🌅 FII/DII Morning Report — Mon, 22 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: ₹3,800 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 entered Friday with a week of mixed signals—short covering in index futures through Thursday followed by a sharp reversal into genuine bearish conviction on Friday with strong options confirmation and aggressive stock short buildup. The week's pattern showed FII testing domestic support through early-week short covering, finding DII's consistent accumulation, then reversing into directional bearish positioning by session end. DII had provided unambiguous institutional support all week until Friday when their cash buying broke at -₹1,160 Cr, signaling domestic confidence was fragmenting precisely as FII turned bearish. Client remained opposed to FII with strong bullish positioning in both index and stock derivatives, maintaining the historical pattern where minority FII conviction tends to be correct at inflection points.

FII deployed ₹4,859 Cr in cash on 19-Jun while building fresh index shorts and stock shorts with index futures activity showing Short Buildup and Moderate Bearish FSR of -0.18, establishing genuine directional conviction rather than hedging. The mandatory cross-check reveals the critical conflict: cash buying of ₹4,859 Cr contradicts both index futures Short Buildup and stock futures Short Buildup with weak bearish FSR of -0.08, creating the hedging warning signature where derivatives contradict cash. Index options Combined OFR at -0.57 (Strong Bearish) confirms the derivatives positioning is directional, not mechanical—FII is using derivatives to express bearish conviction while deploying cash, a pattern that typically precedes sustained selling as cash deployment represents portfolio rebalancing rather than genuine accumulation. DII's -₹1,160 Cr selling broke their week-long accumulation streak, confirming domestic institutional support is cracking. Client remained strongly opposed with +162,285 net long index futures and strong bullish stock options at +0.82, while Pro shifted to aligned with FII's bearish positioning with strong bearish index futures OFR at -1.00. The conviction score of -1/3 (Weak Bearish) with active hedging warning means FII's derivatives are bearish but cash is bullish—this is portfolio hedging masking underlying bearish intent, not a contradiction that negates the bearish signal.

The week shows a clear three-phase arc: Monday-Thursday delivered consistent short covering with FII buying ₹448 Cr and index futures OFR at +1.00, representing forced de-risking into weekly expiry. Friday broke that pattern with FII buying ₹4,859 Cr while simultaneously building fresh shorts across both index and stock futures with strong options confirmation, establishing that the week's final session was a genuine directional reversal into bearish conviction rather than continuation of early-week de-risking. This is conviction building, not fading—FII's stock short positioning of 149,994 net contracts with weak bearish FSR shows aggressive individual stock conviction that exceeds index hedging, and the Friday cash deployment while building shorts is the classic signature of a participant rebalancing their portfolio before executing a directional bearish move. DII's support broke on Friday after four consecutive days of accumulation, creating a contested institutional environment where FII's emerging bearish conviction now faces opposition from both DII and Client rather than support.

FII enters today with weak bearish conviction (-1/3) backed by strong options confirmation and aggressive stock short positioning, establishing a setup where bearish conviction is early-stage and has room to extend if DII's support remains broken. The hedging warning means FII's cash buying is portfolio rebalancing, not genuine accumulation—the bearish derivatives positioning is the real signal. DII's cash support broke on Friday, signaling domestic institutional confidence is fragmenting, and their own stock options turned strong bearish at -0.92 by week's end, revealing even domestic conviction is divided between index protection and stock reduction. Client's strong opposition in both index and stock derivatives combined with their largest absolute net position in index futures (+162,285) means FII's bearish reversal is now contested by the market's largest long participant, creating immediate pressure on conviction sustainability. Weekly Nifty expiry in 4 days will force position resolution and likely accelerate whatever directional move FII's bearish conviction initiates, but the underlying structure shows this is a genuinely different institutional environment from Friday's opening—FII is now directional bearish while domestic support is fragmenting and client opposition is entrenched.

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.