What are the three product types NRML, MIS, CNC used for?


What’s the difference between NRML, MIS, CNC? Can I convert a position taken as BO/CO (Bracket/Cover) into NRML/CNC?

Future and options

NRML or Normal if trading any futures and options for overnight. You can also buy/sell using NRML for intraday as well. 

MIS or Margin intraday squareoff, if you want to trade equity or F&O only for intraday with additional margin/leverage, use MIS. All MIS positions get squared off before end of day. 

CNC or Cash n Carry, if you want to buy equity for delivery.

Product types are probably the most confusing bits about Kite to first time users. So it is extremely important that you are aware of NRML, MIS, CNC. Every broker has a different terminology, so it  is confusing even for experienced traders. Some of the potential issues: 

  • You buy something as MIS expecting to hold to the next day, but the order is squared off by the end of the day. If this position had potentially made money, that's a huge opportunity loss.
  • You buy as NRML/CNC and sell as MIS. You think you've exited your positions. Before end of day all MIS is squared off, and you're still hanging on to NRML/CNC
  • You try to buy equity using NRML and/or F&O using CNC. Order is rejected and maybe an opportunity lost.

Keeping this in mind, be careful while placing orders. Check what product codes you're selecting.

No, you cannot convert BO/CO to carry forward. You'll have to exit the BO/CO and then enter the position again. Admittedly, this has added transactional costs, but it's the only way.


Does the option NRML in options buying allow me to keep positional trade . ie i have purchased hdfc bank shares 2 lots in options buy option NRML . can i keep this position for few days or do i have to square it of next day


All these type of queries have been answered several time over. Can you please make sure to search for a question before you create a topic. As for the answer to query, scroll up.


since i am a new trader on zerodha could you tell me how can I make a positional trade ie more than 2 days trade on zerodha in future and option. Do they have this option or i need to square of each of my trade intraday or next day??
i had taken this hdfc bank lots intending to keep it for few days