You can place Derivative Cover Buy order under Trading>Buy/Sell>Buy and product type as ‘Cover’. First leg order would be ‘Buy’ (Market order) and second leg order would be ‘Sell’ which is a stop loss limit order. Trigger price and limit price has to be defined for this second leg stop loss order and the order will get triggered once when the last traded price on the Exchange falls to or below the defined trigger price.

E.g.: To place a Buy cover order for 25 NIFTY FUT, first leg will be ‘Buy’ market order and gets executed at market price (for eg; say Rs 8400). 2nd leg order will be ‘Sell’ stoploss limit order, where the Trigger price can be anything below current market price for eg; say Rs 8300 and Limit Price should be as per the minimum difference required in between the trigger price and limit price for eg; say Rs 8200. The 2nd leg order will get triggered if the LTP of Nifty slips to or below Rs 8300 and will get executed at best available price in the market but not below Rs 8200.