Intraday trading involves squaring open positions before the end of the trading session. This is restricted to a single day trade only. You open and close the trade today. That is all. So you have 6 hours to open and to close out your trade. You have to complete your trade within this time. It is not like delivery where you pay the money and then holds on to the stock for 1 month, 1 year, 3 years etc.
That is why it is recommended to choose two or three large-cap shares that are highly liquid. You need for intraday, trade in stocks that are liquid and yet to react to the news. For example, how do you trade in a stock like NTPC that hardly moves? You obviously cannot trade in stocks that are highly priced. How much of intraday trading can you do in a stock like MRF which is quoting at Rs.79,000 per share or Page Industries that is quoting at Rs.32,000? It is quite difficult. Investing in mid-size or small-caps can result in the investor having to hold these shares because of low trading volumes. Unlike delivery where investors prefer mid caps and small caps, in intraday, it is highly liquid stocks that are large and have sufficient volumes. Always these positions have to trade with stop loss only.