I was experimenting with ICICIDirect's MarginPlus facility. I purchased 100 shares of Coal India on margin at Rs 319.90 on Dec 13. I initially put a stop loss trigger at Rs 315. Then as the price went to above 324, I put a stop loss at Rs 323.50. It was sold at 323.30, giving me a profit of 340 less brokerage and taxes.
My question is : Does ICICI Direct allow me to book profit on a stock that I have purchased? In the above case, I had to constantly monitor the share price, and then readjust my stop loss. Can I say something like - sell if the price goes above a certain value, and cancel the other cover order. If not, does any broker provide this facility?
(On a side note, I confused MarginPlus with the regular Margin, thus making an extra unwanted transaction, and reducing my profit to a ludicrously small amount)
My question is : Does ICICI Direct allow me to book profit on a stock that I have purchased? In the above case, I had to constantly monitor the share price, and then readjust my stop loss. Can I say something like - sell if the price goes above a certain value, and cancel the other cover order. If not, does any broker provide this facility?
(On a side note, I confused MarginPlus with the regular Margin, thus making an extra unwanted transaction, and reducing my profit to a ludicrously small amount)