An in-depth knowledge of the financial market and the factors which influence the financial market as well as investors is indispensable for an informed investment decision making. Behavioral finance is an emerging field of financial study which analyses the psychological factors which influence the investment decisions of investors. Investors are motivated by high return, and hence they look for different investment avenues. For an investor decision making is a continuous process and it significantly impacts the psychology of investors. This study focuses on the rationality of investors and explores the role of emotional regulations and risk appetite on investment decision making process. The findings of the study suggest that psychological factors such as emotion and risk significantly impact the investment decision of investors.