Ola Electric Share Price can go from Rs 104 to Rs 118, understand the market movement for September 9
As the electric vehicle (EV) market continues to evolve, all eyes are on Ola Electric Mobility (OEM) and its share price movements. With the company’s stock experiencing significant volatility since its market debut, investors are anxiously awaiting the big investor analysis expected on September 9th.
According to recent reports, Ola Electric’s share price has been on a roller-coaster ride, surging from its IPO price of Rs 76 to an all-time high of Rs 157.53 within a week, briefly surpassing Tesla’s valuation. However, the stock has since faced significant pressure, falling by 22% in 5 consecutive trading sessions due to profit-booking.
Despite the recent downturn, some analysts remain optimistic about Ola Electric’s long-term prospects. Domestic brokerage firm Anand Rathi believes that the stock is currently oversold and has a potential upside of 54% with a target price of Rs 170. The firm advises traders to go long on the stock between Rs 107.5 and Rs 112.5, with a stop loss of Rs 95 and an upside target of Rs 140 in the coming months.
Main Points
- 1 Technical Analysis and Key Levels of Ola Electric Share Price
- 2 Fundamental Analysis and Key Ratios of Ola Electric Share Price
- 3 Factors Influencing Ola Electric Share Price
- 4 Analysts’ Outlook and Future Prospects of Ola Electric Share Price
- 5 Today’s Update and Important Levels of Ola Electric Share Price
From a technical standpoint, Ola Electric’s share price has been trading in a volatile range since its market debut. The stock has faced strong resistance at the Rs 157.53 level, which it briefly breached before facing a sharp correction. On the downside, the stock has found support at around Rs 120-125 levels. However, a break below this support could lead to further downside pressure, with the next support levels at Rs 110-115 and Rs 95-100.
Ola Electric’s fundamental performance has been a mixed bag. While the company reported a 32% YoY jump in its revenue for the first quarter ended June 2024, its loss for the quarter has widened to Rs 347 crore, from a loss of Rs 267 crore for the corresponding quarter of the previous year. The company’s market share in the Indian EV market stood at 39% as of July 2024. However, its borrowing has increased significantly from Rs 38.87 crore in FY21 to Rs 2,389.21 crore in FY24, putting pressure on its interest obligations.
Several factors are expected to influence Ola Electric’s share price in the coming months:
- Expansion into new product categories: Ola Electric plans to expand into electric motorcycles and other EV segments, which could drive growth and investor interest.
- Government incentives: The Indian government’s push for electric mobility, including subsidies and tax benefits, could boost demand for Ola Electric’s products.
- Competitive landscape: Ola Electric faces intense competition from established players like Bajaj Auto, TVS Motor, and Hero MotoCorp, which have also entered the EV market.
- Financial performance: Investors will closely watch Ola Electric’s ability to improve its financial performance and reduce losses in the coming quarters.
Most analysts remain cautious on Ola Electric’s stock, citing its high valuation and the competitive landscape. However, some believe that the company’s strong market position, innovative products, and government support could drive long-term growth. According to analysts, Ola Electric’s share price could reach Rs 240-300 by 2025 and Rs 700-950 by 2030, assuming the company executes its expansion plans successfully and improves its financial performance.
As of September 8th, 2024, Ola Electric’s share price closed at Rs 125.50, up 4.58% from the previous day’s close. The stock has faced resistance at the Rs 130 level and has support at around Rs 120-125. Investors will be closely watching the stock’s movement on September 9th, the day of the big investor analysis. A positive analysis could trigger a rally in the stock, with the next resistance levels at Rs 140 and Rs 157.53. However, a negative analysis could lead to further downside pressure, with the next support levels at Rs 110-115 and Rs 95-100.
