How can I use the basket order feature on Kite mobile?
The basket order feature can be used from the Tools window on Kite mobile. To create a basket order -
- Click on the ‘New basket’ option.
- Name your basket.
- Click on search and add your orders.
- Complete your order by sliding the ‘Execute’ button.
Once you execute the basket, orders are placed in the sequence as in the basket. Confirm the status of all the individual orders within the basket or on the Kite order book to see if the orders are placed/executed/rejected.
Required margin is the amount required to place all the orders in the basket.
The final margin is the amount that will be blocked in the trading account after the order execution.
The required margin will be different based on the sequence of the individual orders, while the final margin will be the same. For the same Nifty spread example above, check how the required margin changes by rearranging the orders. Hence, it is better to always place the buy option orders first to lower the required margin when entering an F&O strategy. This sequence of orders will make no difference when trading stocks.
Duplicate option to get over the order freeze or quantity limit:
There are per order maximum limits set when trading stocks and F&O. For stocks, it is 1 lakh shares, and for F&O, typically 100 lots. It is 2800 for Nifty and 1200 for Banknifty. If you are executing orders larger than this, you have to place multiple orders. This can be done easily with baskets, especially using the clone order function.
Click on the order and select ‘Clone’ to duplicate an order.
Edit Basket / Delete basket:
Click on the basket, select edit. Here you can edit, delete orders or the basket.
In the edit option, you can also rearrange the orders.
Replacing a rejected order
Assume a few orders from your basket get rejected.
You can edit the order and execute them manually from the basket order window.
A maximum of 50 baskets can be created. You can learn more about basket orders on Kite web here . Check this Tradingqna post on the basket order feature.