MO Briefing
21 Jan 2026 · NSE Derivatives Structure
Posture
Contraction Under Stress
4 sessions
Contracting with internal strain. Basis structure under stress.
The compass maps the structural posture of the derivatives market. The horizontal axis shows expansion vs contraction. The vertical axis shows coherence vs stress.
The dot marks today's position. The trail shows the past 7 sessions. The posture label describes what the structure is — not where it's going.
Depth panels below show the underlying measurements: positioning breadth, basis stress, range compression, and structural activity.
Depth
Positioning — 636 instruments
Structural lean: -0.440(172 expansionary, 452 contractionary)
Basis Stress
Flip stress
2.08x
elevated
Divergence
0.65x
below baseline
Basis flip stress elevated (2.08x baseline). Instrument divergence below baseline (0.65x)
Range Compression
Futures
1.35x
elevated · 213 contracts
Equities
1.19x
elevated · 2400 contracts
Expanded ranges (1.35x baseline)
Recent Path
Structural Activity
Next MO Briefing: Monday 08:30 IST