Here is a simple excel showing what the FII’s are doing since this series started.
So we are seeing more of what we saw in Jan in the futures.
Long unwinding and short addition.
Besides to cover the cash positions they have resorted to panic buying of index puts in the first few days of the series, quite a clear indication that the range of the last 2 months was changing.
Here is the FII ownnership of the total outstanding longs taken in the index Futures
The ownership of longs has dropped down from 78% seen near 6350 levels to 53.5 % as of yesterday.
We saw this percentage last in September when Nifty was trading at the 5800- 5850 zone.