Ola Electric share price jumps 18%: Should you buy now or wait?

Shares of Ola Electric Mobility Ltd surged nearly 18% on Wednesday, touching an intraday high of Rs 87.90 before settling at Rs 86.15, a gain of 17.26%. This marks a recovery of nearly 30% from its recent record low of Rs 66.60, recorded on November 22.
However, investors should note that the stock remains 45% below its lifetime high of Rs 157.53, reached on August 20, 2024.
The rally in Ola Electric shares followed the company’s announcement of its new electric scooter lineup, which aims to make EVs more accessible across various segments.
The newly launched models include the Ola Gig, Gig+, S1 Z, and S1 Z+, with introductory ex-showroom prices starting at Rs 39,999, Rs 49,999, Rs 59,999, and Rs 64,999, respectively.
Reservations for the scooters opened on November 26 for a nominal fee of ₹499, with deliveries for the Gig series expected in April 2025 and the S1 Z series slated for May 2025.
Market analysts attributed the stock’s movement to strong investor sentiment following the announcement. However, technical experts remain cautious about the stock’s near-term trajectory.
Immediate resistance is seen in the Rs 87-88 range, with analysts suggesting that a decisive close above this level could trigger further gains, according to a Business Today report. On the downside, the stock has support in the Rs 70-75 zone, offering potential entry points for long-term investors.
Founded in 2017, Ola Electric is a dedicated electric vehicle manufacturer, producing scooters and key components such as battery packs and motors at its advanced Ola Futurefactory.
As of September 2024, the company’s promoters held a 36.78% stake, reflecting confidence in its long-term potential.
Despite the recent surge, some analysts recommend waiting for clearer technical signals before entering the stock.
As per analysts quoted in the Business Today report, a sustained break above Rs 88 could indicate further upside potential, while a dip closer to Rs 75 may present a more favourable buying opportunity.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)