📊 FII/DII Weekly Report — Sun, 28 Jun, 2026

FSR (Flow Strength Ratio): Range -1 to +1

Measures how one-sided FII's futures buying vs selling was across the full week — not the absolute size but the relative aggression.

Positive = FII bought more contracts than sold across the week (bullish flow)

Negative = FII sold more contracts than bought across the week (bearish flow)

Weekly FSR = computed from total week buy/sell contracts (all trading days of the week)

Strength: >=0.20 Strong | >=0.10 Moderate | >=0.03 Weak | <0.03 Neutral

Reliability: Nifty most reliable → BankNifty → MidCap Nifty → FinNifty and NiftyNext50 least reliable. Stock futures is a broad signal only.

OFR (OI Flow Ratio): Range -1 to +1

Measures how a participant's accumulated long and short positions shifted compared to the previous week's end — not how much they traded this week but how their total positioning changed week over week.

Positive = participant added longs or covered shorts vs last week (bullish positioning shift)

Negative = participant added shorts or unwound longs vs last week (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.

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

Weekly signal = computed from weekly net contracts and weekly OI change

Conviction Score (S1+S2+S3): Range -3 to +3

Three independent FII signals combined — futures positioning shift, options positioning shift, and actual cash deployment. All computed on weekly basis.

S1 = Index Futures OFR (week over week) → >+0.05 bullish | <-0.05 bearish | else neutral

S2 = Index Options Combined OFR (week over week) → >+0.05 bullish | <-0.05 bearish | else neutral

S3 = FII Cash Net (week total) vs dynamic weekly threshold (75th pctile of past 1yr weekly 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.

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)

Weekly Battle Table = two snapshots shown — previous week's last session vs current week's last session.

Compare both tables to see how each participant shifted their net position week over week.

When Client Opposed to FII → historically FII tends to be correct at inflection points.

💰 CASH MARKET (Week Total: 22-Jun to 25-Jun-2026)

FII: Buy ₹61,211 Cr | Sell ₹63,289 Cr | Net -₹2,078 Cr ▼

DII: Buy ₹76,373 Cr | Sell ₹65,272 Cr | Net +₹11,101 Cr ▲

Combined Net: +₹9,023 Cr

📊 INSTRUMENT WISE FUTURES SIGNAL (Week: 22-Jun to 25-Jun-2026)

Note: Net Contracts = Week's total buy contracts - total sell contracts. Positive = FII bought more than sold. Negative = FII sold more than bought.

OI Change = Change in total open interest vs previous week's end. Positive = new contracts added (OI increased). Negative = contracts squared off (OI reduced).

FSR Strength (Weekly): >=0.20 Strong | >=0.10 Moderate | >=0.03 Weak | <0.03 Neutral

Signal = computed from weekly net contracts and weekly OI change.

Instrument Net Contracts OI Change FSR Strength Signal Price & Change

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INDEX +2,614 +20,636 +0.01 Neutral Long Buildup —

NIFTY -177 +6,303 -0.00 Neutral Short Buildup 24,056.00 +42.90 (+0.18%)

BANKNIFTY +1,820 +14,916 +0.02 Neutral Long Buildup 58,177.05 +491.30 (+0.85%)

FINNIFTY -17 -117 -0.05 Weak Bearish Long Unwinding 26,770.55 +339.40 (+1.28%)

MIDCPNIFTY +937 -429 +0.04 Weak Bullish Short Covering 14,434.55 -184.40 (-1.26%)

NIFTYNXT50 +51 -37 +0.15 Moderate Bullish Short Covering 72,199.55 -157.10 (-0.22%)

STOCK +19,085 -92,455 +0.00 Neutral Short Covering —

⚔️ BATTLE TABLE (Week Over Week)

PREVIOUS WEEK (19-Jun-2026)

Participant Long Short Net Direction vs FII

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

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

CURRENT WEEK (25-Jun-2026)

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

👥 PARTICIPANT OI (Week Snapshot: 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 +0.13 Weak Bullish

DII +69,387 -1.00 Strong Bearish

Client +1,51,042 -1.00 Strong Bearish

Pro +3,380 +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 +6,52,991 +0.21 Moderate Bullish

DII -40,19,983 +0.84 Strong Bullish

Client +29,55,914 -1.00 Strong Bearish

Pro +4,11,078 -1.00 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 +1.00 +5,96,646 +0.38 +0.69 Strong Bullish

