How to exit MIS order

Can you please guide on how should I exit/cover an MIS order.

Background: Previously, I was trading on BO which automatically created 2 open orders(SL and Target). But now Zerodha have blocked from last few days.
But for MIS orders, I guess we need to create a cover order.
Appreciate if anyone can guide me the best approach on how to handle MIS orders.

  • sujith
    Cover order and MIS order are different.

    Which one are you trying to exit?
  • sashiks1009
    MIS order.
    Lets say I have 10 quantities of TataMotors in my position(of type MIS) and I want to cover it.
    How should I do that?
  • sujith
    You need to place an order with MIS product and opposite transaction type.
  • sashiks1009
    @sujith okay..Thanks
    1 last thing.
    Since BO is blocked from last few days, do we have any type of order which gives margin along with Target and SL specified?
  • sujith
    You can checkout the cover order.
  • sujith
    But you can only set a stop-loss for the cover order.
  • sashiks1009
    Thanks a lot @sujith :smile:
    This will definitely help at this point of time.
    Any idea from when the CO will be unblocked?
  • sujith
    Then unblock of cover orders is entirely taken by the RMS team. We don't know that. You can keep following updates from the bulletin to know about operations related stuff.
    You may also write to support and ask them to connect you to the RMS team.
  • sashiks1009
    @sujith how can I exit a cover order?
    Lets say I shorted 10 quantities of PEL at 859 and for a CO I mentioned the SL as 869.
    i. How can I place a target order so that it exits at 851?
    ii. If question 1 is not possible, then how should I exit the order at any price not at the SL.
  • sujith
    You need to place an MIS LIMIT order for the target.
    You can refer to the documentation to know how to exit the cover order.
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