🌙 FII/DII Evening Report — Tue, 14 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 (14-Jul-2026)

FII: Buy ₹12,763 Cr | Sell ₹13,503 Cr | Net -₹740 Cr ▼

DII: Buy ₹20,421 Cr | Sell ₹17,493 Cr | Net +₹2,928 Cr ▲

Combined Net: +₹2,188 Cr

Participant Long Short Net Direction vs FII

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FII 26,671 292,136 -265,465 Short — ★

DII 76,373 10,960 +65,413 Long Opposed

Client 236,786 57,754 +179,032 Long Opposed

Pro 48,801 27,781 +21,020 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (14-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 -10,352 -324 -0.40 Strong Bearish Long Unwinding —

NIFTY -3,320 +2,460 -0.27 Moderate Bearish Short Buildup 24,052.05 -158.95 (-0.66%)

BANKNIFTY -6,794 -3,030 -0.53 Strong Bearish Long Unwinding 57,462.30 -669.15 (-1.15%)

FINNIFTY -21 +17 -0.51 Strong Bearish Short Buildup 26,536.70 -299.45 (-1.12%)

MIDCPNIFTY -218 +228 -0.44 Strong Bearish Short Buildup 14,712.65 -127.00 (-0.86%)

NIFTYNXT50 +1 +1 +0.20 Moderate Bullish Long Buildup 71,851.60 -259.80 (-0.36%)

STOCK -81,587 -17,015 -0.12 Weak Bearish Long Unwinding —

👥 PARTICIPANT OI (14-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 -2,65,465 -1.00 Strong Bearish

DII +65,413 -1.00 Strong Bearish

Client +1,79,032 +1.00 Strong Bullish

Pro +21,020 +0.02 Neutral

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 +5,46,238 -1.00 Strong Bearish

DII -38,91,406 +1.00 Strong Bullish

Client +28,82,282 +0.61 Strong Bullish

Pro +4,62,886 +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 -1,79,134 -0.02 +4,98,324 -0.08 -0.05 Neutral

DII +5,265 +1.00 +32,260 +0.45 +0.73 Strong Bullish

Client +1,26,066 +0.05 -6,29,019 +0.01 +0.03 Neutral

Pro +47,803 -0.22 +98,435 +0.01 -0.21 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 -1,44,271 -0.54 +1,34,973 -0.42 -0.48 Strong Bearish

DII -3,94,409 -1.00 +24,036 +1.00 +0.00 Neutral

Client +10,09,389 +0.65 -3,46,338 +1.00 +0.82 Strong Bullish

Pro -4,70,709 -0.92 +1,87,329 -0.63 -0.77 Strong Bearish

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 sold ₹740 Cr in cash on the second consecutive day, extending Monday's selling into a -₹3,802 Cr week total, but today's futures picture reveals a critical shift from Monday's hedging into genuine directional bearishness—index futures show Strong Bearish FSR -0.40 with Long Unwinding across the dominant BankNifty (-6,794 contracts, FSR -0.53), while index options Combined OFR collapsed to Neutral -0.05 from Monday's Strong Bullish +0.52, confirming the hedging has now become conviction selling. Stock futures unwinding accelerated to -81,587 contracts (FSR -0.12 Weak Bearish), and critically, FII's stock options Combined OFR turned Strong Bearish -0.48, meaning FII is now bearish on individual stocks alongside their index bearishness—this is not portfolio hedging, this is directional conviction. DII absorbed ₹2,928 Cr of buying today, providing the only institutional support, but their index options Combined OFR remains Strong Bearish +0.73 (conflicted between bullish calls and bullish puts), while their stock options turned Neutral, suggesting DII's support is mechanical rebalancing rather than conviction accumulation. Clients remain the dominant long force at +179,032 net in index futures and +1,009,389 in stock options, now standing completely isolated against both FII and DII as weekly expiry resolves today.

Monday's morning report established coordinated institutional defensiveness with FII hedging and DII cracking bearish, creating acute client vulnerability into weekly expiry. Today's close confirmed the hedge has converted into genuine directional conviction—FII's index options flipped from bullish to neutral and stock options turned strongly bearish, while cash selling persisted, creating the first multi-signal alignment toward bearishness since the week began.

FII has shifted from defensive hedging into genuine directional selling conviction across both index and stock derivatives, with cash market alignment confirming the positioning is real rather than mechanical. DII's buying today provided temporary support but their options positioning remains conflicted and weak, offering no institutional floor. Weekly expiry resolved today with clients' large long positions forced to unwind against both major institutional forces selling—the market structure has deteriorated from Monday's hedged-but-stable into today's actively bearish with no conviction support, and the institutional environment entering the monthly expiry cycle is one of established FII selling conviction with DII support cracking.

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.