Shares of Olectra Greentech Ltd were trading 0.51 per cent higher at Rs 1,261.50 in Wednesday’s trade. At this price, the multibagger stock has given 143.51 per cent returns on a year-to-date (YTD) basis. The sharp up move witnessed this year came on the back of bagging meaningful orders and its partnership with Reliance Industries (RIL) for hydrogen bus.
Despite the above mentioned rise, the scrip has fallen 13.89 per cent from its 52-week high price of Rs 1,465, a level seen on July 13, 2023.
Technical analysts largely remained positive on the counter. Immediate support could be seen around Rs 1,200. On the higher side, a decisive breach above Rs 1,345 level is required for a further upside, an analyst said.
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “Olectra Greentech has entered a time-wise correction phase after the whopping surge from Rs 400 to Rs 1400-sub levels in the current…
