ICICI Bank Ltd. Sees Surge in Active Put Options at Rs 1400 Strike Price

ICICI Bank Ltd., a prominent player in the private banking sector, has emerged as one of the most active stocks in the options market today, particularly in the put options segment. The bank's underlying stock, trading at Rs 1408.1, is currently positioned just 2.31% away from its 52-week high of Rs 1436.
Today, a significant number of put contracts were traded, with 20,295 contracts exchanged, resulting in a turnover of approximately Rs 1390.82 lakhs. The open interest for these put options stands at 2,816 contracts, indicating a notable level of market engagement. The strike price for these puts is set at Rs 1400, aligning closely with the current underlying value.

Despite this activity, ICICI Bank's stock has underperformed its sector by 0.86% today, marking a trend reversal after seven consecutive days of gains. The stock remains above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, reflecting a generally positive long-term trend. However, investor participation has seen a decline, with delivery volume dropping by 8.99% compared to the 5-day average.

In summary, while ICICI Bank's put options are attracting significant trading activity, the stock's recent performance indicates a shift in momentum, warranting close observation as market dynamics evolve.