If I have a long position & I place a target order & also SL order of which one gets triggered and i square off the other will this be in order and will the sell be adjusted against my open position?

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Yes, it will be adjusted to open position.But if target or stop loss is traded one has to manually cancel the other pending order.

One can automate cancelling of pending order if either target or stop loss is traded by using Bracket Orders.

Go through the below link to know more about bracket orders.