Intraday (MIS) vs delivery (CNC) — what's the difference?
Intraday trades are opened and closed the same day with leverage; delivery holds shares longer. Learn the difference and when to use each.
When you buy a stock you choose a product type — intraday (MIS) or delivery (CNC). It decides how long you can hold and how much leverage you get.
Intraday (MIS)
- Same-day trade — must be closed before the market shuts (auto-squared at ~3:20 PM for equities).
- Leverage — a smaller margin controls a larger position.
- Lets you short stocks (sell first, buy back same day).
- Best for quick, active trades.
Delivery (CNC)
- Hold as long as you like — no same-day exit forced.
- No extra leverage — you pay the full value.
- Long only for stocks (you own the shares).
- Best for positional/investing-style practice.
Which to pick?
- Quick trade today, want leverage or to short → MIS (intraday)
- Hold a view over days → CNC (delivery)
FAQ
What time are intraday trades auto-closed?
Equity intraday (MIS) positions are squared off around 3:20 PM. Commodities run later (to ~11:30 PM).
Can I convert intraday to delivery?
Where supported, yes — otherwise close and re-open as delivery. Practise both to see the difference.
Does delivery give leverage?
No — delivery (CNC) requires the full value; leverage is an intraday (MIS) feature.