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Below is Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities 

Indian benchmark equity indices ended in the positive on Aug 23 after a volatile session. In the process the Nifty broke a 2 day losing streak. At close, the Nifty 50 advanced 0.28% or 46 points to 16,496.45.

On a day when volumes on the NSE were in line with recent averages, IT sector gained the most, while Auto and Consumer Durables lost the most. The broader indices underperformed the Nifty with the S&P BSE MidCap slipping 1% and the S&P BSE SmallCap shedding 1.65%.

Investments in the Indian capital markets through participatory notes (P-notes) rose to Rs 1.02 lakh crore till July-end, making it the highest level in last 40 months.

Asian and European stock markets traded higher Monday helped by bargain hunting after last week’s sharp sell-off. Japan's factory activity growth slowed in August, while that of the services sector shrank at the fastest pace since May last year. Business activity in Germany’s important manufacturing sector, as well as France’s dominant services sector, slowed in August compared with July. 

Nifty filled the downgap made on Friday by opening higher but closed below it as it gave away a large part of intra day gains. However the fact that it recovered from the intra day low and did not make a new low compared to the previous day is encouraging. Advance decline ratio improved marginally compared to the previous day but is still much below 1:1. 16376-16396 is the important support band now for the Nifty, while a close above 16569 would result in return of some confidence in the markets.

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