Introduction to Baskets¶
Baskets are orders in groups of scrips (stocks, ETFs, F&O contracts) that can be connected to your triggers for easy one-click execution.
What this means is, when any of your trigger conditions are met, an alert will be triggered and through the alert notification (email/kite push) you will you get the option to place one-click orders (with pre-set parameters such as buy/sell, quantity, price, trigger price, order type, product type etc.) in the basket which is connected to that trigger.
A few of the scenarios where you can use the baskets feature is -
- You can use baskets to sell your holdings based on a Stop Loss alert or Target price alert.
- You can use the baskets feature to trade F&O contracts based on the spot price. You can even create a basket with F&O spreads linked to a trigger on the spot.
- You can create quasi ETFs.
Let’s understand how baskets work with a few practical scenarios:
You are looking for trading/investment opportunities in the banking sector. You create an alert trigger for LTP of
BANKNIFTYgreater than or equal to 28500. Now, you can create a basket with CNC, LIMIT, BUY orders at specific prices for
BANKNIFTYis >= 28500, you will get the option to place all the pre-set orders in the stocks in your basket (
SBIN) with a single click.
You trade on NIFTY F&O contracts based on
NIFTY50levels. You create an alert trigger for
NIFTY50equal to 11000. Now, you can create a basket with
NRMLstop loss buy order for the contract
NIFTY 10500 PE.
NIFTY50= 11000, you will get the option to place the pre-set order in
NIFTY 10500 PEwith a single click.
A basket can have a maximum of 50 instruments in it. You can create upto 200 baskets.
BO/CO orders and AMO orders aren’t supported as of now.