🌙 FII/DII Evening Report — Thu, 11 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 (11-Jun-2026)

FII: Buy ₹14,001 Cr | Sell ₹15,988 Cr | Net -₹1,987 Cr ▼

DII: Buy ₹16,823 Cr | Sell ₹12,598 Cr | Net +₹4,225 Cr ▲

Combined Net: +₹2,237 Cr

Participant Long Short Net Direction vs FII

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FII 34,564 301,547 -266,983 Short — ★

DII 68,407 12,331 +56,076 Long Opposed

Client 274,729 74,884 +199,845 Long Opposed

Pro 56,371 45,309 +11,062 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (11-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 +4,996 -1,264 +0.15 Weak Bullish Short Covering —

NIFTY +3,333 -2,097 +0.14 Weak Bullish Short Covering 23,161.60 -53.35 (-0.23%)

BANKNIFTY +1,554 -234 +0.20 Moderate Bullish Short Covering 55,176.75 +76.45 (+0.14%)

FINNIFTY +12 +6 +0.25 Moderate Bullish Long Buildup 25,152.00 -54.25 (-0.22%)

MIDCPNIFTY +182 +976 +0.12 Weak Bullish Long Buildup 13,866.55 -124.70 (-0.89%)

NIFTYNXT50 -85 +85 -0.81 Strong Bearish Short Buildup 68,378.75 -775.95 (-1.12%)

STOCK -10,052 +53,472 -0.02 Neutral Short Buildup —

👥 PARTICIPANT OI (11-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 -2,66,983 +1.00 Strong Bullish

DII +56,076 +0.85 Strong Bullish

Client +1,99,845 -1.00 Strong Bearish

Pro +11,062 -0.29 Moderate 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 +7,19,108 -0.19 Moderate Bearish

DII -42,77,118 +0.05 Weak Bullish

Client +29,83,645 +0.55 Strong Bullish

Pro +5,74,365 +0.34 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 -2,93,925 -0.34 +5,37,839 -0.06 -0.20 Moderate Bearish

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

Client +1,90,255 -0.05 -7,70,778 +0.00 -0.05 Neutral

Pro +95,517 +0.42 +2,08,563 +0.03 +0.22 Moderate 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 -1,61,445 -0.48 +1,25,113 -0.40 -0.44 Strong Bearish

DII -3,75,528 -1.00 +20,907 -0.57 -0.79 Strong Bearish

Client +11,94,718 +0.37 -4,20,355 +0.16 +0.27 Moderate Bullish

Pro -6,57,745 -0.23 +2,74,335 +0.14 -0.08 Weak 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 ₹1,987 Cr in cash while short covering in index futures with weak bullish FSR of +0.15, but index options Combined OFR turned sharply bearish at -0.20 moderate bearish and stock options collapsed to -0.44 strong bearish, revealing that index futures unwinding is mechanical hedge reduction masking genuine stock exit conviction. The conviction score sits at neutral 0/3 with futures OFR bullish, options OFR bearish, and cash neutral, confirming FII is closing hedges not building directional positions. DII absorbed FII selling with +₹4,225 Cr buying while maintaining strong bullish index futures OFR at +0.85, but DII's stock options turned decisively bearish at -0.79 strong bearish, signaling that domestic institutional support is rotating away from stocks into index protection. Clients remain positioned opposite to FII across both index and stock derivatives with strong bullish positioning, historically a signal that FII's directional conviction is correct when it exists, but today's neutral conviction score means FII has no directional conviction to validate. Stock futures net selling of -10,052 contracts with neutral FSR shows FII's stock exit is mechanical not aggressive, while index futures short covering with weak bullish FSR shows FII is gradually reducing hedges rather than aggressively repositioning.

Morning established FII in defensive stock exit mode with index futures unwinding hedges while stock options showed strong bearish conviction at -0.30, creating a pattern of domestic institutional absorption against FII withdrawal. Today's close confirmed and extended this pattern with stock options turning even more bearish at -0.44 strong bearish while DII's stock options also collapsed to -0.79 strong bearish, signaling that both FII and domestic institutions are now aligned in stock exit conviction despite opposing index futures positioning.

FII has now sold cash for four consecutive sessions totaling ₹14,234 Cr against DII's +₹18,673 Cr buying, establishing a clear domestic institutional floor that is absorbing foreign withdrawal while both FII and DII simultaneously exit stock positions through options, creating a structural divergence where index futures show mechanical unwinding but stock options show genuine exit conviction. The conviction environment has shifted from directional betting into defensive positioning with FII neutral and both institutional participants aligned in stock exit, reducing probability of sustained directional moves and establishing a potential inflection point if FII's cash selling accelerates beyond the current ₹2,000 Cr daily run rate or reverses into accumulation.

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.