To place an intraday order, it must be specified at the time of placing order itself that the order is intended to be intraday. Intraday orders are squared off on the same day and hence do not result in the delivery of shares. Once the trader has identified as an intraday trade, they are entitled to higher leverage. For example, with a margin of Rs.10,000, you can take open positions to the extent of Rs.80,000, which is defined as 12.5% margin or 8 times leverage. When you buy or sell the stock intraday it has to be closed out on the same day before the end of trading. Normally, brokers have their own Risk Management System (RMS) which will close out all open intraday transactions between 3 pm and 3.15 pm. So don’t wait till the very last moment to close out your trades in case of intraday trades. However, the onus of closing out an intraday trade is on the trader.