🌅 FII/DII Morning 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 (18-Jun-2026)

FII: Buy ₹14,612 Cr | Sell ₹15,637 Cr | Net -₹1,025 Cr ▼

DII: Buy ₹16,163 Cr | Sell ₹12,646 Cr | Net +₹3,517 Cr ▲

Combined Net: +₹2,492 Cr

Participant Long Short Net Direction vs FII

--------------------------------------------------------------

FII 40,846 262,322 -221,476 Short — ★

DII 83,186 13,589 +69,597 Long Opposed

Client 229,204 73,795 +155,409 Long Opposed

Pro 47,949 51,479 -3,530 Short Aligned

📊 INSTRUMENT WISE FUTURES SIGNAL (18-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

----------------------------------------------------------------------------------------------------------------------

INDEX +3,212 -1,194 +0.17 Moderate Bullish Short Covering —

NIFTY +2,990 -2,488 +0.22 Moderate Bullish Short Covering 24,168.00 +82.30 (+0.34%)

BANKNIFTY -137 +1,393 -0.03 Neutral Short Buildup 57,963.80 +378.75 (+0.66%)

FINNIFTY +39 +43 +0.38 Strong Bullish Long Buildup 26,581.95 +177.00 (+0.67%)

MIDCPNIFTY +292 -112 +0.55 Strong Bullish Short Covering 14,595.65 +19.85 (+0.14%)

NIFTYNXT50 +28 -30 +0.70 Strong Bullish Short Covering 72,595.95 +337.45 (+0.47%)

STOCK -42,469 +6,449 -0.07 Weak Bearish Short Buildup —

👥 PARTICIPANT OI (18-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 -2,21,476 +1.00 Strong Bullish

DII +69,597 +1.00 Strong Bullish

Client +1,55,409 -0.32 Strong Bearish

Pro -3,530 -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 +7,07,478 -1.00 Strong Bearish

DII -41,72,653 +1.00 Strong Bullish

Client +29,81,269 +0.36 Strong Bullish

Pro +4,83,906 -0.18 Moderate 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 -2,40,679 +0.26 +5,62,663 -0.14 +0.12 Weak Bullish

DII +11,989 +0.95 +24,831 -0.97 -0.02 Neutral

Client +1,32,137 -0.16 -6,35,173 +0.09 -0.07 Weak Bearish

Pro +96,553 +0.42 +47,679 -0.19 +0.23 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 -1,53,514 -0.12 +1,03,759 -0.25 -0.18 Moderate Bearish

DII -4,07,969 -1.00 +18,560 +0.18 -0.82 Strong Bearish

Client +11,02,940 +0.36 -3,13,167 -0.10 +0.26 Moderate Bullish

Pro -5,41,457 -0.09 +1,90,848 +0.25 +0.16 Moderate Bullish

S1 Futures OFR : +1 (Bullish)

S2 Options OFR : +1 (Bullish)

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

Total : +2/3 → Moderate 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 ₹1,025 Cr in cash while covering index shorts with moderate bullish FSR of +0.22, but index options Combined OFR remained weak bullish at +0.12—this is defensive hedging of existing equity holdings, not directional conviction. The conviction score of +2/3 moderate bullish reflects the critical divergence: both futures and options OFR turned bullish but cash stayed neutral, confirming FII is mechanically covering shorts into weakness rather than deploying fresh capital. Stock futures shifted to strong bearish OFR at -1.00, revealing FII is aggressively reducing individual stock exposure while simultaneously covering index shorts—this is systematic portfolio de-risking, not index accumulation. DII's stock futures OFR flipped to strong bullish at +1.00 while their stock options turned strong bearish at -0.82, indicating domestic institutions are rotating out of individual stocks into index hedges, but the battle table shows both DII and Client opposed to FII's net short index position with large longs, creating a structural setup where FII's continued selling tests whether domestic support holds or cracks.

Four consecutive sessions of net FII selling totaling ₹1,473 Cr combined with consistent index futures short covering but deteriorating stock futures conviction reveals a systematic portfolio reduction pattern, not accumulation or reversal. Monday's +₹200 Cr buy and moderate bullish short covering appeared to be a reversal signal, but Tuesday's ₹749 Cr sell broke that immediately, and Wednesday-Thursday's pattern of cash selling paired with index hedging while stock futures collapsed to strong bearish confirms the entire week is one continuous de-risking arc into monthly expiry in 12 days. DII's consistent strong bullish accumulation across the week totaling +₹8,268 Cr provides a domestic institutional floor, but their own options positioning fragmentation—stock options turning bearish while index options remain bullish—signals even domestic conviction is rotating defensively rather than building fresh longs.

FII enters today with zero genuine directional conviction and active portfolio reduction already established across four sessions—the moderate bullish conviction score is entirely hedging-driven, masking aggressive stock position reduction beneath mechanical index short covering. The institutional environment is one of forced position closure into monthly expiry rather than fresh accumulation, with no participant building conviction in either direction. DII's strong bullish cash accumulation provides support but their options positioning conflict suggests rotation rather than conviction building. This is the weakest possible environment for new directional bets, with all institutional participants managing existing exposure rather than taking fresh positions.

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.