Ola Electric Mobility Ltd shares zoomed 19.64 per cent in Wednesday's trade to hit a high of Rs 87.90. The stock was last seen trading 17.71 per cent up at Rs 86.48. At this price, it has recovered 29.85 per cent from its record low value of Rs 66.60, a level seen last Friday (November 22).
Despite the mentioned rise, the scrip has crashed 45.10 per cent from its lifetime high of Rs 157.53, hit on August 20, 2024.
Today's sharp run-up in the share price came after the pure-play EV company announced the launch of its Gig and S1 Z range of scooters. "The new range of scooters comprises Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ available at an introductory pricing of Rs 39,999 (ex-showroom), Rs 49,999 (ex-showroom), Rs 59,999 (ex-showroom), and Rs 64,999 (ex-showroom), respectively. The reservations for both the Gig and S1 Z series are open at just Rs 499," the Bhavish Aggarwal-led company stated in a BSE filing.
Technically, immediate resistance for Ola Electric's stock could be seen at Rs 87-88 levels. A few analysts suggested that one should buy only if the counter closes above the said resistance range. On the lower end, support may be found in the Rs 70-75 zone.
"Wait for a confirmation above Rs 87 mark and then you can buy the stock with a stop loss of Rs 70," Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, told Business Today.
"The counter has seen some respite and surged more than 25 per cent from its lifetime lows. Sustainability above the subzone of Rs 87 could only trigger further momentum in the near term," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"We recommend waiting for a clearer signal, specifically a decisive closing above the crucial resistance level of Rs 88," said Kushal Gandhi, Technical Analyst, StoxBox.
"The stock has immediate resistance around Rs 88 level. Investors should wait for fresh entry and buy near the Rs 75 range," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
Founded in 2017, Ola Electric is a pure-play electric vehicle player that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Futurefactory. As of September 2024, promoters held a 36.78 per cent stake in the E2W player.