TL;DR: When buying or selling shares on a broker app (like Zerodha or Groww), you must tell the exchange *how* you want to trade. Use a Market Order for instant execution at whatever the current price is. Use a Limit Order to set a strict maximum price you are willing to pay. Use a Stop-Loss to automatically sell and protect yourself if the price crashes.
| : |
| I want to buy right now, whatever the price. | Market | CNC (Long term) |
| I want to buy, but only if the price drops to ₹X. | Limit | CNC (Long term) |
| I bought a stock, but if it falls to ₹Y, sell it to stop my loss. | Stop-Loss | CNC or MIS |
| I want to place an order at 10 PM tonight. | AMO | CNC |
| I want to buy and sell today itself using broker margin. | Limit or Market| MIS (Intraday) |
By understanding these five buttons, you eliminate the cognitive friction of the trading app. You are now equipped to navigate the exchange with precision.