🌅 FII/DII Morning Report — Wed, 17 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 (16-Jun-2026)

FII: Buy ₹13,887 Cr | Sell ₹14,636 Cr | Net -₹749 Cr ▼

DII: Buy ₹13,553 Cr | Sell ₹13,553 Cr | Net +₹0 Cr ▲

Combined Net: -₹749 Cr

Participant Long Short Net Direction vs FII

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FII 39,125 268,725 -229,600 Short — ★

DII 81,423 13,589 +67,834 Long Opposed

Client 239,851 76,938 +162,913 Long Opposed

Pro 49,918 51,065 -1,147 Short Neutral

📊 INSTRUMENT WISE FUTURES SIGNAL (16-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 +11,641 -15,539 +0.35 Strong Bullish Short Covering —

NIFTY +13,632 -13,894 +0.53 Strong Bullish Short Covering 23,989.15 +135.25 (+0.57%)

BANKNIFTY -1,975 -1,499 -0.30 Moderate Bearish Long Unwinding 57,297.15 +98.35 (+0.17%)

FINNIFTY -7 -7 -0.33 Strong Bearish Long Unwinding 26,442.30 +167.50 (+0.64%)

MIDCPNIFTY -28 -118 -0.07 Weak Bearish Long Unwinding 14,503.90 +77.55 (+0.54%)

NIFTYNXT50 +19 -21 +0.46 Strong Bullish Short Covering 71,798.65 +113.40 (+0.16%)

STOCK -26,862 -478 -0.05 Weak Bearish Long Unwinding —

👥 PARTICIPANT OI (16-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 -2,29,600 +0.75 Strong Bullish

DII +67,834 -1.00 Strong Bearish

Client +1,62,913 -0.83 Strong Bearish

Pro -1,147 +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 +7,63,732 -1.00 Strong Bearish

DII -42,39,664 +1.00 Strong Bullish

Client +29,72,376 +0.32 Strong Bullish

Pro +5,03,556 -0.30 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 -2,32,022 +0.05 +5,51,288 -0.02 +0.04 Neutral

DII +13,970 +1.00 +18,001 +1.00 +1.00 Strong Bullish

Client +2,25,197 +0.01 -6,00,170 -0.03 -0.01 Neutral

Pro -7,144 -0.05 +30,880 +0.07 +0.02 Neutral

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 -1,46,515 -0.18 +1,00,611 -0.12 -0.15 Moderate Bearish

DII -3,91,611 +1.00 +19,989 -0.28 +0.72 Strong Bullish

Client +10,68,797 -0.05 -3,45,362 -0.09 -0.07 Weak Bearish

Pro -5,30,671 +0.07 +2,24,762 +0.20 +0.14 Weak Bullish

S1 Futures OFR : +1 (Bullish)

S2 Options OFR : +0 (Neutral)

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

Total : +1/3 → Weak Bullish

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 ₹749 Cr in cash while covering shorts in index futures with strong bullish FSR of +0.53 on Nifty—this is portfolio hedging, not directional conviction. Index options Combined OFR remained neutral at +0.04 while stock options turned moderately bearish at -0.15, confirming FII is defensively protecting existing longs rather than building new positions. The conviction score of +1 weak bullish is driven entirely by futures OFR; both options and cash market contradict it, making this the weakest possible bullish signal.

Monday's ₹200 Cr cash buy with neutral conviction at 0/3 was followed by Tuesday's ₹749 Cr cash sell with identical weak bullish conviction at +1/3—FII has shown zero net accumulation across two sessions with deteriorating options positioning, revealing that yesterday's short covering was tactical profit-taking into weekly expiry rather than a genuine reversal. DII absorbed FII's selling with flat cash flow on Tuesday while maintaining strong bullish index options positioning at +1.00, but their stock options weakness at -0.28 signals even domestic conviction is fragmenting between index hedging and stock reduction.

FII enters this week with systematic portfolio de-risking already established—₹549 Cr net selling across two sessions combined with index futures short covering and stock futures unwinding of 26,862 contracts reveals active exposure reduction, not accumulation. The institutional structure shows DII and Client both opposed to FII's net short position, but with weakening options conviction across all participants except DII's index options. Weekly expiry passed yesterday, removing the forced rollover pressure, but FII's conviction score remains weak bullish at +1 driven only by futures hedging while cash and options both signal caution—this creates an environment where conviction could either build if FII stabilizes or reverse sharply if cash selling accelerates.

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.