🌙 FII/DII Evening Report — Mon, 8 Jun, 2026

FSR (Flow Strength Ratio): Range -1 to +1

Measures how one-sided FII's futures buying vs selling was — not the absolute size but the relative aggression. Two sessions with identical net contracts can have very different FSR values depending on total activity.

Positive = FII bought more contracts than sold (bullish flow)

Negative = FII sold more contracts than bought (bearish flow)

Strength: >=0.30 Strong | >=0.15 Moderate | >=0.05 Weak | <0.05 Neutral

Reliability: Nifty most reliable → BankNifty → MidCap Nifty → FinNifty and NiftyNext50 least reliable. Stock futures is a broad signal only — individual stock breakdown not available.

OFR (OI Flow Ratio): Range -1 to +1

Measures how a participant's accumulated long and short positions shifted compared to the previous session — not how much they traded today but how their total positioning changed.

Positive = participant adding longs or closing shorts (bullish positioning shift)

Negative = participant adding shorts or closing longs (bearish positioning shift)

Strength: >=0.30 Strong | >=0.15 Moderate | >=0.05 Weak | <0.05 Neutral

Caution: Futures OFR is especially misleading for FII because portfolio hedging inflates their futures positions. For DII, Client, and Pro, futures OFR is more likely directional but still less reliable than options Combined OFR. Always prefer options Combined OFR over futures OFR when they conflict.

Combined OFR: Range -1 to +1

Merges Call OFR and Put OFR into one unified options signal per participant. Shown for options rows only — futures rows show dash because futures have only one OFR value.

When Call and Put OFR agree — high confidence directional signal.

When Call and Put OFR conflict — dominant side wins but with reduced conviction. The conflict itself is meaningful.

Put OFR sign is automatically flipped so positive always means bullish — consistent with calls and futures.

Strength: >=0.30 Strong | >=0.15 Moderate | >=0.05 Weak | <0.05 Neutral

Signals:

Long Buildup = OI up + Net Buy → fresh longs added, bullish

Short Buildup = OI up + Net Sell → fresh shorts added, bearish

Short Covering = OI down + Net Buy → shorts being closed, bullish

Long Unwinding = OI down + Net Sell → longs being closed, bearish

Conviction Score (S1+S2+S3): Range -3 to +3

Three independent FII signals combined — futures positioning shift, options positioning shift, and actual cash deployment.

S1 = Index Futures OFR → >+0.05 bullish | <-0.05 bearish | else neutral

S2 = Index Options Combined OFR → same thresholds

S3 = FII Cash Net vs dynamic threshold (75th pctile of past 1yr flows)

+3 Strong Bullish | +2 Moderate Bullish | +1 Weak Bullish | 0 Neutral

-1 Weak Bearish | -2 Moderate Bearish | -3 Strong Bearish

Hedging Warning: fires when S1=S2 but S3 contradicts — FII using derivatives to hedge equity portfolio, not a directional bet. Do not treat conviction score as directional when active.

Battle Table:

Positive net = net long (bullish) | Negative net = net short (bearish)

Neutral = less than 2% directional bias

Aligned = same direction as FII | Opposed = opposite to FII

★ = Dominant participant (largest absolute net position)

When Client Opposed to FII → historically FII tends to be correct at inflection points.

💰 CASH MARKET (08-Jun-2026)

FII: Buy ₹8,842 Cr | Sell ₹14,398 Cr | Net -₹5,556 Cr ▼

DII: Buy ₹16,683 Cr | Sell ₹11,518 Cr | Net +₹5,165 Cr ▲

Combined Net: -₹390 Cr

Participant Long Short Net Direction vs FII

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FII 24,810 302,424 -277,614 Short — ★

DII 64,282 20,337 +43,945 Long Opposed

Client 291,791 80,764 +211,027 Long Opposed

Pro 63,140 40,498 +22,642 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (08-Jun-2026)

Note: Net Contracts = Today's buy contracts - today's sell contracts. Positive = FII bought more than sold. Negative = FII sold more than bought.

OI Change = Change in total open interest vs previous day. Positive = new contracts added (OI increased). Negative = contracts squared off (OI reduced).

Instrument Net Contracts OI Change FSR Strength Signal Price & Change

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INDEX -9,908 +7,612 -0.35 Strong Bearish Short Buildup —

NIFTY -8,588 +7,840 -0.43 Strong Bearish Short Buildup 23,123.00 -243.70 (-1.04%)

BANKNIFTY -770 -954 -0.12 Weak Bearish Long Unwinding 54,063.75 -432.50 (-0.79%)

FINNIFTY -1 -3 -0.03 Neutral Long Unwinding 24,805.00 -251.80 (-1.00%)

MIDCPNIFTY -562 +722 -0.30 Strong Bearish Short Buildup 13,994.75 -112.75 (-0.80%)

NIFTYNXT50 +13 +7 +0.28 Moderate Bullish Long Buildup 68,975.40 -1,216.55 (-1.73%)

STOCK -1,229 +17,299 -0.00 Neutral Short Buildup —

👥 PARTICIPANT OI (08-Jun-2026)

Note: All participant OI data is combined across all expiries — NSE F&O data only. Not expiry specific. Current month contracts are the most liquid — majority of activity happens there — data can be used accordingly.

Conviction Score is available for FII only. For DII, Client, and Pro — use options Combined OFR as their primary directional signal. Futures OFR is especially misleading for FII due to portfolio hedging — less so for DII, Client, and Pro who are more likely directional.

Note: Net OI = Long OI - Short OI. This is NOT daily buy/sell — it is the total accumulated position. Positive = longs are more than shorts. Negative = shorts are more than longs.

