Ola Electric share price jumps 92% in six days. Time to book profit?

Stock market today: Ola Electric share price extended its bull run for the sixth straight session post-listing on 9th August 2024. Ola Electric Mobility's share price today opened with an upside gap at ₹139.39 apiece on the NSE. It touched an intraday high of ₹146.38 per share, logging an intraday rise of 10 percent within a few minutes of the stock market's opening bell. While climbing to this intraday high, the newly listed stock surged around 92 percent against the issue price of ₹76 apiece.

According to stock market experts, Ola Electric Mobility Ltd has delivered strong Q1FY25 results and declared the launch of four two-wheeler motorbikes in its annual Sankalp programme. These developments are expected to continue fueling Ola Electric's shares. They said that Ola Electric share price may touch ₹175 apiece in the near future and advised Ola Electric shareholders to upgrade the trailing stop loss to ₹130.

Why is Ola Electric's share price skyrocketing?

Highlighting the triggers that are fueling Ola Electric share price rally, Arun Kejriwal, Founder of Kejriwal Research and Investment Services, said, "Ola Electric shares seem to have further momentum in them as at their annual event 'Sankalp', the company has launched four motorcycles in a range of ₹75,000 to ₹2,50,000. These motorcycle bookings have opened and will be delivered from Diwali Day 2025. The motorcycle market is larger, with 70-72% market share amongst 2-wheelers in the country. However, in the EV space, this share of motorcycles is a mere 1%, allowing the company to penetrate. Expect the share to gain momentum post this event."

Kejriwal said that Ola Electric Mobility Limited had delivered solid first-quarter results for the financial year 2024-25. So, Ola Electric shareholders are advised to hold the newly listed stock for the medium to long term as it turns out to be a portfolio stock within a week of listing.

Ola Electric share price target

Expecting more Ola Electric share price upside, Sumeet Bagadia, Executive Director at Choice Broking, said, "The stock is still looking bullish on the chart pattern. Those with Ola Electric shares in their portfolio are advised to hold the scrip further for the near-term target of ₹175. They are advised to upgrade their trailing stop loss from ₹90 to ₹130 apiece."

On the suggestion to fresh investors, Bagadia said, "Fresh investors can also buy Ola Electric shares at current market price and keep on adding after every 5-6 percent dip maintaining stop loss at ₹130 apiece."

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.