I believe that your bit would be incorrect for drilling through stainless steel. And I misspoke earlier, I just looked and I used a cobalt bit not s carbide. I am going to edit my post above just so that incorrect advice is not floating on the Internet.
I don't think your bit will get it done. The trick is to get the hole a bit started so that the sode edge of the bit is cutting the metal (as opposed to the point just spinning). That's why angling the bit at the beginning helps, just like denting it. You have to get the hole started without heating it too much, because the stainless will begin to "work harden" if it gets too hot.