Today was a nail biting day in the markets. Nifty temporarily breached its last line of support but managed to gain and respect it.
If Nifty manages to hold above 10980,the market can calm down and we can look to BUY.
However I have a strong reason to believe that in the coming few sessions, the market is going to test current support level to be certain of the end in selling before moving up. If Nifty falls through, then we're looking at next support levels as mentioned in the initial analysis.
Also, RBI will announce interest rates on the 7th of August. Given the current state of the economy, expectations are for them to be dovish. If they cut the rate, it'll be the fourth consecutive cut. My expectations are therefore in line with the market's.
As for Nifty, the worst seems to be over and if we get a favorable decision on 7th, I might say the selling should be off for now and then look to BUY.