How to use limit order as a market order?

To place a limit order as market order, simply place a limit order with the limit price set at or near the current market price of the security. This way, the order will be executed immediately, just like a market order. However, there is no guarantee that it will be executed at the exact price you specify. If the market moves quickly, the order may be executed at a slightly different price than what you set.

Buy side scenario:

For Ex: Suppose CMP of IOC is at Rs. 70 and you wish to place a limit buy order at Rs. 73. But the CMP is Rs. 70 and your expected buying price is higher than the market price, the order will execute immediately as market order and the number of shares you wish to buy will be filled accordingly. It totally depends on the market depth and you will get the average of the buying price. This will protect the investor from further price escalation.

Sell side scenario:

For Ex: Suppose CMP of IOC is at Rs. 70 and you wish to place a limit sell order at Rs. 67. But the CMP is Rs. 70 and your expected selling price is lower than the market price, the order will execute immediately as market order and the number of shares you wish to sell will be filled accordingly. It totally depends on the market depth and you will get the average of selling price. This will protect the investor from further price escalation and sudden spike in price.

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