DII +5,994 -0.87 +20,113 +1.00 +0.13 Weak Bullish

Client +1,39,519 -0.01 -7,30,899 -0.18 -0.10 Weak Bearish

Pro +1,14,399 -0.06 +1,14,140 +0.22 +0.16 Moderate 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 -1,80,694 -0.08 +1,66,536 -0.33 -0.21 Moderate Bearish

DII -4,07,942 +1.00 +21,242 -0.58 +0.42 Strong Bullish

Client +10,71,414 -0.69 -3,61,871 -0.05 -0.37 Strong Bearish

Pro -4,82,778 +1.00 +1,74,093 +0.23 +0.62 Strong Bullish

🎯 CONVICTION SCORE (Weekly)

S1 Futures OFR : +1 (Bullish)

S2 Options OFR : +1 (Bullish)

S3 Cash Market : 0 (Threshold: ₹14,900 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 distributed ₹2,078 Cr in cash across the week while building index shorts that peaked at -228,561 contracts on Tuesday before reversing to -223,809 by Friday, creating a pattern of tactical rotation rather than sustained directional conviction. Index futures FSR collapsed from Moderate Bearish at -0.18 on Tuesday to Neutral by week's end, while index options Combined OFR shifted from Strong Bearish at -0.57 to Moderate Bullish at +0.29, revealing conviction signals that built then evaporated as expiry mechanics dominated genuine directional betting. The conviction score of +2/3 (Moderate Bullish) masks a fundamental split: both S1 and S2 point bullish while S3 cash remains neutral, establishing that FII's derivatives positioning is hedging-driven rather than a committed directional bet, with stock futures net of +652,991 contracts showing genuine individual stock conviction that index hedging obscures.

DII emerged as the week's dominant institutional force with +₹11,101 Cr cumulative cash accumulation and Strong Bullish index futures OFR at +0.13 sustained across all four sessions, providing an unshakeable structural floor that absorbed every session of FII selling without hesitation. Client remained positioned opposite to FII with +151,042 net long index futures and maintained opposition across both index and stock derivatives throughout the week, while Pro shifted from aligned with FII early week to opposed by Friday, with index futures OFR turning Strong Bullish at +1.00 as FII's conviction collapsed. Stock futures revealed the critical divergence: DII's Strong Bullish OFR at +0.84 combined with FII's Moderate Bullish OFR at +0.21 shows both domestic and foreign institutions are long individual stocks, but Client's Strong Bearish OFR at -1.00 in stock futures indicates the market's largest long participant in index futures is actually reducing stock exposure, creating a structural conflict where index longs are hedging with stock shorts.

The previous week (ended 19-Jun) established FII already positioned short -226,423 index futures with hedging warning active, indicating portfolio protection rather than directional conviction. This week extended that short to -223,809 by Friday, but the path was fundamentally different: Monday's Moderate Bullish Short Covering gave way to Tuesday's aggressive Short Buildup with Moderate Bearish FSR, then degraded through Wednesday's Neutral positioning into Thursday's bullish reversal with Strong Bullish index futures OFR at +1.00. The multi-week arc shows FII did not sustain the prior week's bearish conviction but instead used Monday's tactical short covering to test domestic support, found DII's consistent accumulation, built fresh shorts on Tuesday-Wednesday, then reversed into bullish positioning by week's end—this is conviction building then collapsing rather than a sustained directional regime, with expiry mechanics increasingly dominating genuine institutional betting as monthly expiry approaches in 4 days.

FII enters next week with Moderate Bullish conviction (+2/3) backed by aligned index futures and options signals but contradicted by neutral cash deployment, establishing a hedging posture rather than genuine directional accumulation as monthly expiry forces position resolution. DII's +₹11,101 Cr week total combined with Strong Bullish index futures OFR creates a structural floor that has held firm across all four sessions despite FII's tactical rotation, while Client's sustained opposition in index futures (+151,042 net long) and stock futures (-1.00 OFR) reveals domestic institutional capital is divided on conviction direction. The institutional environment entering next week is fundamentally contested—FII's index shorts face coordinated DII support and Client opposition, stock conviction is split between FII/DII long and Client short, and expiry mechanics will force rapid position resolution across all participants, creating a period where conviction sustainability depends on whether FII's hedged positioning can overcome the combined domestic institutional bid into monthly expiry settlement.

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.