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CNC vs MIS vs NRML

CNC, MIS, and NRML are common order product codes that decide settlement intent and margin treatment.

CNC is for equity delivery where shares are taken to or from the demat account.

MIS is an intraday product that brokers square off before the day ends if still open.

NRML is used for overnight F&O or carry-forward positions with full margin requirements.

Choosing the wrong product code can force unintended square-off or block delivery.

Part of the Market Pulse Term of the Day series — factual market vocabulary, not investment advice.