🌙 FII/DII Evening Report — Fri, 10 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 (10-Jul-2026)

FII: Buy ₹15,318 Cr | Sell ₹12,714 Cr | Net +₹2,604 Cr ▲

DII: Buy ₹17,172 Cr | Sell ₹15,152 Cr | Net +₹2,020 Cr ▲

Combined Net: +₹4,623 Cr

Participant Long Short Net Direction vs FII

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FII 34,427 289,138 -254,711 Short — ★

DII 78,304 10,880 +67,424 Long Opposed

Client 230,182 60,551 +169,631 Long Opposed

Pro 51,172 33,516 +17,656 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (10-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 +11,540 -5,596 +0.44 Strong Bullish Short Covering —

NIFTY +5,986 -4,950 +0.35 Strong Bullish Short Covering 24,206.90 +244.10 (+1.02%)

BANKNIFTY +5,400 -558 +0.62 Strong Bullish Short Covering 58,045.90 +793.45 (+1.39%)

FINNIFTY +4 -6 +0.13 Weak Bullish Short Covering 26,831.05 +348.60 (+1.32%)

MIDCPNIFTY +120 -50 +0.29 Moderate Bullish Short Covering 14,820.90 +166.10 (+1.13%)

NIFTYNXT50 +30 -32 +0.62 Strong Bullish Short Covering 72,391.80 +905.95 (+1.27%)

STOCK +46,857 +4,595 +0.09 Weak Bullish Long Buildup —

👥 PARTICIPANT OI (10-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 -2,54,711 +1.00 Strong Bullish

DII +67,424 -0.98 Strong Bearish

Client +1,69,631 -1.00 Strong Bearish

Pro +17,656 +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 +6,38,428 +1.00 Strong Bullish

DII -39,39,094 +0.12 Weak Bullish

Client +28,45,160 -1.00 Strong Bearish

Pro +4,55,506 -0.85 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 -2,18,611 +1.00 +4,78,558 +0.16 +0.58 Strong Bullish

DII +4,821 -0.93 +28,435 -1.00 -0.96 Strong Bearish

Client +38,875 -0.50 -6,29,518 -0.01 -0.26 Moderate Bearish

Pro +1,74,916 +1.00 +1,22,524 -0.05 +0.95 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 -1,33,821 -0.15 +1,25,070 +0.09 -0.06 Weak Bearish

DII -3,43,919 -0.55 +24,499 +0.43 -0.12 Weak Bearish

Client +8,23,922 -0.16 -3,01,052 -0.40 -0.28 Moderate Bearish

Pro -3,46,182 +0.28 +1,51,483 +0.40 +0.34 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 ₹2,604 Cr in cash and covered shorts aggressively across index futures with Strong Bullish FSR of +0.44 on Nifty, creating genuine directional alignment for the first time this week. Index options Combined OFR at +0.58 Strong Bullish confirms the short covering is real conviction, not mechanical hedging—both derivatives instruments and cash are now pointing the same direction. The conviction score of +2/3 Moderate Bullish reflects S1 and S2 both at +1 while S3 remained neutral at ₹2,604 Cr (below the ₹3,800 Cr threshold), but the critical shift is that cash and futures finally aligned bullish together after four days of contradictory signals. DII matched FII's buying with ₹2,020 Cr in cash and index options Combined OFR at -0.96 Strong Bearish, creating a structural divergence where domestic institutions are now actively opposed to FII's directional move.

Morning report established that FII was in pure hedging mode with derivatives bullish but cash negative, while DII was rotating defensively with no structural support. Today's close broke this pattern decisively—FII shifted from hedging into genuine short covering with both cash and futures aligned bullish, marking the first conviction-driven session of the week. However DII's sharp reversal into Strong Bearish options positioning while buying cash suggests domestic institutions are fading FII's move rather than confirming it, creating a critical divergence at what may be an inflection point.

FII has now accumulated ₹4,670 Cr in cash across the full week with today's session showing the first genuine directional conviction through short covering rather than hedging. The week pattern shifted from mechanical rotation into a potential structural accumulation, but the divergence is stark: FII is now long conviction while DII has turned actively bearish in derivatives despite matching cash buying, suggesting DII is protecting rather than supporting. Stock futures show FII Long Buildup at +46,857 net contracts with Weak Bullish FSR, indicating FII's conviction extends beyond index hedging into individual stock positioning, but Client and Pro remain opposed across both index and stock derivatives, leaving the institutional environment fractured with no unified floor despite the week's ₹12,946 Cr combined inflow.

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.