What are the different products available for trading?
Intraday, MIS and cover order are different trading products offered by Kotak Securities Neo. These products involve buying and selling of a stock on the same day.
Intraday:
It is used for intraday trading at exchange defined leverage. But unlike MIS and cover order, your position will not be auto- squared off before the market closes for the day. You will have to manually square off your position or it will get converted to a delivery position.
MIS:
With Margin Intraday Square off you can avail more leverage than intraday and your position will be auto-squared off before the market closes for the day. In case you do not square off your open MIS positions, an auto-square off charge will be applicable.
Cover order:
It is an advance intraday order that lets you avail higher leverage and is accompanied by a compulsory stop loss order. This will help you minimize the losses by safeguarding yourself from unexpected market movements. In case you do not square off your open Cover order positions, your position will be auto-squared off before the market closes for the day and auto-square off charges will be applicable.
MIS:
With Margin Intraday Square off you can avail more leverage than intraday and your position will be auto-squared off before the market closes for the day. In case you do not square off your open MIS positions, an auto-square off charge will be applicable. Index Options position will not be auto squared off on Expiry Day, and will be allowed to expire if not squared off manually.
Super Multiple:
It is an advance intraday order that lets you avail higher leverage and is accompanied by a compulsory stop loss order. This will help you minimize the losses by safeguarding yourself from unexpected market movements. In case you do not square off your open Cover order positions, your position will be auto-squared off before the market closes for the day and auto-square off charges will be applicable.