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As a disciplined trader if a trade has been executed with the perspective of closing it on the same day it should be religiously followed and the trade should be closed on the same day before the close of the market even if it ends in a loss.
In some cases the Intraday trader uses the margin amount provided by the brokers to trade in the market, any transaction that is done using the margin amount has to be closed before the close of the market.
In Intraday trading any short position created has to be exited or bought back before the close of the same day.
In a scenario where the stock is bought in the intention of closing it on the same day with sufficient fund in the account it is not mandate to exit the trade even the intention of buying the stock was for Intraday position, however in scenario’s like using brokers margin amount or creating a short position it is mandate to close / exit the position.
We need to close on the same day since the name itself suggests Intraday ,it is done to gain profit/loss with in the day as it is spot market.
But it is not mandatory,if you trade on same it is treated as Intraday otherwise positional.
Buy/Sell settlements for the intraday to be closed on that same day, by failing ends up in penalty
Intraday Trading: Day trading involves closing the position on the same day and not carrying forward the position overnight. Therefore, day trades can last for minutes, hours, or even an entire trading session. The position will be squared off on the same day, regardless of profit or loss. Hence it is mandatory to close the intraday position on the same day, otherwise will be charged for a penalty.
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