What to watch:Defensive sectors (FMCG, Pharma) often outperform on these days. Avoid commodity-importers and FII-heavy mid/smallcap names. If India VIX is also rising, the move can extend; if VIX is calm, expect a shallow pullback.

FII selling absorbed by DII buying

FIIs sold ₹1,121 Cr while DIIs bought ₹1,312 Cr. Domestic demand is cushioning the foreign supply — this is what keeps the index range-bound rather than breaking down.

What to watch:Any sustainable rally needs FIIs to flip net-buyer. Until that happens expect chop. Mid/smallcaps are the early-warning system — they crack first if DII demand weakens, even if the index looks calm.

Why is it pricing this way?

Overnight Setup global & macro backdrop

Overnight Global Cues

Mixed cues

S&P -0.87% · Nikkei -0.30%

Macro Backdrop

Crude / USDINR

Crude $86.9 (-1.0%) · USDINR 95.68 (+0.20%)

Where is money moving today?

Sector Money Flow based on sector-index momentum

↑Money flowing IN

Banks

+0.46%

↓Money flowing OUT

-0.46%

Pharma

-0.21%

Gold

4,638.8

+2.71%

Silver

69.7

+2.39%

Copper

6.6

+1.94%

Crude

86.9

-1.04%

USDINR

95.68

+0.20%

10Y UST

4.71%

+0.21%

What are derivative traders doing?

NIFTY Option Chain nearest expiry 2026-08-25 · spot 24,252 · EOD 2026-08-20

Writers expect Nifty between 24,000 and 24,300 this week — +0.2% upside, -1.0% downside.

downside-skewed

Call OI (writers)	Strike	Put OI (writers)
36,205 IV 18% Δ 0.91 θ -13.2 ν 4	23650	1,969,045
171,340 IV 15% Δ 0.93 θ -10.4 ν 3	23700	6,962,475
45,240 IV 17% Δ 0.89 θ -13.3 ν 5	23750	2,463,370
610,350 IV 15% Δ 0.90 θ -12.3 ν 5	23800	7,440,420
70,005 IV 14% Δ 0.89 θ -12.2 ν 5	23850	3,176,875
273,780 IV 13% Δ 0.87 θ -12.1 ν 5	23900	6,711,055
200,330 IV 12% Δ 0.86 θ -12.3 ν 6	23950	3,472,560
5,939,635 IV 11% Δ 0.84 θ -12.0 ν 6	24000 S	17,814,550
572,780 IV 10% Δ 0.80 θ -12.6 ν 7	24050	3,377,400 IV 8% Δ -0.14 θ -5.3 ν 6
2,777,515 IV 10% Δ 0.76 θ -12.7 ν 8	24100	8,737,365 IV 8% Δ -0.20 θ -6.1 ν 7
1,218,880 IV 9% Δ 0.70 θ -13.0 ν 9	24150	6,141,135 IV 8% Δ -0.27 θ -6.8 ν 8
9,122,165 IV 9% Δ 0.62 θ -13.2 ν 10	24200	15,503,670 IV 7% Δ -0.35 θ -7.1 ν 9
6,861,530 IV 9% Δ 0.54 θ -13.0 ν 10	24250 MP	6,958,770 IV 7% Δ -0.46 θ -7.1 ν 10
13,876,980 IV 8% Δ 0.44 θ -12.4 ν 10	24300 R	9,835,345 IV 7% Δ -0.57 θ -6.2 ν 10
4,574,635 IV 8% Δ 0.35 θ -11.2 ν 9	24350	1,989,780 IV 7% Δ -0.68 θ -4.6 ν 9
9,774,440 IV 8% Δ 0.26 θ -9.6 ν 8	24400	3,521,960 IV 6% Δ -0.80 θ -2.1 ν 7
3,715,790 IV 8% Δ 0.19 θ -7.8 ν 7	24450	563,745 IV 6% Δ -0.90 θ +0.8 ν 4
13,250,445 IV 8% Δ 0.13 θ -6.1 ν 5	24500	3,754,530
5,039,515	24550	184,340
8,538,010	24600	873,665
3,402,035	24650	172,965
6,814,405	24700	768,235
3,294,980	24750	93,275
7,231,640	24800	400,335
2,403,505	24850	52,845

What this tells you

Spot 24,252

Resistance (R) 24,300

Support (S) 24,000

Max Pain (MP) 24,250

Highest call-OI strike = where writers expect resistance. Highest put-OI strike = where writers expect support. Max-pain magnet pulls strongest in expiry week.

