Intraday Contract automatically converted to Delivery?

Hi,

On Oct 1,i bought HDIL Intraday (125 @ 327.30) putting a Stop Loss @324.30 thinking that my Max Loss is Rs.500.

On 3'o clock,system automatically tried to cancel the Stop Loss Order and execute the price @ 3'o clock.This is the actual scenario.

But what happened in my contract is System tried to cancel the Stop Loss @ 3 and from there it stuck.It seems that the Order not cancelled (dont get executed) and the System tries to cancel the order around 7 times getting the same message "Order Rejected.Cancellation already in Progress".

Since the same error message occurs till 7 PM,the broker converts the Intraday to PTST (Buy today Sell Tommorow).

My Question is:
Why this is happening?Since you can trade 5 times the delivery for Intraday,how they'll charge for Delivery Brokerage instead of Intraday.

As far as i know,the fault is not on my side.While System tries to cancel that Stop Loss order and get executed,it cant.

Since i bought less quantity,i am able to settle the money.But now i have the big surprise question?What's the gurantee the System will execute the Intraday Order Successfully @ 3 PM at any price.

Is this the problem with the broker terminal or NSE ?

Please clarify.

I really disappointed with this crap,if Intraday doesn;t get executed succesfully it'll be converted to PTST and delivery brokerage will be charged :annoyed:

Reg
Vasanth

who is the broker and trading terminal?

Its IDBI Paisabuilder.in.Also it's Web-based.

I put the Stop Loss:

Trigger Price:323.30
Limit Price:323.30

Is this wrong or correct?At 3,System tries to cancel the order,but it can't

Reg
vasanth

I guess you were trading on margin money . Almost all brokerages have inbuilt systems that square off your positions at 3.00 pm if you are trading with margin money[5 times or x times your actual trading capital that is deposited with the broker]

Its a standard practice as far as I know.

hi..
this was the wrong way to put the stop.the limit price should have been lower than the trigger price.

Ok take it easy & talk with customer care . I hope you will be the lucky one to get the solution

Thanks Anurag and Aravind,

Now i know we need to rake this risk too as a part of Profit/Loss.I never faced the problems like this till now,thats why little surised.