A bracket order is a combination of a stop loss order to reduce your loss and a book profit order to take profits. This is placed along with the main order in the same order form.
For example: You want to buy a stock at Rs.100 and to reduce loss you want to place a stoploss order Rs.2 below the buying price and want to book profit at Rs.4 above the buying price. To do so you can place a buy order at Rs.100 with a stoploss at Rs.98 and book profit at Rs.104.
This will be soon available to all our Neo customers.