What is Exit and convert position in position option in Kite? It is nessesery to Exit in Position?
Exit option lets you get out of whatever position you have. Suppose you have bought 100 shares of X and you click exit then it will come up with a sell option.
Convert option will let you convert
1.MIS into CNC- If you dont want to square off your position by the end of day automatically.
- CNC into MIS - If you want to free some cash for trading. But, then your MIS position will be squared off at 3:20 if you don’t exit by that time.
The EXIT POSITION option on your KITE , simply opens up a new window to place a BUY / SELL order and close your open positions. A shortcut key to an order placing window.
The CONVERT POSITION option on your KITE , converts your holding position from MIS to CNC and vice-versa.
( You have initially purchased 10x shares in the morning using MIS, planning to sell it later during the day, BUT later you decide to hold the shares till tomorrow.
Now, if you do not convert the shares from MIS to CNC before 3:20 the broker will automatically close your position.
In a situation like this you can use the CONVERT POSITION option on your KITE )
Futhermore, It is not necessary to exit your current open position using this option, you can manually place a BUY / SELL order and bring down your net open quantity to zero.
Hope this helps.
Should we have sufficient balance in our account to convert the position of purchased 10X shares with MIS order ??
Yes, if you are converting an MIS order to CNC, then you’ll require to have the full cash for this conversion.
If you’ve bought shares in MIS with a 10x leverage say for Rs.2000, then you’ll require approximately Rs.20,000 to convert this to a CNC trade.
What happens when i have shorted in mis and i want to convert in CNC?
you can short only in intraday
Then you need to have those shares in your demat A/c, otherwise you cannot convert a SELL MIS order to CNC.
How Exit position on sold(CNC) shares works?
When you sell shares from your holdings, the shares will be removed from your holdings (holding quantity will reduce) and will reflect as a CNC short in the positions tab. Check out this article on our support portal for more info.
This feature is enabled to allow traders to make intra day trades using the stocks they hold.
I have a basic query with respect to futures trading.
Suppose I have a long position currently and now i would like to go short
Do I exit from my long position and then sell the stock?
Is there a way to automatically change my position from long to short at the same price.
Thanks in adance
If I convert my MIS order to CNC today, will I able to hold only tomorrow?
If you convert your Buy MIS order to CNC, you will be taking delivery of the shares and you can hold it for as long as you want.
To convert Sell MIS order to CNC, you will need shares in your holding’s, if you have shares in your holding’s and convert Sell MIS order to CNC, these shares will be sold from your holdings.