MRF a tyremaker company’s share price flew 1.5% intraday today to strike out the Rs 1,00,000 mark, The tyre shares were the first in India to achieve this landmark price. MRF has one of the most expensive shares in India and now buyers are happy. Yesterday Shutting down at Rs 98,968.55 on the NSE, apiece before reducing some gains and falling under the key mark the share price touched an intraday high of Rs 1,00,439.95.
Rising from its 52-week low of Rs 65,878.35 on 17 June, 2022, MRF’s share price has jumped 52.4% in the last one year, hitting a fresh lifetime high in trade on Tuesday. After brushing the Rs 90,000 mark over time, the company touched this milestone and this scrip took two years to move by 10%.
The technical chart examination demonstrates that there is a distant possibility of growth, after observing a breakout pattern known as a classical flag formation. This pattern indicates that the stock’s upward acceleration has the potential to continue, with a conceivable target of around 1,10,000.
“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 a 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 a follow through of a 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.