ICICI Direct, MarginPlus and profit booking

[bridgeplayingcat]

I was experimenting with ICICIDirect's MarginPlus facility. I purchased 100 shares of Coal India on margin at Rs 319.90 on Dec 13. I initially put a stop loss trigger at Rs 315. Then as the price went to above 324, I put a stop loss at Rs 323.50. It was sold at 323.30, giving me a profit of 340 less brokerage and taxes.

My question is : Does ICICI Direct allow me to book profit on a stock that I have purchased? In the above case, I had to constantly monitor the share price, and then readjust my stop loss. Can I say something like - sell if the price goes above a certain value, and cancel the other cover order. If not, does any broker provide this facility?

(On a side note, I confused MarginPlus with the regular Margin, thus making an extra unwanted transaction, and reducing my profit to a ludicrously small amount)

 

[rajeabc]

I was experimenting with ICICIDirect's MarginPlus facility. I purchased 100 shares of Coal India on margin at Rs 319.90 on Dec 13. I initially put a stop loss trigger at Rs 315. Then as the price went to above 324, I put a stop loss at Rs 323.50. It was sold at 323.30, giving me a profit of 340 less brokerage and taxes.

My question is : Does ICICI Direct allow me to book profit on a stock that I have purchased? In the above case, I had to constantly monitor the share price, and then readjust my stop loss. Can I say something like - sell if the price goes above a certain value, and cancel the other cover order. If not, does any broker provide this facility?

(On a side note, I confused MarginPlus with the regular Margin, thus making an extra unwanted transaction, and reducing my profit to a ludicrously small amount)

I don't think that you can put both.. Limit and Stoploss order..

In margin , you can put a limit order( Ex: If ABC is trading at 320, you can put it to buy at 310 or lower price)..
On other hand... In margin Plus all orders are market order..
IN margin you have leverage of 5 times of your cash.. and in Marginplus it is 20 times..

MOST IMPORTANT THING.. IF YOU WANT TO TRADE BETTER CHANGE YOUR BROKER OTHERWISE AT END OF THE TRADING SESSION YOU WILL NOTICE THAT YOU EARNED MONEY FOR ICICIBANK.. NOTHING FOR YOU.. I am with ICICI so I know how much it pain.