After having entered into a position (eg. bought Xyz shares), is there any way to put stop loss as well as set target price to sell that shares with the condition that if the target is hit SL will get cancelled and vice versa?
This is the specific reason why a BO (Bracket Order) feature is available in Zerodha. You can place a short or long entry order along with a SL (Stop Loss) order and Target order all at the same time in a single order entry. When you place the order, choose the more options link in which you can get the option for BO.
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There is no such option available.
But BO can only be used while entering a new position.
What if I already have entered in a position and want to exit with either target or SL?
You can place two orders. One each for stop loss and target. But if anyone gets executed you need cancel the other manually.
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Just like @haribabu mentioned above, there is no such option available in case you already have taken a position. But, in future you can use the BO order to get the feature that you require.
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Ok! eagerly waiting for that feature 
OK! That’s what the problem is… Cancelling order manually requires little extra effort in fast trading.
Anyway, Thank you!