5 Paisa bracket order executed both target and SL order.

I placed a bracket order in today’s banknifty options 35300PE(8 Jul 2021 expiry) at market price with SL at 60 and target 85 at 2:23 PM when the price reached at 74, I modified my SL to 64 then 67 and it got triggered, after 30 second my target order also got executed. Now i had a naked sell position which triggered at 85, even i had only ₹2300 margin, so how i had a naked sell position and then i called the broker and they squared it off at 140. 30 second is sufficient time to cancel the target order and there is no way i can sell one naked sell position with only ₹2300 margin. Does this happened with anyone ? what should i do? will there be any margin penalty?

In Bracket Order,you entered initial Buy position at Market Order(74) .Once this is executed,the SL sell order(60) and Target Sell order(85) would have been then sent to Exchange.After this,once SL Sell(67-modified) is first done,the pending Target Sell Order will automatically be cancelled by the System itself,

1 Like

Due to very high volatility,sometimes SL is triggered first and before the system cancels TO, TO also gets executed within fraction of seconds.This will leave you with one unwanted open position.System will not close this.You have to square off manually.If this is continued till broker cut off time,then the system will close at cut off time at that available price whether at loss or gain…

1 Like

Yeah that’s what happens in real world but the broker had different plans, there system was sleeping for 30 second and when my target price came they executed one more sell order. I called the broker and instead of telling me to square off the naked sell position, due to low margin they start telling me about bank nifty volatility and how our system don’t know about margin. First i thought the order is not reached the exchange (was thinking of app bug) but where they told me its a executed market position i immediately told them to square off.

Yeah but in my case the time was 30 second not just a second. I thing 30 second is enough time to cancel the order by the system. I was not able to square off my naked sell position i had to call the broker after that i told them to square off.