Indiainfo Problem

[shreyadr]

Totay I have place an limit order to short sell IFCI 1000 no. @ 53.50 around 11:46:47a.m.. I trade daily with this stock. yesterday whole day it was consolidating in a very small range also had a resistance at 53.60. I have placed short sell order in a view that if the price touches 53.5 it will slide further. If the price dose not touch 53.50 my order does not get execute and will save me from any loss+brokerage and charges.
however, after placing my order, even though it did not touch 53.50....my order got executed......and that too @ 53.65.
later the price moves up and went till 55.65. i covered it with a loss of 1850+brokerage and charges.
I want broker should return my loss+brokerage+charges for the my order getting executed wrongly. i have copy of tick listing of the day to prove that the price did not touch 53.50 after placing an sell order by me.

I have submitted the matter to SEBI but no reply from them yet.

i spoke with my RM. what he says is "the order always gets execute at best selling price. if u have given a buy order that should have been pending till it gets touched" now my questions are then what is the funda of Limit order if order is executing at current prices ? if opposite was the case i.e. buying first @ 53.50 and selling order 55.50 at higher suppose if price moved directly from 55 to 56, would i get order executed at 56 rather than. ?

i asked my RM to given me in writing what he is arguing so that i can take the matter to sebi, to his luck from tomorrow next 3 days will be holidays

 

[vinodkiyer]

in any trading platform:

a) if actual market price is Greater than the limit price which u specify at the time of placing limit order, then your limit order will get executed at market price - for short sell. vice versa for Buy.

This is why your order got executed. and the broker is not to be blamed.

in this case you shud have placed a stoploss entry order instead or limit order.

 

[vinodkiyer]

sorry typo: read as:
in this case you shud have placed a stoploss entry order instead of limit order

 

[shreyadr]

how was the stop loss order should i have placed ? pls. explain me with the same exaple, to avoid me any further losses

 

[vinodkiyer]

for example u want to short ifci at 53.50 while current market price is 53.65, then

order stoploss (SL)
direction Short sell
price Or Stoploss limit price = 53.50
stoploss trigger price = (slightly higher than 53.50 letus say 53.55 (as many terminals accept only prices rounded to 0.05 paise)

the above order tells the terminal that if ever the market price falls to 53.55 trigger price, then your order becomes a limit order to short at 53.50, so ur order will get executed between a price of 53.55 and 53.50.

use vice versa for Buy