1. A cover order automatically places two orders.
    i.  a buy/sell market/limit order
    ii.  a stop-loss market order simultaneously placed automatically. The trigger price has to be in a specified range and the stop loss order cannot be cancelled.
  2. Once the market price of the stock breaches this trigger price, the Stop loss Market order gets activated. In the process you book lower losses.
  3. Cover order is meant for intraday trading only. All cover orders (CO) need to be squared off before 3:10 pm otherwise could be squared off at our end.
  4. In NEST software it is allowed for all NSE cash, NSE future contracts and for commodity future contracts.

Comments

  1. sandip

    In case of CO, can i place limit order instead of market order. Basically i am a scalper and i trade with another dicsount broker, they allow CO market order but not limit order, which reduces profit bye 1 or 2 points nd increases SL by 1-2 points in MCX crude everytime.

    1. Trade Smart Online

      Hello Sandip,
      Both Limit and Market options are available in Cover Order if you are trading through NEST desktop software. In case of web based, there is only Market option available and not Limit. Very soon we would be adding CO/BO in mobile based app too.

  2. sandip

    If live market showing ltp of crude as 3156, and i wanna buy it for 3170 with sl 3145, orders usually gets executed at 3157,bcz of market orders. This reduced my TARGET and increased SL. Do u have solution for this problem.

    1. Trade Smart Online

      Hello Sriram,
      Both Cover and Bracket orders have their own advantages and preference differs from user to user. However, the bracket order seems better as it places target and stop loss orders simultaneously.

  3. vibhor

    as per artilce “ii. a stop-loss market order simultaneously placed automatically. ” how much point of above or below this STOP loss order is placed ??

    1. Trade Smart Online

      Hi Vibhor,
      As per our Risk Management measures, we have kept below trigger price range for cover order.

      1. NSE Cash – 10%
      2. NSE Futures – 3%
      3. NSE Options – 20%
      4. MCX Futcom – 0.8%
      5. CDS Futures/options – 0.7%

      The above trigger price range can be found on NEST Desktop and SINE mobile application.

  4. Murad Chikte

    मैने ashok Leland के 500 शेअर 1 order देके खरीदे लेकीन आपके यहा से 1 order के बदले 5 order मे ashok Leland खरीदे दिखाये है ओ कैसे? मैने तो 1 order दिया था..कभी कभी तो आपके यहा से 500 कि order 50/40/70/90/60 /80/30/ ऐसे दिखाते है..तो कभी 1 शेयर की order दिखाते है मतलब 1 शेअर को भी 15 रुपये ब्रोकरेज

    1. Trade Smart Online

      Hi Murad,
      Whenever the order is placed it will execute according to the number of buyers or sellers available in the market. Partially execution of order is because of the no. of shares that other share holders are selling. This happens with all the exchanges. In case of Rs.15 per order brokerage plan, you will be charged only Rs.15 even if your order gets executed in multiple trades. Please note if you use bracket orders then you might be charged Rs.15 for each partial order.

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