Firstly, your financial goals and the investment horizon would decide the kind of investment you should buy. As a rule, you should invest in a safer avenue like debt mutual funds to meet your short-term goals. You should bet on equity mutual funds to take care of your long-term goals. Equity funds are risky, but they have the potential to offer you superior returns over a long period. However, they are also volatile in the short-term, that is why you can't invest money needed for short-term goal.
For example, for a near-term goal that is a few months away, you should ideally park your money in liquid or ultra short-term funds. For a slightly longer tenure of, say, a year or two, you can either bet on short-term debt funds or dynamic debt funds.
As a first-time investor to stocks, you can invest in an equity-oriented balanced scheme via a monthly Systematic Investment Plan (SIP). SIPs allow you to invest a small amount periodically in your choice of mutual fund scheme. You just have to give a one-time mandate to Piggy, and the money gets invested every month.
Take a look at our recommended mutual fund portfolio for investing in equity.
It is always a right time to invest. Do not base your investment decisions on the prevailing conditions in the market. Countless studies have proven that it is almost impossible to predict the market right over a long period. So do not waste your time trying to time the market.