🌙 FII/DII Evening Report — Fri, 19 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 (19-Jun-2026)

FII: Buy ₹31,443 Cr | Sell ₹26,584 Cr | Net +₹4,859 Cr ▲

DII: Buy ₹18,020 Cr | Sell ₹19,180 Cr | Net -₹1,160 Cr ▼

Combined Net: +₹3,699 Cr

Participant Long Short Net Direction vs FII

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FII 39,587 266,010 -226,423 Short — ★

DII 84,100 11,589 +72,511 Long Opposed

Client 238,409 76,124 +162,285 Long Opposed

Pro 46,731 55,104 -8,373 Short Aligned

📊 INSTRUMENT WISE FUTURES SIGNAL (19-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 -4,947 +2,429 -0.18 Moderate Bearish Short Buildup —

NIFTY -3,850 +2,406 -0.19 Moderate Bearish Short Buildup 24,013.10 -154.90 (-0.64%)

BANKNIFTY -900 -232 -0.14 Weak Bearish Long Unwinding 57,685.75 -278.05 (-0.48%)

FINNIFTY -11 -3 -0.24 Moderate Bearish Long Unwinding 26,431.15 -150.80 (-0.57%)

MIDCPNIFTY -193 +251 -0.21 Moderate Bearish Short Buildup 14,618.95 +23.30 (+0.16%)

NIFTYNXT50 +7 +7 +0.17 Moderate Bullish Long Buildup 72,356.65 -239.30 (-0.33%)

STOCK -73,572 +105,536 -0.08 Weak Bearish Short Buildup —

👥 PARTICIPANT OI (19-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 -2,26,423 -1.00 Strong Bearish

DII +72,511 +1.00 Strong Bullish

Client +1,62,285 +0.60 Strong Bullish

Pro -8,373 -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 +6,33,906 -0.70 Strong Bearish

DII -41,34,918 +1.00 Strong Bullish

Client +30,16,253 +0.51 Strong Bullish

Pro +4,84,759 +0.01 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 -3,00,320 -0.38 +6,29,690 -0.76 -0.57 Strong Bearish

DII +12,004 +1.00 +22,531 +1.00 +1.00 Strong Bullish

Client +1,45,106 +0.01 -7,77,223 +1.00 +0.51 Strong Bullish

Pro +1,43,209 +0.11 +1,25,002 -0.57 -0.46 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 -1,73,688 -0.39 +1,35,528 -0.63 -0.51 Strong Bearish

DII -4,21,089 -1.00 +18,391 +0.08 -0.92 Strong Bearish

Client +12,21,588 +0.64 -3,63,644 +1.00 +0.82 Strong Bullish

Pro -6,26,811 -0.48 +2,09,725 -0.40 -0.44 Strong Bearish

S1 Futures OFR : -1 (Bearish)

S2 Options OFR : -1 (Bearish)

S3 Cash Market : +1 (Threshold: ₹3,900 Cr)

Total : -1/3 → Weak Bearish

⚠️ HEDGING WARNING: ACTIVE — FII using derivatives to hedge cash, not a directional bet

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 ₹4,859 Cr in cash on Friday—the largest single day buy of the week—but simultaneously built fresh index shorts with moderate bearish FSR of -0.18 and stock shorts with weak bearish FSR of -0.08, creating the exact inverse of the previous four sessions' pattern. The hedging warning is active: index futures OFR turned strong bearish at -1.00 while index options Combined OFR also turned strong bearish at -0.57, but cash deployed +₹4,859 Cr, meaning FII's derivatives are now genuinely bearish, not hedging—this is a directional reversal, not portfolio protection. The conviction score of -1 weak bearish understates the shift because S3 cash remains positive, but both S1 and S2 have flipped to -1 bearish simultaneously for the first time this week, signaling FII has moved from de-risking into active short positioning. Stock futures net OI expanded by 105,536 contracts while FII sold 73,572 net stock contracts with weak bearish FSR, confirming FII is adding shorts in individual stocks at scale. The battle table shows both DII and Client remain heavily opposed to FII's net short index position, but DII's cash turned negative at -₹1,160 Cr today—domestic institutional support is cracking just as FII shifts from defensive to directional bearish.

Morning established FII as mechanically covering index shorts while aggressively reducing stock exposure—defensive hedging of existing longs with zero directional conviction. Today's close broke that pattern entirely: FII deployed the largest cash buy of the week while simultaneously building fresh index and stock shorts with both derivatives turning genuinely bearish—this is a directional reversal from de-risking into active short positioning, not a continuation of Friday's defensive pattern.

FII has shifted from four sessions of forced position reduction into one session of deliberate short accumulation paired with large cash deployment, signaling a genuine bearish directional bet is now forming rather than mechanical hedging. DII's cash support cracked today at -₹1,160 Cr after four consecutive days of strong accumulation, suggesting domestic institutions are losing conviction precisely as FII turns directional bearish. The institutional environment has moved from position closure into directional divergence—FII short, DII and Client long, with weekly expiry in 4 days and monthly in 11 days creating compression into both expirations simultaneously.

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.