Place buy order at higher price and sell order at lower price at the same time

This might be a bad strategy.

When I’m sure that there will be breakout either bullish or bearish, can I place a buy order above current price and a sell order below the current price? When one got hit, i will cancel the other or leave it as a counter order.

If I can understand as below :-
Supose Stock A :- Current traidng Price :- 100 INR
If you want to buy at 101 INR then just place BUY order in LIMIT with price 101 . once Stock A LTP will reach to 101 and seller will be ready then your order will get place.
If you want to sell ar 99 INR then just place SELL order in LIMIT with price 99. once Stock A LTP will reach to 99 , order will get place.

Now may be one more doubt will come into your mind … Which types of order you have to palce MIS or CNC.
So if you want to buy or sell for same day AKA Intraday trading then you can select MIS and in this you will get leverage also kind of multiplier . You can check at

If you want to take long position for some days to some years . then place CNC order. There are no any levrage into that…

In case of more confusion , post your question into more specific way.

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1 x STOP LOSS BUY LIMIT ORDER with price and trigger above CMP

1 x STOP SELL LIMIT ORDER with price and trigger below CMP.

Provided you have sufficient Funds in your trading account to block margin for 2 separate orders.

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