Stock market today: Ola Electric share price witnessed strong buying after a flat listing on the Indian stock market during Friday deals. Ola Electric Mobility share price today listed on BSE and NSE at ₹76 apiece. However, after the flat listing, Ola Electric shares attracted strong buying interest among Dalal Street bulls, leading to a rise in the trade volume of the newly listed stock from 6 crore to over 34 crore within an hour of its debut. Ola Electric’s share price extended its upward movement and touched an intraday high of ₹90.88 apiece on NSE, logging around 19.50 per cent gain against the upper price band of Ola Electric’s IPO price.
According to stock market experts, Ola Electric shares have witnessed a decisive spurt in trade volume, which signals a strong buzz among institutional investors. So, the rally in Ola Electric’s share price may continue for some more time as institutional investors buying after listing won’t be selling in the near term. So, the downside in the stock is also limited. They advised Ola Electric shareholders to hold the scrip for two to three years as the stock can generate wealth in one’s stock portfolio. They advised Ola Electric shareholders to hold the scrip, maintaining a stop loss at ₹75.
Ola Electric share price prediction
Regarding Ola Electric’s share price outlook, Prashanth Tapse, Senior VP — Research at Mehta Equities, said, “Despite receiving demand well below street expectation, OLA Electric’s share price listing well above street expectations can be attributed to the Indian market mood. Post-listing, the short-term view remains the same due to weak financials and the risk of negative cash flows in future, and allotted investors should understand the risk before holding, which could adversely impact its consolidated financial condition post-listing. Considering all the factors, we advise only risk-taking investors to continue to hold with a minimum holding period of 2-3 years.”
Advising Ola Electric shareholders to hold the scrip for the medium to long term, Arun Kejriwal, Founder of Kejriwal Research and Investment Services, said, “At the time of listing, Ola Electric shares had a trading volume of around six crores that surged to over 34 crores within an hour of share listing. This means institutional buying has taken place at an alarming level, and hence, chances of retracement in Ola Electric share price from the higher levels are limited. So, Ola Electric shareholders are advised to hold the scrip maintaining stop loss at ₹75.”
On the suggestion to fresh investors, Arun Kejriwal said, “Fresh investors can start accumulating Ola Electric shares from current levels and keep on adding after every big dip in the newly listed share. They are also advised to maintain stop loss at ₹75 apiece.”
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
