After a flat listing on the Indian stock market during Friday deals, Ola Electric share price witnessed strong buying. Ola Electric Mobility share price today listed on BSE and NSE at INR 76 apiece. However, Ola Electric shares attracted strong buying interest among Dalal Street bulls after the flat listing. This has led to a rise in the trade volume of the newly listed stock to over 34 crore from 6 crore within an hour of its debut.
Ola Electric's share price has extended its upward trajectory and touched an intraday high of INR 90.88 apiece on NSE. With this, it has logged around 19.50 percent profit against the upper price band of Ola Electric's IPO price. As per the stock market experts, Ola Electric shares have showcased a decisive spurt in trade volume, signaling a strong buzz among institutional investors.
It is now expected that Ola Electric's share price might continue for some more time as institutional investors buying after listing won't be selling the shares in the near term. Hence, the downside in the stock will also be limited. The experts have advised Ola Electric’s shareholders to hold the scrip for at least two to three years. This is because the stock can generate wealth in one's stock portfolio. Additionally, they also advised Ola Electric shareholders to hold the scrip, while maintaining a stop loss at INR 75.
Price Prediction
Looking at the Ola Electric's share price outlook, Prashanth Tapse, Senior VP - Research at Mehta Equities, stated, “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.”
Arun Kejriwal, Founder of Kejriwal Research and Investment Services also advised Ola Electric shareholders to hold the scrip for the medium to long term. He highlighted, "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."
Furthermore, suggesting fresh investors Arun also cited, "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."
