You can also alternatively execute your Buy position in CNC and execute your Sell position in MIS for this strategy.
In that way, you can perform this on the same trading account and watch more closely.
The hitch here is that although you will receive a margin for the Sell position, you will have to pay full cash to take a Buy position in CNC. But both the positions can be squared off on the same day.
Another drawback with CNC orders is that you cannot place a Target and Stoploss for it at the same time. You can monitor this by placing a Stoploss first and then cancelling the Stoploss and squaring off your CNC Buy position when your target is achieved.