ICICI Bank Sees Surge in Put Options with 2,608 Contracts at Rs 1400 Strike

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 underlying stock, ICICIBANK, is currently valued at Rs 1410.5, just 1.95% shy of its 52-week high of Rs 1436.
Today, a total of 2,608 put contracts were traded with a turnover of approximately Rs 531.72 lakhs, indicating significant activity. The put options have a strike price of Rs 1400 and are set to expire on May 29, 2025. Open interest stands at 3,218 contracts, reflecting ongoing interest in this option.

Despite the notable trading activity, ICICI Bank's stock has underperformed its sector by 0.84% today, marking a one-day return of -1.21%. This decline follows a nine-day streak of gains, suggesting a potential trend reversal. The stock has traded within a narrow range of Rs 13.1 today and remains above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive long-term trend.

Investor participation has seen a rise, with delivery volume increasing by 6.89% compared to the five-day average, contributing to the stock's liquidity, which is sufficient for trades around Rs 37.57 crore. Overall, ICICI Bank's activity in the options market highlights a dynamic trading environment, reflecting the complexities of current market conditions.