Ola Electric rose 16% on rights issue but trend remains downward, Afzal Lokhandwala notes

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28.10.2026

Ola Electric rose 16% on rights issue but trend remains downward, Afzal Lokhandwala notes — Ola Electric jumps 16 percent, trend unturned

Ola Electric climbed 16 percent on October 27 following its rights issue announcement.

Afzal Lokhandwala, a market commentator and trader, noted that despite this move, the weekly chart for Ola Electric continues to show lower highs and lower lows, indicating that a trend reversal has not occurred. Lokhandwala said a true reversal would require higher highs and higher lows.

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In recent commentary, Afzal Lokhandwala noted EMIL fell below the stop at 187 during weak market conditions. He also observed that index charts remained soft with no new trades taken. Lokhandwala cited BHEL as a preferred liquid stock at the time.

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