I want to handle the loadfailure sceanrio from my component so that I can handle the no data in view html. Should I add selectors for error sceanrio or handle it in effects. I am pretty novice to ngrx style of fetching data based on actions
Added the error state to the NgRx store is the most straightforward approach. With selectors you can read the error state and re-render the component.
Brandon Roberts wrote a detailed article with some alternatives, for more info see https://brandonroberts.dev/blog/posts/2019-03-04-handling-error-states-with-ngrx/