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Refer to this useful Video regarding Order Types: Limit Order, Market Order, Stop Loss Order (SL), Stop Loss Market Order (SLM) and 
Product Types: CNC (Cash and Carry), MIS (Margin Intraday Square Off), NRML (Normal Product type for Carryforward)

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Every order that you enter must have a product type, based upon your trading pattern or what position you wish to take. 

The product types are as mentioned below :

Kindly note that in Validity, by default 'Day' option will be selected, as IOC will be a good option for people who place market orders of large quantity thereby increasing the Impact cost.

• DAY - A Day order, as the name suggests, is an order which is valid for the day on which it is entered. If the order is not matched during the day, the order gets canceled automatically at the end of the trading day.
• IOC - An Immediate or Cancel (IOC) order allows us to buy or sell a security as soon as the order is released into the market, failing which the order will be removed from the market. Partial match is possible for the order, and the unmatched portion of the order is canceled immediately.
• Disclosed Quantity (DQ)- An order with a DQ condition allows us to disclose only a part of the order quantity to the market.

For example, an order of 1000 with a disclosed quantity condition of 200 will mean that 200 is displayed to the market at a time. After this is traded, another 200 is automatically released, and so on until the full order is executed. (The Exchange may set a minimum disclosed quantity criteria from time to time).