CNC, NRML and MIS are product types to be used every time you place an order.
CNC (Cash and Carry) is used for delivery based trading in equity. Delivery based means holding stocks for overnight or for as long as you wish. No leverage and No auto square off is provided in delivery. Also, one cannot take short positions using CNC.
Note – When product type is delivery, and one buys and sells stocks on the same day, it will be considered as intraday trade.
MIS (Margin Intraday Square-off) is used for trading intraday in Equity, FNO, Commodities and Currency. MIS product type is used to get intraday leverage. All open position under MIS will automatically get squared off at 3:15 pm.
NRML (Normal) is used for overnight trading of Futures and Options. NRML can be used to carry/hold derivatives till the expiry.
