CNC, MIS and NRML are various product types to be used every time you place an order through Nest.
Cash and Carry (CNC) is used for delivery-based trading in equity. In delivery-based trade, you intend to hold the stocks overnight for however long you wish. Using CNC product type, you will not get any leverage, nor will your position be auto squared off. You will not be able to take any short positions using CNC. However, you can sell the stock from your Holding using this product type.
Note: CNC is just a product type. If you use CNC to buy and sell a share on the same day, it will still be considered as an intraday trade, and the brokerage will be levied as per intraday.
Margin Intraday Square Off (MIS) is used for trading Intraday Equity, Intraday F&O, and Intraday Commodity. MIS product type is used to get the intraday leverage. All open positions under the MIS product type will get automatically squared off if they are not closed before the auto-square-off time.
Normal (NRML) is used for overnight trading of futures and options. You can use the NRML product type in derivatives to carry your position till expiry. Intraday leverages won’t be provided using this product type. NRML product type is also used for Delivery based trading of Currency.