There are four types of order available in HDFC Sky order window. Order types give an investor freedom to place their orders according to their wishes. They also allow investors to manage risks.

 

Limit (LMT) order

A limit order is a type of order to purchase or sell at the desired price. For instance, if you want to buy shares of PNB at a set price, you can enter that price by selecting LMT.

 

Market order (MKT) order

Market orders are executed at the prevailing stock price. An investor does not have the freedom to choose the entry point. For example, if PNB trades at Rs.56 when your buy order is sent to exchanges, given there are sellers available, it will be executed at that price.

 

Stop loss limit (SL) order

A stop loss limit order is a type of order used to limit the loss or to book the profit on an existing or fresh position. This type of order turns into a limit order once the trigger price is achieved. 

 

Stop loss market (SL-M) order

This is similar to the stop-loss limit order with one difference that the order is triggered immediately at the trigger price and executed at the next best available price. In essence, your order turns into a market order once the trigger price is achieved.