A limit is an order to buy or sell at a price you have set or better i.e. you can buy a stock at the specified price or a lower, and sell a stock at a specified price or higher. 

For example, if you have placed a buy limit order for stock ABC at ₹100, and the stock is trading at ₹105, then you intend to purchase the stock at ₹100, so when the stock reaches ₹100, the order will be .

Similarly, if you have placed a sell limit order for stock ABC at ₹100, and the stock is trading at ₹95, then you intend to sell the stock at ₹100, so when the stock reaches ₹100, the order will be executed.