Holiday seasons are nearing and also the Dec 2019 expiry. We have three trading sessions left for the expiry. Last Friday Nifty formed back to back failed auction with G2 Low reference. This is an indication that a trader has to change his approach and possibly the view about the markets.
Current short term trading sentiment is positive. If the positive sentiment is likely to hold then possibly G2 Low is likely to act as further support. Monday opening sentiment if it is likely to change to positive then a long liquidation towards G2 Low 12225 levels is a likely possibility.
Also back to back failed auction is also a possible indication for 12225 as a supports. Last Friday is also a prominent POC formation post-Thursdays stealth auction which maintains the stand that trading inventory goes long to too long and so the cautious approach in the markets. However, markets on the daily charts are one timeframing.
By collecting all this information one can understand that there is a mixed set of information happening in the markets and so traders have to learn to focus more on the current information rather than relying more on the past information and handle the traders accordingly.
Major supports for the series are still around 17th Dec 2019 single print zone at 12155 levels.