🌙 FII/DII Evening Report — Fri, 24 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 (24-Jul-2026)

FII: Buy ₹11,124 Cr | Sell ₹15,017 Cr | Net -₹3,893 Cr ▼

DII: Buy ₹18,959 Cr | Sell ₹13,506 Cr | Net +₹5,454 Cr ▲

Combined Net: +₹1,561 Cr

Participant Long Short Net Direction vs FII

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FII 28,237 299,084 -270,847 Short — ★

DII 80,806 15,678 +65,128 Long Opposed

Client 239,763 63,265 +176,498 Long Opposed

Pro 64,445 35,224 +29,221 Long Opposed

📊 INSTRUMENT WISE FUTURES SIGNAL (24-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 -7,765 +15,691 -0.06 Weak Bearish Short Buildup —

NIFTY -8,344 +14,008 -0.11 Weak Bearish Short Buildup 23,767.45 -102.15 (-0.43%)

BANKNIFTY +828 +1,508 +0.02 Neutral Long Buildup 56,693.50 +101.50 (+0.18%)

FINNIFTY -39 +57 -0.28 Moderate Bearish Short Buildup 25,909.90 -82.15 (-0.32%)

MIDCPNIFTY -211 +119 -0.02 Neutral Short Buildup 14,436.05 +7.70 (+0.05%)

NIFTYNXT50 +1 -1 +0.04 Neutral Short Covering 71,766.00 -74.45 (-0.10%)

STOCK +27,563 -24,921 +0.01 Neutral Short Covering —

👥 PARTICIPANT OI (24-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 -2,70,847 -0.49 Strong Bearish

DII +65,128 -0.93 Strong Bearish

Client +1,76,498 +1.00 Strong Bullish

Pro +29,221 +0.13 Weak 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 +5,74,712 +1.00 Strong Bullish

DII -39,04,944 -0.94 Strong Bearish

Client +29,14,079 +0.82 Strong Bullish

Pro +4,16,153 +0.11 Weak 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 -2,58,810 +0.79 +5,35,178 +0.06 +0.42 Strong Bullish

DII +7,540 -1.00 +41,049 -0.99 -0.99 Strong Bearish

Client +44,766 -0.50 -7,02,891 -0.07 -0.29 Moderate Bearish

Pro +2,06,503 +0.57 +1,26,665 +0.24 +0.40 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 -2,16,735 -1.00 +1,93,753 -1.00 -1.00 Strong Bearish

DII -4,33,542 +1.00 +21,637 +1.00 +1.00 Strong Bullish

Client +11,15,181 -0.29 -4,01,562 -0.01 -0.15 Moderate Bearish

Pro -4,64,904 +0.69 +1,86,172 +0.17 +0.43 Strong Bullish

S1 Futures OFR : -1 (Bearish)

S2 Options OFR : +1 (Bullish)

S3 Cash Market : -1 (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 ₹3,893 Cr in cash—the largest single-day outflow of the week—while index futures FSR remained Weak Bearish at -0.06 with Short Buildup activity, but index options Combined OFR turned Strong Bullish at +0.42, creating a critical contradiction where cash selling and futures shorts are contradicted by bullish options positioning. Stock futures showed Short Covering with OI contracting -24,921 while stock options Combined OFR collapsed to Strong Bearish at -1.00, meaning FII is closing stock shorts while simultaneously turning bearish on individual stocks through options—a structural incoherence that signals position unwinding rather than directional conviction. DII absorbed the entire FII selling with +₹5,454 Cr cash inflow, the largest single-day DII buy of the week, but index futures OFR turned Strong Bearish at -0.93 and index options Combined OFR turned Strong Bearish at -0.99, meaning domestic capital is buying cash equities while simultaneously shorting index futures and turning bearish in options—classic portfolio hedging rather than genuine conviction. FII Conviction Score stands at -1/3 (Weak Bearish) with S1 and S3 bearish but S2 bullish, confirming that options positioning contradicts cash and futures, indicating FII is hedging their equity portfolio rather than expressing directional conviction.

The morning report established Moderate Bearish conviction from Thursday's largest cash outflow combined with index shorts and options positioning, with the critical question whether index shorts were genuine conviction or defensive hedging ahead of monthly expiry. Today's close broke that pattern decisively—FII's second-largest cash outflow of the week combined with index options turning Strong Bullish while index futures remained short, and DII's massive +₹5,454 Cr absorption combined with their own index options turning Strong Bearish, reveals both institutions are now hedging rather than directionally positioned, with the near-monthly expiry (4 days away) driving mechanical rebalancing rather than conviction.

FII's week-long selling has now reached -₹7,182 Cr cumulative outflow across five sessions with only one positive day (Tuesday's +₹1,650 Cr), but the contradiction between cash selling, index futures shorts, and index options bullish positioning confirms this is portfolio hedging ahead of expiry, not directional conviction—the stock short covering of +27,563 contracts combined with stock options turning Strong Bearish at -1.00 signals FII is reducing gross exposure mechanically rather than building a bearish bet. DII's week-long buying of +₹8,638 Cr has now absorbed all FII selling, but their own index options turned Strong Bearish at -0.99 while maintaining index futures shorts at OFR -0.93, meaning domestic capital is providing a cash equity floor while hedging that floor through derivatives—a defensive posture, not conviction. Client remains opposed to FII with +176,498 net index longs but without institutional alignment, and with monthly expiry four days away, the entire positioning structure is now in mechanical rebalancing mode where hedging activity dominates directional conviction, making derivative signals unreliable until expiry rolls.

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.