Last week I had placed an sl-limit buy order at 18300 and trigger price 18299 for bnf when the market price was 18250. But when I opened the market price was around 18400 but my order did not get executed. The trigger price got triggered and sl-limit order became limit order. How did this happen and how to avoid this.i was guided use stop loss market order but it is not serving my purpose. price is getting executed very far from my target. How to avoid it
This is an issue with Bank nifty, the impact cost can be quite high. The only guaranteed way of a SL executing is if you use SL- market orders.
One of the things you can do to avoid this is to keep a much higher limit price, so it kind of acts as a market order but you still limit upto what price it is bought.
So in your example, keep trigger at 18299, and limit as 18310. So a limit order to buy at 18310 is sent to the exchange, and since it is a few points away, the chances of the order getting executed is much higher. You will know in this case that the maximum impact is 10 points.
Dear nithin
Thank u for ur valuable reply.with wat u have told incase if i keep trigger at 18299 and limit at 18310, once the trigger is triggered wiill it not get executed immediately?i.e at 18300 or 18301…because it gets converted into a limit order and if limit price is higher than market price it will get executed at market price…mind u im placing sl limit to buy at a particular price and not to stop loss an executed order
ah… if you are bothered about the price, you have to use a SL-limit. But Like I said earlier, there is no guaranteed way executing a SL-limit order.