Olectra Greentech shares jump 20%: Time to book profits or ride the momentum?

Shares of Olectra Greentech Ltd extended their winning streak for the third straight session on Thursday, surging 19.77 per cent to hit a high of Rs 1,590. At last check, the stock was trading 16.76 per cent higher at Rs 1,550. With this move, it has gained 33.67 per cent over the past month.

The scrip recorded high trading volume along with the price action as around 18.82 lakh shares changed hands on BSE. The figure was way more than the two-week average volume of 47,000 shares. Turnover on the counter came at Rs 278.97 crore, commanding a market capitalisation (m-cap) of Rs 12,722.51 crore.

On the technical front, an analyst said that the counter has the potential to rise up to Rs 1,600 in the near term. However, a few analysts flagged strong resistance above Rs 1,550 level, with one of them advising investors to consider booking profits at current levels.

Drumil Vithlani, Technical Research Analyst at Bonanza, noted, "Olectra Greentech has shown a strong breakout from an ascending triangle pattern on daily charts, backed by a significant surge in volumes -- the highest in recent months. This classic bullish setup suggests a momentum-driven move is in progress. The breakout, confirmed by heavy volume, reinforces the strength and credibility of the trend. The expected targets are in the range of Rs 1,550–1,600, with a stop loss set at Rs 1,410."

Sebi-registered independent analyst AR Ramachandran said, "Olectra Greentech's stock price is currently bullish but appears overbought on daily charts, with the next resistance seen at Rs 1,555. Investors are advised to book profits as a daily close below the support of Rs 1,338 could trigger a decline towards Rs 1,120 in the near term."

Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi, observed that support could be seen at Rs 1,350 and immediate resistance at Rs 1,555. The near-term trading range is seen between Rs 1,350 and Rs 1,555.

The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 82.20. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The stock has a price-to-earnings (P/E) ratio of 88.09 against a price-to-book (P/B) value of 12.48. Earnings per share (EPS) stood at 17 with a return on equity (RoE) of 14.17. According to Trendlyne data, Olectra has a one-year beta of 1.4, indicating high volatility.

Olectra is a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), which manufactures electric buses in India. It is also the country's largest manufacturer of silicone rubber/composite insulators for power transmission and distribution networks. As of June 2025, promoters held a 50.02 per cent stake in the EV firm.