Bank Nifty last Friday formed a Failed Auction and the day ended with a late spike with momentum traders dominated in the later part of the Friday session. Dominant Buyers came for rescue around the Thursday P-shape balance.
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Usually Failed Auction is likely to be retested with the next t+5 trading session with greater winning odds. Also, the POC Non-migration raises the concern of short-term trading inventory getting long to too long kind of an overheated situation. Price failure to accept above the spike high is the likely confirmation for short-term trading inventory to go long to too long and signs that laggard momentum traders are in play.
Failed Auction levels come around 46960 levels which is also precisely the P-shape low
