ICICI Bank Gains 3.81%: 5 Key Factors Driving This Week’s Momentum

Monday, 2 February 2026: Downgrade and Mixed Technical Signals

ICICI Bank began the week under pressure as MarketsMOJO downgraded its mojo grade from Hold to Sell, citing deteriorating technical indicators and flat recent financials. The stock closed at Rs.1,352.20, down 0.21%, slightly outperforming the Sensex’s 1.03% decline. Despite this, the bank saw robust value trading with a turnover of ₹193.86 crore and increased delivery volumes, signalling sustained institutional interest. Technical momentum shifted to bearish, with the stock trading below key moving averages, reflecting near-term caution despite strong long-term fundamentals.

Tuesday, 3 February 2026: Strong Intraday Rally and High-Value Trading

The stock rebounded sharply on 3 February, surging 2.77% to close at Rs.1,389.60. It hit an intraday high of Rs.1,416, a 4.72% increase from the previous close, driven by strong buying momentum and volatility. ICICI Bank recorded a massive traded value of ₹12,694 crores with over 9 million shares changing hands. The stock outperformed the Sensex’s 2.63% gain and the private banking sector’s 2.77% rise, supported by technical strength above short- and medium-term moving averages. However, delivery volumes declined by 29%, suggesting a mix of short-term trading and institutional block trades.

Wednesday, 4 February 2026: Continued Gains and Institutional Confidence

ICICI Bank extended its winning streak to three days, closing at Rs.1,408.70 with a 1.37% gain. The stock outperformed both the private banking sector’s 0.52% and the Sensex’s 0.23% rises. Trading value remained strong at ₹3,286 crore with delivery volumes increasing by 22.47%, indicating renewed conviction among long-term investors. The stock traded above all key moving averages, including the 200-day average for the first time this week, signalling sustained upward momentum despite the recent downgrade. This positive technical setup was supported by improving asset quality and strategic initiatives within the bank.

Thursday, 5 February 2026: Minor Pullback Amid High Volume

On 5 February, the stock experienced a slight correction, closing at Rs.1,396.20, down 0.89%. Despite the decline, trading volume surged to nearly 1.3 million shares, reflecting active participation. Delivery volumes, however, dropped sharply by 60.83%, suggesting increased short-term trading activity. The Sensex also declined by 0.53%, indicating broader market weakness. Technically, the stock remained above its 5-day and 20-day moving averages but below the 200-day average, indicating a consolidation phase. Investors appeared cautious ahead of the week’s close, balancing recent gains with valuation concerns.

Friday, 6 February 2026: High-Value Trading and Modest Gains to Close Week

ICICI Bank closed the week on a positive note, gaining 0.75% to Rs.1,406.65. The stock recorded a substantial traded value of over ₹8,026 crores, ranking among the most actively traded equities by value. Despite the modest price gain, delivery volumes remained subdued, down 60.83% compared to the five-day average, indicating a predominance of intraday or speculative trades. The stock outperformed the Sensex, which declined 0.23%, and the private banking sector’s 0.11% gain. Technical indicators showed the stock trading above short- and medium-term moving averages but still below the 200-day average, suggesting a cautious but optimistic near-term outlook.

Weekly Price Performance: ICICI Bank vs Sensex

Key Takeaways

Positive Signals: ICICI Bank demonstrated strong liquidity and institutional interest throughout the week, with multiple sessions of high-value trading and rising delivery volumes midweek. The stock outperformed the Sensex by 2.30% over the week, supported by technical strength above short- and medium-term moving averages and a series of intraday highs, including a peak of Rs.1,416 on 3 February.

Cautionary Signals: The downgrade to a Sell rating by MarketsMOJO reflects concerns over flat quarterly financials and deteriorating technical momentum. Delivery volumes showed notable declines on some days, indicating a shift towards short-term trading rather than sustained accumulation. The stock remains below its 200-day moving average, signalling that longer-term trends have yet to confirm a sustained uptrend.

Technical and Fundamental Balance: While technical indicators showed a shift from bearish to mildly bullish momentum midweek, mixed signals persisted with bearish MACD and sideways Bollinger Bands. The bank’s strong long-term fundamentals, including a 30.41% annual net profit growth and a Capital Adequacy Ratio of 15.03%, provide a solid foundation amid near-term volatility.

Conclusion

ICICI Bank Ltd.’s performance in the week ending 6 February 2026 was characterised by resilience amid mixed signals. The stock’s 3.81% weekly gain and outperformance of the Sensex highlight its continued relevance as a key player in India’s private banking sector. Strong institutional participation and high-value trading underscore market confidence, even as technical momentum remains cautious and the mojo rating signals prudence. Investors should monitor upcoming quarterly results and technical developments closely to assess whether the current consolidation phase will give way to renewed upward momentum or further volatility.

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