MO Briefing
19 Feb 2026 · NSE Derivatives Structure
Posture
Contraction Under Stress
1 session
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 — 633 instruments
Structural lean: -0.840(45 expansionary, 577 contractionary)
Basis Stress
Flip stress
1.70x
elevated
Divergence
0.35x
below baseline
Basis flip stress elevated (1.70x baseline). Instrument divergence below baseline (0.35x)
Range Compression
Futures
1.21x
elevated · 422 contracts
Equities
0.88x
below baseline · 2416 contracts
Slightly expanded ranges (1.21x baseline)
Recent Path
Structural Activity
Transitioned from Expansion Under Stress
Next MO Briefing: Monday 08:30 IST