say, i need to buy 100 infosys shares at price 1200 and the current price let it be 1100. so can i place a target of 1200 on the buy position in CNC?
and what about the stop loss, trailing stop loss or whatever?
Why will you not buy Infosys at ₹1100 when its available ? Why would anyone want to buy it at ₹1200 when its available at ₹1100?
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Hello,
Let’s first get a few terminologies in place. A target order for a CNC position is always a Sell order/Exit order.
If you want to take a Buy position at 1200, then it is a Buy order/Entry order.
Yes, you can Buy a stock above market price. For this, you will have to make use of a Buy SL-M order.
A Buy SL-M order consists of a trigger price. You will have to enter your Buy price of 1200 as the trigger price. When this price is triggered, your order will be executed.
Once your Buy position is complete, you can place a Stoploss on this CNC position. Please note that you cannot place a Target and a Stoploss for a CNC position at the same time. You can either place a Target or a Stoploss. This is because once either of the orders is hit, you will still have an Open Sell CNC order in your orderbook and this is not permitted until you actually have shares in your demat.
When it comes to a trailing Stoploss, you will have to monitor and trail your Stoploss manually. There is no system where this can be done automatically.
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can the buy target position in cnc be remain open for the next days till the order gets placed?
Hello,
To keep an order opened for more than a day, you require a GTC(Good till cancelled) or GTD(Good till date) order. Currently, order validity will all the Indian exchanges is only a day and all pending orders are cleared out by the end of the day. This happens because the exchanges clear their order cache memory at the end of the day, where all the pending orders are stored.
What certain brokers do is they mimic a GTC order by collecting all GTC pending orders after market closes and they place these orders again as an AMO(After market Order) which will be sent again to the exchange when the market opens at 9.15 the next day.
At Zerodha, we don’t have this feature yet. We will keep you posted when this feature is introduced.
If AMO get executed, is there any charges, or normal like placing a sell order.
pls advise.
thanks for the answer…I jjust could not undertsand how other brokers used to allow GTD or GTC sell order. Do we have any plans of braket order in CNC anytime in future?
Hi @chiragjp
I don’t think in bracket or cover order CNC will be provided because if market opening is gap up or gap down and towards stoploss placed in bracket or cover order. So stoploss may not trigger which is loss to broker. 
It mean if I place a buy order then I can use SL at same order.