I have shorted 500 shares of Bank of Baroda at 154 /- expecting that it would not cross 155 /-, I went on a short break and by the time i have come back, the stock rose to a level of 168 /- . My account balance is 15,000 and I have selected MIS option for intraday. If i buy back now at the CMP, i would be having a loss of around Rs 7000/- which i do not want to happen. I am expecting that if not today, the stock would come back to 150 levels by tomorrow. Now, is it possible for me to convert this MIS ( intraday sell ) to Normal delivery and buy the shares tomorrow? I am willing to take risk what ever may happen tomorrow. Please help in advising in this scenario.
Sorry to hear this…but unfortunately you cannot ‘Sell today and Buy T’row’. Your only option is to book a loss or hope it comes back to your expected level by 3:20 PM today. Either ways you will have to close your position to avoid auction penalty.
To learn more about auction penalty, I would suggest you read this - http://zerodha.com/z-connect/queries/stock-and-fo-queries/consequences-of-short-delivery-nse-bse
Good luck.
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For a Short position, you have to close by today. You will not be able to actually “buy” tomorrow. Had it been a long position , then yes provided you have sufficient capital in your account you can keep it and sell tomorrow or within two days (before it hits your DP)
In short as Karthik mentioned , your only option is to wait till 3.20 or set your mind and book losses unfortunately
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