Ola Electric shares jump over 22% in three sessions; is this a trend reversal?

Shares of Ola Electric Mobility Ltd extended their rally for a third consecutive session on Monday, rising 8.32 per cent to hit a high of Rs 44.29 on NSE. With this move, the stock has climbed 22.21 per cent over the past three trading days.

According to VAHAN data, Ola Electric registered 9,020 vehicles in December. Its market share increased to 9.3 per cent during the month, up from 7.2 per cent in November 2025, aided by Hyperservice, the company’s focused service transformation initiative. The company also stated that its market share during the second half of December 2025 rose further to nearly 12 per cent, reflecting higher demand and market share gains.

From a technical perspective, the stock has attracted attention after moving higher with strong volumes. A few analysts are closely tracking Rs 38 as an immediate support, while near-term upside is seen around Rs 47–49. One of them noted that a stronger resistance is placed near Rs 52.

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said Ola Electric is showing early indications of a trend reversal after an extended downtrend. “The stock has convincingly moved above its falling trendline, forming a strong bullish candle accompanied by a sharp rise in volumes, which points to fresh accumulation at lower levels. It has also reclaimed its short-term moving averages and is holding above the crucial support band of Rs 40–41, reflecting improving price momentum. On the upside, immediate resistance is placed in the Rs 47–49 zone, followed by a key hurdle near Rs 52, which coincides with the 200-day EMA. On the downside, the Rs 38–36 zone continues to act as an important support area,” he stated.

Jigar S. Patel, Senior Manager – Technical Research at Anand Rathi, said support for the stock is seen at Rs 38, while resistance is placed at Rs 45. He added that a sustained move above Rs 45 could lead to further upside towards Rs 47. In the near term, the stock is expected to trade within the Rs 38–47 range.

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