Suppose I have bought 1 lot of nifty options. Now is it possible to place stop loss order and square off order simultaneously or through 2 independent orders? Actually if i have placed an stop loss order then my sell or square off order on same option gets rejected.
In case of equity and futures trading, you can place two exit orders for every position you hold . So if you hold 1 lot of Nifty, you can place a selling order and a SL order without needing any extra margin other than what you needed to buy the first lot.
In case of options though, you cannot place 2 exits for one position you hold, the reason being money required for buying and selling options don’t really match. So yeah, if you have 1 lot of options and don’t have enough money to short an option extra in your account, you will not be able to place both SL and exit orders.
As mahajan has mentioned, do try the bracket orders, if you want to do this for intraday only.