GRASIM Options — Where Positioning Sits Today

Where GRASIM open interest sits

The heaviest call open interest is at the 3,300 strike, holding 3,15,750 contracts — 15.7% of all GRASIM call open interest on the board, 0.00% below the spot of 3,300. That strike is in the money, so it is not resistance: price has already traded through it. A call wall sitting below spot usually means either a level that was defended and then broken, or positions that have not yet been rolled up. The strikes to watch for resistance are the heaviest ones still above 3,300.

On the put side the weight is at 3,300 with 1,60,500 contracts, 15.1% of GRASIM put open interest, 0.00% above spot. That strike is in the money, so it is not acting as support — price is already beneath it. Heavy in-the-money put open interest more often reflects protection bought before the move than a level being defended now.

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

What GRASIM's PCR is saying

GRASIM is carrying 10,63,000 contracts of put open interest against 20,10,250 of call, a put-call ratio of 0.53 — 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 0.53 and has held to 0.53 — a move of 0.00. That is effectively flat: positioning has not changed sides today.

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

GRASIM against its max pain

Max pain for GRASIM computes to 3,280, with spot at 3,300 — 0.61% above 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 0.5% more than 3,280 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 are 21 sessions to expiry. This far out the figure moves as positions roll, and it is least informative early in a series — worth watching for direction of travel rather than as a target.

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

What changed in GRASIM today

The biggest unwind is −750 call contracts at 3,060. 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 GRASIM

The at-the-money straddle on GRASIM costs 106.45 — 54.05 for the call and 52.40 for the put at the 3,300 strike. That sum is what the market charges to be covered in either direction, which makes it the move being priced in: about 3.23% of spot, or roughly 3,194 to 3,406 by expiry on a breakeven basis.

The straddle has moved 0.0% since the open. That is close to flat, so today's decay and any volatility move have roughly offset.

Implied volatility at the money is 16.8% on the call and 16.9% on the put. The two legs are priced almost identically, so there is no meaningful skew at the money right now.

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