📊 FII/DII Weekly Report — Sun, 19 Jul, 2026

FSR (Flow Strength Ratio): Range -1 to +1

Measures how one-sided FII's futures buying vs selling was across the full week — not the absolute size but the relative aggression.

Positive = FII bought more contracts than sold across the week (bullish flow)

Negative = FII sold more contracts than bought across the week (bearish flow)

Weekly FSR = computed from total week buy/sell contracts (all trading days of the week)

Strength: >=0.20 Strong | >=0.10 Moderate | >=0.03 Weak | <0.03 Neutral

Reliability: Nifty most reliable → BankNifty → MidCap Nifty → FinNifty and NiftyNext50 least reliable. Stock futures is a broad signal only.

OFR (OI Flow Ratio): Range -1 to +1

Measures how a participant's accumulated long and short positions shifted compared to the previous week's end — not how much they traded this week but how their total positioning changed week over week.

Positive = participant added longs or covered shorts vs last week (bullish positioning shift)

Negative = participant added shorts or unwound longs vs last week (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.

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

Weekly signal = computed from weekly net contracts and weekly OI change

Conviction Score (S1+S2+S3): Range -3 to +3

Three independent FII signals combined — futures positioning shift, options positioning shift, and actual cash deployment. All computed on weekly basis.

S1 = Index Futures OFR (week over week) → >+0.05 bullish | <-0.05 bearish | else neutral

S2 = Index Options Combined OFR (week over week) → >+0.05 bullish | <-0.05 bearish | else neutral

S3 = FII Cash Net (week total) vs dynamic weekly threshold (75th pctile of past 1yr weekly 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.

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)

Weekly Battle Table = two snapshots shown — previous week's last session vs current week's last session.

Compare both tables to see how each participant shifted their net position week over week.

When Client Opposed to FII → historically FII tends to be correct at inflection points.

💰 CASH MARKET (Week Total: 13-Jul to 17-Jul-2026)

FII: Buy ₹64,327 Cr | Sell ₹73,447 Cr | Net -₹9,120 Cr ▼

DII: Buy ₹90,458 Cr | Sell ₹80,649 Cr | Net +₹9,809 Cr ▲

Combined Net: +₹689 Cr

📊 INSTRUMENT WISE FUTURES SIGNAL (Week: 13-Jul to 17-Jul-2026)

Note: Net Contracts = Week's total buy contracts - total sell contracts. Positive = FII bought more than sold. Negative = FII sold more than bought.

OI Change = Change in total open interest vs previous week's end. Positive = new contracts added (OI increased). Negative = contracts squared off (OI reduced).

FSR Strength (Weekly): >=0.20 Strong | >=0.10 Moderate | >=0.03 Weak | <0.03 Neutral

Signal = computed from weekly net contracts and weekly OI change.

Instrument Net Contracts OI Change FSR Strength Signal Price & Change

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INDEX +38,183 -45,929 +0.24 Strong Bullish Short Covering —

NIFTY +38,817 -40,539 +0.36 Strong Bullish Short Covering 24,334.30 +127.40 (+0.53%)

BANKNIFTY +229 -6,195 +0.00 Neutral Short Covering 58,521.40 +475.50 (+0.82%)

FINNIFTY -43 +51 -0.17 Moderate Bearish Short Buildup 26,903.35 +72.30 (+0.27%)

MIDCPNIFTY -846 +738 -0.24 Strong Bearish Short Buildup 14,715.40 -105.50 (-0.71%)

NIFTYNXT50 +26 +16 +0.42 Strong Bullish Long Buildup 71,828.40 -563.40 (-0.78%)

STOCK -84,883 -37,255 -0.03 Neutral Long Unwinding —

⚔️ BATTLE TABLE (Week Over Week)

PREVIOUS WEEK (10-Jul-2026)

Participant Long Short Net Direction vs FII

--------------------------------------------------------------

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

CURRENT WEEK (17-Jul-2026)

Participant Long Short Net Direction vs FII

--------------------------------------------------------------

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

👥 PARTICIPANT OI (Week Snapshot: 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 +0.83 Strong Bullish

DII +59,159 -1.00 Strong Bearish

Client +1,45,966 -1.00 Strong Bearish

Pro +11,403 -0.40 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 -1.00 Strong Bearish

DII -38,51,011 +1.00 Strong Bullish

Client +28,33,725 -0.10 Weak Bearish

Pro +4,63,741 +0.03 Neutral

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 +1.00 +1.00 Strong Bullish

DII +7,564 +1.00 +32,210 -1.00 +0.00 Neutral

Client -2,11,720 -0.76 -4,70,732 -0.31 -0.54 Strong Bearish

Pro +2,73,567 +1.00 +40,663 +0.29 +0.64 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 -0.10 +1,35,715 -0.07 -0.08 Weak Bearish

