🌙 FII/DII Evening Report — Wed, 10 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 (10-Jun-2026)

FII: Buy ₹14,048 Cr | Sell ₹16,173 Cr | Net -₹2,125 Cr ▼

DII: Buy ₹17,396 Cr | Sell ₹14,272 Cr | Net +₹3,124 Cr ▲

Combined Net: +₹999 Cr

Participant Long Short Net Direction vs FII

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FII 32,698 304,677 -271,979 Short — ★

DII 68,620 15,031 +53,589 Long Opposed

Client 277,954 71,591 +206,363 Long Opposed

Pro 58,510 46,483 +12,027 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (10-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 +5,022 -1,966 +0.21 Moderate Bullish Short Covering —

NIFTY +2,702 -906 +0.23 Moderate Bullish Short Covering 23,214.95 -27.15 (-0.12%)

BANKNIFTY +2,544 -1,240 +0.23 Moderate Bullish Short Covering 55,100.30 -94.20 (-0.17%)

FINNIFTY -7 -1 -0.13 Weak Bearish Long Unwinding 25,206.25 +53.80 (+0.21%)

MIDCPNIFTY -201 +191 -0.29 Moderate Bearish Short Buildup 13,991.25 -189.55 (-1.34%)

NIFTYNXT50 -16 -10 -0.31 Strong Bearish Long Unwinding 69,154.70 -791.15 (-1.13%)

STOCK -9,051 +33,783 -0.02 Neutral Short Buildup —

👥 PARTICIPANT OI (10-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 -2,71,979 +1.00 Strong Bullish

DII +53,589 +1.00 Strong Bullish

Client +2,06,363 +0.17 Moderate Bullish

Pro +12,027 -1.00 Strong Bearish

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 +7,29,160 -0.27 Moderate Bearish

DII -42,77,985 +1.00 Strong Bullish

Client +29,80,602 -1.00 Strong Bearish

Pro +5,68,223 +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 -2,77,427 -0.07 +5,30,987 -0.03 -0.05 Weak Bearish

DII +8,154 +1.00 +24,377 -1.00 +0.00 Neutral

Client +2,15,246 -0.02 -7,67,837 +0.07 +0.05 Weak Bullish

Pro +54,028 +0.08 +2,12,473 -0.17 -0.09 Weak 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 -1,41,890 -0.19 +1,14,094 -0.42 -0.30 Strong Bearish

DII -3,59,153 -0.95 +19,614 -0.11 -0.53 Strong Bearish

Client +11,43,838 +0.55 -4,15,032 +0.98 +0.77 Strong Bullish

Pro -6,42,795 -0.89 +2,81,324 -0.36 -0.63 Strong Bearish

S1 Futures OFR : +1 (Bullish)

S2 Options OFR : -1 (Bearish)

S3 Cash Market : 0 (Threshold: ₹3,800 Cr)

Total : 0/3 → Neutral

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 sold ₹2,125 Cr in cash for the third consecutive day while index futures showed Short Covering with Moderate Bullish FSR of +0.21, but index options Combined OFR turned bearish at -0.05 — this contradiction between futures short covering and options bearish shift signals FII is unwinding hedges rather than building conviction. The critical divergence is in stock positioning: stock futures showed Short Buildup with Neutral FSR of -0.02 while stock options Combined OFR collapsed to Strong Bearish at -0.30, revealing that FII's stock accumulation from yesterday has reversed into genuine stock selling today. Index futures OFR at +1.00 Strong Bullish appears bullish on the surface but this is mechanical unwinding of yesterday's short hedge, not fresh directional positioning — the real signal is stock options turning sharply bearish, indicating FII is reducing stock exposure across the board. DII's +1.00 Strong Bullish index futures OFR and Client's Strong Bullish stock options at +0.77 show domestic capital and retail positioning opposite to FII's stock exit, creating a structural divergence where FII is the only institutional seller while domestic participants absorb.

Morning established hedging warning with FII using index shorts to protect equity longs while stock futures accumulated with bullish conviction. Today's close broke that pattern completely — stock options turned sharply bearish at -0.30 Strong Bearish while stock futures shifted to Short Buildup, signaling FII abandoned yesterday's stock accumulation and is now exiting stock positions while unwinding index hedges, a genuine reversal in positioning conviction.

FII has now sold cash for three consecutive sessions totaling ₹12,247 Cr while derivatives show conflicting signals — index futures unwinding hedges but stock options decisively bearish on stock holdings. The week pattern shows FII transitioning from Monday's clean directional short conviction through Tuesday's confused hedging into today's stock exit, while DII remains Strong Bullish across index futures and Client remains Strong Bullish in stock options, creating a structural mismatch where FII is the only institutional participant reducing exposure. Conviction has shifted from hedging uncertainty to genuine stock exit conviction, with the institutional environment now defined by FII withdrawal against domestic institutional support — this is a potential inflection point if FII's stock selling accelerates tomorrow.

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.