🌙 FII/DII Evening Report — Tue, 23 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 (23-Jun-2026)

FII: Buy ₹15,396 Cr | Sell ₹15,378 Cr | Net +₹18 Cr ▲

DII: Buy ₹16,863 Cr | Sell ₹16,183 Cr | Net +₹680 Cr ▲

Combined Net: +₹698 Cr

Participant Long Short Net Direction vs FII

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

FII 40,727 269,288 -228,561 Short — ★

DII 78,979 11,725 +67,254 Long Opposed

Client 242,243 78,805 +163,438 Long Opposed

Pro 48,501 50,632 -2,131 Short Aligned

📊 INSTRUMENT WISE FUTURES SIGNAL (23-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 -5,777 +7,677 -0.18 Moderate Bearish Short Buildup —

NIFTY -3,566 +5,088 -0.18 Moderate Bearish Short Buildup 23,824.10 -278.80 (-1.16%)

BANKNIFTY -2,282 +2,400 -0.19 Moderate Bearish Short Buildup 57,183.75 -751.85 (-1.30%)

FINNIFTY +32 -42 +0.23 Moderate Bullish Short Covering 26,329.30 -256.25 (-0.96%)

MIDCPNIFTY +36 +228 +0.04 Neutral Long Buildup 14,481.55 -149.00 (-1.02%)

NIFTYNXT50 +3 +3 +0.03 Neutral Long Buildup 72,068.75 -1,004.45 (-1.37%)

STOCK -16,131 +56,997 -0.02 Neutral Short Buildup —

👥 PARTICIPANT OI (23-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 -2,28,561 -0.75 Strong Bearish

DII +67,254 -1.00 Strong Bearish

Client +1,63,438 +0.50 Strong Bullish

Pro -2,131 -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 +5,95,042 -0.28 Moderate Bearish

DII -40,98,209 +0.16 Moderate Bullish

Client +30,26,992 +0.61 Strong Bullish

Pro +4,76,175 -0.17 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 -2,74,993 +0.11 +6,72,256 -0.08 +0.03 Neutral

DII +25,734 +1.00 +20,562 +1.00 +1.00 Strong Bullish

Client +3,18,933 +0.05 -7,37,599 +0.02 +0.04 Neutral

Pro -69,674 -0.22 +44,781 -0.02 -0.12 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 -1,90,396 -0.36 +1,49,754 -0.38 -0.37 Strong Bearish

DII -4,09,345 +1.00 +18,301 +1.00 +1.00 Strong Bullish

Client +12,71,466 +1.00 -4,01,967 +1.00 +1.00 Strong Bullish

Pro -6,71,725 -1.00 +2,33,912 -1.00 -1.00 Strong Bearish

S1 Futures OFR : -1 (Bearish)

S2 Options OFR : +0 (Neutral)

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

Total : -1/3 → Weak Bearish

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 ₹18 Cr in cash—near-flat routine flow—while executing aggressive Short Buildup across index futures with Moderate Bearish FSR of -0.18, adding 5,777 net short contracts as OI expanded by 7,677. This is genuine directional conviction, not hedging: index futures OFR at -0.75 (Strong Bearish) aligns with index options Combined OFR at +0.03 (Neutral), confirming FII's index shorts are real positioning rather than portfolio protection, though options lack the aggression to match futures. Stock futures expose the full picture—FII sold 16,131 net contracts with stock options Combined OFR at -0.37 (Strong Bearish), establishing that FII's bearish conviction now spans both index and stock with genuine directional alignment across derivatives. The conviction score of -1/3 (Weak Bearish) understates the actual positioning because S3 cash is neutral while S1 and S2 point bearish—FII is deploying derivatives conviction without matching cash deployment, a pattern of building hedged short exposure rather than aggressive selling. Battle table shows FII now dominant at -228,561 net short index futures, with DII and Client both opposed and long, creating a three-way institutional split where FII's shorts face coordinated domestic institutional resistance.

Monday's morning report established FII as tactically covering index shorts while maintaining stock bearish conviction within a neutral conviction score, with DII providing index support and Client opposition entrenched. Today's close broke this pattern decisively: FII reversed from Short Covering to aggressive Short Buildup across both index and stock, escalating from tactical de-risking to genuine directional short accumulation with aligned bearish options confirmation, marking the first session of sustained multi-instrument bearish positioning rather than position management.

FII has now shifted from Monday's tactical index hedging into a two-day pattern of deliberate short accumulation across index futures (-5,777 contracts) and stock futures (-16,131 contracts) with matching bearish options conviction, establishing genuine directional bearish positioning ahead of monthly expiry in 7 days. DII and Client remain opposed and long across both index and stock futures, creating a structural institutional conflict where FII's shorts must overcome coordinated domestic institutional buying into expiry resolution—conviction is building on FII's side but faces genuine institutional resistance that has not wavered across both sessions.

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.