Stock market news: Ola Electric share price has been rising steadily since its listing on Dalal Street on Friday last week. Although Ola Electric share price remained flat, the stock has witnessed heavy buying since its listing. Ola Electric share price opened higher today, hitting an intraday high of ₹129.40 per share on the NSE, an increase of around 70 percent over the list price of ₹76 per share. However, Ola Electric share price could not sustain the higher level and fell after profit-taking.
According to stock market experts, Ola Electric shares are still witnessing higher trading volumes, which means the downside movement in the stock is still limited. They said fundamental triggers such as positive market outlook for electric vehicles, favourable regulatory environment, etc. remain in place. They pointed out that the company management has made big announcements in the past as part of its ‘Sankalp’ programme on August 15. Hence, Ola Electric shareholders should hold onto their shares and closely monitor the outcome of the fast-approaching Sankalp programme on Independence Day.
Price outlook for Ola Electric
Arun Kejriwal, Founder, Kejriwal Research and Investment Services, advises Ola Electric shareholders to hold on to the shares. He said, “The newly listed stock is still generating higher trading volumes with bullish movements. This means that Ola Electric share price has limited downside potential. So, one can still hold on to the shares. While holding the shares, Ola Electric shareholders are advised to closely monitor the outcome of their annual program Sankalp, which takes place on every Independence Day. The company has often made big announcements related to its growth on this day. Since Ola Electric Mobility Limited shares have been listed on the Indian stock exchanges just before Independence Day 2024, they must have something big in store for the company’s shareholders.”
Hinting at the possible announcements under the upcoming Sankalp programme, Parth Shah, Research Analyst at StoxBox, said, “The company plans to tap international markets where the demand for electric vehicles is yet to be met. Key markets include ASEAN, LATAM and Africa, which are already thriving for Indian 2W exporters.”
“Due to the positive outlook for the EV market, the favorable regulatory environment and the announcement of new models as well as the upcoming cell manufacturing unit (Gigafactory), we have a positive view on the company. Therefore, we advise the participants to whom the shares have been allocated to hold them for the medium to long term,” added the StoxBox expert.
Price target for Ola Electric shares
Sumeet Bagadia, Executive Director, Choice Broking, recommended Ola Electric shareholders to hold the shares for the medium to long term. He said, “Ola Electric shareholders can hold the shares by keeping the stop loss at ₹90 per piece. Those who missed out on getting Ola Electric shares through the allotment process can buy the stock at the current price and maintain a buy-on-dips strategy until the stock trades above the ₹90 mark. If there is a recovery, we can expect Ola Electric’s share price ₹150 after breaking the current high of ₹129 odd level.”
Disclaimer: The views and recommendations above are those of individual analysts or brokerage firms and not of Mint. We advise investors to seek advice from certified professionals before making any investment decisions.
