Ola Electric share price on cusp of breakout. Should you buy THIS discounted stock available at 65% below record high?

Breakout stocks to buy: Ola Electric share price has been hitting the headlines in the last week for bouncing back strongly from its 512-week lows; after hitting a fresh low of ₹46.37 per share on the NSE, Ola Electric share price registered around 15% rally last week. However, this is insufficient for the EV stock to pare the losses it incurred in the recent sessions. Ola Electric's share is still 65% below its lifetime high of ₹157.40 per share. Ola Electric shares are around 26% below its upper price band of ₹76 per equity share. So, Indian investors need to know whether it is opportune to do bottom fishing.

According to stock market experts, Ola Electric shares are on the cusp of giving a fresh breakout at ₹56 — 20-DEMA resistance of the discounted stock. They said that Ola Electric's share price might touch ₹64 on a closing basis on breaching this hurdle. They said that the electric vehicle (EV) sector holds significant long-term potential, and Ola Electric’s ability to capitalize on this growth remains to be seen.

Ola Electric share price outlook

Speaking on the fundamentals of Ola Electric shares, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, "Following a strong debut, Ola Electricshare price has corrected around 65% from its 52-week high. Such sharp declines often occur when investors chase narratives without considering fundamentals and valuations. While the electric vehicle sector holds significant long-term potential, Ola Electric’s ability to capitalize on this growth remains to be seen. Given the company’s currently weak fundamentals, only investors with a very long-term horizon may consider taking a position in the stock."

Ola Electric share price target

On what the technical chart suggests about Ola Electric share, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “Ola Electric share price formed a short-term bottom on March 18 and reversed sharply with a massive volume surge—over 500% of its 50-day average. The current session continues to see heavy buying, with volumes 5x the 50-day average. However, Ola Electric shares face resistance at the 20-day EMA at ₹56. A breakout above this level could push prices toward the 50-day EMA at ₹64.”

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.