Weekly Technical Analysis - Aug 15 2011

After sending a sell signal last week, the Sensex touched a low of 16,420 — down nearly 900 points for the week. The index, thereafter, consolidated and finally ended on Friday at 16,840, losing 466 points.

Among the index stocks, Tata Group stocks (Tata Power, Steel, Motors and TCS) witnessed heavy selling and were down 10-12 per cent. Infosys, Hindalco, Wipro, Bharti Airtel and Sterlite were the other major losers. Auto stocks, however, bucked the trend. Mahindra & Mahindra zoomed 13 per cent to Rs 740. Hero MotoCorp, Maruti Suzuki and Bajaj Auto ended with gains of four to six per cent each.

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