How to use the basket order feature on Kite app?
To create a basket order on Kite app, follow these steps:
- Click on Tools.
- Tap on the New basket option.
- Enter the name of the basket.
- Tap on search and add the orders.
- Swipe on Execute.
Execution: Once a basket is executed, the orders are placed in the sequence as listed in the basket. To check the status of all the individual orders within the basket, review the Kite order book. This will enable the client to determine if the orders have been placed, executed, or rejected.
Margins: 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 always to 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. If executing orders larger than freeze quantity, multiple orders must be placed. 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.