A stop loss order is an order placed to sell a scrip when it reaches a certain price. The stop loss order is primarily meant to limit your loss on a scrip that you have already purchased. The price you mention in the stop loss order is the highest risk that you are ready to take a loss on that scrip. A stop loss order can be a limit order or a market order.


A stop loss limit order will be executed at the price that you wish the order to be executed at. The stop loss is a mere trigger to validate the order. To place a stop loss limit order you will need to select SL LMT in the order type section while placing an order. You will also need to enter the Buy price and the trigger price when you are placing this order.

A stop loss market order will be executed as soon as once your stop loss is triggered the order will be placed at whatever price is prevalent in the market. To place this order you will need to select SL MKT  in the order type section and enter the stop loss price.