Can we put two SL-M orders for open Normal position for Nifty future every day? I know it can not be done for an overnight trade.
Example :
I have Nifty long contract at 11000, currently trading at 11040 and there is a long term resistance at 11060.
I want to put one SL-M order at 11020 as stop loss and another one at 11060 to take profit.
If this is possible, do I need to have the margins for 1 lot (In Trade), 2 lots ( In Trade + Take profit order) or for all 3 lots.
Please help
What if price falls again to 11020 , ?
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).
CHEERS 
Thanks 99 Bulls, this helps.