how to place orders at night for buy and sell

hi,

I have one doubt, can we place buy and sell orders online at night?
And next they will get executed?
I dont want to trade daily, but want to buy and sell shares on delivery basis.
I dont have time at day to really buy and sell those shares, so I really want to place order at night.
I have heard that sharekhan have that facility is it true?
Please suggest can we do it and its pros and cons possible.
Thanks in advance

Yes, Sharekhan does provide this facility, i.e you can place the orders at night and they will be executed the next trading day.However, there is a catch.

Lets say that you want to buy shares of a particular company and its last traded price was Rs 50 and you have placed an order to buy its shares at night to buy at market price.The market opens the following day and its value shoots up to Rs 54.
What happens is that, by the time your order goes into the system and is executed, you end up buying shares @ Rs 54 each instead of the previous close of Rs 50.If it peaks @ Rs 54 for the day and stabilizes to close at Rs 52.5, you will have booked a loss of Rs 1.50 per share if you decide to sell and not take delivery.

You might also have placed a limit buy order or decide to sell at market value the next trading day and booked some profits, but then its your call.

This has been a past experience for me.Hope this helps.

Any reviews or suggestions are appreciated.

There is always risk of wrong fill price for offline orders.
Solution will be to use, the combination of trigger price and limit price in your order. In that way, you know the price at which ur oder will be filled .
Using a trigger price, you can control when your order should become active or not.
eg - if you want to buy at 51.5 only when market has TRADED at 51.4 Rs.
Then use trigger price = 51.4.. When mkt trades this price, your order become active.. Till then it is standing in side queue.
And use limit price = 51.5.. ie.. u are ready to buy at 51.5.. if there is a seller at that time to sell at 51.5 then u get filled else your order still remains there till end of the day.

Another limitation of offline order is that u can't use the price which is 5% or 10% away from last traded price.

Happy Trading