Surge in Call Option Trading Highlights Bullish Sentiment
On 25 February 2026, ICICI Bank Ltd. (NSE: ICICIBANK) recorded an impressive 9,445 call option contracts traded at the 1,400 strike price, expiring on 30 March 2026. This activity generated a turnover of ₹1,734.20 lakhs, underscoring heightened speculative interest. The open interest at this strike stands at 3,162 contracts, indicating sustained accumulation of bullish bets by market participants.
The underlying stock price closed at ₹1,405.80, slightly above the 1,400 strike, suggesting that traders are positioning for further upside in the coming weeks. The concentration of call options at this strike price, combined with rising open interest, typically signals expectations of a price rally beyond this level before expiry.
Price Performance and Technical Strength
ICICI Bank’s stock price has demonstrated robust momentum, outperforming its private sector banking peers by 1.2% on the day. It delivered a 1.46% gain, significantly ahead of the sector’s 0.27% and the Sensex’s 0.22% returns. The stock is trading comfortably above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — reinforcing a strong technical uptrend.
Investor participation has also surged, with delivery volume on 24 February reaching 1.11 crore shares, a 90% increase compared to the five-day average. This heightened liquidity supports the stock’s capacity to absorb large trades, with an estimated tradable value of ₹34.01 crore based on 2% of the five-day average traded value.
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Fundamental and Market Context
ICICI Bank Ltd. is a large-cap private sector bank with a market capitalisation of ₹10,01,965 crore. The company’s recent upgrade in mojo grade from Sell to Hold on 6 February 2026, with a mojo score of 54.0, reflects a cautious but improving outlook. While the mojo grade remains in the Hold category, the upgrade signals better risk-reward dynamics compared to previous assessments.
Despite the Hold rating, the bank’s strong price momentum and active options market participation suggest that investors are increasingly optimistic about its near-term earnings growth and sectoral tailwinds. The private banking sector continues to benefit from improving credit demand, digital banking adoption, and stable asset quality, factors that underpin ICICI Bank’s positive technical setup.
Options Expiry Patterns and Investor Positioning
The expiry date of 30 March 2026 is attracting significant attention, with the 1,400 strike price emerging as a key level for traders. The high volume of call options at this strike indicates that investors expect the stock to maintain or exceed this price point within the next month. Open interest accumulation further confirms that these are not merely short-term speculative trades but represent a more sustained bullish conviction.
Such positioning often precedes positive corporate developments or favourable macroeconomic data releases that could propel the stock higher. Given ICICI Bank’s leadership in the private banking space and its improving fundamentals, the market appears to be pricing in a favourable outlook for the bank’s performance in the upcoming quarter.
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Implications for Investors and Traders
For investors, the active call option trading in ICICI Bank signals a favourable risk-reward profile in the near term. The stock’s technical strength, combined with improving mojo grade and sectoral tailwinds, supports a cautiously optimistic stance. Traders may consider the 1,400 strike price as a critical level to watch, with potential for gains if the stock sustains above this mark through the expiry.
However, the Hold mojo grade advises prudence, suggesting that while upside potential exists, investors should remain vigilant to broader market volatility and sector-specific risks such as regulatory changes or credit quality concerns. Diversification and risk management remain key in navigating the evolving banking landscape.
Overall, ICICI Bank’s dominant position in the call options market reflects a growing consensus of bullish sentiment, making it a focal point for market participants seeking exposure to India’s private banking growth story.
Outlook and Conclusion
ICICI Bank Ltd. continues to attract significant investor interest, as evidenced by its leading position in call option volumes and turnover. The stock’s outperformance relative to sector and benchmark indices, coupled with strong technical indicators, suggests that market participants are positioning for further gains ahead of the March expiry.
While the mojo grade remains at Hold, the recent upgrade and rising investor participation indicate improving fundamentals and sentiment. Investors should monitor the 1,400 strike price closely, as it represents a key inflection point for the stock’s near-term trajectory.
In summary, ICICI Bank’s active call option market activity and robust price action highlight its status as a bellwether private sector bank stock, offering both opportunities and challenges for investors navigating the evolving financial sector landscape.
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