ICICIdirect.com - stop loss

[suntosh10]

hello all.

1) i have been using icicdirect for the past 1 year.

2) except under the product 'marginplus', i have not come across 'stop loss order' (as in ODIN clients) in any of the F&O or cash products.

3) cover orders for targets can be placed. but no 'stop loss orders' are placeable in cash-margin and F&O products.

4) am i missing something at icicidirect? can anyone familiar with the above, be kind enough to explain how to place stop-loss orders for intraday?

thank you very much.
regards,

 

[Class]

Hi Suntosh10,

The stop loss is a SELL order. Place a sell order, with a stop loss level AND a limit to avoid it going to market and selling at an unreasonable price.

i.e. if stock price is 100, put sell order stop level at 95 and limit at say 93. If price comes to 95 the stop loss will be triggered and the stock will sell between 95 and the limit of 93. If you don't put the limit and the price falls drastically and quickly on some bad news you could get a very low price after the stop loss is triggered at 95.

Hope this helps. There is a FAQ in the top right of the ICICIDirect screen which should give all info. you need. Otherwise go into your branch, there is usually someone there trading using it and can give you 15 mins tutorial.

all the best,

 

[suntosh10]

hi class.

thank you very much for the instant revert.

1) the sell order, i use to place the 'square off' for target.

2) the problem is, it can either be used as a 'target' order or a 'stop-loss' order, unlike in ODIN diet clients, where we can place both.

3) Only 'Marginplus' has the option to have both 'square off -target' and 'cover-stop loss' orders.

your reply is useful. thank you once again.