Key Events This Week
16 Feb: High-value trading amid narrow price range and institutional interest
17 Feb: Continued high-value trading with heavy put option activity signalling bearish sentiment
19 Feb: Significant open interest surge amid mixed market signals and narrow price range
20 Feb: Robust value trading and surge in call option activity ahead of February expiry
16 February 2026: High-Value Trading Amid Narrow Price Range
ICICI Bank commenced the week with significant trading activity, registering a traded value exceeding ₹5,243 crores and volume of 37.24 lakh shares. Despite this liquidity and institutional interest, the stock closed at Rs.1,410.20, down 0.29%, underperforming the Sensex’s 0.70% gain. The price fluctuated within a narrow range of Rs.11.9, indicating consolidation. Technical indicators showed the stock trading above key moving averages, signalling medium- to long-term strength, but the short-term softness suggested cautious investor sentiment.
17 February 2026: Mixed Market Signals and Heavy Put Option Activity
The stock continued to see high-value trading with a turnover of ₹645.72 crores and volume of 46.05 lakh shares. However, ICICI Bank’s price declined by 0.22% to Rs.1,407.15, marking a three-day losing streak. Delivery volumes fell sharply by 67.98%, indicating waning long-term investor conviction. Concurrently, the derivatives market revealed heavy put option activity at the ₹1,400 strike price, with 3,311 contracts traded and open interest of 4,948 contracts. This surge in put buying reflected increased bearish sentiment and hedging ahead of the 24 February expiry, signalling investor caution despite the stock’s technical resilience above several moving averages.
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18 February 2026: Slight Recovery Amid Consolidation
On 18 February, ICICI Bank’s stock edged up marginally by 0.06% to Rs.1,408.00 on strong volume of 7.63 lakh shares. The Sensex also gained 0.43%, reflecting a broadly positive market mood. Despite the small gain, delivery volumes remained subdued, and the stock continued to trade within a narrow range, suggesting ongoing consolidation. Technical indicators remained mixed, with the stock above medium-term moving averages but facing short-term resistance.
19 February 2026: Open Interest Surge Amid Narrow Price Range and Institutional Interest
The stock declined by 1.27% to Rs.1,390.15, underperforming the Sensex’s 1.45% fall. Trading volumes remained robust at 35.96 lakh shares with a traded value of approximately ₹503.98 crores. Open interest in derivatives surged by 13.1%, signalling heightened market activity and repositioning among traders. Delivery volumes dropped by 55.08%, indicating reduced long-term holding. The stock traded above its 20-day, 50-day, and 100-day moving averages but below the 5-day and 200-day averages, reflecting a mixed technical picture and short-term resistance. Institutional interest remained strong, but cautious positioning prevailed amid sectoral and macroeconomic uncertainties.
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20 February 2026: Robust Value Trading and Call Option Surge Ahead of Expiry
ICICI Bank closed the week with a modest gain of 0.24% to Rs.1,393.55, outperforming the Sensex’s 0.41% rise on the day. The stock recorded a traded value exceeding ₹18,429 crores and volume of over 13.25 lakh shares, highlighting strong institutional participation. Delivery volumes surged by 9.7%, signalling renewed investor confidence. Call option activity at the ₹1,400 strike price surged with 4,597 contracts traded and open interest of 6,729 contracts, indicating bullish positioning ahead of the 24 February expiry. Despite this, the stock remained below its 5-day and 200-day moving averages, suggesting short-term resistance and consolidation.
Daily Price Comparison: ICICI Bank vs Sensex (16-20 Feb 2026)
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-16 | Rs.1,410.20 | -0.29% | 36,787.89 | +0.70% |
| 2026-02-17 | Rs.1,407.15 | -0.22% | 36,904.38 | +0.32% |
| 2026-02-18 | Rs.1,408.00 | +0.06% | 37,062.35 | +0.43% |
| 2026-02-19 | Rs.1,390.15 | -1.27% | 36,523.88 | -1.45% |
| 2026-02-20 | Rs.1,393.55 | +0.24% | 36,674.32 | +0.41% |
Key Takeaways
ICICI Bank’s week was characterised by high liquidity and active institutional participation, as evidenced by substantial traded values and volumes throughout. However, the stock’s price declined 1.47% over the week, underperforming the Sensex’s 0.39% gain, reflecting short-term selling pressure and cautious investor sentiment.
Derivatives market activity revealed a complex picture: heavy put option volumes early in the week indicated bearish hedging, while a surge in call option activity towards week-end suggested growing bullish positioning ahead of the February expiry. This duality underscores a market balancing between risk management and optimism.
Technical indicators presented mixed signals, with the stock maintaining levels above medium-term moving averages but facing resistance at shorter-term averages. Delivery volumes fluctuated, with notable declines midweek followed by a recovery on Friday, signalling shifts in investor conviction.
The MarketsMOJO upgrade from Sell to Hold with a Mojo Score of 54.0 reflects a cautious but improving outlook, acknowledging the bank’s strong fundamentals and liquidity while recognising near-term volatility risks.
Conclusion
ICICI Bank Ltd’s trading activity during the week of 16-20 February 2026 highlights a stock in consolidation amid mixed market signals. While institutional interest and liquidity remain robust, the stock’s price underperformance relative to the Sensex and increased bearish positioning in derivatives markets suggest investor caution. The surge in call option activity and rising delivery volumes towards week-end indicate potential for renewed optimism, but technical resistance and sectoral uncertainties temper enthusiasm.
Investors and traders should monitor upcoming corporate announcements, macroeconomic developments, and derivatives market trends closely to gauge the stock’s next directional move. The Hold mojo rating and mixed technical landscape counsel a balanced approach, combining vigilance with selective accumulation strategies.
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