Brics PCG: Volatile week with positive bias

Brics PCG in its weekly technical report said that the index witnessed a second week of sustained upswing post the breakout above 10940 (3209), this upswing will see the index scaling to 12061 (3566) in the medium term.

The index is near an intermediate hurdle zone i.e. 11571-11625 which should be cleared and sustained with strength for the next up-thrust to begin and catapult the index to 12061(3566). Till the time a breakout above 11625 is witnessed sideways trend will prevail.

Support is broken further downside will see the index reaching for 10417 (3045).

The week ahead will start on a positive note, the bias will remain up and volatile session will be witnessed during the week; upswing will begin above 11533 (3377), strong upswing will begin only above 11625; a decline will be witnessed below 11379 (3329).

Hurdles for the Sensex this week will be at 11,651-11,773-11,896; Supports will be witnessed at 11,280-11,158-11,036.