Strategy Builder multi-leg payoff for NIFTY options · 2026-08-25 expiry

Underlying: NIFTY · Spot: ₹ 24,252.00 · Expiry: 2026-08-25 · Lot: 75

Legs

Side

Type

Strike

Qty

Premium

Net premium—

Max profit—

Max loss—

Breakevens—

Position Delta—

Position Theta/day—

Position Vega/1% IV—

Payoff at expiry

F&O OI Buildup stock futures · total OI across all expiries · 2026-08-20

Long Buildup price up + OI up — fresh longs added

PNBHOUSING

+0.31%

OI +10.5%

SAIL

+1.67%

OI +7.8%

JINDALSTEL

+0.57%

OI +6.3%

AMBER

+0.20%

OI +5.7%

PAYTM

+1.30%

OI +5.1%

MARUTI

+1.06%

OI +4.3%

COFORGE

+3.10%

OI +4.3%

RADICO

+0.25%

OI +4.3%

Short Covering price up + OI down — shorts closing

WAAREEENER

+0.61%

OI -21.3%

LODHA

+2.54%

OI -19.9%

IREDA

+1.06%

OI -16.6%

SWIGGY

+2.69%

OI -16.1%

MAZDOCK

+0.92%

OI -15.2%

DALBHARAT

+1.65%

OI -15.0%

BLUESTARCO

+1.06%

OI -13.4%

IRFC

+1.72%

OI -13.2%

Short Buildup price down + OI up — fresh shorts added

GODFRYPHLP

-0.87%

OI +18.8%

CAMS

-0.54%

OI +9.0%

RECLTD

-2.54%

OI +6.6%

KEI

-0.24%

OI +6.4%

PFC

-2.29%

OI +5.4%

GVT&D

-0.58%

OI +4.9%

VMM

-0.14%

OI +4.4%

TATASTEEL

-0.20%

OI +3.7%

Long Unwinding price down + OI down — longs closing

DMART

-0.25%

OI -12.6%

ASTRAL

-0.23%

OI -12.4%

PIIND

-0.46%

OI -11.5%

SONACOMS

-0.05%

OI -10.5%

NESTLEIND

-0.15%

OI -4.2%

KAYNES

-0.09%

OI -3.9%

HAVELLS

-0.45%

OI -3.7%

HINDPETRO

-0.51%

OI -3.3%

Unusual OI Buildup stocks with ±20%+ OI swings today · positioning outliers

Symbol	Classification	Price Δ	OI Δ
WAAREEENER	Short Covering	+0.61%	-21.3%

Futures Basis Screener premium/discount of nearest-expiry futures to spot

↑ Premium · futures trading above spot

Symbol	Spot	Future	Basis %
GVT&D	4,050.17	4,080.90	+0.76%
TATACONSUM	1,056.31	1,063.60	+0.69%
HCLTECH	1,318.54	1,327.40	+0.67%
BANDHANBNK	174.16	175.27	+0.64%
RVNL	227.90	229.33	+0.63%
PRESTIGE	1,585.48	1,595.20	+0.61%
VOLTAS	1,219.52	1,226.90	+0.60%
GODREJPROP	2,020.02	2,032.10	+0.60%

↓ Discount · futures trading below spot

Symbol	Spot	Future	Basis %
LICHSGFIN	508.04	498.50	-1.88%
PATANJALI	352.50	349.05	-0.98%
JSWSTEEL	1,299.39	1,287.20	-0.94%
HDFCAMC	2,623.55	2,601.00	-0.86%
LTM	4,552.95	4,514.20	-0.85%
SHRIRAMFIN	1,128.19	1,120.10	-0.72%
HAVELLS	1,277.92	1,269.00	-0.70%
INDHOTEL	735.84	731.05	-0.65%

Top Traded F&O Contracts where derivative volume is concentrated today

Contract	Type	Close	Traded Value	OI	OI Δ
NIFTY26AUG24200PE	IDO	56.35	4.78 L Cr	13,288,990	+6,918,145
NIFTY26AUG24200CE	IDO	150.45	3.66 L Cr	8,408,595	-2,676,245
NIFTY26AUG24300CE	IDO	89.60	3.02 L Cr	9,785,880	-1,823,575
NIFTY26AUG24250PE	IDO	74.20	2.58 L Cr	4,977,505	+3,927,495
NIFTY26AUG24250CE	IDO	117.55	2.58 L Cr	4,170,595	+372,515
NIFTY26AUG24300PE	IDO	96.05	2.30 L Cr	7,477,275	+2,664,740
NIFTY26AUG24500CE	IDO	21.90	2.14 L Cr	12,514,645	-2,349,620
NIFTY26AUG24400CE	IDO	47.35	1.84 L Cr	8,220,680	-570,310
NIFTY26AUG24000PE	IDO	18.40	1.79 L Cr	16,347,890	+2,678,780
NIFTY26AUG25000CE	IDO	1.45	1.60 L Cr	11,924,120	-2,670,980
NIFTY26AUG24100PE	IDO	32.30	1.50 L Cr	7,622,420	+778,960
NIFTY26AUG24800CE	IDO	2.45	1.46 L Cr	6,910,995	-597,935

Who's actually moving the money?

Smart Counterparty Activity 21-Aug-2026

1 FII buys · 6 MF buys / 1 sells · 1 Insurance buys · 1 Promoter sells · 137 deals totaling ₹3,037 Cr. Showing top 20 by value.

