Shares of Indian Oil Corp hit a record high, and further upside is seen.

IOC stock rose as much as 3.28 per cent to a record high of Rs 410.40.

The stock has cleared a resistance around Rs 400, the 423.6 per cent Fibonacci projection of a previous wave 1.

The chart shows the completion of a correction and the start of a new motive wave cycle, taking the prices upward.

Trend Intensity indicator (TI) also rose to 16, indicating the start of a new uptrend.

Twenty eight analysts out of 32 covering the stock have "buy” or “strong buy” ratings, three “hold” and one “sell”, according to Thomson Reuters Eikon data.

The stock had risen 93.3 per cent in the past year as of Friday's close, compared with a 21.9 per cent gain for the broader NSE Index.