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Old 15-02-2016, 10:43 PM
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Default Can any brokerage cater to this trade?

Hi All,

Please guide me to any Brokerage who can execute this trade.

Say a scrip is trading at 500, I want to place a bracket order with SL 450 and Tgt 550 but if both targets are not hit, I would want to take a delivery. Further, Next day at 9:15 AM I would want to place a new SL and Tgt. In this scenario the SL and Tgt orders are intraday where they expire everyday but the scrip purchase order is a delivery order. Is this possible?
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Old 16-02-2016, 09:39 AM
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Interactive brokers can with their platform but I am not sure if other brokers have such facility.
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Old 16-02-2016, 11:09 AM
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Default

Originally Posted by arunpanda View Post
Hi All,

Please guide me to any Brokerage who can execute this trade.

Say a scrip is trading at 500, I want to place a bracket order with SL 450 and Tgt 550 but if both targets are not hit, I would want to take a delivery. Further, Next day at 9:15 AM I would want to place a new SL and Tgt. In this scenario the SL and Tgt orders are intraday where they expire everyday but the scrip purchase order is a delivery order. Is this possible?

IIFL has VTD order type (Valid till date). The order that you place will have a product type of "Delivery" and the order is not cancelled till the date you choose (Maximum 45 days from the date of order placement). Which means broker puts the order on your behalf (through an algo) every morning till it gets executed or hits the validity date.

Also need to select the option "TMO" (Traders Multiple Order) to enable the SL and Target fields. You can modify the SL & Tgt whenever you feel like (before and after the first leg order execution).

Any order which squares off the position from your net positions (which in this case is SL or TGT) will always be "Intraday" in nature, that's how all the brokers have their order request processed with the exchange to avoid any settlement charges. Although you would be charged delivery brokerage on the round trip.
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Old 16-02-2016, 12:57 PM
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sharekhan has GTD option to trade like that
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Disclaimer: I am not a Research Analyst and not registered with any regulating authority. All posts are for educational purpose only.

Consider us a dumb -dumble guy in this analysis, any type of real time example will be quick-learn approach.
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