Ola Electric, Tata Motors PV, Bosch, Varroc Engg shares: Check target price, outlook

Rajesh Palviya, Senior Vice-President (Head of Research) at Axis Securities, on Thursday said the electric vehicle (EV) space remains a theme where investors need to be patient, adding that a 'buy-and-accumulate' strategy could be considered for select stocks across the automobile sector.

Sharing his view on Bosch Ltd, Palviya said any breakout above Rs 38,000 level could attract additional buying interest.

"A move above Rs 38,000 can trigger further upside towards Rs 39,200-40,000 levels," he said.

On Ola Electric Mobility Ltd, Palviya noted that the stock, which has been among the most beaten-down EV plays, has given a breakout on weekly charts with strong volumes.

"One can keep the stock on their radar, but with a strict stop-loss, as financials are still not up to the mark for Ola Electric. There are still a lot of headwinds for the company in terms of financials. Though, the price behaviour is showing some positivity. Keep a stop-loss of Rs 41.50, and on the higher side, Rs 46-47 levels would be the next targets," Palviya stated.

Commenting on Varroc Engineering Ltd, he said the stock could remain constructive as long as it holds above the Rs 580-575 zone.

"Till the stock is holding above the Rs 580-575 zone, I think one should remain on the long side of trade. We may see further higher levels towards Rs 620-630. So, one can hold on to their positions as we may see this upward momentum extend further," Palviya said.

Responding to a query on Tata Motors Passenger Vehicles Ltd (TMPV), the market expert said positional traders may consider buying and accumulating the stock, even during minor declines.

"Rs 365-370 levels are the important levels to watch. If it doesn't break below Rs 370, we may see further higher levels of Rs 430-445 for TMPV. So, buy and accumulate would be the strategy for this counter," he added.