Ola Electric shares near breakout, still 65% down

Ola Electric's share price has recently shown signs of recovery. The stock increased by 15% from a low of ₹46.37 but is still down 65% from its all-time high of ₹157.40. Investors are watching closely to see if this trend continues. Experts suggest that the share might experience a further breakout if it surpasses the ₹56 resistance level. If it successfully breaks through, predictions indicate it could rise to around ₹64 per share. The electric vehicle sector is seen as having strong long-term potential, but it remains uncertain how well Ola Electric can take advantage of this growth. Gaurav Goel, a market expert, noted that Ola Electric's shares have dropped significantly since their high. He emphasized that such drops often happen when investors focus too much on trends instead of company fundamentals. Only long-term investors might find it worthwhile to consider buying the stock now. Anshul Jain, another market analyst, highlighted that Ola Electric's stock formed a short-term bottom and is experiencing a surge in trading volume. However, he pointed out that the stock faces resistance at ₹56. A breakthrough above this level could lead to further gains. Investors are advised to do their research and consult with experts before making investment decisions, as market conditions can change quickly.