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Shares of Hindustan Unilever Ltd rose as much as 1.3 per cent to a record high of Rs 1,437.90.
The stock broke above a resistance at Rs 1,429.26, the 23.6 per cent Fibonacci projection level of the uptrend from the low of December 23, 2016 to the high of January 30, 2018.
HUK stock is in a strong uptrend with the Trend Intensity indicator (TI) showing a reading of 31. MACD is also positive and above its signal line.
Some caution is, however, suggested by the volume as the breakout is on a lower volume, with the 5-day average volume 33 per cent lower than the 30-day average.
As long as Rs 1,429.26 is the support, the stock is expected to move towards Rs 1,520.92, the 38.2 per cent projection level.
With a 53.7 per cent gain in the last one year as of Monday's close, the stock has outperformed the broader NSE Index's 15.05 per cent gain.
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