Educational Videos

Cover order in Equities - Mobile
Get leverage up to 8 times your intra-day position by placing Cover Orders. Watch the video to learn how to place your Cover order on our Mobile App.
Cover order in Equities - mPowered
Wondering how to place Cover Order in Equity? Watch this short video and learn how to start placing Cover Orders on our website and mobile trading app today!

Key Features

- Get leverage up to 8 times your intra-day position.

- Enhances profit potential owing to higher exposure.

- Minimises your losses, as you compulsorily use the stop loss feature.

- It is available in the equity and future segment.

- Grab the ultra-short term opportunity available in the markets.

- Starting from 3rd October, 2017 Cover Order square off timing (equity and derivatives) extended from 2:45 PM to 3:00 PM.

Dual benefit of higher leverage & capping of losses through our Cover order facility

How does it work?

1. First order will be the Market order             

2. Second order will be a Stop loss order with a Limit price. 

Once the market price of the stock breaches this trigger price, the “Stop loss Limit order ‘gets activated for Sell. In the process you book lower losses. 

The trigger price has to be between the limit price and the last traded price (LTP) of the stock. It should be lower than 1% of the LTP.

How to place a Cover order?

Example :

- You have taken a BUY position on Reliance Industries at the default market rate (i.e Rs.803)

- The cover order (i.e SELL order) will be placed together, with a trigger price of Rs.794 & Limit price of Rs.785

- In a cover order, you need to hold your funds through Hold/Release before placing the order.

What is Cover Product?

Cover Product is an order placement feature where you can take a position at market price and also place a cover order for the position specifying the SLTP and the limit price. This will minimize the loss on the position.

Thereby it gives a clear view of maximum downside involved in a particular position.

What is First leg order?

The order that is placed for creating the position is called First leg order.

Can I place a limit First leg order?

No, First leg order is always a market order.

What is a Stop loss Limit order?
The First leg order as defined above will help you take a position. Assuming you have taken a buy position, your cover will naturally be a sell order. This is a Stop loss Limit order.A Stop loss Limit order allows the client to place an order, which gets triggered only when the market price of the r...
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