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MIS order stands for Margin Intraday Square Off. It is used to buy and sell stocks within the same trading (intraday trading). MIS order is used to make profits from the short-term price fluctuation within a day.
How MIS order Works?
For intraday trades, trader must select MIS as an order type. MIS order allows traders to buy stocks first and then sell them at a higher price, or sell them first even without having it in their demat account and buy it later at a lower price to book profits.
All MIS orders (Buy and Sell) placed must be closed or squared off the same trading session, if you do not close open positions, your broker will auto-square all MIS trades a few minutes before market closure.
Margins Required for MIS Trades
100% margin is not required for intraday trades.
Stockbrokers provide margins or leverage on MIS trades that allows users to take larger positions or buy higher number of shares than the capital available. Suppose 20% margin is available for a scrip, a trader who have Rs 10,000 can place intraday trades worth Rs 50,000.