🌅 FII/DII Morning Report — Thu, 18 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 (17-Jun-2026)

FII: Buy ₹14,806 Cr | Sell ₹14,705 Cr | Net +₹102 Cr ▲

DII: Buy ₹16,612 Cr | Sell ₹15,050 Cr | Net +₹1,561 Cr ▲

Combined Net: +₹1,663 Cr

Participant Long Short Net Direction vs FII

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FII 39,837 264,525 -224,688 Short — ★

DII 81,249 13,589 +67,660 Long Opposed

Client 232,345 75,417 +156,928 Long Opposed

Pro 49,466 49,366 +100 Long Neutral

📊 INSTRUMENT WISE FUTURES SIGNAL (17-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 +4,912 -3,488 +0.18 Moderate Bullish Short Covering —

NIFTY +6,305 -4,173 +0.33 Strong Bullish Short Covering 24,085.70 +96.55 (+0.40%)

BANKNIFTY -1,855 +1,037 -0.25 Moderate Bearish Short Buildup 57,585.05 +287.90 (+0.50%)

FINNIFTY -10 -10 -0.50 Strong Bearish Long Unwinding 26,404.95 -37.35 (-0.14%)

MIDCPNIFTY +478 -344 +0.27 Moderate Bullish Short Covering 14,575.80 +71.90 (+0.50%)

NIFTYNXT50 -6 +2 -0.20 Moderate Bearish Short Buildup 72,258.50 +459.85 (+0.64%)

STOCK -13,785 -8,259 -0.02 Neutral Long Unwinding —

👥 PARTICIPANT OI (17-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 -2,24,688 +1.00 Strong Bullish

DII +67,660 -1.00 Strong Bearish

Client +1,56,928 -0.66 Strong Bearish

Pro +100 +0.58 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 +7,49,947 -1.00 Strong Bearish

DII -42,07,549 +1.00 Strong Bullish

Client +29,61,645 -0.60 Strong Bearish

Pro +4,95,957 -0.15 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 -2,63,051 -0.26 +5,47,474 +0.04 -0.22 Moderate Bearish

DII +11,433 -1.00 +20,301 -1.00 -1.00 Strong Bearish

Client +2,24,889 -0.00 -5,65,526 -0.04 -0.02 Neutral

Pro +26,728 +0.11 -2,249 +0.12 +0.11 Weak 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 -1,49,201 -0.05 +94,839 +0.12 +0.07 Weak Bullish

DII -3,99,392 -0.98 +19,012 +0.47 -0.51 Strong Bearish

Client +10,81,609 +0.20 -3,18,202 -0.28 -0.08 Weak Bearish

Pro -5,33,016 -0.02 +2,04,351 +0.28 +0.26 Moderate Bullish

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 bought ₹102 Cr in cash while covering index shorts with moderate bullish FSR of +0.18, but index options Combined OFR turned moderately bearish at -0.22—this is portfolio hedging, not directional conviction. The conviction score of 0/3 neutral reflects the fundamental conflict: futures OFR bullish at +1.00, options OFR bearish at -1.00, cash neutral at 0. Stock futures unwound 13,785 contracts with neutral FSR, confirming FII is systematically reducing individual stock exposure while defensively covering index shorts into resistance. DII and Client both opposed FII's net short index position with strong bearish options positioning, yet DII's stock futures OFR turned strongly bullish at +1.00—the institutional structure is fragmenting between index protection and stock accumulation rather than showing unified conviction.

This is day three of a consistent de-risking pattern: FII sold ₹448 Cr net across Monday through Wednesday with index futures short covering every session but deteriorating options conviction. Monday established the baseline with weak bullish short covering at FSR +0.07 and neutral conviction score. Tuesday broke the pattern with strong bearish cash selling of ₹749 Cr while short covering intensified to FSR +0.53, revealing forced position closure into weekly expiry rather than tactical trading. Wednesday's ₹102 Cr cash buy and FSR +0.33 short covering appeared to reverse Tuesday's selling but options Combined OFR remained bearish at -0.22, confirming the reversal is mechanical not conviction-driven. The three-day arc shows FII managing existing portfolio risk into monthly expiry in 13 days, not accumulating or reversing into fresh directional bets.

FII enters today with zero directional conviction and three sessions of systematic portfolio reduction—the ₹448 Cr net selling combined with consistent index futures short covering and stock futures unwinding is a defensive de-risking pattern, not accumulation. The battle table shows FII dominant with -224,688 net short index position while DII and Client both hold large longs opposed to FII, creating a structural setup where domestic institutional support remains present but is no longer providing unambiguous confirmation. Conviction remains neutral at 0/3 with no directional bias, but the consistency of short covering combined with stock futures unwinding signals FII is managing risk into monthly expiry rather than taking fresh directional bets—this is the weakest possible institutional environment for new conviction building.

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.