Yes you can put 2 SL-M order for your NML Nifty Future open position provided you have +Ve Cash Balance. Means: when you initiate your 1st NF buy order your A/c balance should be more than the required margin (even just 5K) and at the time of placing the 2nd SL-M NF Sell order (target) your account balance should be positive.
You just have to pay the margin for the 1st Order and the SL- M with it. No margin required for the 2nd Order which is a Sell order (short position) with a SL- M as target for 1st NF lot.
When your Target hits you have to cancel your SL-M @11,020 and when your Stop-loss hits you should cancel your take profit SL-M @11,060 otherwise one more trade will open automatically if price will reach that point. One exception: Suppose you have a big Stop-loss and it got hit first and mkt reverses and hits your Target SL-M then this order will not be executed due to shortage of required margin (if your acc balance/fund balance is low).