There are 2 simple order types, Intraday & Delivery. However, a Smart Trading Platform should be able to provide advanced order placing options under both Intraday and Delivery. This is what the 'Products Codes' found in our Trading Platform does. Let us understand them in detail.
Different Types of Product Codes in a Buy or Sell Order Form
1) MIS - Only Intraday
2) Cover Order - Only Intraday
3) Bracket Order - Only Intraday
4) NRML - Overnight or Intraday (Only in Infini Power)
5) CNC - Delivery - Overnight or Intraday
6) MTF - Delivery - Only Delivery (Only in Infini Power)
MIS – Margin Intraday Square off, as the names suggests is an Intraday product. Order placed under MIS has to be squared off by 3.15pm else, it will automatically be squared off by the system at or after 3,15pm or when the Market to Market loss hits 60%, The square off time however, might differ from time to time depending on the market volatility.
Cover Order – This order enables a you to specify your purchase or sale price, trigger price and the stop loss price in one single Order Form.
Bracket Order– This order enables a you to specify your purchase or sale price, trigger price, stop loss price and Target price in one single Order Form.
Cover and Bracket Order facilities are not available in Currency Derivatiives and Commodity Options Segment.
NRML – This product is available in Infini Trading Platform. NRML in Cash segment can be used when you would like to pay 50% of the traded value upfront on selected stocks and pay the rest within 7 days. Rocket Trading Platform, however, doesn’t have NRML it is instead termed as CNC there.
CNC – CNC in ITS is 100% cash and carry order.
MTF - This is the Margin Trade Funding product code. Funding under this product can be held for a maximum of 1 year.