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Nykaa has seen a strong breakout after several weeks of consolidation. The stock has seen a formation of long bullish candlestick pattern on the daily charts with healthy volumes.
Inclusion or increase in stock weightage in global indices like MSCI and FTSE leads to inflows from passive funds, which track that index. Exclusion from these indices usually leads to outflows. Thus, the announcements are widely tracked
The sharper focus on the post-listing financials of startups has tempered the exuberance while forcing companies to shift focus from gross merchandise value to unit economics and profitability.
After an almost 56 percent fall in 2022, FSN E-Commerce Ventures, the parent company of Nykaa, has shown signs of a modest rebound, rising over 18% in 2023 YTD. A look at technical and fundamental outlooks.
Nykaa formed strong bullish candlestick pattern on the daily timeframe with above average volumes. Now, the stock traded above all key moving averages with 20-day EMA acting as an immediate support for the stock.