PNB options
PNB option chain and implied move
| Metric | Value | Read |
|---|---|---|
| Market-implied move | ±₹2.67 | ±2.22% to the Tuesday, 27 October 2026 expiry, from the at-the-money straddle |
| Implied range | ₹117.70 – ₹123.04 | What option prices imply, not a forecast of where the stock will trade |
| Max pain | ₹120 | The strike at which the largest value of written options would expire worthless |
| Heaviest put strike | ₹125 | 1,08,40,000 contracts — the largest put position on the chain |
| Heaviest call strike | ₹125 | 1,62,56,000 contracts — the largest call position on the chain |
| Put-call ratio | 0.88 | Total put open interest divided by total call open interest across the chain |
| Implied volatility (ATM) | 26.37% | At-the-money implied volatility for the front expiry |
- Market-implied move
- ±₹2.67
- Implied range
- ₹118 – ₹123
- Max pain
- ₹120
- Implied volatility
- 26.37%
±2.22% over 4 days, from the ₹120 straddle
What option prices imply, not a forecast of where the stock will trade
₹0 below the close
At the money, for the front expiry
Implied rangeMax painLast close
Heaviest put ₹125Heaviest call ₹125ATM ₹120 · PCR 0.88
At the close on Friday, 23 October 2026, PNB options were pricing a move of ±₹2.67 by the Tuesday, 27 October 2026 expiry — a range of ₹117.70 to ₹123.04 against a closing price of ₹120.37. The figure is the at-the-money straddle at the ₹120 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 ₹120, ₹0.37 below 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 ₹125 with 1,08,40,000 contracts, and the heaviest call position at ₹125 with 1,62,56,000 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 26.37% for the Tuesday, 27 October 2026 expiry. Realised volatility for PNB is not yet available for comparison.
This page is a record of where PNB'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 PNB options pricing this expiry?
- ±₹2.67, or 2.22%, giving a range of ₹117.70 to ₹123.04 by Tuesday, 27 October 2026. The figure is derived from the at-the-money straddle at the ₹120 strike.
- What is PNB's max pain?
- ₹120 at the last close, against a closing price of ₹120.37. Max pain is the strike at which the largest value of written options would expire worthless.
- Where is support and resistance in the PNB option chain?
- The largest put position sits at ₹125 with 1,08,40,000 contracts, and the largest call position at ₹125 with 1,62,56,000 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 PNB options?
- 8,000 shares per lot, with strikes in steps of ₹1. At the implied move of ±₹2.67, one lot corresponds to ±₹21,360 of notional movement.