Price band
Trading & ordersAlso called: Circuit limit
The maximum a security may move in a session before trading stops in that direction.
In plain terms
At the lower circuit there are sellers and no buyers, so a stop-loss simply cannot fill.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Dynamic price band
Trading & ordersAlso called: Operating range
A flexible range around a reference price, outside which orders are rejected, widened by the exchange in steps after a cooling-off period.
In plain terms
Applied where no fixed daily band exists. A fast move can pause at the edge — the market did not run out of buyers, it ran out of permission.
Block deal
Trading & ordersA large negotiated trade executed in a dedicated window within a narrow price band, disclosed the same day.
In plain terms
Typically one decision by one large party — a private equity exit, a promoter tranche, a fund taking a position.
Special pre-open session
Trading & ordersA call auction the exchange runs to discover the first price of a security that has no previous close, such as a fresh listing or a company listing under a scheme.
In plain terms
A price band has to be drawn around something. On a first day there is no previous close, so orders are collected over a window and matched at one equilibrium price.
Trade-to-trade settlement
Trading & ordersAlso called: T2T, Trade for trade
A settlement mode in which every trade must be settled by delivery, with no intraday netting of buys against sells.
In plain terms
A mistaken buy has to be paid for in full and sold the next day. Marked as the BE series on the NSE and the T group on the BSE, and it usually arrives with a narrowed price band attached.