🌙 FII/DII Evening Report — Fri, 17 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 (17-Jul-2026)

FII: Buy ₹14,394 Cr | Sell ₹14,770 Cr | Net -₹376 Cr ▼

DII: Buy ₹17,180 Cr | Sell ₹16,162 Cr | Net +₹1,018 Cr ▲

Combined Net: +₹641 Cr

Participant Long Short Net Direction vs FII

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FII 30,554 247,082 -216,528 Short — ★

DII 74,763 15,604 +59,159 Long Opposed

Client 219,094 73,128 +145,966 Long Opposed

Pro 40,283 28,880 +11,403 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (17-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 +33,358 -23,088 +0.56 Strong Bullish Short Covering —

NIFTY +25,439 -23,227 +0.58 Strong Bullish Short Covering 24,334.30 +261.55 (+1.09%)

BANKNIFTY +8,245 +221 +0.59 Strong Bullish Long Buildup 58,521.40 +939.15 (+1.63%)

FINNIFTY +2 +2 +0.05 Neutral Long Buildup 26,903.35 +346.65 (+1.31%)

MIDCPNIFTY -331 -81 -0.29 Moderate Bearish Long Unwinding 14,715.40 -59.00 (-0.40%)

NIFTYNXT50 +3 -3 +0.43 Strong Bullish Short Covering 71,828.40 -68.35 (-0.10%)

STOCK +19,378 -28,694 +0.03 Neutral Short Covering —

👥 PARTICIPANT OI (17-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 -2,16,528 +1.00 Strong Bullish

DII +59,159 -0.94 Strong Bearish

Client +1,45,966 -1.00 Strong Bearish

Pro +11,403 -0.81 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 +5,53,545 +0.68 Strong Bullish

DII -38,51,011 +1.00 Strong Bullish

Client +28,33,725 -1.00 Strong Bearish

Pro +4,63,741 -0.13 Weak 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 -69,411 +1.00 +3,97,859 +0.25 +0.63 Strong Bullish

DII +7,564 -1.00 +32,210 -0.25 -0.62 Strong Bearish

Client -2,11,720 -0.88 -4,70,732 -0.09 -0.48 Strong Bearish

Pro +2,73,567 +1.00 +40,663 +0.09 +0.55 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 -1,51,572 +0.20 +1,35,715 +0.13 +0.17 Moderate Bullish

DII -4,13,122 -0.97 +23,345 -1.00 -0.99 Strong Bearish

Client +10,89,511 -0.11 -3,30,596 -0.08 -0.10 Weak Bearish

Pro -5,24,817 +0.02 +1,71,536 +0.02 +0.02 Neutral

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 sold ₹376 Cr in cash on the fifth consecutive day but at sharply reduced intensity, while index futures showed Strong Bullish Short Covering with FSR +0.56 on Nifty at +0.58—this time cash and futures align in opposite directions with critical clarity. Index options Combined OFR at +0.63 Strong Bullish and stock options at +0.17 Moderate Bullish both confirm the derivatives positioning is genuine directional conviction, not hedging, because the hedging warning has cleared: S1 and S2 both bullish with S3 neutral rather than contradicting. FII's stock futures net of +553,545 exceeds index futures absolute short of 216,528, signaling conviction extends beyond index hedging into individual stock accumulation. DII's index futures OFR inverted sharply from -1.00 Strong Bearish yesterday to +0.94 Strong Bullish today, marking an abrupt reversal of the cracked floor—domestic institutional support has re-engaged decisively. Clients remain opposed to FII but now face both major institutional forces aligned bullish, eliminating the structural vulnerability that existed yesterday.

This morning's report established that FII was hedging defensively with derivatives while selling cash, DII's mechanical support had cracked into active bearish positioning, and clients were isolated long with no conviction backing. Today's close inverted this picture entirely: FII's derivatives turned from hedging into genuine directional bullish conviction, DII's bearish OFR reversed into Strong Bullish, and the hedging warning cleared because cash flow remained routine rather than contradicting. This is the most significant intraday shift of the week—from deteriorating institutional structure into re-aligned bullish conviction across both major institutional forces.

FII has now completed five consecutive cash selling sessions totaling -₹9,120 Cr but today's derivatives reversal signals the selling is exhaustion rather than conviction—the shift from hedging to genuine bullish positioning in both index and stock derivatives indicates FII has completed their portfolio adjustment and is now accumulating on weakness. DII's abrupt reversal from Strong Bearish to Strong Bullish in a single session marks the domestic institutional floor has re-engaged, providing structural support beneath the market. Clients remain the only isolated long force but with both FII and DII now aligned bullish in derivatives, the institutional environment has shifted from vulnerable into supported with conviction building across the week's final sessions before weekly expiry in four days.

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.