Suppose I bought 100 shares of A at the price Rs 100/-, after that I want to place an order of target Rs 110/- and SL of Rs 90/-. If the stock price goes to Rs 110/- and above it will sell the stock and automatically cancel the SL order and vice versa.
How to place this order?
No, when either of the order is executed the other order won't be canceled automatically. We have to cancel it manually.
One order cancelling the other is possible only if you have taken position using bracket order. In bracket order you can place both target & stop loss order in a single order window along with trailing stop loss, So when the target order is executed, stop loss order will be canceled automatically. Click here to read more about bracket order.