Stock market news: Ola Electric share price jumps 70% within three days of stock listing. More steam left?

Stock market news: Ola Electric share price has been ascending continuously after listing on Dalal Street on Friday last week. Though Ola Electric share price had a flat listing, the stock has witnessed strong buying since listing. Ola Electric share price today opened upside and touched an intraday high of ₹129.40 apiece on the NSE, registering around a 70 percent rise against the listing price of ₹76 apiece. However, Ola Electric share price failed to sustain at higher levels and retraced after the profit booking trigger.

According to stock market experts, Ola Electric shares are still generating higher trade volume, which means the downside in the stock is still limited. They said fundamental triggers like a positive EV market outlook, favourable regulatory environment, etc., still exist. They noted that company management has a history of making big announcements on 15th August in their 'Sankalp' programme. So, Ola Electric shareholders should hold the scrip and remain vigilant about the outcome of the fast-approaching Sankalp programme on Independence Day.

Ola Electric share price outlook

Advising Ola Electric shareholders to hold the scrip, Arun Kejriwal, Founder of Kejriwal Research and Investment Services, said, "The newly-listed stock is still generating higher trade volume with upside moves. This means Ola Electric share price has limited downside potential. So, one can still hold the scrip. While holding the stock, Ola Electric shareholders are advised to remain vigilant about the outcome of their annual programme, Sankalp, which takes place every Independence Day. The company has a track record of making big announcements related to the company's growth on this day. As Ola Electric Mobility Limited shares listed on the Indian bourses just ahead of Independence Day 2024, they must have kept something big for the company shareholders."

Dropping a hint about the possible announcements coming in the fast-approaching Sankalp programme, Parth Shah, Research Analyst at StoxBox, said, “The company plans to enter international markets where the EV demand is yet to be fulfilled. The key markets include ASEAN, LATAM, and Africa, which are already thriving for Indian 2W exporters.”

"On account of the positive EV market outlook, favourable regulatory environment, and announcement of new models along with the upcoming cell manufacturing unit (Gigafactory), we have a positive view of the company. Hence, we advise the participants allotted the shares to hold them from a medium to long-term perspective," the StoxBox expert added.

Ola Electric share price target

Suggesting Ola Electric shareholders to hold the scrip for medium to long-term, Sumeet Bagadia, Executive Director at Choice Broking, said, "Ola Electric shareholders can hold the scrip maintaining stop loss at ₹90 apiece. Those who missed getting Ola Electric shares through the allotment process can buy the stock at current levels and maintain a buy-on-dips strategy till the stock is above the ₹90 mark. On a bou8nce back, we can expect Ola Electric share price to touch ₹150 after breaching the current high of ₹129 odd level."

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.