I am relatively new to the stock market - have been buying/selling a few stocks over the past couple of months only.
I have a question regarding intra-day orders . Suppose I have a Buy Value of XXX/Stop Loss Value of YYY & Target Price of ZZZ and I wnat to place a BUY order only when the stock reaches a value of XXX in a particular day and if it reaches a BUY value and an order is placed, I want to exit automatically if a Stop Loss value of YYY is reached and also place a SELL call [book profit] if the target price of ZZZ is reached anytime during the day.
The intention is to limit my loss once a SL is reached or to book profit as soon as the Target Price is reached.
If anybody can help me with the steps or document that explains such a process in KITE [ZERODHA], I would be very much grateful. I know this must sound as a very basis question to a lot of expert traders out here, but I have been struggling to understand this for the past few weeks.
Ofcourse, you can place a Bracket Order for this. A bracket order consists of entry order, target order and stoploss order. After you have entered a position in BO, say if your target has been achieved, then the stoploss automatically cancels.
This is now possible in the new version of kite. Check out kite3.zerodha.com. you can set the initial order of the BO as a SL order to buy the stock only when the price goes up to RS.10 from the current ₹9, and then to send the target and stop-loss to the exchange there after.