DII -4,13,122 -0.97 +23,345 +0.54 -0.43 Strong Bearish

Client +10,89,511 +0.42 -3,30,596 +0.09 +0.25 Moderate Bullish

Pro -5,24,817 -0.38 +1,71,536 -0.07 -0.22 Moderate Bearish

🎯 CONVICTION SCORE (Weekly)

S1 Futures OFR : +1 (Bullish)

S2 Options OFR : +1 (Bullish)

S3 Cash Market : 0 (Threshold: ₹14,900 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 executed five consecutive cash selling sessions totaling -₹9,120 Cr while derivatives positioning shifted from defensive hedging into genuine bullish conviction by week's end, with index futures Short Covering at Strong Bullish FSR +0.24 and index options Combined OFR at +1.00 Strong Bullish confirming the cash outflow represents portfolio adjustment rather than directional bearishness. DII absorbed the entire FII selling with +₹9,809 Cr buying, but their positioning fractured across the week—index options Combined OFR swung from Strong Bullish +0.58 Monday through Strong Bearish -0.96 Wednesday before recovering to Neutral by Friday, revealing domestic institutional support was mechanical rebalancing rather than conviction-backed accumulation. Stock futures revealed the true conviction structure: FII's net long of +553,545 contracts with Strong Bullish OFR +1.00 exceeded their index shorts in absolute magnitude, signaling genuine individual stock conviction that persisted throughout the week despite cash selling. Conviction score of +2/3 Moderate Bullish (S1 and S2 both bullish, S3 neutral) confirms the week's derivatives positioning is real, not hedging, with the hedging warning that fired Thursday clearing by Friday as cash flow normalized.

FII and DII established a coordinated institutional structure where FII's index shorts were systematically covered while stock longs accumulated, and DII's mechanical buying provided temporary support that cracked mid-week before re-engaging Friday. Client positioning remained consistently opposed to FII across index futures with net long of +145,966 contracts by week's end, creating the historical inflection pattern where FII tends to be correct—FII short index, clients long index, DII uncertain. Pro traders aligned with FII on stock futures with Moderate Bullish OFR +0.03 but showed conflicted index positioning, indicating they were hedging rather than taking directional conviction. The critical divergence was DII's index options Combined OFR collapsing from +0.58 Monday to -0.96 Wednesday, signaling the domestic institutional floor cracked mid-week when FII's cash selling accelerated, but Friday's reversal to Neutral showed DII re-engaged mechanically rather than with conviction. Stock options revealed Client and Pro both bearish while FII and DII aligned bullish, establishing a genuine conviction split where the two largest institutional forces were long individual stocks against retail traders.

The prior week (ended 10-Jul) established FII distributed ₹4,004 Cr while building index shorts at -250,767 contracts with Moderate Bullish conviction score of +2/3, indicating portfolio protection rather than directional conviction. This week extended that short to -216,528 by Friday, marking a systematic reduction of index hedging rather than a continuation—FII's index shorts declined by 34,183 contracts through Short Covering while cash selling persisted, confirming the week was portfolio adjustment rather than conviction-driven distribution. DII's pattern shifted more dramatically: prior week's four-day accumulation of +₹12,634 Cr provided structural support that cracked on Friday with ₹1,954 Cr selling, and this week's opening with ₹2,172 Cr buying suggested the floor had returned, but Wednesday's collapse into Strong Bearish options positioning confirmed the support was fragile. The multi-week arc shows both major participants progressively reducing net directional exposure while appearing to accumulate in cash—a pattern of defensive rebalancing that has now extended into a second consecutive week, but Friday's derivatives reversal signals the adjustment phase is completing and conviction is building into the monthly expiry cycle.

FII enters next week carrying -216,528 index futures net shorts being systematically closed through Short Covering with Strong Bullish FSR +0.24, while maintaining +553,545 stock futures net longs with Strong Bullish OFR +1.00, establishing a hedged long-equity-short-index structure that is fundamentally defensive but with conviction building in individual stocks. DII's ₹9,809 Cr week total buying with index options Combined OFR turning Neutral by Friday signals domestic institutions have re-engaged mechanically but lack conviction backing—the domestic institutional floor has stabilized but remains fragile. Weekly expiry on Tuesday will force rapid position resolution, and with FII concentrated in defensive stock conviction while DII re-engages mechanically and Client opposition unhedged, the market enters next week with institutional conviction building but not yet confirmed—FII is protecting equity positions while accumulating on weakness, DII is providing support without conviction, and the structural floor that provides stability has re-engaged but remains untested.

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.