Suppose I have bought or sold a stock for intraday. After buying or selling how to exit from those stocks by giving stoploss and target order for the same stock at once.So if my stop loss hits It will be exited and if my target hits it will be exited also. As bracket order is closed how to do the operation .
If you are trading using MIS, For Buy position you can place MIS Limit Sell Order as Target and MIS SL-Limit or SL-Market Sell Order for Stoploss, and vise-versa if it is Sell position.
You cannot place both orders at once, you will have to place two seperate orders. Also, once your either Target or Stoploss order is triggered, you will have to manually cancel the pending order.
If you trade using CNC, you can check out GTT OCO order, you can learn more about GTT here.
These two sell orders are to be placed only after first buying the stock (knowing the buy value).
Am I right??
Right. Once you have taken Long/Short position then you will have to place these Target and Stoploss orders.
Can we place these two Target and SL orders in MIS as Basket Order?
Yes, you can use the Basket Order as well for this purpose.
Can’t we put limit order for target and market order for SL in CNC/delivery position? I’m aware of GTT but the limit of 50 orders is too low so I want to know whether 2 counter orders can be given in CNC position?
Let’s say if I place 2 orders ie sell SL-M and sell limit target together for a single CNC long position then if either gets hit, I have to simply cancel the other pending order, right? Another example if my target order hits with SL-M for same open for that CNC Long position, the target sell order won’t lead to short selling by the system but simply exit CNC position? P.S. i have no issues placing 2 separate orders for each CNC long positions and if i don’t cancel them manually zerodha RMS will cancel them by EOD? Meaning I simply have to place 2 more again next day. Can u please re confirm these 3 separate doubts. TIA.
For stocks in your holdings, you cannot place both Stoploss (SL or SL-M) and Target (Limit) orders. You can only place either one of them, the second order will be considered as fresh sell order and will be rejected for not having sufficient quantity.
Actually I have tried doing this and it seemed that second order ie target order of cnc sell was not rejected? Has your mechanism changed?
Once the price will reach to sell limit order, system will reject then, with message showing “insufficient quantity to sell”.
The system doesn’t just cancel the sell limit order at the same time SLM gets triggered.
Ok then how about doing a SL-M manually every day at 915 for CNC long and use GTT sell for target order of CNC? Will this combination work?Or get rejected also like normal target limit order?
I have done this as well. Both orders will get placed and the other will be cancelled only when it gets triggered.
See GTT orders are pending at the brokers server. Only once it gets triggered it goes to the exchange. While Limit and SLM orders are directly sent to the exchanges.
I didn’t understand this. Like if I use gtt single sell order for target plus SL-M(entered manually everyday at 915) will the combo work for a long CNC position? Basically I want to reduce the dependency and time lags on alerts and manual exits as well as GTT OCO as it doesn’t help with a gapdown. Want to reduce trade interaction in swing positions as much as possible in market hours!
Yes you can go ahead and do the same it will work. I thought you were asking with regards to short delivery.
My GTT order got triggered in gap down also 2-3 times.
Ok will try this but would be great if someone from zerodha clarifies my GTT sell tgt+manual SL-M combo doubt for CNC long positions @ShubhS9
You can do this, but the GTT target order won’t work and will get rejected once triggered for insufficient quantity as the holdings will be blocked towards SL-M order.
Eg. you’ve 100 shares of XYZ in holdings.
You place a Stoploss SL-M order for 100 quantity. The shares you hold will be blocked towards this sell transaction.
Now, you’ve also placed target order using GTT for 100 quantity. Once triggered, this order will be rejected as you don’t have that many shares to sell in your holdings as these are blocked towards pending SL-M order.
So in short I cannot use this combination or any other except GTT OCO or manually placing target orders using alerts whenever price hits target and cancelling the SL-M order?!
Right.
In no case, you will be able to place both orders at once. You better place two separate orders. If either your profit target or stop loss gets triggered, you will have to cancel the pending order manually.