Key Events This Week
19 Jan: Intraday low hit amid price pressure; heavy trading volume
20 Jan: Robust value trading and institutional interest; open interest surge
21 Jan: Continued downtrend with high-value trading and institutional caution
22 Jan: High-value trading amid marginal underperformance and rising delivery volumes
23 Jan: Seven-day losing streak extends despite high derivatives open interest
19 January 2026: Intraday Low and Heavy Trading Amid Price Pressure
ICICI Bank opened the week under pressure, closing at Rs.1,379.80, down 2.26% from the previous Friday. The stock hit an intraday low of Rs.1,371.85, reflecting a 2.82% drop from the prior close. This decline was sharper than the Sensex’s 0.49% fall to 36,650.97, signalling relative weakness. Elevated volatility was evident with a weighted average price volatility of 74.88%, and the stock traded below key short-term moving averages, indicating mixed technical signals.
Despite the price drop, trading volumes were robust, with over 53 lakh shares exchanging hands, amounting to a traded value of ₹73,790.65 lakhs. This placed ICICI Bank among the most actively traded stocks by value, highlighting strong investor interest even amid selling pressure. The stock underperformed its sector by 2.44%, reflecting sector-specific headwinds.
20 January 2026: Institutional Interest and Positive Momentum Amid Market Recovery
The stock showed signs of recovery on 20 January, closing at Rs.1,375.35, a modest 0.32% decline but outperforming the Sensex’s 1.82% drop to 35,984.65. ICICI Bank recorded a traded volume of 18 lakh shares with a traded value of ₹24,907.37 lakhs, supported by a significant 86.78% surge in delivery volumes compared to the five-day average, signalling strong institutional participation.
Technical indicators improved as the stock traded above its 20-day, 50-day, and 100-day moving averages, though it remained below the 5-day and 200-day averages, suggesting some near-term resistance. The derivatives market saw an 11.9% increase in open interest, reflecting heightened market activity and mixed positioning among traders. Despite a slight price dip, the stock outperformed its sector and the Sensex, indicating selective buying interest.
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21 January 2026: Continued Downtrend with High-Value Trading and Institutional Caution
On 21 January, ICICI Bank’s downtrend extended, closing at Rs.1,348.45, down 1.96%. The stock underperformed its sector by 1.08% and the Sensex by 0.16%, which closed at 35,815.26. Despite a total traded value exceeding ₹6,300 crores and a volume of 46.33 lakh shares, institutional participation appeared subdued, with delivery volumes declining by 2.58% compared to the five-day average.
Technically, the stock traded below all key moving averages, signalling bearish momentum. The persistent selling pressure over five consecutive sessions resulted in a cumulative decline of 5.66%, reflecting cautious sentiment amid tightening monetary policy and asset quality concerns in the banking sector.
22 January 2026: High-Value Trading Amid Marginal Underperformance and Rising Delivery Volumes
ICICI Bank recorded a near-flat session on 22 January, closing at Rs.1,345.65, down 0.21%. The stock marginally underperformed its sector by 0.67% and lagged behind the Sensex’s 0.76% gain to 36,088.66. Trading volumes remained strong at over 26 lakh shares, with a traded value of ₹35,240.31 lakh. Delivery volumes rose by 26.01% compared to the five-day average, indicating renewed investor confidence and possible institutional accumulation.
Despite this, the stock remained below all major moving averages, maintaining a short- to medium-term downtrend. The mixed signals suggest cautious optimism as the stock ended a five-day losing streak but faces resistance ahead.
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23 January 2026: Seven-Day Losing Streak Extends Despite High Derivatives Open Interest
The week closed on a cautious note with ICICI Bank’s share price falling 0.17% on 23 January to Rs.1,343.35, extending a seven-day losing streak and a cumulative decline of 6.87%. The stock underperformed its sector by 0.65% and the Sensex by 1.33%, which closed at 35,609.90. Trading volumes remained elevated at over 20 lakh shares, with a traded value exceeding ₹27,119.7 lakhs.
Derivatives market activity surged, with open interest rising 13.8% to 3,40,886 contracts, accompanied by a futures volume of 2,13,254 contracts and a combined futures and options notional value exceeding ₹1,23,742 crores. This heightened activity suggests active repositioning by traders amid mixed technical signals. However, the stock remained below all key moving averages, indicating persistent bearish momentum.
Weekly Price Performance Comparison
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.1,379.80 | -2.26% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.1,375.35 | -0.32% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.1,348.45 | -1.96% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.1,345.65 | -0.21% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.1,343.35 | -0.17% | 35,609.90 | -1.33% |
Key Takeaways
Positive Signals: Despite the weekly decline, ICICI Bank demonstrated strong liquidity and remained among the most actively traded stocks by value throughout the week. Institutional interest was evident, particularly on 20 and 22 January, with delivery volumes surging by up to 86.78% and 26.01% respectively. The derivatives market showed heightened activity, with open interest rising by nearly 14% on 23 January, indicating active repositioning and potential for a short-term bounce.
Cautionary Signals: The stock faced sustained selling pressure, extending a seven-day losing streak with a 4.84% weekly decline, underperforming the Sensex’s 3.31% fall. Technical indicators remained bearish, with the stock trading below all major moving averages and exhibiting mixed momentum signals. Delivery volumes declined on 21 and 23 January, suggesting waning conviction among long-term holders. The Mojo Score of 54.0 and Hold rating reflect a cautious stance amid ongoing market uncertainties.
Conclusion
ICICI Bank Ltd.’s performance during the week of 19 to 23 January 2026 was marked by a challenging downtrend amid volatile market conditions. While the stock underperformed the broader Sensex and its sector, it maintained strong trading volumes and attracted significant derivatives market interest, signalling active investor engagement. The mixed technical signals and cautious institutional participation suggest that the stock is navigating a consolidation phase with potential for recovery contingent on positive catalysts.
Investors should monitor key technical levels, delivery volume trends, and upcoming earnings announcements to assess the sustainability of any rebound. The Hold rating and Mojo Score indicate a balanced outlook, recommending vigilance and measured participation as ICICI Bank contends with sectoral headwinds and broader market volatility.
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