Types of Orders in Stock Market India: The Complete Guide
From Market and Limit to MIS, CNC, and GTT — every order type explained simply, with real examples.
There are three order types you'll use most: Market Order (instant execution at current price), Limit Order (executes only at your chosen price), and Stop Loss (auto-exits when the price hits a level you define). For order modes: MIS = intraday (auto squared-off by day end), CNC = delivery (shares held in demat), NRML = F&O overnight positions. GTT orders let you set conditional triggers that fire automatically, useful if you can't monitor markets daily.
You open a trading app for the first time. You find a stock you want to buy. You tap "Buy", and then you see it.
Market. Limit. SL-M. SL-L. MIS. CNC. NRML. GTT.
Suddenly buying a stock feels like solving a puzzle.
Here's the thing: these order types are simpler than they look. Once you know what each one does, the trading app stops being intimidating and starts feeling like a proper tool. This guide covers every order type you'll encounter on Indian broking platforms clearly, with real examples.
What Is a Stock Market Order?
An order is just an instruction you give your broker. You're telling them how you want to buy or sell, at what price, and under what conditions. Every order type is a variation of this, nothing more.
Why the Order Type You Choose Actually Matters
Two people buy the same stock on the same day. One pays ₹1,000. The other pays ₹1,015. Same stock, same day, different execution. The difference? The type of order they placed.
Choosing the right order helps you control your entry price, limit losses automatically, and stop emotions from driving your trades. It's one of those things that looks like a minor detail but adds up significantly over time.
1. Market Order: Fast, But No Price Guarantee
A market order says, "Buy (or sell) right now at whatever price the stock is trading at." You're prioritising speed over price.
For highly liquid stocks in stable conditions, this works fine. In volatile markets, the price you see and the price you get can differ, sometimes by a surprising amount. This gap is called slippage.
2. Limit Order: You Set the Price
A limit order says: "Buy only if the price drops to ₹980." Sell only if it rises to ₹1,050." Your order executes only if the market reaches your specified price. If it doesn't, nothing happens.
This is what most experienced investors use when they already have a target entry in mind. The trade-off: you might miss the stock entirely if the price never touches your level.
3. Stop Loss Order (SL-M): Your Automatic Safety Net
You bought a stock at ₹1,000. You're okay losing ₹50, but not ₹200. So you set a stop loss at ₹950. If the stock falls there, your position exits automatically, no manual action is needed.
Stop losses are the most underused tool among beginners and the most relied-upon by professionals. Most beginners focus on profits. Most experienced traders focus on protecting capital first.
4. Stop Loss Limit Order (SL-L): Stop Loss With a Price Floor
SL-L adds a second layer of control. You set two prices:
- Trigger Price — When the stock hits this level, your sell order activates (e.g., ₹480)
- Limit Price — The minimum price you'll accept (e.g., ₹478)
The catch: if the stock crashes so fast that it skips below your limit price with no buyers in between, your order stays pending and won't execute. Always leave a realistic gap between trigger and limit to account for fast-moving markets.
5. Intraday / MIS: Buy and Sell the Same Day
MIS (Margin Intraday Square-off) is the order mode for intraday trades; you enter and exit within the same session, with no overnight holding. If you forget to square off, your broker does it automatically before market close.
6. Delivery / CNC: For Investors Who Hold
CNC (Cash and Carry) is for when you buy shares and plan to hold them. The shares go into your demat account and stay there until you decide to sell, so no auto square-off, no expiry.
7. GTT Orders: Set It and Forget It
GTT (Good Till Triggered) lets you set a price condition once, and the order fires automatically whenever that condition is met, even days or weeks later.
Say a stock is at ₹800 but you only want to buy it at ₹720. Set a GTT and move on with your day. When it hits ₹720, your broker sends the order to the exchange automatically.
Important: GTT is a broker-side feature, not an official exchange order type. Your order waits in the broker's system until the trigger condition is met.
8. After Market Orders (AMO): Trade Outside Market Hours
Markets are open from 9:15 AM to 3:30 PM. But what if you read an earnings report at 10 PM and want to act on it? AMO lets you place orders during your broker's after-market window (usually late evening until early morning), and the order gets queued for the next session.
9. IOC: Immediate or Cancel
IOC (Immediate or Cancel) means: execute as much of this order as possible right now and cancel whatever can't be filled immediately. If you place an IOC for 100 shares and only 60 are available, you get 60. The remaining 40 are cancelled — no open order is left sitting in the book.
CNC vs MIS vs NRML — Quick Reference
| Order Mode | Full Form | What It's For |
|---|---|---|
| CNC | Cash and Carry | Delivery — shares held in demat |
| MIS | Margin Intraday Square-off | Intraday — auto squared-off by day end |
| NRML | Normal | F&O positions carried overnight |
Which Order Type Should You Use?
There's no single "best" order. It depends on what you're trying to do.
- Long-term investor? CNC + limit orders is your default setup.
- Intraday trader? MIS with stop losses keeps risk defined.
- Can't track markets daily? GTT orders were built for you.
- Trading F&O and holding overnight? Use NRML.
The key is knowing what you're placing before you place it. Many beginners get surprised by their own execution, not because they picked the wrong stock, but because they used the wrong order type. Understanding this puts you a step ahead of most retail traders.