Solve my predicament

[devinchopra]

I am new to the share market, I am having trouble understanding placing orders - particularly Stoploss Limit and Limit.

I have an account with Zerodha and their service is nice, but still I am unable to wrap my head around a question.

I would like to consider myself as a Swing Trader and I will explain my dilemma through an example.

Example: -

Jan 01, 2014

I have in my demat account 100 shares of a company which is I bought (on NSE) at Rs.100 each - my profit target is to sell these shares at Rs.107 and stoploss is Rs97.

Jan 02, 2014

The shares have moved up marginally to Rs.103.

Jan 03, 2014

The shares have moved down to Rs.102.

Jan 04, 2014

The shares have moved to Rs.99

Question: -

Is there something called a One Cancels the Other kind of order - that can be placed such to either lock in my profits when the shares price crosses Rs.107 mark or stop my loss if it falls below Rs.97?

And if the profits do run, then increase my targets and stoploss accordingly.

The main criteria would be that I should be able to do place such an order for the stocks in my demat account and NOT for day trading - I don't mind doing this everyday - if the order will be valid just for the day.

Thanx for your help

 

[badarivt]

This question has been answered in zerodha FAQ - the answer is NO. Such a double stop loss is considered as algo-trading. This feature is not available to retail traders

 

[devinchopra]

I got a response from the Zerodha Team: -

There is no just feature in Zerodha Trader for intraday day in which you can place stop loss and target order in a single order, but you can place two different orders, one will be sell stop loss order and sell limit target order which will be valid only for a day, so you need to place these orders everyday.