--- title: "Does Nifty pin to big OI strikes at expiry | RupeeCase" description: "Pinning is the idea that the index settles near the strike with the largest open interest." source_url: "https://www.rupeecase.com/learn/questions/does-nifty-pin-to-oi-strikes" --- The top open interest strike was nearer the settlement than the spot on three of six near expiries and further on the other three Points by which the strike with the most call plus put open interest was nearer the settlement than the spot was on the chain date. Above zero means the strike was nearer. Chains one to six sessions before each expiry; settlement is the index close on expiry day, the rule for expiries before 7 Dec 2026. Source: NSE end of day data, computed by RupeeCase. As of 7 Jul 2026. The claim has two parts. Option writers hedge, and that hedging can make a stock price gather near strikes at expiry. The academic work listed in the sources documents that pattern for US stocks. The claim that a Nifty expiry settles at the strike with the most open interest is a different and narrower test, and this page runs that test. The chart scores six near expiries. For each, it takes the strike with the most call plus put open interest on a chain one to six sessions before expiry, then compares the settlement with that strike and with the spot on the chain date. Bars above zero mean the settlement was nearer the strike with the most open interest. Three of the six bars are above zero and three are below. As a rough yardstick, a fair coin gives three or more heads in six about two times in three, so this record is too thin to call either way. The gaps are wide as well: on 10 Feb 2026 the settlement landed far above the top open interest strike, not near it. Open interest is measured once a day, at the close, and positions roll to later expiries before settlement day. A strike that carried the most open interest a week out may hold little on expiry day. That is a reason to check the input on the open interest page before reading a strike as a level. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) Does Nifty pin to big OI strikes at expiry?Pinning is the idea that the index settles near the strike with the largest open interest, and the research on expiry clustering is about individual US stocks, where prices sometimes gather near option strikes, which is narrower than a claim about the Nifty close. On the six near expiries that can be scored here, the top open interest strike was nearer the settlement than the spot was on three and further on the other three, which is too few to call. LGo deeper ## Where Learn teaches this. [Go deeperPinning and max OI strikes: the evidence10 min, Advanced](/learn/path-15/module-15-11-pinning-and-max-oi-strikes)[Go deeperMax pain: the calculation and a Nifty test7 min, Beginner](/learn/path-15/module-15-4-max-pain)[Try itMax pain checkerThe calculation, and how it compares with a plain forecast.](/learn/tools/max-pain-checker) SSources ## Go to the source. 3 sources, NSE the most cited The publisher of each source listed below. Source: Module undefined source list. 1. [SEBI, master circular on exchange traded derivatives: the index settlement price is the index close on expiry day (clauses 1.1.9 and 2.1.9)](https://www.sebi.gov.in/sebi_data/commondocs/dec-2024/RE_Chapter%205%20-%20Exchange%20Traded%20Derivatives%20FINAL_1_p.pdf) SEBI 2. [NSE, equity derivatives contract specifications (expiry, settlement, exercise and lot size rules)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE 3. [Ni, Pearson and Poteshman (2005), Stock price clustering on option expiration dates, Journal of Financial Economics](https://ideas.repec.org/a/eee/jfinec/v78y2005i1p49-87.html) Paper ?Questions people ask ## Related questions. 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