On 18 November 2025, Max Healthcare Institute (NSE: MAXHEALTH) recorded significant put option activity with 6,462 contracts traded at the strike price of ₹1,100. This volume translated into a turnover of approximately ₹15.47 crores, reflecting substantial investor interest in downside protection or speculative bearish bets. The open interest stood at 951 contracts, indicating a sizeable outstanding position that could influence price movements as expiry approaches.
The underlying stock price was ₹1,161.80 on the same day, trading above the ₹1,100 strike price of the most active puts. This suggests that investors may be positioning for potential downside risk or hedging existing long exposures. The stock’s performance on the day showed a 3.90% gain, outperforming its hospital sector peers by 3.2%, while the broader Sensex index rose by 0.44%. Max Healthcare’s intraday high touched ₹1,165, marking a 4.33% increase, which contrasts with the heavy put option interest and points to a nuanced market outlook.
Technical indicators reveal that Max Healthcare’s share price is trading above its 5-day, 20-day, 50-day, and 200-day moving averages but remains below the 100-day moving average. This mixed technical picture may be contributing to the active put option interest as traders seek to manage risk amid uncertain momentum. Additionally, delivery volume surged to 33.58 lakh shares on 18 November, representing a 101.89% rise compared to the five-day average delivery volume, signalling heightened investor participation and liquidity in the stock.
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Max Healthcare Institute’s market capitalisation stands at ₹1,10,125 crores, categorising it as a large-cap stock within the hospital sector. Despite the sizeable market cap, the stock’s market cap grade is rated at 1, indicating a relatively modest valuation metric compared to peers. The Mojo Score for the company is 43.0, with a recent adjustment in its evaluation reflected by a grade change from Hold to Sell on 31 October 2025. This revision may have influenced the increased put option activity as investors recalibrate their positions.
Put options with a strike price of ₹1,100 expiring on 25 November 2025 have attracted the most attention, suggesting that traders are focusing on this price level as a critical support or hedging threshold. The concentration of open interest and turnover at this strike price highlights a collective market expectation of potential price pressure or volatility in the near term.
In the broader context, the hospital sector has shown modest gains with a 1-day return of 0.82%, lagging behind Max Healthcare’s 4.02% return on the same day. This divergence may be driving some investors to hedge their exposure in Max Healthcare specifically, given its relative outperformance and the possibility of a correction or consolidation phase.
Liquidity metrics further support active trading in Max Healthcare, with the stock’s traded value comfortably supporting trade sizes up to ₹8.49 crores based on 2% of the five-day average traded value. This level of liquidity facilitates the execution of sizeable option trades and underpins the observed put option volumes.
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Investors and traders monitoring Max Healthcare Institute’s option chain should note the significance of the 25 November expiry date, which is less than a week away. The concentration of put option contracts at ₹1,100 strike price may lead to increased volatility as market participants adjust their positions in response to price movements and time decay factors.
While the stock’s recent price action has been positive, the active put option interest suggests a cautious stance among some investors, possibly reflecting concerns about sector-specific risks, regulatory developments, or broader market uncertainties. The interplay between bullish price momentum and bearish option positioning creates a dynamic environment that warrants close observation.
In summary, Max Healthcare Institute’s put option activity ahead of the 25 November expiry highlights a significant hedging or speculative interest at the ₹1,100 strike price. The stock’s technical setup, delivery volume surge, and relative outperformance within the hospital sector provide a multifaceted backdrop for this options market behaviour. Market participants should consider these factors carefully when evaluating their exposure to Max Healthcare Institute in the coming days.
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