Dear Kaushik,
Ans 1: Yes, we will keep checking the trends at 10:30-10:45 AM, 12:30 PM and 3:00 PM, we should maintain our SL=30% from our buy price. If you are not comfortable at any point then, better do not trade.
Ans 2: Trailing SL = 10% of CMP. In this case it will be 540 where CMP=...