| The stability of securities market is critical to the development of economy. The unpredictable financial behavior comes from market participants could harm the market and economy. In order to establish a more efficient, equitable and transparent financial market. The deep study on financial behavior of market participants is crucial. It is the best way to understand their finacial behavior through studying how they react to the market price movement.We study the data of six markets, Dow Jones Index, Nippon225Index, Heng Sheng Index, Taiwan Index, FTSE index and Shang Zheng Index. It reveal a "N" shape walk of market intraday price movements in most of days. It is important to figure out the answers to the following questions:1. What kind of financial behaviors behind such a "N" shape walk?2. Does N shape walk mean an internal stabilizing mechanism of the market?We analyze the price behavior of N shape walk of Taiwan stock market with one minute high frequency transaction data of Tai index future. Integrating with "Framing effect","Anchoring effect" and Disposition effect", and market risk management view, and investment performace pursuing view of institutional investors. Those effect and management mechanism could provide a reasonable explaination to markets'N shape walk.The results of this study indicate that N shape walk is strongly related with the financial behaviors of market participants. In addition, the financial behaviors of institutional investors could strengthen the N shape walk. This study has new contributions in various area:To propose new views to explain the financial behaviors behind N walk of intraday marke. At ame time, finding new constraints for institutional traders in intraday transactions. Furthermore, It add two new views on the stability of market, one is that N walk is the phenomenon of market internal stabilizing mechanism via interactions of participants' financial behaviors. Another is the bigger institutional transaction ratio the more stable market..
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