🌅 FII/DII Morning Report — Thu, 25 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 (24-Jun-2026)

FII: Buy ₹16,745 Cr | Sell ₹18,588 Cr | Net -₹1,843 Cr ▼

DII: Buy ₹17,274 Cr | Sell ₹13,637 Cr | Net +₹3,637 Cr ▲

Combined Net: +₹1,794 Cr

Participant Long Short Net Direction vs FII

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FII 46,870 275,923 -229,053 Short — ★

DII 78,988 12,525 +66,463 Long Opposed

Client 235,429 81,280 +154,149 Long Opposed

Pro 56,066 47,625 +8,441 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (24-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 -492 +12,778 -0.00 Neutral Short Buildup —

NIFTY -3,494 +4,598 -0.04 Neutral Short Buildup 24,021.65 +197.55 (+0.83%)

BANKNIFTY +3,773 +7,937 +0.11 Weak Bullish Long Buildup 58,150.35 +966.60 (+1.69%)

FINNIFTY -43 -67 -0.31 Strong Bearish Long Unwinding 26,736.00 +406.70 (+1.54%)

MIDCPNIFTY -725 +313 -0.06 Weak Bearish Short Buildup 14,516.40 +34.85 (+0.24%)

NIFTYNXT50 -3 -3 -0.05 Neutral Long Unwinding 72,060.50 -8.25 (-0.01%)

STOCK +41,415 -137,049 +0.01 Neutral Short Covering —

👥 PARTICIPANT OI (24-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 -2,29,053 -0.04 Neutral

DII +66,463 -0.98 Strong Bearish

Client +1,54,149 -1.00 Strong Bearish

Pro +8,441 +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 +6,36,457 +0.30 Strong Bullish

DII -40,59,130 +1.00 Strong Bullish

Client +29,80,937 -0.61 Strong Bearish

Pro +4,41,736 -0.24 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 -2,90,765 -0.25 +6,03,410 +0.27 +0.02 Neutral

DII +25,894 +1.00 +19,653 +1.00 +1.00 Strong Bullish

Client +1,13,191 -1.00 -5,83,939 -0.10 -0.55 Strong Bearish

Pro +1,51,680 +1.00 -39,125 +0.17 +0.58 Strong 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 -1,80,089 +0.79 +1,53,935 -0.44 +0.34 Strong Bullish

DII -4,06,775 +0.93 +19,433 -1.00 -0.07 Weak Bearish

Client +11,67,278 -0.99 -3,66,055 -0.72 -0.85 Strong Bearish

Pro -5,80,414 +1.00 +1,92,687 +0.54 +0.77 Strong Bullish

S1 Futures OFR : +0 (Neutral)

S2 Options OFR : +0 (Neutral)

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 ₹1,843 Cr in cash while executing Short Buildup across index futures with Neutral FSR at -0.00, creating a mechanical positioning shift stripped of directional conviction. Index futures OFR at -0.04 (Neutral) contradicts index options Combined OFR at +0.02 (Neutral), but stock options Combined OFR at +0.34 (Strong Bullish) reveals the split signal—FII's index shorts lack conviction while stock derivatives show genuine bullish positioning, establishing a fragmented rather than aligned directional stance. DII absorbed the entire FII selling with ₹3,637 Cr cash buying, the largest single-day accumulation of the week, while the conviction score at 0/3 (Neutral) confirms FII's activity was expiry-driven rebalancing rather than fresh directional commitment.

FII's three-day arc shows conviction building then collapsing: Monday's Moderate Bullish Short Covering (+0.21 FSR) gave way to Tuesday's Weak Bearish short accumulation (-0.18 FSR), then degraded to Neutral today despite larger cash selling, indicating the positioning is losing directional aggression as monthly expiry approaches in 6 days. DII's cumulative week cash of ₹5,353 Cr against FII's -₹2,461 Cr establishes a structural institutional floor that has held firm across all three sessions, with domestic capital consistently absorbing FII's selling rather than joining it. The week pattern reveals consolidation into expiry rather than a new directional regime—conviction signals have evaporated despite larger positioning moves, suggesting mechanical unwinding dominates over genuine directional betting.

FII entered the week with tactical index hedging that evolved into two-day short accumulation, then collapsed into mechanical rebalancing with no conviction signals surviving yesterday's close. DII's defensive absorption has strengthened with each session, creating a structural floor that prevents institutional capitulation, while Client and Pro remain opposed to FII's positioning across both index and stock derivatives. The institutional environment a trader faces today is fundamentally different from Monday's opening—no longer a one-sided FII bearish move but a contested consolidation where conviction has drained from FII's positioning while domestic institutional support has hardened into a genuine structural floor ahead of monthly 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.