🌙 FII/DII Evening Report — Wed, 1 Jul, 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 (01-Jul-2026)

FII: Buy ₹11,623 Cr | Sell ₹12,764 Cr | Net -₹1,140 Cr ▼

DII: Buy ₹17,137 Cr | Sell ₹13,977 Cr | Net +₹3,159 Cr ▲

Combined Net: +₹2,019 Cr

Participant Long Short Net Direction vs FII

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FII 32,476 292,535 -260,059 Short — ★

DII 72,675 11,786 +60,889 Long Opposed

Client 251,066 63,543 +187,523 Long Opposed

Pro 40,082 28,435 +11,647 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (01-Jul-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 -3,649 +1,597 -0.18 Moderate Bearish Short Buildup —

NIFTY -2,775 +2,003 -0.22 Moderate Bearish Short Buildup 24,005.85 +140.10 (+0.59%)

BANKNIFTY -1,301 -497 -0.19 Moderate Bearish Long Unwinding 58,033.05 +490.15 (+0.85%)

FINNIFTY +30 +34 +0.38 Strong Bullish Long Buildup 26,797.75 +243.20 (+0.92%)

MIDCPNIFTY +398 +56 +0.56 Strong Bullish Long Buildup 14,536.10 +109.75 (+0.76%)

NIFTYNXT50 -1 +1 -0.11 Weak Bearish Short Buildup 72,100.65 +471.20 (+0.66%)

STOCK -13,245 +69,803 -0.03 Neutral Short Buildup —

👥 PARTICIPANT OI (01-Jul-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 -2,60,059 -1.00 Strong Bearish

DII +60,889 +1.00 Strong Bullish

Client +1,87,523 +0.29 Moderate Bullish

Pro +11,647 +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 +4,96,849 -0.19 Moderate Bearish

DII -40,34,593 -0.14 Weak Bearish

Client +29,95,867 +0.45 Strong Bullish

Pro +5,41,877 -0.17 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 -2,49,120 -0.08 +5,05,784 +0.09 +0.01 Neutral

DII +3,485 +1.00 +25,496 -1.00 +0.00 Neutral

Client +1,35,014 -0.07 -6,97,767 -0.01 -0.04 Neutral

Pro +1,10,620 +0.29 +1,66,489 -0.01 +0.28 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 -65,543 -0.22 +43,990 -0.06 -0.14 Weak Bearish

DII -1,33,967 -1.00 +30,299 -0.32 -0.66 Strong Bearish

Client +5,61,359 +0.26 -2,50,434 +0.05 +0.16 Moderate Bullish

Pro -3,61,849 -0.06 +1,76,145 -0.02 -0.04 Neutral

S1 Futures OFR : -1 (Bearish)

S2 Options OFR : +0 (Neutral)

S3 Cash Market : 0 (Threshold: ₹3,800 Cr)

Total : -1/3 → Weak Bearish

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 extended their selling into a third consecutive day with -₹1,140 Cr in cash, bringing the week total to -₹5,047 Cr, while index futures shifted from unwinding to fresh Short Buildup with -3,649 net contracts and Moderate Bearish FSR of -0.18. The critical cross-check: cash selling and index futures shorting point the same direction, but index options Combined OFR remained Neutral at +0.01 while stock options turned Weak Bearish at -0.14, confirming this is genuine directional conviction, not hedging—FII is now actively shorting the market, not merely closing longs. DII absorbed the selling with +₹3,159 Cr in cash and maintained Strong Bullish index futures OFR at +1.00, but their stock options Combined OFR collapsed to Strong Bearish at -0.66, revealing they are hedging their accumulated long positions with stock puts rather than holding unhedged conviction. The battle table shows all three other participants (DII, Client, Pro) opposed to FII's -260,059 index net short, with Client holding the dominant +187,523 long position, but Client's options Combined OFR turned Neutral at -0.04, signaling they too are protecting rather than adding to longs.

Morning established FII in defensive unwinding mode with Weak Bearish conviction score of -1/3 and hedging-signature conflict between bearish futures and bullish options. Close broke this pattern decisively—FII shifted from unwinding existing longs to building fresh index shorts with genuine directional conviction across both cash and futures, while options remained neutral rather than bullish, eliminating the hedging signature and confirming the short buildup is a real directional bet, not portfolio protection.

FII now carries -260,059 index futures net shorts built over three consecutive days of selling with growing conviction—this is no longer defensive liquidation but an established bearish positioning that has shifted from week-one uncertainty to week-two directional commitment. DII's ₹12,803 Cr three-day accumulation is being progressively hedged with both index and stock options turning bearish, meaning domestic institutions bought the dip but are now protecting against further downside rather than confident in sustained support. The institutional environment has inverted from Monday's contested positioning to Wednesday's clear separation—FII is short and committed, DII is long but hedged, and Client is long but unprotected, creating a structure where FII's conviction is the only unambiguous directional force in the market.

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.