Ola Electric shares' intraday spike eases, monthly gains still 50%; what's next?

Shares of Ola Electric Mobility Ltd surged 7.41 per cent on Monday to hit an intraday high of Rs 64.35. The stock later gave up most of its gains, settling 0.72 per cent higher at Rs 60.35. Despite the intraday pullback, it has still gained 50.39 per cent over the past month.

SVF II Ostrich (DE) LLC, a SoftBank entity, recently sold a part of its stake in Ola Electric. In a filing, the shareholder stated that it had offloaded 94,943,459 equity shares of the EV company between July 15, 2025, and September 2, 2025.

Earlier, the Bhavish Aggarwal-led firm received certification confirming compliance with the eligibility assessment under the Production Linked Incentive (PLI) scheme for its Gen 3 scooter portfolio.

The company also unveiled its first indigenously manufactured 4680 Bharat cell battery and a rare earth metal-free motor at its annual 'Sankalp' event held at the Gigafactory in Tamil Nadu.

Ola Electric shares have rallied sharply, with analysts citing support at Rs 54–58 and resistance at Rs 65–80. A breakout above Rs 65 could fuel further gains, but a close below Rs 59 may open the door for a decline toward Rs 46.65.

According to Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, any dip toward the breakout neckline near the Rs 54–50 zone is likely to offer support, while the next resistance is expected around Rs 70–80.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, noted that support for the stock stands at Rs 58 and resistance at Rs 65. A decisive move above Rs 65 could pave the way toward Rs 70, with the near-term trading range projected between Rs 58 and Rs 70.

On the other hand, AR Ramachandran, a Sebi-registered analyst, said Ola Electric's stock appears bearish on daily charts. He highlighted strong support at Rs 71.25 but cautioned that a close below Rs 59 may drag the stock down to Rs 46.65 in the near term.

Founded in 2017, Ola Electric manufactures electric two-wheelers and key components such as battery packs, motors and frames at its Ola Futurefactory. As of June 2025, promoters held a 36.78 per cent stake in the Bengaluru-based company.