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Shares of Hindustan Unilever today hit a record high ahead of quarterly results, and technicals suggest further upside. The shares climbed as much as 1.5 per cent to a record high of Rs 1,768.80.
India's fourth-largest listed company by market cap is set to report a record quarterly profit of Rs 1,530 crore for the June quarter on Monday, a 19.3 per cent jump on year, according to Thomson Reuters Eikon data.
HUL stock has broken above a resistance at Rs 1,760.75, the 76.4 per cent Fibonacci projection level of the uptrend from December 23, 2016 low to January 30, 2018. As long as Rs 1,760.75 is the support, the stock is expected to test the next resistance at Rs 1,823.53, the 86.4 per cent projection level.
Trend intensity indicator has gone up to 36, suggests a strong uptrend for the stock. MACD is positive and above its signal line. The stock had gone up 27.4 per cent this year as of Friday, compared with 4.64 per cent gain in broader NSE Index.
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