Stock	Type	Side	Qty	Value (₹ Cr)	Counterparty
NXT-INFRA Nxt-Infra Trust	Bulk+Block	SELL	26,350,000	247.29	ACTIS HIGHWAY INFRA LIMITED
AMAGI Amagi Media Labs Limited	Bulk+Block	BUY	3,248,305	181.91	SBI MUTUAL FUND MF
AMAGI Amagi Media Labs Limited	Bulk+Block	SELL	3,169,073	177.47	TRUDY HOLDINGS
AMAGI Amagi Media Labs Limited	Bulk+Block	SELL	2,727,000	152.71	ACCEL INDIA VI (MAURITIUS) LTD.
AMAGI Amagi Media Labs Limited	Bulk+Block	SELL	2,727,000	152.71	ACCEL GROWTH VI HOLDINGS (MAURITIUS) LTD.
NXT-INFRA Nxt-Infra Trust	Bulk+Block	BUY	11,700,000	109.80	LARSEN & TOUBRO LIMITED
AMAGI Amagi Media Labs Limited	Bulk+Block	SELL	1,864,948	104.44	AVP I FUND
AMAGI Amagi Media Labs Limited	Bulk+Block	BUY	1,840,979	103.09	SBI MUTUAL FUND MF
AMAGI Amagi Media Labs Limited	Bulk+Block	BUY	1,785,713	100.00	HDFC STANDARD LIFE INSURANCE COMPANY LTD Insurance
NXT-INFRA Nxt-Infra Trust	Bulk+Block	BUY	8,800,000	82.59	KOTAK MAHINDRA BANK LIMITED
SHANTIGEAR Shanthi Gears Ltd	Bulk+Block	BUY	2,064,713	77.49	TUBE INVESTMENT OF INDIA LIMITED
SHANTIGEAR Shanthi Gears Ltd	Bulk+Block	SELL	2,064,713	77.49	PACIFIC ASSETS TRUST PLC
PRSMJOHNSN Prism Johnson LTD	Bulk	SELL	6,180,291	66.73	SBI MUTUAL FUND MF
PRSMJOHNSN Prism Johnson LTD	Bulk	BUY	6,176,178	66.68	SBI MUTUAL FUND MF
KWIL Kwality Wall's (India) L	Bulk	BUY	13,326,862	63.44	JUNOMONETA FINSOL PRIVATE LIMITED
KWIL Kwality Wall's (India) L	Bulk	SELL	13,309,156	63.40	JUNOMONETA FINSOL PRIVATE LIMITED
NXT-INFRA Nxt-Infra Trust	Bulk	SELL	6,450,000	60.89	ACTIS HIGHWAY INFRA LIMITED
NXT-INFRA Nxt-Infra Trust	Bulk+Block	BUY	5,850,000	54.90	KOTAK MAHINDRA INVESTMENTS LIMITED
AMAGI Amagi Media Labs Limited	Block	BUY	934,444	52.33	ICICI PRUDENTIAL MUTUAL FUND MF
NXT-INFRA Nxt-Infra Trust	Bulk	BUY	3,575,000	33.64	LGT WEALTH INDIA PRIVATE LIMITED

Institutional Streaks consecutive sessions with FII / MF / Insurance activity on the same side

Stock	Side	Streak	Total Value	Window	Notable Buyers
CMLL	BUY	2d	₹ 139 Cr	2026-07-24 → 2026-07-27	CARNELIAN ASSET MANAGEMENT & ADVISORS PRIVATE LIMITED · GOLDMAN SACHS BANK EUROPE SE ODI · PLUTUS RESEARCH PRIVATE LIMITED
BLEL	BUY	2d	₹ 56 Cr	2026-08-19 → 2026-08-20	360 ONE MUTUAL FUND · PLUTUS RESEARCH PRIVATE LIMITED
GANDHAR	BUY	2d	₹ 44 Cr	2026-07-23 → 2026-07-24	SOCIETE GENERALE

What are institutions positioned for?

Institutional Positioning how FIIs are set up under the surface

FII Futures Posture

Heavy Short

net-long ratio -81.3%

FII Direction Streak

1 sessions

net distributing futures

India VIX

11.19

Calm · +4.0% d/d

Days to Monthly Expiry

Thu, 30 Jul

Nifty PCR (EOD)

1.08

Balanced

Nifty Max Pain (EOD)

24,250

in line with spot (24,252)

Any patterns firing?

Event Signals 1 firing today

Retail-vs-FII Divergence Widening

Retail net-long 53% vs FII net-long -81% (spread 134pp, widened +6.4pp today)

What it means:Retail traders (Client category in NSE F&O data) are heavily net-long index futures (>30%) at the same time FII is heavily net-short (<-30%).

What it implies:Classic retail-trap setup. When retail and FII are on opposite extremes, the market historically resolves in FII's favour. Watch closely; do not chase retail conviction.

Experimental detector · insufficient historical fires to validate.

warning