Error while placing Stop Loss @ Market (SL-M) order

naz
@sujith
I am getting below error while placing a SL-M order. Can you please help:


STATUS MESSAGE
rms:blocked for nse_cm kabraextru-eq mis block type: all

  • sujith
    Hi @naz,
    You can check out list of scrips on which we don't allow MIS orders.
  • naz
    naz edited June 2017
    Hi @sujith
    I am assuming that you are referring to this list : https://docs.google.com/spreadsheets/d/1-T6RlEE8Gn2fioep_Cmdx9ECRX_WpQbfJJfsU8PdOV8/edit#gid=0

    There are 750 stocks in the above list which is half of the NSE stocks universe. So practically, 50% of NSE stock are barred from Intraday trading on Zerodha. Can you please explain the rationale behind this.
    (And as a matter of fact, these do not even belong to T2T (Trade-to-Trade) segment and other brokers are allowing intraday on these stocks)
  • sujith
    Hi @naz,
    It is decided by our RMS. Please write to [email protected]. The concerned team will get back to you.
  • naz
    Hi @sujith ,
    I will send the mail to RMS as well and have initiated a separate topic on this as well since I believe this is critical for many other fellow board members and they should be aware of this before hand (lest this will result in losses during realtime trading).

    I wanted your suggestion on the actual issue I faced:
    1) I initiated a long position (CNC) at Rs. 100 on a stock xyz and was able to purchase that stock at that price.
    2) I initiated CNC position because I want to hold xyz over next day but I want to cover my losses if it fall below Rs. 95 today. Hence I placed a stop_loss_market order (MIS) at trigger price of Rs. 95.

    Now, that you mentioned MIS is not possible on these stocks, is there any other way around this ?
  • sujith
    @naz,
    You can place sell order as CNC.
    You are just not allowed to short that is it. You can take still take a long position.
  • naz
    @sujith
    Just to double confirm - After taking a long CNC position today I can immediately place a stop-loss (market) sell order (CNC) today. And if the price hits the trigger price, my long position (CNC) will get squared off. Is that the understanding ??

  • sujith
    @naz,
    Yes, you can take a long position with the product as CNC.
  • naz
    @sujith I agree on the long CNC position.
    My doubt is whether I can place a stop_loss (CNC) as well immediately after taking the long CNC position on the stocks mentioned by you in the list?

    Example below:
    1) I purchase "XYZ" at Rs. 100 (CNC product)
    2) Immediately after purchasing XYZ, I place a stop_loss_market with trigger price of Rs. 95 (CNC product)
    3) If the price remains above Rs. 100 today, stop_loss_market never gets triggered and gets cancelled at day end.
    4) If the price keeps on going below Rs. 100 and hits Rs. 95, stop_loss_market gets activated and my long position gets squared off (limiting my losses to Rs. 5)

    Is the above possible ?

  • sujith
    Hi @naz,
    You can place a sell stop-loss market order with product CNC if you have a long position.
  • naz
    Thanks a lot @sujith . Will try this and let you know if I face any issues.
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