ICICI Bank Gains 0.55%: 5 Key Factors Driving the Week’s Mixed Momentum

9 February: Bearish Put Option Activity Amid Mojo Upgrade

ICICI Bank’s week began with notable put option activity concentrated at the ₹1,400 strike price, with 7,127 contracts traded generating a turnover of approximately ₹808.7 lakhs. This surge indicated increased bearish hedging or speculative positioning ahead of the 24 February expiry. The stock closed at Rs.1,397.15, down 0.68%, underperforming the Sensex’s 1.04% gain that day. Despite this, MarketsMOJO upgraded ICICI Bank’s mojo grade from Sell to Hold on 6 February, reflecting improved technical and fundamental outlooks. The upgrade was supported by stabilising technical indicators, including a shift from bearish to mildly bearish momentum and a fair valuation with a P/B ratio of 3.1 and ROA of 2.2%. This combination of cautious hedging and a rating upgrade set a nuanced tone for the week.

10 February: High-Value Trading Amid Narrow Price Range

The stock saw robust trading volumes on 10 February, with a total traded value exceeding ₹48,000 crores and volume of over 34 lakh shares. Despite a narrow intraday price range, ICICI Bank closed at Rs.1,405.50, up 0.60%, slightly outperforming the private sector banking sector’s 0.20% gain but lagging the Sensex’s 0.25%. Institutional interest remained strong, although delivery volumes declined by 38.15% compared to the five-day average, suggesting some short-term repositioning. The stock maintained support above its 5-day to 100-day moving averages but remained below the 200-day average, indicating medium-term strength with longer-term resistance.

11 February: Mixed Market Sentiment with Rising Delivery Volumes

On 11 February, ICICI Bank experienced high-value trading with a turnover of ₹276.94 crores on nearly 20 lakh shares. The stock closed slightly lower at Rs.1,405.90, a marginal 0.03% gain, underperforming the sector’s -0.03% and the Sensex’s near-flat -0.01%. Delivery volumes surged by 54.2% compared to the five-day average, signalling increased conviction among institutional investors. The stock remained above its short- and medium-term moving averages but below the 200-day average, reflecting a cautious but stable technical stance. This day’s activity suggested that while price momentum was subdued, institutional accumulation was underway, potentially laying the groundwork for future gains.

12 February: Outperformance and Bullish Call Option Surge

ICICI Bank outperformed both its sector and the Sensex on 12 February, closing at Rs.1,430.20, up 1.73%. The stock traded above all key moving averages, including the 200-day, signalling strong technical momentum. Delivery volumes increased by 10.56%, reinforcing institutional buying interest. Notably, call option activity surged with 8,960 contracts traded at the ₹1,420 strike price, generating turnover of ₹1,095.7 lakhs. This elevated call option volume reflected bullish sentiment, with traders positioning for a rally ahead of the 24 February expiry. The stock’s liquidity remained robust, supporting large trades without significant price impact. This day marked a clear shift towards optimism, supported by both price action and derivatives market signals.

13 February: Technical Momentum Shifts to Sideways Trend

The week concluded with ICICI Bank trading within a narrow range, closing at Rs.1,414.35, down 1.11% on the day but still above the week’s open. Delivery volumes surged by 62.04% compared to the five-day average, indicating strong institutional participation despite the slight price dip. Technical indicators showed a stabilising outlook, with the stock trading above all major moving averages and the mojo score improving to 60.0. The technical momentum shifted from mildly bearish to sideways, supported by mixed MACD and RSI signals, suggesting consolidation near recent highs. The stock remained close to its 52-week high of Rs.1,494.10, just 4.98% away, highlighting resilience amid broader market volatility.

Key Takeaways

Positive Signals: ICICI Bank outperformed the Sensex by 1.09% over the week, supported by a mojo grade upgrade from Sell to Hold and strong institutional participation evidenced by rising delivery volumes. The stock’s technical position improved, trading above all major moving averages by week’s end, and call option activity surged, reflecting bullish sentiment ahead of the February expiry.

Cautionary Signals: Heavy put option activity at the ₹1,400 strike price indicated investor hedging and some bearish positioning, suggesting caution amid mixed technical signals. The stock’s price remained below the 200-day moving average for much of the week before finally surpassing it on 12 February, highlighting resistance levels. The sideways technical momentum and narrow trading ranges towards week-end imply consolidation and potential volatility ahead.

Conclusion

ICICI Bank’s performance during the week of 9 to 13 February 2026 was characterised by a delicate balance between cautious hedging and emerging bullish momentum. The mojo grade upgrade to Hold and rising institutional interest underpin a stabilising outlook, while option market activity reveals a market preparing for potential near-term volatility. The stock’s ability to maintain levels near its 52-week high and trade above key moving averages suggests resilience, though investors should remain attentive to technical signals and broader market conditions. Overall, ICICI Bank remains a pivotal large-cap stock within India’s private banking sector, demonstrating both strength and prudence as it navigates evolving market dynamics.

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