What does Day, Immediate and Minutes Validity mean?
Day: Orders placed with Day validity remain open for the order matching until they are executed or till the market closes.
Immediate: Orders placed with Immediate or Cancel (IOC) validity allow a user to buy or sell a security as soon as the order is placed into the market. If the order is not executed, it gets auto-cancelled, and the order is removed from the system.
In an IOC order, a partial match is possible for the order, and the unmatched portion of the order is cancelled immediately. When IOC orders don't get matched, the error 16388: Unmatched orders cancelled by the system is displayed.
Minutes: Orders placed with Minutes validity are auto-cancelled if the order is not executed in a given period of time. This period of time is set in minutes.
Did you know?
GTT can be used to place long-standing target and stop-loss orders with a validity of 1 year on the holdings and positions. See What is the Good Till Triggered (GTT) feature?