🌅 FII/DII Morning Report — Mon, 29 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

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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

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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 on 25-Jun while maintaining a large index short of -223,809 contracts with Neutral FSR, creating the classic hedging signature: derivatives short, cash slightly long, options Combined OFR Moderate Bullish at +0.29. Index futures showed Short Covering activity (OI down, net buy) on Nifty but Long Buildup on broader index, revealing tactical rotation within the short rather than genuine directional conviction. Stock futures net of +16,534 contracts with Strong Bullish OFR at +0.48 shows FII is genuinely long individual stocks while hedging index exposure, confirming the positioning is portfolio protection not bearish directional betting. Conviction score of +2/3 (Moderate Bullish) with no hedging warning active appears bullish on surface, but cash at neutral threshold and index shorts at -223,809 reveal the true picture: FII is long stocks, short index, using options to express mild bullish tilt while protecting equity portfolio—this is a hedged long, not a directional bet. DII's +₹5,748 Cr cash accumulation and Strong Bullish index futures OFR at +0.95 alongside Strong Bullish stock futures OFR at +1.00 shows domestic institutions are genuinely long both index and stocks with no hedging, providing the structural floor. Client and Pro both opposed FII in index futures with Strong Bearish OFR, but Client's Strong Bullish index options Combined OFR at +0.39 conflicts with their Strong Bearish index futures OFR, indicating Client is hedging their long index futures position with put buying rather than expressing bearish conviction.

This is the first session of the new week (25-Jun is Wednesday of the week starting 22-Jun based on the weekly report context showing 4 trading days 22-25 Jun). The prior week ended 25-Jun with FII at Moderate Bullish conviction (+2/3), and yesterday's session (25-Jun) extended that exact positioning without material change—same index short magnitude, same hedging structure, same stock long conviction. The week's cumulative picture shows FII distributed ₹2,078 Cr across four sessions while maintaining index shorts throughout, with conviction building then collapsing as expiry mechanics dominated, and yesterday's session represents the week's endpoint where FII's bullish derivatives tilt had already emerged by Friday. No new pattern is forming—yesterday simply confirmed the week's established hedging posture with DII providing consistent floor support and Client maintaining opposition.

FII enters today with a week-long hedging posture in place: long stocks (+652,991 stock futures net), short index (-223,809 index futures net), mild bullish options tilt, and neutral cash deployment. This positioning has been stable across the full week with only tactical rotation within the short rather than genuine directional reversal. DII's cumulative +₹11,101 Cr cash and Strong Bullish OFR across both index and stock futures means domestic institutional capital has been consistently buying into FII's selling and rotation, establishing a structural bid that has held firm across all four sessions. Client opposition in index futures remains unbroken at +151,042 net long, and their conflicted options positioning (bullish calls, bearish puts) shows they are hedging their long index position rather than expressing pure bearish conviction. Monthly expiry arrives in 5 days (30-Jun), forcing rapid position resolution across all participants, and the institutional environment today faces the same contested structure it faced yesterday: FII's hedged long-stock-short-index positioning versus DII's genuine long conviction versus Client's hedged long index position, with expiry mechanics increasingly forcing position clarity rather than allowing tactical rotation to continue.

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.