Hi.
Recently I wanted to day trade on Godfrey Phillips. So, I went to the equity margin page and tried to see the available margin on that stock. But I couldn’t find it there. So I thought it must be one of the stocks that I can’t day trade on. And I opened the list of shares where MIS was not available. But I couldn’t find it there too. So now I’m confused. What’s the status of this stock? Can’t I day trade? Or, no trade at all?
Thanks.
Only a 1x intraday margin is available on Godfrey Phillips, so you can buy/sell on intraday basis but you require full cash to execute these trades.
The reason it has been included in the 1x MIS margin list is to enable selling first in this share but the trade off is you’ll require full cash to take a short position.
Note: You can buy first and then sell in CNC as well for intraday in this scenario but selling first using CNC is not allowed unless the shares are already present in your Demat account.