FII index futures are net short (-2.94L). FII options lean put-heavy (put net 5.40L vs call net -3.47L). Today FII changed futures +13.1k, calls +57.5k, puts -1.26L — futures and options moved together. Pro futures do not match FII (+32.5k vs FII -2.94L). Clients are net short puts while FII is net long puts — classic smart-money vs retail split on the put side. Latest cash print: FII -3,569 Cr (cash can disagree with F&O stock — both are shown). Engine Stage 1 read from this book: BUILDING · BEARISH (needs persistence + Pro agreement to confirm — this line reports the score, it does not override the numbers above).
| Calls | Puts | |||||
|---|---|---|---|---|---|---|
| FII Pro | Client | vs | Metric | FII Pro | Client | vs |
-1.46L |
+58.7k |
-2.04L |
Net OI | +5.70L |
-6.31L |
+12.01L |
+3.49L |
-3.51L |
+7.00L |
Day Δ | -2.01L |
+1.96L |
-3.96L |
+19.17L |
+33.96L |
-14.79L |
Long | +25.40L |
+34.19L |
-8.79L |
+20.63L |
+33.37L |
-12.74L |
Short | +19.70L |
+40.50L |
-20.80L |
Overnight global bias (BULLISH) opposes Stage 1 (BEARISH).
Top-10 constituent buildup (BULLISH) opposes index-level Stage 1 (BEARISH).
Dealer gamma regime (NEGATIVE_GAMMA) unfavorable for buyer — short-term hedge flow may dominate.