May 30, 2012

Buying a share through ICICIDirect

Steps to buy shares through ICICIDirect:

      Assuming you have the demat account, login credentials for ICICIDirect and that you are all set for trading, lets go on:  Goto Equity tab and Click on “Modify Allocation” link. In order for you to trade you should first have 
  1. Goto Equity tab and Click on “Modify Allocation” link. In order for you to trade you should first have the fund required in your Demat account. In this page you can see that your ICICI savings account number is linked. Choose your type of investment say, Secondary Market Equity, ETF -> Add the amount you wish to set aside for trading from your savings account. If you give Rs.10000, it means you set Rs.10,000 for trading purpose and the amount will be deducted from your savings account. The gross allocation and Net withdrawal balance will be displayed below.
  2. Assuming you wanted to “Cash buy”  10  IOB shares which is around Rs.80 each, you need to    
i)                    Select “Product” as Cash.
ii)                   Select an “Exchange”-> NSE or BSE
iii)                 Enter INDOVE. If you are uncertain of the exact name click on “Find Stock Code” and the select the required stock.
iv)                 Enter 10 in “Quantity”.
v)                  Select “Order Type” as Limit
vi)                 On the right side, Click on “View your limit” and the box will be populated with the amount you allocated. In our case it would be Rs.10000.
vii)               “Limit Price” is when you specify the time when your share can be bought. For eg: You say “Buy this IOB share only when it is Rs.85 or more”.  In that case, you enter 85 against Limit Price. Limited Price should be greater than “Stop Loss Trigger Price”.
viii)              “Stop Loss Trigger Price” is  the least value of amount below which you do not want to trade. In our case SLTP could be 78. Also note that, you can mention SLTP based on ‘previous day’s close’ value only. To know this, click on “Get Quote” and this will show you the rate which you should be giving it as SLTP.

3. Click on Buy now
4. Click on Proceed and you can see the stock request being sent to the Exchange.
5. Click on “Order Book” link to see the status. Once the status changes from Ordered to Executed, the stock will get delivered to your demat account in mostly 2 days.
Note: If the performance of the stock for the day does not go beyond the ”Limit price” you specified, your request will get rejected at the end of the day. Not your fault though. You can try the next day accordingly.
6. You can goto “Cash Projections” link to view your accumulated stocks(only the ones in executed status).
Hope this would be useful for newbies.
Do write back for any clarifications and I’d be happy to help you.

Happy Trading :)

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