FIIs have been holding heavy short positions for over a year now. There were a few brief periods where they reduced shorts, but the moment Nifty rallied, they added them back again. Every approach towards ATH seems to trigger fresh short buildup.
Currently, FII short positions are around 93%, which is a crazy high number. How do you interpret this behavior? Are they just building shorts at higher levels, or does this point to continued selling pressure ahead?