Uptrend possible if Sensex ends above 11143: Brics PCG

BRICS PCG has said the Sensex may see an upmove if the 'hammer' formation in the charts is confirmed.

According to a report released early this morning, Brics PCG said: "Last week, the trading session has resulted in a `hammer' bullish formation where reliability is low. Confirmation of the pattern would be achieved when index opens the week on a firm note and ends above 11143(3314). Below 11504(33092), the pattern loses significance.

"Post confirmation of the hammer, the Index will witness an up-thrust that can push it near 11697(3493). The downtrend that started from the high of 12,671(3774) to 9827(2896) is losing momentum, and sideways oscillation will be witnessed but formation of the hammer will see an up-thrust that will push the Sensex out of current range of 11000-10400.

"A rebound is likely to follow now and its strength will decide the longevity of the forthcoming trend. The week ahead will be volatile and biased slightly up. Hurdles for the Sensex this week will be at 10,877-11,046-11,107, and supports will be witnessed at 10,681-10,544-10,455."