MRF share price tops Rs 1 lakh, first Indian stock to do so; will it rise more- Check technical view, outlook

MRF share price tops Rs 1 lakh, first Indian stock to do so; will it rise more? Check technical view, outlook

MRF Share Price: Tyremaker MRF share price soared 1.5% intraday today to cross Rs 1,00,000 mark, in a first for any Indian stock. After closing at Rs 98,968.55 on the NSE yesterday, the share price touched an intraday high of Rs 1,00,439.95 apiece before paring some gains and falling under the key mark. The tyre major’s shares were the first in India to achieve this landmark price.

MRF’s share price has jumped 52.4% in the last one year, rising from its 52-week low of Rs 65,878.35 on 17 June, 2022, hitting the fresh lifetime high in trade on Tuesday. After touching the Rs 90,000 mark over two years ago, the scrip took two years to move 10% and make this milestone. “The company posted stellar performance in the past, with just three years of negative returns in the last ten years and a maximum drawdown of about 7% in 2018,” said Manish Chowdhury, Head of Research, Stoxbox.

Apart from the Q4 earnings, a strong reduction in raw material costs has contributed to the bullish sentiment in the price, which has led to the rally, said A R Ramachandran, Co-Founder and Trainer, Tips2trade.

Technical view: MRF stockMRF share eyeing Rs 1,25,000?

“As we can see after a strong rally from 82,000 till 1,00,000, the stock is under consolidation. For now it has a strong support near 95000. So till the time it is trading above 95000 it can touch 125000 very soon till Diwali. Investors should be positive about the stock,” said Vaibhav Kaushik, Research Analyst, GCL Broking.

“98,932 will be a strong support on the daily chart. A daily close above resistance of 1 lakh could lead to 1,01,225 in the coming days,” said A R Ramachandran, Co-Founder and Trainer, Tips2trade.

“MRF has witnessed a strong upside in the last few months with continued outperformance against broader market indices. The stock is currently forming a bullish flag pattern on the weekly charts which is a continuation pattern in nature. It had earlier given a breakout retest from a triangle pattern of 95,000 levels followed by some consolidation. A close above Rs 1 lakh will confirm bullish flag breakout which can push it towards 1,15,000 levels. MRF stock is showing an equally interesting setup on point and figure charts. The stock has seen follow through of bullish abc pattern breakout on 0.25×3 daily time frame. The cluster target comes around 1,15,000 on point and figure charts which coincides with the bullish flag and triangle pattern targets,” said Gaurav Bissa, VP, InCred Equities.

MRF stock likely to continue upside momentum

“MRF, one of the leading stocks in the Indian stock market, has made history by becoming the first 6-digit stock after surpassing the impressive milestone of 1 lakh. The technical chart analysis indicates that there is further potential for growth, as we can observe a breakout pattern known as a classical flag formation. This pattern suggests that the stock’s upward momentum is likely to continue, with a potential target of around 1,10,000. It’s important to note that even if there are temporary pullbacks, the previous breakout level of 95,000 is expected to provide strong support and act as a solid foundation for the stock,” said Santosh Meena, Head of Research, Swastika Investmart.