I am relatively new to Zerodha. Can you please help me with my query:
Suppose I have to punch an intraday order for, say, Gold on MCX. Let’s say that I want to enter at a price above 27800. I also want to put a stop loss to it at, say, 27710. Now, suppose I am aiming for a target of 28100 and above, how do i put the
(a) buy and
orders for this situation?
I’d be really grateful of you could tell me what amounts to put specifically for the buy and sell orders, respectively.
1. In case you want to buy above CMP have to place a stop loss order (limit or market).
2. Sale stop loss in case of limit you should mention in price 27710 & in trigger price (Tr Price) 27720, here the order will be executed anywhere between 27720 & 27710. If you want to place stop loss market then have to mention 27710 in Tr price, here once the price is triggered @ 27710 it will execute at market price.
3. Again a limit sell order at Rs 28100.
Important to know is you have a sufficient balance to place all the 3 orders or alternatively you can place a stop loss buy order & stop loss sell order first, based on the execution of the order you can place a target order.
Read this link to know more about stop loss orders.