MEAN OF LIMIT ORDER IN ICICI DIRECT AND SBICAP SECURITIES LTD.

Hi I am new to share market. I want to know how to use Limit Order. can you explain with an example. suppose I want to buy ONGC @298/- with limit order. 

The limit order will be triggered when the price reaches 298/- on that day and say for that day ONGC was closed @ 294 (below 298 limit order price). 

Then i would like to know at what price the transaction will takes place. ie @ 294 or 298 ask by Ramkrishna S 

1. In stock market we put 2 type of orders first is market order second limit order. 

2. When we put a market order then it execute immediately at currant market price for example you want to buy Country club ltd at CMP then if you put order during market hours then order will be executed at currant market price. 

3. Market order will be put only during market hours. 

4. Limit order will put any time even if when stock market is closed you can put limit order. 

5. Limit order always below the last traded price for example in ONGC last trading price is 298 then you can put limit order like 297 296 295 etc but order above last traded price like 299 is not allowed. 

6. It is no matter that at what price particular stock is closed because when you put limit order at 298 i think that time ONGC was traded above 298 and when stock fall your limit order is executed at 298 and after that stock close at 294.