Limit Up / Limit Down (LULD) refers to the maximum permissible upward (Limit Up) or downward (Limit Down) price movement allowed for a security or futures contract during a single trading session. These circuit breakers are imposed by exchanges to prevent extreme volatility and provide time for the market to stabilise and assimilate information. In India, SEBI and the exchanges enforce daily price bands (e.g., 2%, 5%, 10%, or 20%) on individual stocks and index-level circuit breakers at 10%, 15%, and 20% levels to protect market integrity.
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