DALBHARAT Options — Where Positioning Sits Today

Where DALBHARAT open interest sits

The heaviest call open interest is at the 1,900 strike, holding 1,68,675 contracts — 22.8% of all DALBHARAT call open interest on the board, 1.67% above the spot of 1,869. Call open interest concentrated above price is commonly read as resistance, on the reasoning that writers there are defending the level. It is a crowding observation, not a rule — the level holds until that open interest unwinds.

On the put side the weight is at 1,860 with 1,05,625 contracts, 20.0% of DALBHARAT put open interest, 0.47% below spot. Put open interest concentrated below price is usually treated as support for the same reason, and breaks the same way.

New to this? Read the Open Interest guide — how to read it, with worked examples.

What DALBHARAT's PCR is saying

DALBHARAT is carrying 5,29,100 contracts of put open interest against 7,39,700 of call, a put-call ratio of 0.72 — mildly call-heavy positioning. PCR has no universally good value; it is read against its own recent range, and the direction it is moving carries more than the level.

It opened the session at 0.06 and has risen to 0.72 — a move of +0.65. Puts have been added faster than calls since the open, which is the footprint of put writing below spot or of call unwinding above it.

New to this? Read the PCR guide — how to read it, with worked examples.

DALBHARAT against its max pain

Max pain for DALBHARAT computes to 1,880, with spot at 1,869 — 0.60% below it. That strike is where the total value of all open contracts expiring would be lowest. It is arithmetic on the current open interest distribution, not a forecast, and the distribution keeps changing.

The pain curve around it is flat — the neighbouring strikes cost writers only 1.7% more than 1,880 does. A basin that shallow means several strikes are near-equally cheap to settle at, so the level is a weak magnet and small shifts in open interest can move it.

There is 1 session left to expiry. The level firms up as expiry approaches, because open interest has less time to migrate.

New to this? Read the Max Pain guide — how to read it, with worked examples.

What changed in DALBHARAT today

The largest fresh call position went on at 1,940, +7,150 contracts (+12.3%). The premium move on that leg is not in this snapshot, so whether it is writing or buying cannot be told from open interest alone.

On the put side the heaviest addition is at 1,860, +7,475 contracts (+7.6%). Without the premium move on that leg the direction behind it is unresolved.

The biggest unwind is −44,525 put contracts at 2,000. Positions closing matters as much as positions opening — a level defended by open interest stops being defended when that open interest leaves, and a break through a strike that is unwinding is a different event from a break against one that is intact.

Change is measured against this session's opening snapshot rather than the previous close, so the overnight gap and the positions rolled at the open do not swamp the reading.

New to this? Read the OI Change guide — how to read it, with worked examples.

The move priced into DALBHARAT

The at-the-money straddle on DALBHARAT costs 25.75 — 19.25 for the call and 6.50 for the put at the 1,860 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 1.38% of spot, or roughly 1,834 to 1,886 by expiry on a breakeven basis.

New to this? Read the ATM Premium guide — how to read it, with worked examples.