Indian indices ended deep in red sliding for a fourth consecutive session on Thursday following a sell-off in global markets on fears that the US Federal Reserve may discontinue quantitative easing. NSE's Nifty future contract expiring on 30th May 2013 closed at 5966.10, down by 137.95pts or 2.26% with discount of 1pt and open interest reduced by 6.21%. Nifty made a big bearish candle closing a tab below from its major support of 5970 (on cash levels) with considerable higher volumes, signaling buildup of bearish momentum. Further, market is on the verge of breaking a small expanding triangle after reacting negatively from upper boundary of bigger expanding triangle, which indicates that any weakness below day's low 5955 market has ultimate target of 5700-5680 levels. Meanwhile, possibility of sideways activity or quick pullback cannot be ruled out after such sharp decline.
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