I BOUGHT A FUTURE OF X AT RS 200 PER SHARE LOT SIZE 1000,AND STOP LOSS 190 on monay,The next day the future opens with a gap down opening at 160,at what price my stop loss will get triggered
Dude, Stoploss holds good only for the particular trading day, stoploss does not stay in the system for the next trading day. Everyday you have to keep updating the Stoploss figure in the system. So, in your case the stoploss will not get triggered since your future has already opened gap down by 30 points minus from your stoploss figure.
So, the future you bought will just stay lying in your account, till you exit your position.
For retail traders, any order placed is valid only for that trading day and all the open orders will be automatically cancelled at the end of the day. Hence, your SL order will not be valid next day and you should be holding that position unless if you placed a fresh SL order that day.
There are certain orders called GTD orders on the stop loss you place will be carried over to next few days according to the date you specify. But unfortunately, exchange is not allowing such orders now.
ICICI has got such facility to carryover your stop loss to next 5 days. But this is being done by placing your stop loss order everyday for next 5 days during the trading start 9:15 am.
If the opening price itself is down below your stop loss value, then if you have used a SL-M order, your position will be squared off immediately when market opens with huge loss. If you have used SL-L order then your order will be pending until the price rises back to your limit price set in the stop loss order.
In any case, if you want to place stop loss order continuously for next few days, you need to set the order everyday after 6:30 pm as an after market order.
Sorry about your futures drop. Happy Trading!
First of all, why there is need ofa Panic , to makr a prhit of SQUARING of the position , that one has taken in FUTURES trading , one can take 1 /2/ 3 postion ( sequential) to make a AVEARAGE, to lessen LOSSES