MIS Intraday Process

Hello All,

I am new to Zerodha. Just want to know what happens if I choose MIS and LMT during a buy?

All MIS orders automatically sold at the end of day? Is it not possible to sell them before day’s closing? If I am able to do so, the concept of short delivery is applicable?

Thanks in advance.


You can close any position you have anytime you want. But if you don’t close your positions by 3:20 p.m it will be automatically closed by the system and 20 rs per executed order will be charged. Please check this link:


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MIS is Margin Intraday Squareoff. What this means is you are using margin to take an intraday trade and the position has to be squared off/closed before 3.20pm.

You will not be allowed to modify MIS open positions after 3.20pm and it will be closed by our system.

While placing an MIS order you can use MKT, LMT, SL or SLM order types.

For an open MIS Buy position, you can place an MIS Sell LMT order for your target and an MIS SL or SLM order for Stoploss.

Once your Target or Stoploss is executed, you will have to manually cancel the other order.

If you Buy in MIS first, then you have to Sell it to close your position. If you Sell in MIS first, then you have to Buy it back to close your position.

So let’s take your 2 cases -

  1. If stock is at 100 and you place a Buy MIS LMT order with limit price = 99, then when the stock price falls to 99, your order will be executed.

  2. If you sell a stock first and the stock hits upper circuit, you will not be able to buy it back. In this case, short-delivery will take place and the exchange will buy the shares back from the auction market.

Thanks for your inputs guys. Much appreciated :slight_smile:

I have an ac with sharekhan ,where it is clearly mention "short sell ". no MIS
While buying i donot have to mention as mis or intraday, if i intend to make it intraday i just click the posion and select sq off from turn over tab ,if the order i want it for delievery ,i donot have to do anything all buying order not squared off by me are automatically converted to delievery at the end of the day
in case of selling if i shortsell any share and fail to sq off at the end of the day ,system checks my demat ac if the shares are there they will sell it from dp ac and i am saved from auction and penalty
can this simple procedure is not adopted by zerodha?