🌙 FII/DII Evening Report — Fri, 26 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 (25-Jun-2026)

FII: Buy ₹18,988 Cr | Sell ₹18,604 Cr | Net +₹384 Cr ▲

DII: Buy ₹24,844 Cr | Sell ₹19,096 Cr | Net +₹5,748 Cr ▲

Combined Net: +₹6,132 Cr

Participant Long Short Net Direction vs FII

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

FII 51,212 275,021 -223,809 Short — ★

DII 81,983 12,596 +69,387 Long Opposed

Client 231,872 80,830 +151,042 Long Opposed

Pro 54,221 50,841 +3,380 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (25-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 +5,244 +3,440 +0.03 Neutral Long Buildup —

NIFTY +4,668 -2,882 +0.04 Neutral Short Covering 24,056.00 +34.35 (+0.14%)

BANKNIFTY +59 +7,661 +0.00 Neutral Long Buildup 58,177.05 +26.70 (+0.05%)

FINNIFTY -1 -1 -0.02 Neutral Long Unwinding 26,770.55 +34.55 (+0.13%)

MIDCPNIFTY +515 -1,343 +0.05 Neutral Short Covering 14,434.55 -81.85 (-0.56%)

NIFTYNXT50 +3 +5 +0.05 Neutral Long Buildup 72,199.55 +139.05 (+0.19%)

STOCK +16,534 -34,638 +0.00 Neutral Short Covering —

👥 PARTICIPANT OI (25-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 -2,23,809 +1.00 Strong Bullish

DII +69,387 +0.95 Strong Bullish

Client +1,51,042 -0.78 Strong Bearish

Pro +3,380 -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 +6,52,991 +0.48 Strong Bullish

DII -40,19,983 +1.00 Strong Bullish

Client +29,55,914 -1.00 Strong Bearish

Pro +4,11,078 -0.57 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 -2,59,912 +0.18 +5,96,646 +0.39 +0.29 Moderate Bullish

DII +5,994 -0.99 +20,113 -1.00 -1.00 Strong Bearish

Client +1,39,519 +0.03 -7,30,899 +0.75 +0.39 Strong Bullish

Pro +1,14,399 -0.30 +1,14,140 -1.00 -0.65 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 -1,80,694 -0.02 +1,66,536 -0.34 -0.18 Moderate Bearish

DII -4,07,942 -0.94 +21,242 -0.59 -0.76 Strong Bearish

Client +10,71,414 -0.49 -3,61,871 -0.09 -0.29 Moderate Bearish

Pro -4,82,778 +1.00 +1,74,093 +0.35 +0.67 Strong 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 bought ₹384 Cr in cash while simultaneously holding a net short of 223,809 contracts in index futures — this is the classic hedging signature. Index futures OFR reads +1.00 (strong bullish) and index options combined OFR reads +0.29 (moderate bullish), but these derivative signals contradict the cash market which shows routine small buying at the 75th percentile threshold. The conviction score reads +2 (moderate bullish) but this masks a critical split: both derivatives point bullish while cash shows neutral flow. Stock futures net contracts of +16,534 exceed index futures net of +5,244 by a significant margin, indicating FII conviction in individual stock selection beyond index hedging. The battle table shows all three other participants (DII, Client, Pro) positioned long against FII's index short — historically this positioning favors FII at inflection points, but the current setup suggests FII is protecting existing equity holdings rather than expressing a directional bearish view. DII's strong bullish OFR in both index futures and stock futures alongside their +5,748 Cr cash buying provides a domestic institutional floor.

The morning report established a week of consistent DII accumulation (+11,101 Cr cumulative) against FII distribution (-2,078 Cr cumulative), with DII providing support as FII rotated. Today's close confirmed this pattern: FII's small cash buy of ₹384 Cr was the weakest of the week while DII's ₹5,748 Cr buy was the strongest, extending the divergence and suggesting FII is selectively buying individual stocks while hedging index exposure rather than committing fresh directional capital.

FII has now distributed ₹2,078 Cr across four trading days with only one day of meaningful buying, while DII has accumulated ₹11,101 Cr with accelerating conviction — this is a structural divergence where domestic capital is absorbing foreign selling at progressively lower prices. The near-expiry environment (4 days to monthly expiry) is beginning to distort OI signals, making today's positioning less reliable as a forward indicator. FII's index short combined with their stock futures long suggests a barbell positioning: hedging broad market risk while maintaining conviction in stock selection, which is a defensive rather than directional posture entering the final week of the month.

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.