at a strike as a level, though open interest describes positioning rather than any commitment to defend a price.
- What is the lot size for Mahindra & Mahindra options?
- 200 shares per lot, with strikes in steps of ₹50. At the implied move of ±₹29.75, one lot corresponds to ±₹5,950 of notional movement.