Olectra Greentech Ltd (OLAELEC) posted a strong performance today, trading around ₹1,390 with a notable upward move. The stock has been on a bullish trajectory over the past week, rebounding from its recent support near ₹1,350. Short-term moving averages indicate continued positive momentum, with the price well above both the 20- and 50-day averages.
Technical indicators like RSI suggest mild overbought conditions, confirming robust buying interest but also signaling potential consolidation if the stock fails to hold above its current highs. The immediate resistance zone lies near ₹1,420, while strong support is seen at ₹1,350. A sustained breakout above resistance could propel the stock towards ₹1,500 in the coming sessions, whereas a slip below support may lead to a short-term pullback.
Overall, OLAELEC is showing solid relative strength, buoyed by expectations of new contracts and strong demand in the electric vehicle bus segment. Market sentiment remains positive, but traders should be wary of profit booking near resistance. The short-term outlook stays bullish as long as the price holds above its key support levels.
Technical indicators like RSI suggest mild overbought conditions, confirming robust buying interest but also signaling potential consolidation if the stock fails to hold above its current highs. The immediate resistance zone lies near ₹1,420, while strong support is seen at ₹1,350. A sustained breakout above resistance could propel the stock towards ₹1,500 in the coming sessions, whereas a slip below support may lead to a short-term pullback.
Overall, OLAELEC is showing solid relative strength, buoyed by expectations of new contracts and strong demand in the electric vehicle bus segment. Market sentiment remains positive, but traders should be wary of profit booking near resistance. The short-term outlook stays bullish as long as the price holds above its key support levels.
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Correction*****Ola Electric Mobility Limited (OLAELEC) traded at 56.62 today. After an opening price of 57.60, the stock moved between an intraday high of 58.65 and a low of 56.25. The price showed a mild downward bias for the session, declining by 0.33 points from the previous close of 56.95.
Price action was characterized by modest volatility, with buyers actively participating at lower levels but facing resistance near the session's high. The ongoing trend indicates consolidation within a broader downtrend, as the stock remains well below its yearly high and remains close to short-term support zones. Overall sentiment for the day leaned neutral to slightly negative, with momentum indicators suggesting cautious trading ahead.
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