Basic questions about Intraday Short Selling in Cash Market

Hi!

I'm a novice and have a few basic questions about Short Selling in Cash Market equities.

I know that in our markets, Short Selling in Cash is allowed only on Intraday basis and my questions are about intraday only!

But how do I completely get out of an Intraday Short Position? For example, suppose I SELL 500 shares of ITC trading at Rs 300 per share. The price comes down to Rs 295 per share after some time and now I want to book the difference of Rs 2500 (Rs 5*500) as my net profit. How can I do this? Do I place a BUY order of 500 ITC shares at Rs 295 now?

If I do this, will I now become LONG in 500 shares of ITC at Rs 295 (since I have put a BUY order of 500 shares)? In that case, will I have to sell them again at a higher price than Rs 295 to get out of the trade (profitably)? Or have I already got out of the trade completely by putting the BUY order, against my previous SELL order?

How to square off and get out of the trade completely? That's my query!

Please explain! Thanks!

place a BUY order of 500 ITC shares at Rs 295. This will square off your sell

Thanks for your response.

But is it just a regular BUY order? Or any specific kind of order that I have to place which will close the trade?

nothing specific just ordinary buy order...........

you may first see the open position in your account; then see if there is an icon to "square off".then the job becomes simpler. if you are in sell, square off does the "buy" and vice versa.
If there is no "square off" command, you can place "buy" order as other friends in this thread have suggested. Trust this helps.