ICICI Bank Gains 0.87%: 5 Key Factors Shaping This Week’s Trading

27 January 2026: High-Value Trading Amid Prolonged Downtrend

ICICI Bank began the week with significant trading activity, registering a traded volume of 33,66,766 shares and a value turnover of ₹451.23 crores. Despite this liquidity, the stock extended its losing streak to eight consecutive sessions, cumulatively declining 6.93% prior to this day. The stock opened at ₹1,340.0, reached an intraday high of ₹1,351.3, but closed slightly lower at ₹1,342.0, down 0.40% from the previous close.

This underperformance contrasted with the Sensex’s 0.37% gain and the private sector banking sector’s modest positive return of 0.09%. Technical indicators showed the stock trading below all key moving averages, signalling sustained bearish pressure. Delivery volumes also declined by 13.45% compared to the five-day average, suggesting waning long-term investor interest despite high turnover.

28 January 2026: Robust Value Trading Amid Mixed Market Performance

The following day, ICICI Bank saw a rebound with a 0.30% gain, closing at Rs.1,367.40 on a volume of 8,54,427 shares and a traded value of ₹247.38 crores. The stock outperformed the Sensex’s 1.12% rise but lagged behind its private sector banking peers by 0.47%. The share price traded above its 5-day and 50-day moving averages, indicating short- and medium-term bullish momentum, though it remained below longer-term averages.

Delivery volumes surged by 28.94% over the five-day average, reflecting renewed institutional interest and accumulation. This increase in investor participation, combined with the stock’s liquidity supporting trade sizes up to ₹51.76 crores, underscored a cautiously optimistic market stance despite ongoing sector challenges.

29 January 2026: High-Value Trading Amid Mixed Market Sentiment and Put Option Surge

On 29 January, ICICI Bank recorded a traded volume of 23,34,987 shares with a value turnover exceeding ₹31,686 crores. The stock closed at Rs.1,384.10, up 1.22% for the day, but underperformed its sector and the Sensex, which declined by 0.57% and 0.48% respectively. The narrow intraday trading range and a 6.46% decline in delivery volumes compared to the five-day average suggested cautious investor sentiment.

Notably, the day also saw heavy put option activity, with 6,238 contracts traded at the ₹1360 strike price expiring on 24 February 2026. This surge in put contracts, generating a turnover of ₹934.89 lakhs, indicated increased bearish positioning and hedging among investors. The stock’s price dipped 1.76% on the day, signalling a potential shift in sentiment despite the recent gains.

Technically, the stock remained above its 5-day moving average but below longer-term averages, reflecting mixed momentum. The MarketsMOJO Mojo Score held steady at 54.0 with a 'Hold' rating, upgraded from 'Sell' earlier in January, suggesting stabilisation amid ongoing volatility.

30 January 2026: Week Closes Amid Mixed Sentiment and Rising Delivery Volumes

The week concluded with ICICI Bank trading 2.10% lower at Rs.1,355.05 on a volume of 2,22,341 shares and a traded value of approximately ₹15,926.1 crores. Despite the decline, delivery volumes surged by 43.25% compared to the five-day average, indicating stronger conviction among investors holding shares beyond intraday trading.

The stock underperformed both its sector and the Sensex, with respective declines of 1.00% and 0.48%. Price action showed the stock trading above its 5-day moving average but still below key longer-term averages, highlighting a short-term positive momentum amid subdued medium- and long-term trends. The 'Hold' Mojo Grade and improved liquidity profile support a balanced outlook as the stock navigates near-term volatility.

Key Takeaways

Strong Liquidity and Institutional Interest: ICICI Bank consistently demonstrated high trading volumes and value turnover throughout the week, supporting sizeable institutional trades and reflecting its status as a large-cap private sector bank.

Mixed Technical Signals: The stock traded above its 5-day moving average but remained below longer-term averages, indicating short-term momentum amid medium- and long-term caution.

Put Option Activity Highlights Bearish Sentiment: Heavy put option trading at the ₹1360 strike price ahead of the 24 February expiry signals increased hedging and bearish positioning among investors.

Delivery Volumes Fluctuate: Delivery volumes declined early in the week but surged significantly by week-end, suggesting a shift from short-term trading to longer-term holding.

Mojo Score and Rating Stability: The MarketsMOJO Mojo Score remained at 54.0 with a 'Hold' rating, upgraded from 'Sell' earlier in January, reflecting cautious optimism amid ongoing volatility.

Conclusion

ICICI Bank Ltd.’s week was characterised by a delicate balance between strong liquidity and mixed market sentiment. While the stock managed a modest weekly gain of 0.87%, it underperformed the broader Sensex’s 1.62% advance. The persistent put option activity and technical positioning below key moving averages underscore ongoing caution among investors. However, rising delivery volumes and the upgrade to a 'Hold' rating suggest stabilisation and potential for recovery. Investors should monitor the stock’s ability to sustain momentum above critical technical levels and watch for shifts in institutional participation as key indicators of future direction.

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