Shares of Ola Electric Mobility Ltd shares saw profitbooking amid a market crash on Monday. Ola Electric shares, which rose over 40% in week till April 10, slipped 7.77% to Rs 37.75 on BSE in early deals today. However, the stock is still overbought on charts with a RSI of 80.8. A RSI above 70 signals a stock is in the overbought zone. 

In terms of simple moving averages, the stock trades below the 150 day and 200 day moving averages.

On the other hand, Ola Electric shares are trading higher than the 5 day, 10 day, 20 day, 50 day and 100 day moving averages. 

Despite the sharp fall, the company's trading volumes rose to a high of 74.62 crore with 193.29 lakh shares changing hands. 

In the current session, market cap of the firm slipped to Rs 16,739 crore. 

Aakash Shah, Research Analyst, Choice Broking said, "The stock witnessed a strong recovery rally but faced rejection near the crucial 200-day EMA around Rs 41 in the previous session, a zone often associated with long-term selling pressure. In today’s session, the stock has declined over 7%%, indicating profit booking after the sharp upmove and failure to sustain above key resistance.
Despite the pullback, the stock continues to hold above its 50-day and 100-day EMAs, keeping the short-term trend positive. Immediate support is placed in the Rs 32 zone, and a breakdown below this could drag the stock towards Rs 29.

On the upside, Rs 42 remains a strong resistance. A decisive breakout above this level is essential to confirm a trend reversal and open the path towards Rs 48–52."

Shitij Gandhi, AVP - Equity Technical Research, SMC Global Securities said, "Ola Electric is currently flashing early signs of a structural trend reversal on the daily chart, having successfully formed a classic Rounding Bottom pattern at the lower extremity of its price action. A successful close above the immediate horizontal resistance at Rs 44–46 would validate the pattern, marking a transition from a bearish to a bullish markup phase which could take the prices towards Rs 54 to 57 levels as well over the period of weeks."