What Analysts Make Of The Recent Surge In The MRF Stock

One of the largest auto tyre makers has created a historical moment by being the first Indian stock to surge to Rs 1 lakh during the day's trade today, June 13, 2023. The current stock price is trading at Rs 99,708.15, which is up by 0.78% on an intraday basis. Although the rise in MRF's share price has attracted a lot of attention from investors, some analysts have shared their views about the recent rally.

Gaurav Bissa, VP, InCred Equities

MRF has witnessed a strong upside in the last few months with continued outperformance against broader market indices. The stock is currently forming bullish flag pattern on the weekly charts which is a continuation pattern in nature.

It had earlier given a breakout re-test from a triangle pattern 95,000 levels followed by some consolidation. A close above 1-lakh will confirm bullish flag breakout which can push it towards 115000 levels. The stock is showing equally interesting setup on point and figure charts.

The stock has seen follow through of bullish 'abc' pattern breakout on 0.25x3 daily time frame. The cluster target comes around 115000 on point and figure charts which coincides with the bullish flag and triangle pattern targets.

A R Ramachandran, Co-founder & Trainer-Tips2trades

A strong reduction in raw material cost with a currently bullish sentiment in the market has led to MRF stock price touching the Rs 1-lakh mark. 98,932 will be a strong support on the daily chart. A daily close above resistance of Rs 1 lakh could lead to 101225 in the coming days.