🌅 FII/DII Morning 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 (22-Jun-2026)

FII: Buy ₹10,082 Cr | Sell ₹10,718 Cr | Net -₹636 Cr ▼

DII: Buy ₹17,392 Cr | Sell ₹16,356 Cr | Net +₹1,036 Cr ▲

Combined Net: +₹400 Cr

Participant Long Short Net Direction vs FII

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FII 39,777 262,561 -222,784 Short — ★

DII 79,200 11,631 +67,569 Long Opposed

Client 228,174 74,152 +154,022 Long Opposed

Pro 50,641 49,448 +1,193 Long Neutral

📊 INSTRUMENT WISE FUTURES SIGNAL (22-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 +3,639 -3,259 +0.18 Moderate Bullish Short Covering —

NIFTY +2,215 -501 +0.21 Moderate Bullish Short Covering 24,102.90 +89.80 (+0.37%)

BANKNIFTY +270 -3,082 +0.04 Neutral Short Covering 57,935.60 +249.85 (+0.43%)

FINNIFTY -5 -7 -0.11 Weak Bearish Long Unwinding 26,585.55 +154.40 (+0.58%)

MIDCPNIFTY +1,111 +373 +0.71 Strong Bullish Long Buildup 14,630.55 +11.60 (+0.08%)

NIFTYNXT50 +48 -42 +0.51 Strong Bullish Short Covering 73,073.20 +716.55 (+0.99%)

STOCK -22,733 +22,235 -0.04 Neutral Short Buildup —

👥 PARTICIPANT OI (22-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 -2,22,784 +1.00 Strong Bullish

DII +67,569 -1.00 Strong Bearish

Client +1,54,022 -0.68 Strong Bearish

Pro +1,193 +1.00 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 +6,11,173 -1.00 Strong Bearish

DII -41,08,975 +1.00 Strong Bullish

Client +30,04,371 -0.37 Strong Bearish

Pro +4,93,431 +0.14 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 -2,95,482 +0.07 +6,46,742 -0.13 -0.07 Weak Bearish

DII +8,254 -0.89 +22,581 -1.00 -0.95 Strong Bearish

Client +2,11,419 +0.09 -6,98,721 -0.09 +0.00 Neutral

Pro +75,810 -0.37 +29,398 +0.22 -0.14 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 -1,79,376 -0.20 +1,37,329 -0.05 -0.13 Weak Bearish

DII -4,21,169 -0.77 +18,859 -0.33 -0.55 Strong Bearish

Client +12,40,344 +0.27 -3,27,139 -0.99 -0.72 Strong Bearish

Pro -6,39,799 -0.21 +1,70,951 +1.00 +0.79 Strong 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 sold ₹636 Cr in cash while executing Short Covering in index futures with Moderate Bullish FSR, creating a classic hedging signature where cash selling contradicts derivatives buying—index futures OFR at +1.00 (Strong Bullish) combined with index options Combined OFR at -0.07 (Weak Bearish) reveals FII is closing existing shorts mechanically rather than building fresh bullish conviction. Stock futures exposed the real directional conviction: FII built fresh shorts with -22,733 net contracts and Weak Bearish stock options at -0.13, confirming that while index shorts are being covered tactically, stock-specific bearish positioning is intensifying. The conviction score of 0/3 (Neutral) with S1 and S2 pointing opposite directions reflects genuine conflict—this was position management within an established bearish framework, not a reversal, with DII providing Strong Bullish index support (+1,036 Cr cash buying) and Client opposition entrenched at +154,022 net long index futures.

Monday's session established the week's opening positioning: FII entering with tactical index de-risking ahead of weekly expiry while maintaining stock bearish conviction, DII re-engaging with aggressive cash support, and Client opposition holding firm across index futures. This is a single session week so far with no pattern yet to confirm—only the opening institutional stance visible before weekly expiry forces position resolution.

FII's stock short conviction at -22,733 net contracts with weak bearish options confirmation remains the dominant underlying signal, with Monday's index short covering established as tactical de-risking rather than capitulation. DII's Strong Bullish index futures positioning combined with aggressive cash buying creates a genuine two-sided institutional battle where FII's stock bearish conviction now faces coordinated domestic institutional index support, fundamentally different from a one-sided bearish move—conviction sustainability depends on whether stock weakness can overcome the combined DII index bid and entrenched Client opposition into weekly expiry resolution.

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.