Olectra Greentech: Multi-Year Downtrend Near Breakout, Wave-3 Opportunity Emerging?

Technical Structure Analysis The stock has respected a major descending trendline since the 2024 peak near ₹2,200. After finding strong demand around the ₹850–₹900 zone, price formed a higher low and initiated a powerful recovery. Recent weekly candles indicate renewed buying interest and improving trend strength. The current setup resembles a large accumulation phase beneath a declining resistance line. A decisive breakout above the falling trendline could mark the end of the long corrective cycle. MACD Momentum Analysis The correction into the ₹900 region showed significant exhaustion in selling pressure. Key observations: Price created a lower low compared with previous corrections. Momentum likely weakened much faster than price. This behavior is characteristic of a bullish MACD divergence, often seen near major cycle bottoms. The subsequent sharp recovery supports the view that momentum has shifted in favor of buyers. AVWAP Support Structure The long-term AVWAP from the major swing high would likely be positioned below current prices and gradually flattening upward. Positive observations: Price has reclaimed important average-cost zones. Recent pullbacks are being bought aggressively. The stock is building acceptance above institutional accumulation areas. As long as the stock remains above ₹1,100–₹1,150, the medium-term bullish structure remains intact. Fundamental Strength Olectra Greentech continues to benefit from strong structural themes: Leadership position in the electric bus segment. Growing adoption of electric public transportation. Increasing government focus on EV infrastructure and fleet electrification. Strong long-term opportunity in sustainable mobility solutions. The company's exposure to India's EV transition makes it a direct beneficiary of a rapidly expanding market.