From the NSE participant-wise OI files (contracts):
| FII index fut long | FII index fut short | FII index call long | FII index call short | FII index put long | FII index put short | Client index fut long | Client index fut short | |
|---|---|---|---|---|---|---|---|---|
| 26 Oct 2026 | 46,522 | 3,23,627 | 9,65,232 | 12,11,883 | 13,74,662 | 8,72,948 | 2,79,094 | 71,512 |
| 27 Oct 2026 | 33,588 | 2,54,645 | 4,00,767 | 6,93,842 | 8,64,775 | 2,96,849 | 2,51,789 | 57,363 |
(a) Compute the FII long share of index futures on both days, and Clients' net index futures position on 27 Oct. (b) Compute FIIs' net index call and net index put positions (long minus short) on 27 Oct. (c) Total index call OI (all participants) was 63,84,338 contracts on 26 Oct and 30,60,791 on 27 Oct. Compute the percentage change and explain it. (d) "FIIs are net long puts and net short calls, so they are bearish." Give three reasons this inference fails.