Order types — Market, Limit, SL and SL-M explained
Understand the order types on Nifty Paper Trade — Market, Limit, Stop-Loss (SL) and Stop-Loss Market (SL-M) — and when to use each.
An order type tells the platform how to fill your trade. Nifty Paper Trade supports the same types as a real broker.
Market order
Fills immediately at the current live price. Use it when you want in or out right now and don't mind the exact price. This is the default for one-tap buys and sells.
Limit order
Fills only at your chosen price or better. Set a limit below the current price to buy cheaper (or above, to sell higher). It waits until the market reaches your price. On Trade on Chart you can set a limit by tapping the level on the chart.
Stop-Loss (SL) order
A trigger + limit: when the price hits your trigger, a limit order is placed. Used to cap a loss or protect a profit at a specific level.
Stop-Loss Market (SL-M)
Same trigger idea, but once hit it fills at market (guaranteed exit, price not guaranteed). Best when you must be out if the level breaks.
Which should I use?
- Get in/out now → Market
- Get a specific price → Limit
- Auto-exit if it moves against me → SL or SL-M (see stop-loss and target)
FAQ
What is a trigger price?
The price at which an SL/SL-M order activates. When the market touches it, the order is sent.
Difference between SL and SL-M?
SL places a limit order at the trigger (price protected, fill not guaranteed); SL-M places a market order (fill guaranteed, price not).
What's the default order type?
Market — one-tap Buy/Sell fills at the live price instantly.