With the global economy situation and RBI's rate hike Nifty 50 is currently at a support zone now. Inside the support zone we have a trending support and fortunately nifty had taken support from this line. But this seems as a weak trending support, and breaking it will cause the index to consolidate in this range for a few days. Whereas breaking the support zone will cause a huge fall in nifty and it will go towards major support zone. Just to remind you all that the last time nifty was in this zone it spent 88 days before rallying up. So my view is instead of investing due to a fomo we should wait a little longer and see where the market really wants to go. Now is a tricky time for all investors.
