Follow these steps to place an order:
-Click on the stock you want to place an order from the watchlist.
-Click on Buy or Sell to place an order.
-You will get an order entry screen.
-Click ‘Review’ and ‘Buy or Sell’.
How to fill Order entry:
-Mention the quantity you want to order.
-Select Order Complexity as ‘Simple’.
There are four types of Order, ‘Market, Limit, SL Limit, SL Market’
To know more about different stock market order types please click here.
Product: There are two types of product, ‘Intraday and Delivery’.
Intraday Trade: Intraday trading is the method where buying and selling (or vice versa) of shares and stocks takes place on the same day. It is also called ‘Day trading’ by many traders.
Let us try and understand how it works with an example.
Assume that you buy 100 stocks of the company Tesla Motors during open market hours. On an intraday trade, you’ll need to sell these Tesla Motors stocks before auto square off timing. Similarly, if you had shorted (or sold before buying) the stocks, you would have to buy the same number of these stocks before auto square off timing.
Delivery Trade: Delivery trading is actually getting the shares transferred to your demat account. It does not matter how quickly you sell the stock back; there is no time limit for selling stocks. As long as you get the stocks delivered to your demat account, it is considered to be a delivery trade.
Another key feature of delivery trading is that you cannot buy without having all the money ready or sell if you don’t hold the shares. So, when you conduct a trade, you essentially freeze the funds or shares while placing the order.
For example, suppose you place an order worth Rs 10,000, the amount of funds allocated for stock-buying (cash limit) should be at least Rs 10,000 or more. Only then can you purchase the stocks. Similarly, if you want to sell shares, the same should be available in your demat account.
Validity: There are two types of validity, IOC and Day.
IOC in Upstox stands for an Immediate or Cancel (IOC) order. Such orders are either executed immediately or fail which are cancelled. A partial match of the order, if available, can be executed with the remaining order getting canceled.
For example, if you place an IOC order for 100 shares and only a price match for 40 shares is available then the order for 40 shares will be placed while the rest 60 shares will be canceled.
Day order is valid till date and the order will be executed anytime the price match is available.
For example, if you place a Day order for 100 shares and only a price match for 40 shares are available then the order for 40 shares will be placed while the rest 60 shares will be on open and if the same rate comes in the market again your order will be placed.