Income from Equity Intraday is a Speculative Business Income while Income from F&O trading is a Non-Speculative Business Income. As per the income tax rules to set-off loss, Speculative Loss cannot be set-off against any income except Speculative Profit.
Thus, Intraday Loss cannot be set off with F&O Profit. Intraday Loss (Speculative Loss) can be carried forward for 4 years. It can be set off against future Speculative Profits only.