Shares of Ola Electric Mobility have been in an uptrend since the start of the new financial year. In FY27, has surged from ₹22.80 per share on the NSE to ₹40.40 per share on Friday, logging anearly 77% rise in the new financial year.
According to experts, the rally in price is driven by rising EV sales and improving sentiment toward EVs. They said that Ola Electric shares are on the cusp of giving a technical breakout at ₹46 apiece and can go up to the ₹60 per share mark after this technical breakout.
What’s fueling Ola Electric share price rally?
Speaking on the reasons fueling Ola Electric’s shares, Aakash Shah, Research Analyst at Choice International, said, “The rally is driven by improving EV sales, positive updates on battery and Gigafactory developments, positive EV sector sentiment and strong investor sentiment.”
The Choice International expert said that Ola Electric share is currently trading near ₹40.88 and is now approaching its 200-day EMA, which may act as a key resistance zone.
Technically, the stock has broken above its 20-, 50-, and 100-EMA levels, suggesting a potential trend reversal after a prolonged downtrend. RSI is in the overbought zone, suggesting strong momentum but also a chance of short-term consolidation.
Ola Electric share price target
“If the stock sustains above ₹42, it could move towards the ₹48 to ₹52 levels. On the downside, ₹36 is immediate support, while ₹32 remains a strong stop-loss zone,” Aakash Shah of Choice International said.
Expecting the bull trend to continue further, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said Ola Electric share is currently trading around ₹40, with a fresh trendline breakout observed above the ₹30 level, indicating improving bullish momentum. In the near term, the stock is expected to move towards a target of ₹46.
“A sustained breakout above ₹46 could further strengthen the uptrend, potentially leading to a channel breakout and opening up higher targets around ₹60. Investors may consider a “buy on dips” strategy, maintaining a stop-loss at ₹30, while aiming for upside targets of ₹46 and ₹60 in the medium term,” said Dongre of Anand Rathi.