suppose, price of abc stock is 60 and i want to place a limit buy order to buy it at the price of 60.5 when price will go up. so, can i buy it by placing an order right now?
Yes, use stop loss orders.
Details given here http://zerodha.com/z-connect/tradezerodha/zerodha-trader-software-version/stop-loss-orders-limit-market
You can place stop loss order.
There are two types of stop loss orders, one stop loss market and another stop loss limit. Both have their advantage and disadvantage. In both stop loss you will have to specify trigger price, this is the price when reached will activate the stop loss order.
Stop loss market : In this case when the price reach trigger price a market order is placed. Advantage of this is you are sure to get your order filled, provided there are buyers/sellers. Disadvantage is that you may not get the price you want, some times the price you get may be far away from the trigger price.
Stop loss limit : In this case when the price reach trigger price, a limit order is placed. Advantage is that you can specify the price you want to buy/sell. Disadvantage is your order can sometimes not get filled, if price move very fast and your order may become pending as a limit order.
Since you want to buy at 60.5 when the price go up from 60, you need to place a buy stop loss limit order, with trigger price as 60.40 or so and price as 60.5.
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