You can place different types of order instructions to your stockbroker for executing a transaction. These order instructions are in the form of the following products:

1. NRML or CNC - In the NRML or CNC order type, you do not get the benefit of additional leverages. You can take overnight positions in F&O using the NRML option. Similarly, you can take delivery trades in the cash segment using CNC. Once bought, shares will get delivered to your demat account and if sold, shares will get debited from your demat account.
2. MIS - The Margin Intraday Square-off allows you the benefit of taking intraday trades with leverage. These orders have to be compulsorily squared-off by you during the day. MIS orders can be of the following types:
1. Regular MIS orders allow you to trade intraday using leverage.
2. Cover Order (CO) is a type of order where the buy/sell order is either a market or a limit order and is accompanied by a compulsory stop-loss order. You may get additional leverage while using CO. Learn more .

MWPL or the Market Wide Position Limit is the volume ceiling set by the exchanges on the trade of F&O contracts. Once the MWPL crosses a pre-defined threshold, new positions in the contract cannot be initiated. Learn more .