FII negative Net OI does not always mean FII is heavily bearish — FII may use index futures to hedge their equity portfolio. However if options Combined OFR also turns bearish simultaneously, it is genuine directional conviction, not hedging. Always cross-check with options Combined OFR and FII Conviction Score before concluding.

Participant Net OI OFR Strength

FII -2,77,614 -1.00 Strong Bearish

DII +43,945 +0.62 Strong Bullish

Client +2,11,027 +0.32 Strong Bullish

Pro +22,642 +1.00 Strong Bullish

Note: Net OI = Long OI - Short OI. This is NOT daily buy/sell — it is the total accumulated position. Positive = longs are more than shorts. Negative = shorts are more than longs.

FII negative Net OI does not always mean FII is heavily bearish — FII may use stock futures to hedge individual stock positions. However if options Combined OFR also turns bearish simultaneously, it is genuine directional conviction. Always cross-check with options Combined OFR and FII Conviction Score before concluding.

Participant Net OI OFR Strength

FII +6,99,749 -0.07 Weak Bearish

DII -42,75,960 -0.23 Moderate Bearish

Client +30,00,955 -1.00 Strong Bearish

Pro +5,75,256 +1.00 Strong Bullish

Note: Call Net OI = Call Long - Call Short. Positive = net long calls (bullish). Negative = net short calls (bearish).

Put Net OI = Put Long - Put Short. Positive = net long puts (bearish). Negative = net short puts (bullish).

Always prefer Combined OFR for options — it gives the complete directional picture.

Participant Call Net OI Call OFR Put Net OI Put OFR Combined OFR Combined Strength

FII -2,93,936 -0.10 +5,49,435 -0.75 -0.42 Strong Bearish

DII +7,869 -1.00 +23,857 -0.46 -0.73 Strong Bearish

Client +1,93,310 +0.10 -8,20,070 +0.03 +0.06 Weak Bullish

Pro +92,757 -1.00 +2,46,777 +0.07 -0.93 Strong Bearish

Note: Call Net OI = Call Long - Call Short. Positive = net long calls (bullish). Negative = net short calls (bearish).

Put Net OI = Put Long - Put Short. Positive = net long puts (bearish). Negative = net short puts (bullish).

Always prefer Combined OFR for options — it gives the complete directional picture.

Participant Call Net OI Call OFR Put Net OI Put OFR Combined OFR Combined Strength

FII -1,27,030 -0.46 +94,710 -0.39 -0.42 Strong Bearish

DII -3,16,780 -1.00 +19,647 +1.00 +0.00 Neutral

Client +10,50,081 +0.67 -4,12,711 +1.00 +0.84 Strong Bullish

Pro -6,06,271 -0.54 +2,98,354 -0.31 -0.43 Strong Bearish

S1 Futures OFR : -1 (Bearish)

S2 Options OFR : -1 (Bearish)

S3 Cash Market : -1 (Threshold: ₹3,800 Cr)

Total : -3/3 → Strong Bearish

Hedging Warning : Not Active

Note: Conviction Score is FII only. For DII, Client, and Pro — use options Combined OFR as their primary directional signal. Futures OFR is especially misleading for FII due to portfolio hedging — for other participants it is more likely directional but options Combined OFR remains the stronger signal.

FII executed a ₹5,556 Cr cash sell on 08-Jun and simultaneously built index futures shorts through Short Buildup activity with Strong Bearish FSR of -0.43 on Nifty, but the critical cross-check reveals genuine directional conviction, not hedging: index options Combined OFR turned -0.42 Strong Bearish, confirming the futures shorts are directional not defensive. The conviction score of -3/3 is now clean — all three signals (futures OFR -1, options OFR -1, cash -1) point the same direction with no contradiction. Stock futures show net short of -1,229 contracts with Neutral FSR, meaning FII is not protecting equity positions anymore but reducing conviction across both indices and stocks. DII, Client, and Pro all positioned long in index futures while FII shorted, creating a three-against-one battle where FII is the only net short participant with -277,614 accumulated contracts — the dominant position by absolute magnitude.

The morning report established FII as a portfolio hedger using index shorts to protect equity longs while maintaining stock conviction. Today's close broke that pattern entirely: FII shifted from hedging structure to directional short conviction across both indices and stocks simultaneously, with options confirming the shift rather than contradicting it. This is the most significant institutional move of the week — FII abandoned the protective hedge and took a genuine bearish directional stance.

FII has now established a two-day pattern of consistent index short buildup with strong one-sided selling (FSR -0.43 on Nifty, -0.35 on broad index) and matching bearish options conviction, signaling a genuine directional reversal from the prior week's hedging posture. The domestic institutional floor is cracking: DII's Strong Bullish index futures OFR of +0.62 and Client's +0.32 suggest they are still accumulating, but the magnitude of FII's short position at -277,614 contracts now dominates the battlefield and will force either a capitulation or a sustained battle through the weekly Nifty expiry tomorrow. Conviction is building on the bearish side with options confirming futures, creating the highest quality bearish signal available in this data — if FII extends this pattern into tomorrow, the domestic support will face genuine institutional pressure rather than routine hedging.

All metrics are for informational and analytical purposes only. Signals reflect past positioning and do not guarantee future market direction. This report reflects prior day data — it is not live data, as exchanges do not provide FII/DII data in real time. Past data does not reflect future directional activity of FII/DII. Do your own research before making any trading or investment decisions. This is not financial advice. Always consult a SEBI registered financial advisor before taking any decision.