There are no lock-in periods for smallcases. One can hold and exit their smallcases anytime they wish to although as a concept, smallcases work best as long-term investments. 

And for Intraday trades - yes, since there are no lock-in periods, you can buy and sell a smallcase on the same day. However the Zerodha brokerage and other charges would be different for intraday trades.

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