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News Topical, Digital Desk : Ola Electric's stock's respite today was short-lived, as it once again fell, hitting a new yearly low. The stock has fallen 10% from its previous highs. While the stock opened higher, it closed near its lows.
Are lower levels a buying opportunity?
A large number of retail investors have invested in the stock and are now facing significant losses. With the stock reaching lower levels, these investors are questioning whether new purchases can be made to bring down their investment levels. Market expert Manas Jaiswal gave his opinion on the stock during the session on Wednesday. At the time of his opinion, the stock was trading above the 34 level. Based on the chart performance, Manas advised that he sees no reason to keep the stock in his portfolio at present, as the stock is showing a clear trend of lower tops and lower bottoms. The stock saw a bounce back a few months ago, but even then, it failed to stabilize at the crucial resistance level of 68 and slipped from there. Below 38, the stock is facing further pressure. He advises exiting the stock on any upside. He clarified that he should not buy the stock until it remains below 55. Earlier on Tuesday evening, Arun Kumar Mantri of Mantri Finmart had already predicted a decline in the stock. He clearly stated that the stock was under pressure and there were no signs of relief at the moment. Further selling could intensify. He advised exiting Ola at any opportunity and refraining from new purchases for the time being.
How the stock performed: The stock closed below 33 today. During trading, it hit a year-low of 32.68. Investors have suffered significant losses. Exactly one year ago, the stock's all-time high was above 100. This means the stock has lost two-thirds of its value in just one year. Initial buying was seen in Wednesday's session, pushing the stock up 36.16% from its previous close of 34.50. However, the stock later reversed course and closed at 32.92 on the BSE.
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