Hi Reshma,
OCO (Once cancels other) order is a facility which allows you to place a Stop Loss order and a Target order as a part of your initial order.
Once your initial order gets executed, a Stop Loss order & a Target order is sent and on execution of one of the orders, the other order gets canceled.
It is also referred by some brokers as ‘Bracket Order’.
OCO also called Bracket orders, check this out: http://zerodha.com/z-connect/tradezerodha/zerodha-trader-software-version/bracket-orders-trailing-stoploss-sl
Is OCO ( ONE CANCEL OTHER ) order available in Zerodha?
Bracket order is allowed in Zerodha, you can place one order, to enter the position, a target and a stop-loss all at once, once the initial order is executed the other two orders go to the exchange, once the target is executed the stop-loss cancels, if stop loss is hit, target cancels automatically.
Cheers,
Lindo