Ola Electric shares rebound over 2% after touching new record low; what charts indicate

Shares of slipped 2.84 per cent in Tuesday's intraday trade to hit a fresh all-time low of Rs 33.17. The stock later recovered to close 2.46 per cent higher at Rs 34.95, though it remains down 59.46 per cent on a year-to-date (YTD) basis. Advertisement

Reacting to the stock's price movement, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "Once considered the poster boy of the electric two-wheeler segment, Ola Electric has been declining over the past few quarters despite new product launches and various other initiatives. Investors holding the stock at current levels may continue to do so, as it is too late to consider an exit at this price point. The stock remains suitable only for high-risk investors."

Technically, the scrip traded lower than the 5-day,