Indiabulls futures trading query

Hello,
1) I wanted to know to set a limit order for my future contracts in Nifty. If I am long and want to set a sell order how do I do that? If one was to enter a sell order It would execute a new short contract.
Please forgive me If I am missing the obvious.

The only way I close my postion is to square off which is treated like a market order and I have to wait for my exit since I am live.
2) I cannot also find a way to close out my positions partly, if I hold 2 contracts and wish to close out one, how do i do so? I see one option "square off" which will close my entire position.


--MJ

MJ,

Just initiate a Short order.

Asish

Sorry But I dont understand, why would I want to initiate a new order when I want to close one contract out.
Mainly I dont want to use any more margin. Does a new short order cancel the previous Long out?
Thanks for speedy reply Asish
Also, I presume I can set a limit and stop order in the same way...

MJ--

Anyone there to clear my doubts?
Thank you again Asish for your reply but im still confused

--MJ

@MJ,

You could always use square off to initiate cover order. If you have 2 lots of Nifty, you can have one for both (Qty - 2) or one for each (Qty - 1).

OR If you place Order when there is Open Position, it will be treated as Square Off only without any additional Margins.

BTW, square off need not be Market Order, can also be Limit Order or Stop Loss Order.

Hope this clears your doubts.

Cheers
PAKatil

Thank you PAKatil for your reply,

So If I am holding 2 lots nifty (long) and then place a sell order of 1 Lot Nifty, will I have

2 lots long and one lot short
OR
1 Lot Long balance?
--MJ

one long is squareed off and u have only one long ........ i ts just like buying two shares of ril and u sell one and u have only one for holding ............ simple.........

@MJ,

You can not have Open Long & Short Positions simultaneously. Either Open Long or Open Short.

Let us say You have Open Long Postion, 2 Lots @ 4900 and CMP is 4970. You place Limit Order for 1 Lot @ 5000. You will be having Open Long Position - 2 Lots till the Limt Order Executes @ 5000 and Open Long Position - 1 Lot will continue till You square it off with another Limit Order.

Cheers
PAKatil

Thank you so much assaraf and Pakatil for your answers.

no more questions, completely clear now, im sure your already having that feel good factor now because you helped someone you don't even know.
Thank you very much.
best of luck to you in your future endevours
cheers
MJ--