Olectra Greentech shares slip 14% from one-year high level; what's next for this multibagger stock?
As of September 2023, promoters held 50.02 per cent stake in the company. It is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL) and manufactures electric buses in India. Olectra is also India's largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks.
- Dec 27, 2023,
- Updated Dec 27, 2023 12:01 PM IST
Shares of Olectra Greentech Ltd were trading 0.51 per cent higher at Rs 1,261.50 in Wednesday's trade. At this price, the multibagger stock has given 143.51 per cent returns on a year-to-date (YTD) basis. The sharp up move witnessed this year came on the back of bagging meaningful orders and its partnership with Reliance Industries (RIL) for hydrogen bus.
Despite the above mentioned rise, the scrip has fallen 13.89 per cent from its 52-week high price of Rs 1,465, a level seen on July 13, 2023.
Technical analysts largely remained positive on the counter. Immediate support could be seen around Rs 1,200. On the higher side, a decisive breach above Rs 1,345 level is required for a further upside, an analyst said.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Olectra Greentech has entered a time-wise correction phase after the whopping surge from Rs 400 to Rs 1400-sub levels in the current calendar year. The stock, however, maintains a robust view with its consolidation near the 21-DEMA, suggesting inherent strength. On the levels-specific front, Rs 1200 is to be seen as an immediate cushion, followed by support zone Rs 1,100 in the near period. On the higher end, a sustainable buying above Rs 1,300-1,320 is likely to trigger the next leg of rally in the counter."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said traders can expect a near-term target price of Rs 1,315, keeping a stop loss placed at Rs 1,237.
Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 1,225 and resistance at Rs 1,300. Expected trading range will be between Rs 1,180 and Rs 1,350 for a month."
AR Ramachandran from Tips2trades said, "Olectra Greentech is slightly bullish on daily charts with strong resistance at Rs 1,345. Only a daily close below support of Rs 1,181 will negate this trend. Next resistance will be at Rs 1,410.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 54.58. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 128.02 against a price-to-book (P/B) value of 11.64.
As of September 2023, promoters held 50.02 per cent stake in the company. It is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL) and manufactures electric buses in India. Olectra is also India's largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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Shares of Olectra Greentech Ltd were trading 0.51 per cent higher at Rs 1,261.50 in Wednesday's trade. At this price, the multibagger stock has given 143.51 per cent returns on a year-to-date (YTD) basis. The sharp up move witnessed this year came on the back of bagging meaningful orders and its partnership with Reliance Industries (RIL) for hydrogen bus.
Despite the above mentioned rise, the scrip has fallen 13.89 per cent from its 52-week high price of Rs 1,465, a level seen on July 13, 2023.
Technical analysts largely remained positive on the counter. Immediate support could be seen around Rs 1,200. On the higher side, a decisive breach above Rs 1,345 level is required for a further upside, an analyst said.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Olectra Greentech has entered a time-wise correction phase after the whopping surge from Rs 400 to Rs 1400-sub levels in the current calendar year. The stock, however, maintains a robust view with its consolidation near the 21-DEMA, suggesting inherent strength. On the levels-specific front, Rs 1200 is to be seen as an immediate cushion, followed by support zone Rs 1,100 in the near period. On the higher end, a sustainable buying above Rs 1,300-1,320 is likely to trigger the next leg of rally in the counter."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said traders can expect a near-term target price of Rs 1,315, keeping a stop loss placed at Rs 1,237.
Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 1,225 and resistance at Rs 1,300. Expected trading range will be between Rs 1,180 and Rs 1,350 for a month."
AR Ramachandran from Tips2trades said, "Olectra Greentech is slightly bullish on daily charts with strong resistance at Rs 1,345. Only a daily close below support of Rs 1,181 will negate this trend. Next resistance will be at Rs 1,410.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 54.58. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 128.02 against a price-to-book (P/B) value of 11.64.
As of September 2023, promoters held 50.02 per cent stake in the company. It is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL) and manufactures electric buses in India. Olectra is also India's largest silicone rubber/composite insulators manufacturer for power transmission and distribution networks.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read | Credo Brands shares disappoint on D-St debut, list at 1% premium
Also read | Bajaj Finance shares: Cautious on regulatory stance; valuations look better post fall, says Kotak