Shares of Ola Electric Mobility Ltd extended gains for the second consecutive session on Thursday, rising 5 per cent to hit the upper price band of Rs 55.20. With this, the stock has gained 10.22 per cent in two days.
However, it still remains down 35.99 per cent on a year-to-date (YTD) basis.
The latest rally follows the launch of Ola Shakti, the company’s first residential Battery Energy Storage System (BESS) solution.
“Taking the company beyond the automotive space, Ola Shakti marks a significant shift in how Indians access, control and consume energy. It is designed as a portable, on-demand energy resource for modern Indian households, farms and businesses. With this foray into the BESS market, the company expects its annual BESS consumption to scale up to 5 GWh over the next couple of years,” Ola Electric said.
The company added, “The launch of Ola Shakti is the first step in our broader vision for the Indian energy storage market, which will expand from residential applications to grid-scale deployments — all built on the same 4680 Bharat Cell technology platform and manufactured at the Ola Gigafactory.”
From a technical standpoint, some analysts are positive on Ola Electric in the near term, citing improving momentum after a correction. Most see key support between Rs 48-53 and resistance around Rs 56-60, with potential upside targets ranging from Rs 70 to Rs 90 if the stock sustains above these levels.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said that Ola Electric, after a period of correction, has started gaining traction in recent sessions and is now trading above all its short-term EMAs. A sustained move beyond Rs 56 (200 DSMA) could pave the way towards Rs 62-63, followed by Rs 70 in the near term, while support is expected around the Rs 50-48 zone.
Sebi-registered analyst AR Ramachandran noted that Ola Electric remains bullish on the daily charts with strong support at Rs 53. A daily close above the resistance of Rs 58.65 could lead to a target of Rs 71 in the near term.
Kunal Kamble, Senior Technical Research Analyst at Bonanza, highlighted that after a sharp rally from Rs 39.60 to Rs 71.25, the stock witnessed profit booking, retracing towards Rs 48.59 and completing its second wave. Buying activity near this support indicates the possible start of the third wave. The stock is trading above its 20, 50, and 100 EMAs but remains below the 200 EMA, suggesting short-term positivity while the long-term trend is yet to turn bullish. A move above Rs 60.55 would confirm a shift in the long-term trend. The stock can be accumulated above Rs 46.50 for an upside target of Rs 75-90 in the coming sessions.
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said the stock has support at Rs 53 and resistance at Rs 56. A decisive move above Rs 56 could trigger further upside towards Rs 58, with the expected trading range between Rs 52 and Rs 58 in the short term.
Founded in 2017, Ola Electric manufactures electric two-wheelers and 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 company.