🌅 FII/DII Morning Report — Tue, 16 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 (15-Jun-2026)

FII: Buy ₹15,650 Cr | Sell ₹15,450 Cr | Net +₹200 Cr ▲

DII: Buy ₹21,081 Cr | Sell ₹17,892 Cr | Net +₹3,189 Cr ▲

Combined Net: +₹3,389 Cr

Participant Long Short Net Direction vs FII

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FII 41,074 282,315 -241,241 Short — ★

DII 82,961 8,989 +73,972 Long Opposed

Client 248,989 77,808 +171,181 Long Opposed

Pro 49,496 53,408 -3,912 Short Aligned

📊 INSTRUMENT WISE FUTURES SIGNAL (15-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 +2,382 -176 +0.07 Weak Bullish Short Covering —

NIFTY +5,070 +2,952 +0.20 Moderate Bullish Long Buildup 23,853.90 +231.00 (+0.98%)

BANKNIFTY -3,583 -3,425 -0.38 Strong Bearish Long Unwinding 57,198.80 +384.00 (+0.68%)

FINNIFTY +26 +26 +0.34 Strong Bullish Long Buildup 26,274.80 +331.45 (+1.28%)

MIDCPNIFTY +864 +274 +0.56 Strong Bullish Long Buildup 14,426.35 +180.75 (+1.27%)

NIFTYNXT50 +5 -3 +0.14 Weak Bullish Short Covering 71,685.25 +1,678.05 (+2.40%)

STOCK +6,694 +18,272 +0.01 Neutral Long Buildup —

👥 PARTICIPANT OI (15-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 -2,41,241 +1.00 Strong Bullish

DII +73,972 +1.00 Strong Bullish

Client +1,71,181 -1.00 Strong Bearish

Pro -3,912 -0.67 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 +7,90,594 +0.37 Strong Bullish

DII -42,66,558 +1.00 Strong Bullish

Client +29,65,068 -1.00 Strong Bearish

Pro +5,10,896 -1.00 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 -2,52,327 -0.31 +5,45,186 -0.03 -0.17 Moderate Bearish

DII +11,947 +0.98 +18,075 +1.00 +0.99 Strong Bullish

Client +1,87,917 +0.09 -6,68,671 -0.24 -0.15 Weak Bearish

Pro +52,462 -0.17 +1,05,409 +0.36 +0.19 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 -1,41,725 +0.13 +97,472 +0.30 +0.22 Moderate Bullish

DII -3,95,532 -1.00 +19,821 +0.79 -0.21 Moderate Bearish

Client +10,72,199 +0.43 -3,49,963 -0.40 +0.03 Neutral

Pro -5,34,942 -0.31 +2,32,670 +0.17 -0.14 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's neutral conviction score of 0/3 masks a genuine institutional divergence—index futures OFR showed strong bullish short covering at +1.00 while index options Combined OFR turned moderately bearish at -0.17, revealing that FII is using derivatives to hedge their equity portfolio rather than express directional conviction. Cash market alignment of +₹200 Cr buying confirms this is defensive positioning, not offensive accumulation. The critical signal is the battle table inversion: Client and Pro both turned strongly bearish in index futures OFR (-1.00 and -0.67) while DII maintained strong bullish alignment (+1.00 across both index futures and options), creating a three-way institutional split where domestic capital is the only unambiguous support. Stock futures net long of +6,694 contracts with neutral FSR +0.01 shows yesterday's conviction has completely evaporated—FII's stock accumulation stalled into mechanical positioning. Nifty long buildup with FSR +0.20 is directly contradicted by BankNifty long unwinding with FSR -0.38, proving FII's bullish tilt is concentrated in large-cap index hedging while financial sector exposure is actively contracting.

Monday's single session established a mixed institutional environment with no dominant directional conviction—FII's short covering is tactical profit-taking rather than reversal into new longs, DII is the only participant with unambiguous bullish conviction across both derivatives instruments, and Client-Pro opposition to FII suggests this week's positioning will be contested rather than consensus-driven. Weekly Nifty expiry tomorrow will force immediate position resolution, and the current neutral conviction score indicates FII will not defend any directional stance into that expiry.

FII enters today with contested positioning and zero directional conviction—the short covering from yesterday was defensive, not bullish, and the split signals across index versus stock derivatives indicate FII is uncertain about conviction direction going into weekly expiry. DII remains the institutional floor but is no longer providing unambiguous support as their stock options turned moderately bearish. The environment is one of tactical rotation rather than strategic accumulation, where tomorrow's expiry rollover will determine whether conviction rebuilds or fades further.

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.