Why was my buy GTT order rejected in Kite?
The GTT order can get rejected for the following reasons :
1. Insufficient cash margins.
For the execution of your buy GTT, ensure there are adequate funds to fulfil the buy order. Please note, funds are not required at the time of creating the GTT order, but the day GTT is triggered, your account needs to have sufficient balance for the buy limit order to go through. Else you will get the following rejection.
2. Trigger conditions.
a. If the stock price is greater than Rs.50, the GTT trigger should be 0.25% away from the current market price of the stock.
b. If the stock price is lesser than Rs.50, then the GTT trigger should be at least 9 paisa away from the current market price.
3. If your GTT was triggered and the buy limit order placed on the exchange was not filled.
When a GTT is triggered, the order is placed on the exchange at the limit price given. The limit order will only be executed if it is filled. For a better chance of execution, make sure to set your buy limit price higher than the buy trigger price. Also, the further the limit price is away from the trigger price, the higher the chance of order execution. You can learn more about the same in this article .
When you place a buy GTT wherein your trigger is Rs.101. The limit price is Rs 99; this order may be pending due to the swift movements in the market. For better execution, you can place the limit order above the trigger, i.e. in this case, Rs 104 and above.
Note: If you have placed a Buy or Sell GTT order and the category or the group of the stock changes while the order is still pending, GTT Buy/Sell order will be cancelled for such stocks.
GTT is completely free and there are no additional charges for using it.