Shares of Grasim Industries gained as much as 3.08 per cent to Rs 1,093, their highest since May 31.
According to technicals, the stock may test resistance at Rs 1,166.5. The stock has broken the resistance at Rs 1,070.05, the 23.6 per cent Fibonacci projection level of the uptrend from November 21, 2016 low to November 2, 2017 high.
The breakout suggests that the 23.6 per cent level may now act as a support, while the stock may move up towards the next resistance at Rs 1,166.45, the 38.2 per cent projection level. The stock's wave pattern suggest that it is in the initial wave of a five-wave uptrend.
Trend intensity indicator jumped to 20, suggesting that the stock is trending upwards. MACD is also positive and above its signal line. Grasim stock had fallen 9.05 per cent this year as of last close, while the broader NSE Index was up 9.75 per cent in the same period.