On 21st sept, many stocks fell below the circuit limit. I am wondering how to place orders so that they get executed if the stock price falls below the circuit limit.
My understanding is that circuit limit applies when the stock breaks the limit for the first time. For example, a stock xyz is open price Rs. 100 and its circuit limit is 5% then when the stock falls Rs. 95, say 94.9, the circuit triggers and it can’t go below 95 anymore for the day. Now, sometimes the stock price can go much below the circuit limit price of 95 and can go to say 90. Is my understanding correct?
Now, how do I place a buy order (AMO as well as non-AMO) so that it executes close to this level below the circuit filter from 95 to 90 ?
If I place buy order below the circuit filter, it gets rejected. So, do I place an SLM buy order with trigger price at the 95 ? Will the SLM buy orders get executed always below the trigger price ?