Nifty @ Key support

While our markets are teasing a bear market with the non-stop FII selling..

We've already broke below the 200EMA and now sit on a strong support which needs the hold..
Currently sitting on the 50WEMA + Channel bottom which we've bounced from 4 times + key Fibo level of this move.

If this level holds we could get a good bounce..but if there is a breakdown..it might be more prudent to then reduce trading/sit on higher cash amounts because we've then officially hit bear market territory.