Kite: Basket order amount vs quantity for SIP

[foobar]

Say I set up a basket and SIP for buying goldcase. In the basket stock addition, I clicked on the Rupee icon
and set it to amount 100. That day LTP is Rs 50. So the order is of quantity 2. (ignoring fees).

On the day of execution, say the price shoots up to Rs 100 and I had Rs 400 in my account balance.
What will be the order value ? Rs 200 due to qty 2 or qty 1 due to value Rs 100?

I wish it to be fixed at Rs 100 no matter the LTP and not vary with stock price.
How to do it?

[SG_13]

Orders using the Amount feature is mostly used for immediate order placement on the same day.

For SIPs orders can be set only based on qty and not based on Value/amount.

Stock SIPs in Zerodha?

Hi @hiren_parekh, no, as of now, you cannot, It is difficult to comprise the purchase of the stock based on the amount; if Indian markets had fractional quantity, then it would have been easy, but it’s difficult to offer a stock SIP based on the amount. We will still look into the possibility of this being implemented later in the future.

[foobar]

Mutual fund tracking an ETF seems better then… but the expense ratios are high there…
I’m weighing convenience vs cost once again.

[SG_13]

Why not place GTT orders ?

You can execute the buy orders at your desired price.

And once a GTT gets triggered, you can place another GTT for your next order.

If your are planning on SIPs, MFs are always better.

The impact cost and liquidity in ETFs are a big headache.

[foobar]

@SG_13

And once a GTT gets triggered, you can place another GTT for your next order.

I don’t like to visit the portfolio again and again coz I get sucked in and waste hours in it.
SIPs I check via emails mostly.

@SG_13

If your are planning on SIPs, MFs are always better.

yeah I’m looking for a cheap etf + cheap mf combo… hdfc, nippon, sbi, icici, axis are one or the other.

[mailych]

This should be a standard feature. Sharekhan is having it for years. If I want to do SIP on stocks, giving quantity doesn’t make sense at all. I am going to invest fix amount monthly and by order should be created for whatever I can buy with that fixed amount.
When the stock price goes down, more units are bought. If it goes up, less units are bought. Same like MF SIPs

[mailych]

This feature is available on sharekhan for years. I can place Stock SIP with amount 20,000 for say RIL. On the day, an order is placed based on RIL price and amount I have given. If RIL price is 1400, then order is placed for 14 shares ( ie 20,000/1400). This is not rocket science. Placing SIP using quantity doesn’t make sense at all. Each time RIL price will be different and hence amount I invest keep changing.

[nithin_kumrr]

@mailych Hi, this is on our list of things to do. We’re working on it.

[mailych]

Hope you can be released it quickly.
Another issue with quantity based approach is, when a stock goes ex-bonus/split, my quantity will remain same and hence SIP amount will reduce to half (for 1:1 split).
Example, I create a SIP for 10 quantity and current price is 1400. So total investment amount per month is 14000. But when it splits 1:1, price will reduce to 700 and hence total order amount will become 7000. So instead of investing 14000, I am only investing 7000 now.