Ola Electric shares rose to Rs 49.05 apiece on the NSE on Tuesday, marking their highest level since November last year. This surge represents a 120% rebound from a 52-week low of Rs 22.25 in March, although the shares remain over 31% below their 52-week peak of Rs 71.25.
The recent rally in Ola Electric shares follows a period of significant volatility. After debuting flat in August 2024, the stock soared to a lifetime high of Rs 157.40 later that year before plummeting to a lifetime low of Rs 22.25 in March 2026. In the past week alone, the stock has gained around 22% and 34% over the last month.
Harshal Dasani, Business Head at INVasset PMS, noted that the 10% rally is technically significant as the stock has broken above its long downward-sloping trendline. This marks the first meaningful attempt at a trend reversal since the post-listing weakness began. The breakout has been accompanied by strong volumes, adding credibility to the move.
“The 10% rally is technically significant because the stock has finally broken above its long downward-sloping trendline after months of forming lower highs.”
Harshal Dasani, Business Head at INVasset PMS
However, the stock is now entering a tougher zone. The RSI is around the mid-70s, indicating strong momentum but also suggesting near-term overheating. Immediate support shifts to the Rs 43–45 band, which previously acted as resistance. Sustaining above this zone keeps the technical structure constructive.
Dasani emphasized that while Ola Electric has moved from a weak downtrend into an early reversal phase, the breakout needs follow-through, volume support, and stability above the reclaimed trendline to mature into a proven uptrend.
“RSI is around the mid-70s, which shows strong momentum but also indicates near-term overheating.”
Harshal Dasani, Business Head at INVasset PMS
Background
Ola Electric's stock performance has been closely watched since its market debut. The company's shares have experienced dramatic fluctuations, reflecting broader market volatility and investor sentiment. The recent rally suggests a potential shift in momentum, but the stock's future trajectory remains uncertain.
Investors should monitor whether Ola Electric can maintain its upward momentum and sustain above key support levels. The stock's ability to establish a stable uptrend will be crucial for long-term recovery.
